Escolar Documentos
Profissional Documentos
Cultura Documentos
Union Territory recently presented a tax free budge of Rs.6100 Crore for itself -
Puducherry
Maximum age for retirement for MD/CEO of all private banks is 70 years.
The term 'financial inclusion' was coined by former Reserve Bank of India (RBI)
governor YV Reddy in 2005.
Micro Units Development and Refinance Agency Bank (or MUDRA Bank) is a public
sector financial institution in India. It provides loans at low rates to micro-
finance institutions and non-banking financial institutions which then provide
credit to MSMEs. It was launched by Prime Minister Narendra Modi on 8 April 2015.
MUDRA Bank will have an initial capital of Rs.200 billion (US$3.1 billion) and a
credit guarantee fund of Rs.30 billion
- Shishu : Allowed loans up to Rs.50,000
- Kishore : Allowed loans up to Rs.5 lakh
- Tarun : Allowed loans up to Rs.10 lakh
The Bank of Rajasthan Ltd was a private sector bank of India which merged with
ICICI Bank in 2010.
IFSC stands for Indian Financial System Code. This is an 11 digit alpha-numeric
code used to uniquely identify all bank branches within the National Electronic
Funds Transfer network by the RBI.
- The IFSC code helps to transfer money using RTGS, NEFT or IMPS method.
- The first 4 digits of the IFSC represent the bank and last 6 characters
represent the branch. The 5th character is zero.
MICR code is a code printed using MICR (Magnetic Ink Character Recognition
technology) on cheques to enable identification the cheques.
- A MICR code is a 9-digit code that uniquely identifies a bank and a
branch participating in an Electronic Clearing System (ECS).
- The first 3 digit of the code represents the city code, the middle ones
represent the bank code and last 3 represents the branch code .
White label ATM doesn’t have such Bank logo, hence called White label ATMs.
- Any non-bank entity with a minimum net worth of Rs.100 crore, can apply
for white label ATMs.
- Tata Communications Payment Solutions Limited =the first company to get
RBI’s permission to open White label ATMs.
- They started their chain under brand-name “Indicash”
- Other White label= Muthoot Finance, Srei Infra., Vakrangee Software,
Prizm Payments, AGS ETC.
Brown Label ATM have respective bank’s logo. So just by looking, this is SBI’s
ATM, this is ICICI’s ATM and so on.
- When banks outsourced the ATM operations to a third party.
RBI requires White label-ATM companies to install machines in the ratio of,
- Two ATMs in (tier 3 to 6 place) : One ATM in (tier 1-2 place)
ICICI Bank says that We take care of you - A deep understanding of customer needs -
Khayaal Aapka (Hum Hai Na)
Know your customer (KYC) norms were introduced in 2002 by the Reserve Bank of India
(RBI).
The Banking Ombudsman Scheme was introduced under Section 35 A of the Banking
Regulation Act, 1949 by RBI with effect from 1995.
- Presently the Banking Ombudsman Scheme 2006 (As amended upto July 1,
2017) is in operation
- As on date, twenty Banking Ombudsmen have been appointed with their
offices located mostly in state capitals.
- All Scheduled Commercial Banks, Regional Rural Banks and Scheduled
Primary Co-operative Banks are covered under the Scheme.
National Payments Corporation of India (NPCI) is the umbrella organisation for all
retail payment systems in India, which aims to allow all Indian citizens to have
unrestricted access to e-payment services.
- Founded in 2008 under section 8 of the Companies Act 2013.
Headquarters - Mumbai, Maharashtra, India.
- Promoted by the country’s central bank, the Reserve Bank of India
(ten core promoter banks)
- Dilip Asbe (MD and CEO)
National Financial Switch (NFS) is the largest network of shared automated teller
machines (ATMs) in India. It was designed, developed and deployed by the Institute
for Development and Research in Banking Technology (IDRBT) in 2004.
RuPay is an Indian domestic card scheme conceived and launched by the National
Payments Corporation of India (NPCI)
- RuPay facilitates electronic payment at all Indian banks and financial
institutions
- The IndiaPay scheme was conceived by the NPCI as an alternative to the
MasterCard and Visa card scheme
- RuPay is a portmanteau of the words rupee and payment.The colors used in the
logo is tricolor national flag.
- The RuPay card was launched on 26 March 2012.
- NPCI entered into a strategic partnership with Discover Financial Services
(DFS) for RuPay Card.
- Discover,Diners Club,JCB in Japan,UnionPay in China (To increase acceptance
around the world RuPay has form several agreements with other payment networks.)
EMV (Europay, MasterCard and Visa) chip technology, which is a global standard for
debit and credit cards.
Closed System Payment Instruments: These are payment instruments generally issued
by business establishments for use at their respective establishment only. These
instruments do not permit cash withdrawal or redemption. Example - Freecharge
credit, Ola money etc.
Semi-Closed System Payment Instruments: These are payment instruments which are
redeemable at a group of clearly identified merchant locations/ establishments
which contract specifically with the issuer to accept the payment instrument. These
instruments do not permit cash withdrawal or redemption by the holder. Example -
Paytm
Semi-open System Payment Instruments: These are payment instruments which can be
used for purchase of goods and services at any card accepting merchant locations
(Point of sale terminals). These instruments do not permit cash withdrawal or
redemption by the holder. Example - several private label cards issued by
merchants.
Open System Payment Instruments: These are payment instruments which can be used
for purchase of goods and services and also permit cash withdrawal at ATMs. Example
- Almost every Visa, MasterCard or Rupay card issued in India.
Mobile Prepaid Instruments: The prepaid talk time issued by mobile service
providers. This value of talk time can also be used for purchase of 'value added
service' from the mobile service provider or third-party service providers.