Patel Governor, Reserve Bank of India; with the year of printing ‘2017’ on the reverse, are being issued. Indian Overseas Bank launches retail mart in Thiruvananthapuram Indian Overseas Bank (IOB), the Lead Bank for Thiruvananthapuram district, has launched the Retail Mart, a retail lending concept, in Kerala's capital city. The exclusive facility that handles retail products has started functioning at the main branch. SBI cuts interest rate on home loans above Rs 75 lakh by 10 bps State Bank of India, country’s largest lender cut the interest rate on home loans above Rs 73 lakh by 10 basis points (bps) to 8.60 percent. For salaried women borrowers, the loans will be offered at $8.55 percent. According to SBI, the new rates will be effective from June 15. The home loan rates offered are lowest in the industry. RBI conducted the financial literacy week To emphasize the importance of financial literacy, Reserve Bank of India observed June 5-9, 2017 as Financial Literacy Week across the country. The Week will focus on four broad themes, viz. Know Your Customer (KYC), Exercising Credit Discipline, Grievance Redress and Going Digital. Vijaya Bank set to develop 100 digital villages Vijaya Bank is going to develop as many as 100 digital villages in various States of the country as part of its initiative to promote digital banking among the rural population. RBI initiates ‘prompt corrective action’ for Dena Bank Adda247 | No. 1 AFP far Barking & S50 Preparation Website: store.adda2is7.com | Email: ebooks@adda247.comReserve Bank of India has initiated prompt corrective action (PCA) for Dena Bank in view of high net non-performing assets and negative return on assets. Previously, central bank had initiated PCA for IDBI Bank & UCO Bank in view of high NNPAs and negative ROA. Prompt Corrective Action is the action which will not have any material impact on the performance of the bank infact it will contribute to improve the internal controls of the bank and improvement in its activities. SBI, World Bank finance Rs. 400-cr solar projects State Bank of India and the World Bank announced that they had financed 100 MW of rooftop solar projects worth Rs400 crore in India. SBI has availed of a loan of $625 million from the World Bank for on-lending to viable Grid-Connected Rooftop Solar PV (GRPV) projects undertaken by developers, aggregators and end- users, for installation of rooftop solar systems. New pink-preen one rupee notes to be in circulation soon Reserve Bank of India will soon put into circulation currency notes in one rupee denomination. New one rupee notes with predominantly pink-green on obverse and reverse in combination with other colours will be soon put into circulation. The notes bearing the rupee symbol have been printed by the Government of India. The note will bear signature of Shaktikanta Das, Secretary in the Ministry of Finance. Karnataka Bank pact with HDFC Asset Management Karnataka Bank Ltd has entered into a distribution agreement to sell the mutual fund products of HDFC Capital Asset Management Ltd (HDFCAML) during exchanged the memorandum of understanding in Mangaluru, Karnataka. Adda247 | No. 1 APP far Banking © SSC PreparationBank of Baroda, IFFCO roll out co-branded debit card for farmers Bank of Baroda (BOB) and IFFCO rolled out their first set of co- branded debit cards for farmers as part of a novel initiative to push digitalisation and cashless economy. The co-branded debit cards, with inbuilt overdraft of Rs. 2,300 in special savings bank account, could be used for purchase of various agri products at IFFCO sale counters. Federal Bank launches new trading platform Federal Bank, in association with Geojit, has launched a new trading platform called “Selfie’ for customers. Designed and managed by Geojit, the trading platform will give its users absolute control over their investments with timely research inputs to make sound investment decisions. The features of the Selfie Trading Platform are a uniform experience across multiple platforms and devices and an advanced charting platform that enables users to trade directly from charts, among others. HDFC Life launches Al-based insurance email bot 'SPOK’ HDFC Life announced the launch of an artificial intelligence-based application ‘'SPOK' that can automatically read, understand, categorise, prioritise and respond to customer emails sent to the private insurer. ‘SPOK’, an insurance email bot, can read customer queries within milliseconds and respond to them. The deployment of SPOK will improve customer experience, while providing the support staff with the bandwidth to focus on customer satisfaction. Axis Bank to issue biodegradable prepaid gift cards » RdePAT | We 4 ADS fee Meckine BotEP DeeneccetAxis Bank Ltd has announced biodegradable prepaid gift cards on the occasion of World Environment Day. With this, the bank has become the first to introduce biodegradable cards in the country. Japan's SoftBank Invests Rs 9,000 Crore in Paytm Softbank has made its biggest investment in an Indian digital enterprise by sealing a funding round of Rs 9,000 crore ($1.4 billion) in mobile payments provider Paytm. The Japanese internet & telecom conglomerate will now own about a fifth of Paytm.This is Softbank's largest investment in a single company in India. Paytm get final nod to launch Payment Bank Paytm has received the final nod from the Reserve Bank of India & is set to launch Paytm Payments Bank on May 23, 2017. Paytm is the third company from the 11 other applicants to launch payments bank after Airtel & IndiaPost. RBI puts restriction on Uco Bank's business RBI put restriction on Kolkata based PSU UCO Bank's lending & branch expansion plans as the state-run lender made net losses tor the two successive fiscal amid severe stress on asset quality. It has initiated ‘Prompt Corrective Action’ (PCA) framework on UCO bank. SBI revises service charges & to charge ATM withdrawals at Rs. 25 SBI announced revision in service charges with effect from June 1, 2017. All cash withdrawals through ATM will now be charged at Adda2a? | No. 1 AFP far Banking & $5C Preparationits ‘mobile wallet State Bank Buddy. Changes done by SBI are as follows- 1. All Normal Saving Bank accounts will continue to get eight free ATM transactions (5 SBI ATMs + 3 other bank ATMs) in Metros & 10 free transactions in Non-Metro (SBI ATM + 5 Other Bank ATMs) free apart from the bank transaction. 2. Anyone making upto Rs 1 lakh transfer on IMPS will be charged with Rs 5 per transaction plus service tax. 3. Between Rs 1 lakh - Rs 2 lakh & Rs 2 lakh - Rs 5 lakh, service charges are at Rs 15 & Rs 25 each plus service tax. 4.0n ATMs, cash withdrawal from the savings account will be charged with Rs 10 per transaction plus service tax. Dena Bank classifies Videocon loan as ‘bad’ Dena Bank has become the first lender to classify Videocon Industries as a bad loan. With the default on payments, Dena Bank has declared Videocon Industries account as non-performing asset (NPA) in the fourth quarter ended March 2017. The promulgation of the Banking Regulation (Amendment) Ordinance, 2017 The promulgation of the Banking Regulation (Amendment) Ordinance, 2017 inserting two new Sections (viz. 35AA & 35AB) after Section 35A of the Banking Regulation Act, 1949 enables the Union Government to authorize the RBI to direct banking companies to resolve specific stressed assets by initiating insolvency resolution process, where required. RBI has also been empowered to issue other directions for resolution, & appoint or Adda2A7 | No. 1 AFP far Barking & 580 Preparation ‘Website: store.adca247.com | Email: ebooks @adcs247.comapprove for appointment, authorities or committees to advise banking companies for stressed asset resolution. Yes Bank ties up with Paisabazaar.com Yes Bank announced the alliance with Paisabazaar.com tunder which the bank will offer conditionally approved loans to the latter's existing customers. Under this, the bank will help Paisabazaar.com through its advanced analytics & data mining capabilities to offer customers of the financial marketplace with customized & conditionally approved offers across retail lending products. SBI, CREDAI ink MoU for concessional loan for housing projects SBI & real estate developers’ body CREDAI (Confederation of Real Estate Developers’ Associations of India) signed memorandum of understanding (MoU) to jointly conduct various initiatives towards development of the realty sector. The MoU will be in force for a period of 3 years. AU Financiers converts to small finance bank AU Financiers India, a non-banking finance company (NBFC), has converted itself into a small finance bank by the name AU Small Finance Bank. RBI signs MoU with the Bank of Guyana RBI signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation & Exchange of Supervisory Information” with Bank of Guyana. The MoU was signed by Dr.Gobind N. Ganga, Governor of Bank of Guyana & Dr. Usjit R. Patel, Governor of Reserve Bank of India. RBI caps bank exposure to REITs, InvITs at 10% RBI permitted banks to invest up to 10% of the unit capital of a Real Estate Investment Trust (REITs) or Infrastructure Investment Trusts (InvITs). The banks’ exposure to REITs/InvITs will be within the overall ceiling of 20% of the net worth permitted for direct investments in shares, convertible bonds/ debentures, units of equity-oriented mutual funds & Venture Capital Funds (VCFs). RBI signed MoU with the Royal Monetary Authority of Bhutan RBI signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation & Exchange of Supervisory Information” with the Royal Monetary Authority of Bhutan. RBI opened the Office of the Banking Ombudsman at Chhattisgarh & Jammu & Kashmir Reserve Bank of India has set up two new Offices of the Banking Ombudsman for the State of Jammu & Kashmir (in Jammu) & Chhattisgarh (in Raipur). ICICI Bank data centre becomes country's first IGBC Platinum tated project ICICI Bank Data Centre in Hyderabad has achieved the distinction of becoming the country's first Platinum rated project under IGBC (Indian Green Building Council) Green Data Centre Rating System. PNB launches three new products on foundation dayQn the occasion of its Foundation Vay, Punjab ‘National Bank (PNB) has launched three new products for its customers. The three new products are automated electronic toll collection to facilitate hassle-free toll payment/ collection, a credit card mobile App & a scheme for financing a grid connected Roof Solar Power Project. YES BANK awarded Golden Peacock Award 2017 India’s fifth largest private sector Bank, the YES BANK has won the prestigious ‘Golden Peacock Innovative Product/Service Award 2017’ (in Financial sector Banking). It received the prize for its innovative mobile technology product, SIMsePAY at the Dubai Global Convention 2017. RBI issues new framework for bad loans Reserve Bank of India (RBI) has issued a new set of enabling provisions titled ‘Revised Prompt Corrective Action (PCA) framework’ to resolve the problem of banks mounting non- performing assets (NPAs), or bad loans. Under the revised framework, if a bank crosses the third level of risk threshold (where a bank's common equity tier I capital falls below the threshold of 3.625 per cent by 3.125 per cent, or more) it will either be amalgamated or merged, or taken over by another entity. Bank Boards Bureau evolves 'GRAF' for PSBs Bank Boards Bureau (BBB) has evolved a Governance, Reward and Accountability Framework (GRAF) for public sector banks to ensure that they have the ability to compete successfully with private sector banks, small finance and payments banks, foreign banks and non-banking finance companies. The framework is guided by the latest global benchmarking on governance practices provided by the Basel Committee on Banking Supervisions Adde2d7 | No. 1 APP for Banking @ SSC Preparation Website: store.cdda247.cam | Email: ebooks Badda247.comguidelines on corporate governance principles for banks released in July 2015. Bank accounts to be blocked if not self-certified by April 30, 2017 As part of Foreign Account Tax Compliance Act (FATCA) compliance, CBDT has asked the banks/ financial institutions to link their accounts with Aadhaar number and self-certification from customers by April 30, 2017, to avoid closure of accounts. ESAF Small Finance Bank launches social deposit scheme ESAF Small Finance Bank has launched a social deposit scheme called 'Hrudaya Deposit scheme’ in Thrissur, Kerala. The deposit scheme stands for a social cause through which ESAF Bank provides the customers an opportunity to be a part in social welfare projects, which none of the other banks has given so far, stated by K. Paul Thomas, Managing Director and CEO of ESAF Small Finance Bank. An individual or a legal entity can join the Hrudaya Deposit Scheme with a minimum deposit amount of Rs 15 lakh and for a minimum period of two years. RBI allows banks to invest in REITs & InvITs Reserve Bank of India has allowed banks to invest in Real Estate Investment Trust (REITs) and Infrastructure Investment Trusts (InvITs), a move that will help revive the cash-starved infrastructure sector. Banks are allowed to invest in equity-linked mutual funds, venture capital funds (VCFs) and equities to the extent of 20% of their Net Owned Fund (NOF). HDEC Bank UPI on Chill: app HDFC Bank announced its Unified Payments Interface (UPI) will also be available on Chillr, a multi-bank mobile payments app. UPI ‘Adda28? | No. 1 AFP far Banking & S50 Preparation Website: store.adda247.com | Email: ebooks@adea247.comis an instant payment system developed by the National Payments Corporation of India (NPCI) to enable faster money transfer between any two parties’ bank accounts. RBL Bank opens IFSC Banking Unit in GIFT City Ratnakar Bank limited (RBL) Bank announced the opening of its Indian Financial System Code (IFSC) Banking Unit (IBU) at Gujarat International Finance Tec-City (GIFT City). NEFT transfers to be faster as RBI cuts clearance time Reserve Bank of India (RBI) has decided to slash clearance time for National Electronic Funds Transfer (NEFT) in an attempt to enhance the efficiency of the electronic payment system and add to customer convenience. The NEFT settlement cycle will be reduced from hourly batches to half hourly batches.The newly appointed Deputy Governor B P Kanungo stated that 11 additional settlement batches will be introduced at §.30 am onwards, taking the total number of half hourly settlement batches during the day to 23. IDBI Bank cuts deposit rates by up to 75 bps IDBI Bank has reduced interest rates, ranging from 50 to 75 basis points, on retail term deposits (RTD) with effect from April 5, 2017. The highest interest rate that the bank now offers is 6.40% (earlier 6.90%) on deposits of one-two years maturity. Aditya Birla Group gets RBI licence to start payments bank Aditya Birla Idea Payments Bank Ltd becomes the seventh entity to receive a final licence from the Reserve Bank of India (RBI) to set up a payments bank. ICICI, Axis Bank sell Rs 1800 crore Ballarpur loans to Edelweiss Addu2A7 | No. 1 AFP far Backing & 55C Preparation ‘Website: store adeia247 com | Email: hooks @adez247 comICICI Bank and Axis Bank sold Rs.1,800 crore of loans to paper maker Ballarpur Industries Ltd to Edelweiss Asset Reconstruction Company. It's also the first time that loans have been sold to an asset reconstruction firm. Axis Bank sold loans of Rs.1,200 crore and ICICI Bank sold loans of Rs.600 crore. SBI cuts lending rates by 0.15% Ahead of the Reserve Bank of India's monetary policy this week, the country's largest bank, State Bank of India has reduced its benchmark lending sate by 0.15%. Base rate or the minimum lending rate of the bank has been reduced from 9.25% to 9.1%. NDB invests $1.5 billion in 7 projects in 2 years of operation The BRICS-backed New Development Bank (NDB) has invested in seven projects totaling $1.5 billion in about two years of its operation. Seven projects have been done so far which aggregate around $1.5 billion. Six of them are in the renewable energy sector and one in transport financing. Post merger, SBI begins operations as unified entity The State Bank of India, the country's largest lender has started functioning as unified entity from 01st April 2017 post merger of its five associate banks, besides Bharatiya Mahila Bank. The five associate banks merged with the SBI are State Bank of Bikaner & Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT). With the merger, the SBI joins the league of top 50 banks globally in terms of assets. The total customer base of the bank reaches 37 crore with a branch network of around 24,000 and nearly 59,000 ATMs across the country. The merged entity now has ‘AddaZA? | No, 4 AFP far Banking & S8C Preparation Website: store.ades247.com | Email: chookr@adeal47.coma deposit base of more than Rs 26 lakh-crore and advances level of Rs 18.50 lakh crore. Kotak Mahindra Bank launches 8-11 app to double customer base Kotak Mahindra Bank has launched the '$11 banking app' which is part of the lender's vision to double customer base in 15 months. Customers will be able to open an account on the $11 banking app with zero balance. Only Aadhaar and PAN card would be required to open $11 account which would provide access to over 100 features on mobile. The account offers up to 6 percent interest rate on savings deposits. SBI launches 'Unnati' credit card SBI Card launched a unique credit card ‘SBI Card Unnati’ targeted at all SBI customers, including Jan Dhan account-holders across the country. Any SBI customer with a balance of at least Rs 25,000 in his/her savings account with the bank would be eligible for the Unnati credit card without the need for any credit score or credit history. Karnataka Bank, SBI Card launch co-branded credit card Karnataka Bank and SBI Card have launched co-branded credit cards for the customers of Karnataka Bank. Through this alliance, they will launch two variants of the co-branded credit card named ‘Karnataka Bank Platinum SBI Card’ and ‘Karnataka Bank SimplySAVE SBI Card’. Syndicate Bank opens 40 ‘Ananya’ branches Syndicate Bank digitally inaugurated 40 ‘Ananya’ transformed branches. Project Ananya is a two-year large-scale transformation project undertaken by the bank to provide customers with ‘best in Adda247 | No. 1 AFP farclass’ services while improving and modernizing the whole bank. The aim is to enhance customer experience, improve sales focus, and improve digital transactions through a dedicated digit zone. The bank also launched its first MSME hub in Bengaluru. KVB bags ‘best small bank’ award Karur Vysya Bank (KVB) has been adjudged the ‘Best Small Bank for 2016". This is the eighth award won by KVB in the current fiscal. Vijaya Bank inks MoU with Piaggio Vehicles Vijaya Bank entered into an MoU with Piaggio Vehicles for providing financial support for the purchase of vehicles under Small Road Transport Operators (SRTO) scheme in Bengaluru. ICICI Bank partners with Truecaller ICICI] Bank announced a partnership with mobile app firm Teuecaller for a new UPI -based mobile payment service.The new feature called as Truecaller Pay, and it will allow users of the app to instantly create a UPI ID, send money to any UPI ID or a mobile number registered with the BHIM app. AP tops in Aadhaar seeding of Jan Dhan accounts The list of state with highest seeded Aadhaar numbers was topped by Andhra Pradesh which had linked 87.73 per cent of its Jan-Dhan accounts with Aadhaar numbers followed by Tripura at 57.08 per cent and Telangana 83.56 percent. Karnataka Bank’s launched platinum card Karnataka Bank has launched the ‘MoneyPlant RuPay International Platinum Debit Card’ to provide more privileges to its premium (Adda247 | Ni. 1 APP for Banking £ $50 Pregarstionand HWNI (high net worth individual) customers. The card has a withdrawal limit of Rs75,000 and purchases limit ofRs? lakh a day at point-of-sales terminals and e-commerce sites. Repco ties up with NHB Repco Home Finance Ltd (RHFL) has signed an agreement with National Housing Bank (NHB) for implementation of a credit- linked subsidy scheme for the middle-income group. The scheme will be implemented for one year with effect from January 1, 2017, in all statutory towns. The scheme divides middle-income group into two categories with annual household income up to Rs12 lakh and Rs 15 lakh. The subsidy will be available for the two brackets for a loan amount of Rs 9 lakh and Rs 12 lakh at the rate of 4 per cent and 3 per cent per annum, respectively, for a tenure of 20 years. The maximum subsidy amount for an individual beneficiary is Rs 2.35 lakh. South Indian Bank introduces Aadhar-based payment app To promote cashless digital tramsactions, South Indian Bank (SIB) has introduced Aadhar-based payment in its Unified Payment Interface (UPI) mobile application- 'SIB M-Pay’. Cabinet approves proposal for Amendments to the NABARD Act, 1981 Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following proposals: (a) Amendments to National Bank for Agriculture and Rural Development (NABARD) Act, 1981, include provisions that enable Central Government to increase the authorized capital of NABARD from Rs. 5,000 crore to Rs. 30,000 crore and to increase it beyond Rs. 30,000 crore in consultation with RBI Adda2d7 | No. 1 APP far Banking & SSC Preparation(b) Transfer of 0.4 percent equity of RBI in NABARD amounting to Rs, 20 crores to the Government of India. NABARD launches water conservation campaign in Karnataka NABARD (National Bank for Agriculture and Rural Development) will help Karnataka with low-cost technologies for water conservation and efficient use of water in the drought-affected districts. The main focus of the save water programme would be to create awareness and to cover maximum number of villages in the districts. RBI proposes to fix upper limit in PPIs at Rs 1 Lakh RBI proposed to fix the upper limit for Pre-paid Payment Instruments (PPIs) at Rs 1 lakh in view of growing usage of PPIs tor a purchase of goods and services. As per the draft, the amount in a PPI should not exceed Rs 1 lakh at any point of time if the customer provides full KYC and Rs 20,000 if the customer provides minimum KYC details to the PPI issuing entity. Russia’s VTB bank to shut India office Russian bank VTB has decided to close its only office in New Delhi, India to cut costs but will continue to work in India. ICICI Bank launches new app for rural customers ICICI Bank, India’s largest private sector bank by consolidated assets has announced the launch of a mobile banking app ‘Mera iMobile’ for rural customers. This app will allow them to access banking services as well as information on agri-services. UCO Bank, Future Generali tie upPrivate insurer Future Generali India Insurance Company (FGID) has entered into a corporate agency tie-up for its products with public lender UCO Bank. HDEFC Bank to offer online loans against securities HDFC Bank launched an instant digital Loan Against Securities (LAS) facility in collaboration with the National Securities Depository Ltd(NSDL). Demat customers can calculate their eligibility for overdraft limit against shares, and open a current account instantly. State Bank of India signs MoU with CREDAT State Bank of India and real estate developers’ body Confederation of Real Estate Developers’ Associations of India (CREDAI) have signed a memorandum of understanding (MoU) to jointly conduct various initiatives towards development of the realty sector. The MoU will be in force for a period of 3 years. Bandhan Bank, Avenues India tie up Bandhan Bank, has signed an agreement with Avenues India Pvt Ltd, a payment solution provider to provide merchants with seamless access to point-of-sales (POS) and payment gateway products. Kerala gets first private bank: ESAF Small Finance Bank Chief Minister Pinarayi Vijayan launched ESAF (Evangelical Social Action Forum) Small Finance Bank, Kerala’s first private sector bank since the country’s Independence, in Thrissur, Kerala. R Prabha, former Chairman, Kerala Grameen Bank, is the Chairman of ESAF Small Finance Bank.Finance Minister finalized capital infusion for 10 PSU banks The Finance Ministry has chalked out a turnaround-linked Rs §,386-crore capital infusion plan for 10 P5Bs. The Top five capital gaining banks are IDBI Bank (Rs 1,900 crore), Bank of India (Rs 1,500 crore), UCO Bank ( Rs 1,150 crore), Andhra Bank and Indian Overseas Bank with Rs (1,100 crore) each. A gong resonates in Gandhinagar, Gujarat. Only, this isn't a metallic one, but PM Narendra Modi's digital gong, a vision to make India Digital & independent in terms Financial Power. Keeping the vision in Mind BSE's first international exchange 'India International Exchange (INX)' has been opened early in this year at the country's first International Financial Services Centre (IFSC) at the Gujarat International Finance-Tec (GIFT) City. With this, India has found a new place on the global financial map. Here are few important things you must know about GIFT City: ® Itis India's first International Financial Services Centre (IF) which is a fully integrated city with a walk to work culture, it has the next-in-class infrastructure, connectivity, people, technology &legal framework - emerging as a plattorm for businesses across the world. * The International Exchange (INX) will provide a platform for domestic companies to raise capital in foreign currency through bonds. « IFSC houses several International Banking Units (IBUs) of banks that have already conducted business worth 51.5 billion * It will operate 22 hours a day to allow international investors & non-resident Indians to trade from anywhere across the globe. © Itis one of the world’s most advanced technology platforms with a turn-around time of four microseconds. * The concept of IFSC is simple but powerful. It aims to provide on-shore talent with an offshore technological & regulatory framework. * This is to enable Indian firms to compete on an equal footing with offshore financial centers. Leadership of GIFT City- Mr. Sudhir Mankad is the Chairman of GIFT City Mr. Ajay Pandey Managing Director & Group CEO of GIFT City Recent activities at GIFT City- © IFSC at GIFT City entered into an agreement with Gujarat National Law University (GNLU) to collaborate on efforts for Skill Development in the field of International Financial Services & Regulations, * Belgium has become the first country to open an honorary consulate office in Gujarat International Finance Tee-City (GIFT City). ‘AddaZ4? | Na, 1 AFP for Banking & $8C Preparation Website: store.adca2¢7.com | Email: chooks @ades247.comGeneral Insurance Corporation of India (GIC Re) has become the first re-insurer to open an office at India’s first International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City). « Ratnakar Bank limited (RBL) Bank announced the opening of its Indian Financial System Code (IFSC) Banking Unit (IBU) at Gujarat International Finance Tec-City (GIFT City). |All about the Bharat QR: The OR Code Based Payment System In the bid to promote digital economy in the country, Government of India has launched a new payment method using QR codes named Bharat OR. It is launched after various new payment methods like UPI payment and BHIM App for smartphones. It is launched to boost digital transactions, that will make use of OR codes system for payments across merchant outlets. It is the world’s first interoperable payment system. Important facts related to Bharat OR 4The National Payments Corporation of India (NPCI), Mastercard, and Visa has developed it. &BharatQR code would require merchants to only display one QR code instead of multiple ones. ‘Addu247 | No. 1 AFP far Barking & S5C Preparation Website: store.adda2d7.cam | Email ebooks@adda247.comallt will ensure that people do not suffer from card loss or card expiry problem. allt was devised after the Reserve Bank of India's (RBI) direction in September last year, in order to make payments seamless for buyers as they just have to "scan to pay" for transactions instead of swiping their credit/debit cards. What is OR code? The QR code or Quick Response code is a two-dimensional machine-readable code, which is made up of black and white squares and is used for storing URLs or other information. These can easily be read by the camera of a smartphone. Bharat OR Aim & Use Bharat QR code aims at standardising the QR code payment method through the country. For this, payment networks like MasterCard, American Express, National Payment Corporation of India (NPCI) and Visa have collaborated to promote wider acceptance of the Bharat OR payment method. However, after the introduction of Bharat OR code, a consumer can simply open his or her banking app or BHIM app, scan the merchant's QR code, enter the payable amount and enter the four digit code to authenticate the transaction. The amount will be directly transferred to the merchant's bank account once the transaction is complete. In short, this will provide customers with an easy scan and pay option irrespective of their card type. The method would eliminate the need of PoS machines on a merchant outlet. This will help merchants in avoiding investments in PoS machines and the transaction fees charged by the banks for transactions through the PoS systems. Adda2d7 | No. 1 APP far Banking © SSC Preparation Website: store.adda247.cam | Email: ebooks @adda247.com