Positive Pay System was introduced by Reserve Bank of India 2020 vide circular no RBI/2020-21/41 DPSS.CO.RPPD.No.309/04.07.005/2020-21 dated 25.09.2020. Financial frauds are big concern with increase of digitalization. To prevent check fraud and make transactions secure, banks have implemented Positive Pay System, that is a strong fraud prevention mechanism that protects account holders from unauthorized or altered…
What is Neo Banking? NEO banks are the banks which has no physical branches. NEO Banks are digital only financial institutions that operate exclusively online through websites and mobile apps. The financial services industry has undergone massive transformations from manual to Core Banking and now digital without any physical branch. the evolution of banking has been marked…
Credit Information Report or CIR is collection of past and present credit history based on PAN (Permanent Account Number) and/or AADHAR Number. It provides consolidated summary and details of all credits taken in past and repayment details of the same. It shows all credit inquiries also. It contains Name, PAN, Aadhar, all address details, Mobile Number,…
Rule 72 is the useful Formula for finding how quickly amount will get double in value by discounting or by applying interest rate. Dividing 72 by interest rate, we can come to know that in how many year given amount will get doubled. Formula – 72 / Interest Rate Where, Interest Rate – Rate of…
-> Permitted Currency – Indian Currency -> Deduction of Tax at Source – Fully Exempted -> Eligible to Open Account 1. National Resident Indian (NRI) and Person of Indian Origin (PIO) 2. Students gone abroad for higher study and continuing to stay there 3. Indians who are on deputation in abroad by Central or State…
Important Facts About BCSBI – 1. Registered in 2014 as a separate society under Society Registration Act, 1860 2. Registered Office – Mumbai 3. Open to all scheduled commercial banks on voluntary basis 4. Applicable to RRB also 5. Managed by Governing Council consisting of not more than 6 members (3 from RBI , 2…