innovationinbanking

  BNPL on UPI Lite - Yes, why not Product Name – UPI Lite BNPL Q: What is UPI Lite Ans: UPI Lite will enable feature phone users to make use of the UPI networks and make use of the UPI networks and make digital payments directly from their bank accounts. UPI Lite will enable feature phone users to access UPI networks and make digital payments straight from their bank accounts using their phones. UPI Lite, a new solution in the works at the NPCI, will enable small digital payments, to be made without active internet connections. The RBI, on January 5, allowed digital payments up to Rs 200 to be made without internet connections.     Q: What is BNPL Ans: The full form of BNPL is ‘Buy Now Pay Later’. The primary target audience is folks who are not eligible for a full-fledged credit card. The credit limit for BNPL is very low as compared to a normal credit card limit. BNPL billing cycle is 15 days and the repayment window is 5 days from the bill generated date  

  UPI Lite – UPI without Internet – 21 FAQs   Summary: - UPI Lite will enable feature phone users to make use of the UPI networks and make use of the UPI networks and make digital payments directly from their bank accounts. UPI Lite will enable feature phone users to access UPI networks and make digital payments straight from their bank accounts using their phones. Reserve Bank of India defines offline transactions as “An offline digital payment means a transaction which does not require internet or telecom connectivity. Under this new framework, such payments can be carried out face-to-face (proximity mode) using any channel or instrument like cards, wallets, mobile devices, etc. Such transactions would not require an Additional Factor of Authentication (AFA)”   The following FAQs have been complied based on available information in public domain. Please feel free any further FAQs in the comment section. FAQ 01) Has NPCI released the UPI Lite guidelines? Ans 01) UP

  Gold Saving Accounts – An Artistic view of the process At the outset, please do not be confused with Gold Category Bank Accounts. Gold category bank accounts are normal bank accounts, with special privileges. These special privileges are based on the Balances maintained in the respective accounts. One of the trending articles under #savings, #gold, #retailinvestors, #investors As on date, this article can be tagged under #FinFiction too. Q: Why #FinFiction? Ans: The exact operational guidelines are not yet released by the regulators. Hence, the discussions around Gold Saving Accounts, are still fluid. Once the regulatory guidelines are released, the tagging can shift from #FinFiction to #Rbiguidelines Gold Saving Accounts – Summary Customers can open such gold accounts in banks offering this product and put in money on a regular basis. They can withdraw the deposit at the prevailing gold price at any time.  This is expected to reduce the demand for physical go

  FRESHO by Tata expanding its offline presence – Boost to Safe ePayments           In the final quarter of 2021, BigBasket - a Tata Group company announced plans to open physical stores across India.           It has set a target of 200 physical stores in 2022, and 800 by 2026.           Read more about its ambitious plans to expand Self Billing Solutions to folks across India here - Tata Group-backed BigBasket forays into offline retail with launch of Fresho store in Bengaluru @ https://www.businesstoday.in/latest/corporate/story/tata-group-backed-bigbasket-forays-into-offline-retail-with-launch-of-fresho-store-in-bengaluru-313251-2021-11-24           The first physical store by Fresho opened in Bangalore in the last week of November 2021.           Since then, the expansion is in full swing.                The highlight of the stores will be Self-Billing Counters.           The Self Billing Counters will be driven by Artificial Intelligence to enable the visitors to co

    Sovereign Gold Bond Scheme 2021-22 Series IX - Issue Price. ₹ 4,786/- Or ₹ 4,736/-             So, what is your choice. ₹ 4,786/- Or ₹ 4,736/-.  The final decision is yours only. In terms of GoI notification F.No.4(5)-B(W&M)/2021 and RBI press release dated October 21, 2021, the Sovereign Gold Bond Scheme 2021-22 - Series IX will be open for subscription for the period from January 10, 2022 – January 14, 2022. The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity of the last three business days of the week preceding the subscription period, i.e. January 05, January 06 and January 07, 2022 works out to ₹ / - 4,786/- (Rupees Four thousand seven hundred and eighty-six only) per gram of gold. Government of India, in consultation with the Reserve Bank of India, has decided to offer a discount of ₹ / - 50/- per gram less than the nominal value to those investors

  Andaman & Nicobar – List of Bank Branch Holidays under Negotiable Instruments Act 1881   Q: Union Territory Ans: Andaman & Nicobar Q: Types of Holidays Ans: Physical Bank Branches located in the Union Territory of Andaman & Nicobar are closed on the respective days Bank customers cannot walk into bank branches for their banking activities. Bank customers can carry out select banking activities through non – physical bank channels. Bank Lockers located inside the bank branch premises can be operated only when the respective bank branch is open.   Q: Banking Services open even when physical bank branches are closed   Ans: No UPI, RTGS, IMPS, NEFT, NACH Q: Banking channels to transact even when physical bank branches are closed Ans: ATM, Mobile Banking, Net Banking, SMS Banking, Phone Banking, USSD Banking, PoS, WHATSAPP Banking, Q: Reference Document for Andaman & Nicobar Ans: No.72/2021/F, No.15-1/2018/GA dated 24/27.08.2021of AN