innovationinbanking

  Financial Literacy Week 2022 Theme “Go Digital, Go Secure”             Reserve Bank of India has a tradition of conducting FLW or Financial Literacy Week (FLW) every year since 2016.             The objective of Financial Literacy Week is to propagate financial education messages on various themes among members of the public across the country.             The FLW theme for 2022 is finalized and it is “Go Digital, Go Secure”.             The “Go Digital, Go Secure” theme will be observed between February 14-18, 2022.             Under the “Go Digital, Go Secure” theme, there will be three focus areas.             The three focus areas are (...

    Railways and UPI Lite – 1,00,00,000 UPI Lite Transactions per day - Let the Magic begun           More than 2 crores passengers travel across 67,956 kms spread across 7,325 stations of our country.           Let the Magic begun Brief Introduction of UPI Lite: - National Payments Corp. of India is testing a solution to allow Unified Payments Interface (UPI)-based digital pay without an internet connection. Dubbed UPI Lite, it is expected to be used in rural areas to allow for small digital payments under 200 rupees (about $2.68).   It will also allow phone users to make digital payments from their bank accounts. Two solutions are being tested, including a SIM overlay and a software-provisioned solution that leverages over-the-air (OTA) updates. The RBI, on January 5, allowed digital payments up to Rs 200 to be made without internet connections.   Read mor...

  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 generat...

  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?...

  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 ph...

  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.          ...