competition refresher magazine
competition refresher magazine
competition refresher magazine Published this article page no 37 What is UPI? Unified Payments Interface (UPI) is an instant realtime payment system allowing users to transfer money on a realtime basis across multiple bank accounts without revealing details of ones bank account to the other party. UPI is currently the biggest among the National Payments Corporation of India (NPCI) operated systems including National Automated Clearing House (NACH) Immediate Payment Service (IMPS) Aadhaar enabled Payment System (AePS) Bharat Bill Payment System (BBPS) RuPay etc. The top UPI apps include PhonePe Paytm Google Pay Amazon Pay and BHIM the latter being the Government offering. Insta Curious Do you know about the National Payments Corporation of India (NPCI) and about the services it provides? Reference. InstaLinks Prelims Link 1. Who controls ATMs in the country? 2. What is UPI? 3. What is the National Automated Clearing House (NACH)? 4. What is the National Financial Switch? 5. Three levels of authentication in BHIM. 2. Microfinance Regulations Context RBI has released new microfinance lending norms. As per these norms 1. All entities banks nonbanking financial companies (NBFCs) and microfinance institutions (MFIs) are subject to the same regulations. 2. A microfinance loan is defined by the RBI as a collateralfree loan granted to a household with an annual household income of up to Rs 3 lakh. 3. All collateralfree loans offered to lowincome households regardless of the enduse and mode of applicationprocessingdisbursal are considered microfinance loans. 4. The financial entities should have a boardapproved policy to provide the flexibility of repayment periodicity on microfinance loans as per borrowers requirements. They should also have a boardapproved policy for the assessment of household income. What is Microfinance? 124 Microfinance is a form of financial service which provides small loans and other financial services to poor and lowincome households. MFIs are financial companies that provide small loans to people who do not have any access to banking facilities competition refresher magazine buy.
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