One line pointers on cashless
hello guys.. Sunshine is back with something new this time.. hope you people have gone through Kith and kin of budget.. As we all have seen there is a big push for making the economy more and more digital post demonetization.. I have brought one liner points which forms the backbone of cashless economy. .
1. UPI– unified payment interface is a system that powers multiple bank accounts, in a single mobile application.
2. UPI– is built on IMPS platform (immediate payment service) which is managed by NPCI.
3. Aadhar – unique identification number which contains in it, biometric and demographic data of residents and store them in a centralised data base.
4.BSBDA– It has no limit on number of deposits in a month, but maximum 4 withdrawals permitted.
5. Aadhar- 12 digit unique identify number.
6. PAN stands for permanent account number and is a 10 character alpha numeric number.
7. PAN is also issued to foreign nationals, thus is not acceptable as a proof of Indian citizenship.
8. RuPay – Indian domestic card scheme launched by NPCI (national payments corporation of india).
9.Debit card is linked to bank account. Credit card may or may not be linked to bank account.
10. NEFT AND RTGS cannot be carried out on weekends and public Holidays.
12. NEFT has no maximum and minimum limit. Except remittances to Nepal (50000).
13. RTGS has minimum 2 lakhs limit. But has no maximum limit.
14. IFSC – Indian Financial System Code is an alpha numeric code uniquely identifying a bank branch. 15. IFSC code is 11 digit.
16. WLA – white label ATMs can not accept deposits.
17. NEFT and RTGS done only in bank working hours.
18. IMPS can be done 24*7.
19. MMID– mobile money identifier is 7 digit code.
20. MMID (linked with account number) along with mobile number makes fund transfer possible.
Hope you people like it.