Bankers Notebook by -Anuj Kumar

  Current context:  RBI has introduced a new  Prepaid Payment Instrument (PPI)  to make daily payments for the purchase of  daily household goods and services  on 24th Dec 19.   The instrument has been introduced to give increased impetus to small ticket digital payments to merchants, local shops and retail outlets. The  new semi-closed Prepaid Payment Instrument (PPI)  can be used only for making retail payments and will come with  a monthly rechargeable limit of Rs 10,000. The Rs 10,000 amount can only be uploaded only from a bank account linked with the customer's verified mobile number. An annual limit of Rs 1.2 lakh  has also been fixed by the RBI, that can be recharged on these accounts. The banks and existing non-bank PPI players  can issue the new payment instrument and would verify the credentials of customers. The verification process involves the  use of an OTP sent to the user's verified mobile number  and...

  Now, it is very difficult to carry plastic money and it involves many risks also and it is necessary to use the latest information communication and technology. Banks are providing better products and services like internet banking, mobile banking, ATM card, debit and credit card. Debit card and ATM card are used to withdraw money by using a PIN ATM Card ATM card is a payment card which is issued by the bank that provides service to the client to access it and withdraw money when needed. ATM card is a plastic card issued by the bank includes essential information about the bank account of the account holder. ATM card is generally used to withdraw money anytime along with it one can also deposit money into their bank accounts using ATM cards ATM card facilitates the general purposes of withdrawals, balance inquiry by statement facility and by depositing money through it. It is secure because when the transaction happens in an account, banks will send an alert message. So, one can ...