#e rupee wallet sbi

[chandrashaker]

e-Rupee: RBI launches retail digital rupee e₹-R

RBI launches retail digital rupee e₹-R. e-Rupee or digital rupee is the electronic form of sovereign currency. e₹-R provides reasonable, secure, and more effortless payments for all.

The pilot launch of the Reserve Bank of India’s (RBI) retail digital currency, called the e-Rupee or digital rupee, became live on 1st December 2022. e-Rupee or digital rupee is the electronic form of sovereign currency called central bank digital currency (CBDC). According to the Reserve Bank of India notifications issued on 7th October and 29th November 2022, RBI is piloting the retail digital…

[iserveutechnologies]

Easy Ways to Send Money from one bank to another in India. Nowadays, one can choose from the plethora of fund transfer options. From the traditional way of fund transfer to online bank transfer, you can pick the best way to save your time and hassle. If you are wondering about easy ways to send money from one bank to another in India then, you don’t have to worry. You need to do some research before going for any option to save yourself from any deduction. Check out how to transfer money online from one bank account to another. Online Payment Method RTGS (Real-Time Gross Settlement) The instantaneous fund transfer system continuously settles payment on an individual order basis once the transaction is done, it can’t be reversed. It’s a great way to do bank to bank transfer. The purpose of RTGS is to be used for high-value interbank transactions as there is less risk in settlements. Reserve Bank of India manages the payment system so, you can count on it for sending & receiving funds. All RTGS charges may incur higher costs to customers, while fund transfer ranges anywhere between Rs.25 to Rs.55. For the digital transactions, the maximum amount of limit per day is as per the customer’s TPT limit for the HDFC account holder. Information required for an RTGS transaction: The amount to be transferred in rupees

Name of the payee/beneficiary

Name of beneficiary bank and bank branch

IFSC code of the payee/beneficiary

Account number of the payee/beneficiary

NEFT (National Electronic Fund Transfer)

The online bank to bank transfer fund system that allows interbank fund transfer. It is one of the popular ways of transferring money from bank to bank digitally. You can transfer funds from your bank branch to anyone, without visiting the bank. Earlier to transfer the funds, one had to withdraw the amount and then pay it in cash or cheque. Now, one can transfer a sum of money from his account to another person’s account, through the process of NEFT. NEFT offers the ease of funds transfer from any NEFT- enabled bank account of any branch to any NEFT- enabled account located in any geographical area.

Transaction timing will be 48 half-hourly batches every day. The first batch settlement will start after 30 minutes. The operation will be permitted round the clock and all day of the year, including holidays. No upper and lower limit is set for amount transfer via NEFT.

The charges for transfer money from bank to bank range from Rs. 2.50 to Rs. 25 on the amount range from Rs. 10,000 to the amount more than Rs. 2 Lakh.

IMPS (Immediate Payment Service) Apart from RTGS and NEFT, you can choose another way for fund transfer that is IMPS. It provides instant round the clock digital fund transfer services that you can use on your smartphones. E-wallets Similar to Credit cards and debit cards, E-wallets are a type of electronic card. It is used for online transactions and treated as the prepaid account in which you can store funds that you can use in the future for any instant payment like for booking train tickets, flight tickets, groceries, online purchases, etc. First, you need to install the app on your mobile and give the relevant data after that, the data will be stored in the database so, you don’t need to fill the form after any purchase. It is also used for cryptocurrencies like bitcoins. UPI UPI has made online payment much easier and faster, you can transfer money through your mobile phones and make instant bank to bank transfers, payments, or any purchase. This method of payment is developed by the NPCI (National payments corporation in India) and regulated by RBI( Reserve bank of India). You can add multiple bank accounts into a single app. Some of the popular UPI mobile applications are Airtel, Amazon Pay, Google pay, BHIM, Jiopay, Phonepe, Paytm, WhatsApp pay, and much more. UPI method solved many issues like earlier we use to rush to ATM for payments, sharing bills among friends, utility bill payments, collection, and distribution of money. The best thing about UPI is round a clock availability. The maximum fund Transfer Value is up to 1 lakhs.

Banking Apps With the advancement of technology, financial transactions have become easier, and visiting banks become a rarity. You can make payments through your smartphones round the clock. There are several banking apps but some are the best apps that you should use for making payments. ICICI Bank’s iMobile Application is the highest-rated banking app on the Google play store. It permits its user’s easy fund transfer solution, convenience in payment of the utility and credit card bills, open FD RD anytime & manage your other policies. Also, the app is updating itself continuously to enhance the user experience. With 4.3 ratings on the Google play store, HDFC Bank Mobile Application is one of the best apps for online transactions in India. Other popular apps like Axis Mobile Application, SBI anywhere personal app, M- connect app by Bank of Baroda is designed for the faster and quicker transaction through your mobile phones. 2.Telephone Transfer In this payment method, all you need to do is call the telephone number of your bank. You will be guided by some bank’s customer services representative or through an automated recording. 3.In-branch Bank Transfer If you carry the money in cash, you can go to the bank and pay it into the account of the person directly. Details required for transfer money from bank to bank Date of payment

Person’s name or business you’re paying. IFSC Number of the branch

Account Number A payment references Sender’s name and bank address Conclusion: The answer to how to transfer money online from one bank account to another is simple as due to the advancement of technology, many ways of an online bank transfer are being introduced by Government. By these payment methods, we don’t have to follow the traditional way of paying bills and transferring funds. The regular visits to banks and standing in a long queue are also minimizing. With online banking, we can make payments quickly, safely, and conveniently.

[khaleesimemaybe-blog]

Get The Cheapest Flight Between Any Two Cities Using Cleartrip Calendar

Cleatrip is the biggest and quickest rising on-line tour gate company built between 2006 and primarily based out over Mumbai. This employ helps in conformity with e book both home yet international flights. In addition, clients execute also book their hotels, travel tickets, yet resorts. It’s the one-stop answer for you complete trip.  Their only reason is according to edit journey effortless and simple. Check outdoors cleartrip calendar to be aware of more respecting the breeze fares and offers. If you makes use of the services over Cleartrip, you journey is greater in all likelihood in accordance with remain higher into all potential yet in conformity with make that more exciting then low-cost ye can choose beyond more than a few provides yet deals. Before booking anybody ticket, you need to stand a registered part including Cleartrip. Check out some of the exciting Cleartrip flight deals you shouldn’t miss out on. 1. Free Cancellation concerning Your Hotel Bookings If you change you graph yet if so is someone sort regarding modification of your plan, you can honestly annul your lodge bookings yet it’s genuinely free. Yes, ye heard it right! If thou annul your hotel booking before 24 hours, afterwards as cancel charges you deliver nothing rupees. To redeem that offer, ye do not want someone cleartrip coupons. 2. Cleartrip New User Offer Now seizure and provide concerning Rs.1000 as cashback on thine sign-up including Cleartrip. This wish remains credited in imitation of you Cleartrip wallet. You perform deliver it quantity about your reserving about flights and somebody hotels. The total pleasure remain credited in accordance with your calculation pockets inside 24 hours. You execute amenities many such Cleartrip retreat booking cashback presents via Cashbacksdeals.com. 3. Flat Rs.500 on Your Round-Trip Bookings If thou are SBI customer, after thou be able grab an provide concerning plane Rs.500 cashback regarding you next booking thru Cleartrip. This provider is legitimate yet relevant only if thou are SBI visiting card holder then over domestic roundtrip bookings. stability You execute usage this provide only of laptop or that is not applicable concerning app bookings. 4. Instant Cashback on Booking International Flights Planning for International trips? Now you perform flier across the world because of a less costly virtue by means of availing Cleartrip offers. Per transaction, the minimal aggregate regarding cashback you can arrive is Rs.3500. On global roundtrip death booking, thou pleasure be brought Rs.400 instantaneous cashback. Book your flights in modern times then enjoy affordable flying! Check out the Cleartrip Calendar or confirm thine bookings!

[dayallegal-blog]

MOBILE BANKING AND PAYMENTS

With over 600 million connections and over 15 million being added each month, the belief is that herein lies the panacea and the pill for the Great Indian dream for universal financial access. Often considered a dreamy untenable policy statement issued in corporate boardrooms and election speeches, the mobile is possibly the clear and present opportunity for driving financial inclusion. But would it happen on the existing payment architectures or seed another one altogether lies the key question for this decade?

Four subsections in this segment:

A.The RBI‟s Operative Guidelines for Banks for Mobile Banking Transactions

B. Interbank Mobile Payments System (IMPS)

C. New Offerings

D. What’s Hot!

A.The RBI’s Operative Guidelines for Banks for Mobile Banking Transactions

The RBI introduced an Operative Guidelines for Banks for Mobile Banking Transactions in India in October 2008 under the aegis of the Payments & Settlements Act 2007 with a few revisions and clarifications outlined in subsequent releases. The key highlights:

ü Only Indian Rupee based domestic services permissible, clearly prohibiting use for cross border inward and outward transfers

ü Allowed banks to use the services of Business Correspondent for extending this facility to customers

ü Only banks with core banking solutions would be permitted to provide mobile banking services.

ü Customer registration for mobile banking mandatory

ü The mobile banking service offered by banks should be network operator agnostic

ü To ensure inter-operability between banks message formats like ISO 8583 were to be

ü To enable a nation-wide mobile banking framework, facilitating inter-bank settlement, a robust clearing and settlement infrastructure operating on a 24x7 basis was considered necessary. However, pending creation of such a national infrastructure, banks were permitted to enter into bilateral or multilateral arrangement for inter-bank settlements

ü Transaction limits were placed with a daily cap of Rs. 5000/- per customer for funds transfer and Rs.10,000/- per customer for purchase transactions

B. Interbank Mobile Payments Service (IMPS)

This has been followed up by the introduction of IMPS (Interbank Mobile Payments Service) by the National Payments Council of India,

ü Allowing bank’s registered customers to transfer funds between banks via their mobile phones. The earlier models allowed only transfers between customers having accounts with the same bank

ü Customers required to register with the participating banks and receive a unique seven digit MMID (Mobile Money Transfer Identified Number)

ü No requirement of an Internet connectivity or a personal computer

ü The service may be operated via SMS or a special applications developed installed on the customer’s handset E

ü 24x7 real-time service!

ü Seven banks have gone live with the service including Axis bank, Bank of India, HDFC Bank, ICICI Bank, State Bank of India, Union Bank & Yes Bank.

C. New Offerings  

Several offerings have emerged or are around the corner in the coming year.

i.               Nokia Money underwent a silent launch in Pune and Chandigarh with Yes Bank.

ii.              Airtel, one of the operators that received the nod to issue prepaid instruments in slated to launch their services shortly.

iii.            Other mobile operators too are defining models wherein payment and/or transfer enabling instruments would be launched either on their own or with banks leveraging the principles of business correspondents and the benefits available from the issuance of open prepaid instruments by banks.

iv. Citibank, in conjunction with Vodafone & Nokia conducted an NFC based mobile payments trial in Bangalore, which met with considerable success. However, the scalability would be dependent on the proliferation and adoption of NFC enabled handsets and acceptance capabilities at merchant outlets.

v. FINO, ATOM, Eko, ALW are some of the players who are operating financial inclusion models offering a bouquet of deposit, cash withdrawal, payment and transfer transactions via the mobile. vi. Paymate, an SMS based mobile payments service launched „Green Money‟ with a leading mobile operator Tata Indicom and Corporation Bank, allowing person to person transfers.

D. What’s Hot!

With the imminent entry of mobile operators, fueled by the success of MPesa in Kenya, and a host of other global players, in the arena of payments & transfers, the market is poised to witness several interesting and possibly unique business models and consumer propositions. Furthermore, with the introduction of 3G services a host of value added products and services will be unleashed, that could potentially be purchased via mobile based wallets managed or even operated by mobile operators.          

Two of India’s largest mobile operators have tied up with India’s largest banks to offer a bouquet of mobile based banking & financial services to their customers

A. Airtel (India’s largest mobile operator) & State Bank of India (SBI - India’s largest bank)

A joint venture company has been set up that envisages opening bank accounts, cashless transfers, cashless spending & payment facilities, targeting the rural and urban poor. Customers would be offered a no-frills banking account from SBI, across Airtel’s over 1.5 million + retailer network. Both partners have envisaged investing over INR 1 billion in this enterprise. The JV plans to acquire over 2 million accounts annually

B. Vodafone (India’s 2nd largest mobile operator) & ICICI Bank (India’s largest private sector bank)

A similar JV being entered offering financial products ranging from savings accounts, prepaid instruments, and credit products through a mobile phone platform.

Author Name

DEEPAK DAYAL

(MBA, LLB) | Managing Partner, Dayal Legal Associates .India. Advocate, Supreme Court Of India. 

Skype: deepak@dayallegal.in 

http://www.dayallegal.in M : +919560732244 O:   +919069113331