Table of Contents
Internet no longer needed for UPI
- Reserve Bank of India launched a new Unified Payments Interface (UPI) payments solution – ‘UPI123Pay’ for feature phone users
How does UPI123 Pay works?
- Interactive Voice Response (IVR):
- App-based functionality
- Missed call facility
- Proximity sound-based payments:
SWIFT messaging system
News –
- Recently Russia was barred from using the SWIFT messaging system by United States and other western countries in the wake of ongoing Ukraine Russia Crisis
SWIFT
- It is a messaging platform that allows banks to relay information about financial transactions to one
- The system was established by a society in Belgium which is its headquarter also.
Market Infrastructure Institution
- Recently Securities and Exchange Board of India announced that National Stock Exchange (NSE) is a systemically important Market Infrastructure Institution (MII).
Microfinance Regulations
News –
- The Reserve Bank of India (RBI) on Monday issued new directions for microfinance lending.
- Freedom to fix the rate of interest.
- Revised the annual household income to Rs 3 Lakh from 1.25 lakh in rural area and 2 lakhs in urban area.
- There will be no prepayment penalty on the loan repaid.
RTGS and NEFT opened up for non-Banking entities.
News –
- Reserve Bank of India (RBI) has opened up gates for non-bank Payment System Providers (PSPs) to participate in Centralised Payment Systems (CPS – RTGS and NEFT), as direct members.
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