Every country has a financial system of its own that serves as backbone of its entire development. A financial system is a set of institutional arrangements through which financial surplus in the economy is mobilized from surplus units and transferred to deficit spenders. The financial system of any country consists of banking and non banking financial institutes, these institutes are providing various types of financial services to the customers. In the financial services, financial clearing and fund transfer service is most important service than other services. Payment systems improve financial intelligibility, stimulating business growth and consumption .The success of the banking system has depends upon the efficient and quality of clearing system of the industry. If we overlook the worldwide this system has changing drastically with technological advancements. Last few years evident that, Information and Communication Technology (ICT) have become a mean for improvement of financial system worldwide. In India, most of banks and financial institutions are offering ICT based financial products and services to improve their business efficiency and speed of services e.g. called e - banking, internet banking, electronic fund transfer, electronic clearing, mobile banking etc.
The document discusses India's payment systems. It outlines the key regulatory bodies that oversee payment systems in India. It then describes various paper-based and electronic payment methods in India such as cheques, NEFT, RTGS, IMPS, and prepaid payment systems. It also discusses the settlement system operator Clearing Corporation of India and features of the Cheque Truncation System. The document provides details on processing times, charges and limits for different payment methods in India. It concludes by noting some limitations of India's payment systems including the lack of standardized account numbering across banks.
The document presents a presentation on electronic payment systems made by Naimiksha. It defines electronic payment as payments that utilize information and communication technology including cryptography and telecommunications networks. It discusses the types of electronic payment systems such as payment cards, e-cash, e-wallets, and e-cheques. The benefits of electronic payment systems for buyers include convenience, universal acceptance, security, consumer protection, and access to immediate credit. For sellers the benefits are speed and security of transactions, reduced costs, and efficiency. Security issues in electronic payment systems including authentication, integrity, non-repudiation, and privacy are also covered.
Internet banking allows customers to perform banking activities through the internet rather than visiting a branch in person. It offers convenience through anytime, anywhere access on a personal computer. Key features include fast and efficient transactions using digital processing. Banks benefit through reduced costs, increased customer base and risk reduction while customers benefit from prompt service, time savings and more convenience. Delivery channels for e-banking include CBS, ATMs, smart cards and online services like bill payment, shopping, trading and fund transfers. However, issues like security, infrastructure costs, user awareness and unauthorized access pose limitations. Common models are complete centralized solution and cluster approach.
Delivery Channels and Inter Bank Payment System, E-Payments, Types of Electronic Fund Transfer system, Real Time Gross Settlement,National Electronics Funds Transfer ,Immediate Payment Service, Credit Card, Automatic Teller Machine, Smart Card, E-Money, E- Wallet, E-Cheque
Micropayments are small online fees, often fractions of pennies, used as an alternative to subscriptions on websites. They are primarily used to purchase individual items like songs, videos, or online content. Micropayments are needed online because bandwidth costs increase with each user, unlike TV and radio where costs are fixed. Examples include iTunes songs, Google AdWords pay-per-click ads, and downloadable game content on networks like Xbox Live and PlayStation Network.
There are 6 main types of e-commerce:
1. Business-to-Business (B2B) involves transactions between companies.
2. Business-to-Consumer (B2C) involves businesses selling directly to consumers.
3. Consumer-to-Consumer (C2C) involves individuals selling to other individuals, often through a third party platform.
4. Consumer-to-Business (C2B) is less common and involves individuals providing goods or services to businesses, such as through crowdsourcing.
Introduction to E Commerce Framework for E Commerce, Difference Between E Commerce and M Commerce, Features of E Commerce, Types of E Commerce, Types of B2C Business Models, B2B Business Models, E Business Revenue Models.
This presentation will tell about the various risks involved in paying through internet. Internet is a medium of delivering goods and services all around the world to the customers who are far away..so it includes various types of risks
This document discusses electronic payment systems. It defines electronic payment systems as paying for goods or services electronically instead of using cash or checks. Some common electronic payment methods described include credit cards, debit cards, ATMs, e-banking, digital cash, and electronic checks. Benefits of electronic payment systems mentioned are privacy, integrity, convenience, mobility, low financial risk, and anonymity.
The document discusses electronic payment systems (EPS) and electronic fund transfers. It begins by defining money and its functions, then defines EPS as a system that allows online payments. It describes different EPS methods like electronic cash and debit/credit cards. Key elements of EPS include client software, merchant servers, and payment processing. Common EPS are online bill payments and reservations. Infrastructure challenges to EPS adoption include lack of reliable networks and automation in some areas. Electronic fund transfers allow transferring money electronically, with examples like ATM transfers, direct deposit, wire transfers. NEFT, RTGS and IMPS are common electronic fund transfer modes in India.
This document provides an overview of payment systems in banking in India. It discusses the history of payment instruments from coins to paper money to modern systems like cheques and electronic funds transfer. It outlines some key milestones in the evolution of payment systems in India such as the introduction of magnetic ink character recognition for cheque processing and real-time gross settlement. The document also describes the role played by the Reserve Bank of India in payment systems as a user, service provider, and regulator. It discusses the organizational structure established by RBI to oversee reforms to the national payment system, including the Payment Systems Group, Payment Systems Advisory Committee, and National Payments Council.
The document provides information about ATM machines, including:
- It describes the basic functions of an ATM machine and how customers can access their bank accounts and perform transactions even when the bank is closed.
- It discusses the history and development of the first ATM machines in the late 1960s.
- It outlines the key components of an ATM machine, including the card reader, host processor, keypad/touchscreen, screen, receipt printer, cash dispenser, and their basic functions.
- It briefly explains how ATM machines connect to host processors and bank servers to authorize transactions and access customer account information.
The document provides an overview of the Reserve Bank of India (RBI), which serves as India's central bank. It was established in 1935 and nationalized in 1949. The RBI regulates monetary policy, manages currency and credit systems, acts as a bank for the government and commercial banks, and oversees economic development goals. It carries out traditional central banking functions like currency issuance as well as promotional and supervisory roles. The RBI is governed by a central board and has a headquarters in Mumbai.
The document provides a history of banking, from its origins in ancient civilizations to modern developments in India. Banking first emerged in places like Babylon and Italy, where money exchange tables allowed Jews to conduct business. Formal banks began appearing in Europe in the 11th-14th centuries, including the Bank of Venice in 1157. The Bank of England was established in 1694. In India, the earliest banks date back to 1786 with the General Bank of India, followed by the Presidency Banks and Imperial Bank of India. Major reforms in Indian banking occurred between 1969-1991 through deregulation and liberalization, allowing more private banks both domestic and foreign. Digital banking has now modernized the industry.
This document provides an overview of fund-based financial services. It discusses six main types of fund-based services: 1) leasing, 2) hire purchase, 3) consumer credit, 4) factoring, 5) venture capital financing, and 6) housing finance. For each type, it provides definitions, key features, and advantages. The overall purpose is to classify and explain different methods of providing structured financing that is secured or supported by company assets.
This document discusses various electronic payment methods. It begins by defining electronic payment as a financial exchange that occurs online between buyers and sellers using digital payment instruments. It then describes some traditional payment methods like cash, checks, and money orders. The document goes on to explain popular e-payment methods like credit cards, digital currency, e-wallets, peer-to-peer payments, smart cards, micro-payments, and B2B payments. It provides details on how some of these methods work, such as the credit card business model and digital currency concepts. The document concludes by listing some pros and cons of electronic payments.
Consumers Perception Towards Growing Mobile-WalletAshitha Devan
This document provides an overview of mobile wallets in India. It discusses how mobile wallets have transformed payment systems and how their adoption has increased with the growth of smartphones and mobile internet in India. Major players like Paytm, Mobikwik, and Freecharge are discussed. The document also covers RBI regulations for mobile wallets, classifications of wallets, advantages and disadvantages of using mobile wallets, and factors influencing consumer adoption of mobile wallets in India.
The document discusses online business transactions and e-commerce applications. It begins by defining e-commerce as transacting or facilitating business over the internet. It then examines several e-commerce applications including banking, insurance, utility bill payment, online marketing, e-tailing, finance, and travel. For each application, the document outlines advantages and challenges, such as banks developing new e-commerce products to facilitate online transactions but also facing strategic and operational risks. Overall, the document provides an overview of key concepts of online business transactions and analyses popular e-commerce applications and their benefits and issues.
Internet banking allows individuals to perform banking activities online via the internet. It provides automated delivery of traditional and new banking products and services directly to customers through electronic and interactive communication channels. Some banks offer both online and traditional banking, while others are online-only.
The concept of internet banking developed alongside the world wide web in the 1980s. The first online banking services launched in the United States in 1994 and India in 1997. The Reserve Bank of India categorized internet banking into three types - information only, electronic information transfer, and fully electronic transactional - based on access levels.
Internet banking provides benefits like convenience, lower costs, faster transactions, and increased competition for both customers and banks. However, security risks and the
The document discusses the transformation of the banking sector in India over the past decade. With the entry of private players and focus on consumers, banking underwent significant changes with the introduction of new technologies and channels like ATMs, internet banking, and mobile banking. This allowed customers to conduct transactions outside of traditional branch banking. The Reserve Bank of India has introduced new payment systems like NEFT and RTGS to modernize transactions. Going forward, RBI is looking to develop new real-time payment systems like "India MoneyLine" to allow 24/7 funds transfers.
The document discusses the transformation of the banking sector in India over the past decade. With the entry of private players and focus on consumers, banking underwent significant changes with the introduction of new technologies and channels like ATMs, internet banking, and mobile banking. This allowed customers to conduct transactions outside of traditional branch banking. The Reserve Bank of India has introduced new payment systems like NEFT and RTGS to modernize transactions. Going forward, RBI is looking to develop new real-time payment systems like "India MoneyLine" to allow 24/7 funds transfers.
The document discusses the National Payments Corporation of India (NPCI), an umbrella organization established to operate retail payment systems in India. It was incorporated in 2008 with the objectives of consolidating existing payment systems and facilitating affordable payment mechanisms. NPCI operates various national payment systems, including the National Financial Switch for ATM transactions, RuPay for domestic debit and credit cards, Immediate Payment Service (IMPS) for mobile fund transfers, the Cheque Truncation System (CTS) and National Automated Clearing House (NACH) for bulk transactions. The organization aims to provide standardized and interoperable payments infrastructure across the country.
The document discusses innovative banking products and bancassurance in India. It describes how banks have expanded beyond traditional activities to offer new services like e-banking, mobile banking, and insurance products. Bancassurance allows banks to act as agents for insurers and sell insurance through their distribution channels. This benefits banks, insurers, and customers by providing a one-stop shop for financial services and increasing access to insurance. Key models and guidelines for bancassurance partnerships in India are also outlined.
The document discusses the growth of banking in India over the past decades, with the expansion of public and private sector banks as well as the introduction of new technologies like core banking solutions and internet banking. It then analyzes some of the challenges around further developing internet and mobile banking in India, such as understanding customer preferences and security risks. The document also examines the problems of cybercrime facing internet and mobile banking users and outlines topics for further research around these issues.
E-Banking System: Opportunities and Challenges – A StudyRHIMRJ Journal
E-Banking Service in India is still in the emerging stages of growth and development. Competition and changes in
technology have changed the face of Banking. The changes that have taken place impose on banks tough standards of
competition and compliance. E-banking is the use of computer system to retrieve and process banking data and information to
initiate transactions directly with a bank via a telecommunication network. In other words-banking is the wave of future. E
Banking is likely to bring golden opportunities as well as poses new challenges for authorities in regulating and supervising
the financial system and in designing and implementing the macroeconomic policy. This research paper aims to represent EBanking
System in India.
This document summarizes a student project on Digital India. It includes an acknowledgements section, introduction, objectives, discussion of objectives, data collection, research problems, and conclusion. The introduction provides background on the Digital India initiative and its goals of improving digital infrastructure, governance, and citizen empowerment. The objectives section outlines goals of studying the role of digital payments and mobile technology in rural areas and challenges/benefits of going cashless. Research problems discussed lack of education hindering survey responses. The conclusion finds that Digital India can improve living standards if proper training is provided given expectations for jobs, services, and efficiency.
The document discusses financial sector reforms and e-banking in India. It outlines the development of payment systems and their importance to modern financial systems. E-banking enables strategic benefits like enhancing knowledge, improving customer service, strengthening governance, and ensuring efficiency. Information technology plays a key role in the banking sector by providing information and infrastructure. Key aspects of IT in banking include balancing costs, control, and customer service. Emerging payment systems in India range from basic checks and drafts to sophisticated electronic funds transfers in real-time. Popular e-banking products discussed are NEFT, RTGS, ATMs, mobile banking, and electronic clearing services. Adoption of e-banking brings overall benefits but India still has progress
Internet banking allows customers to conduct banking transactions over the Internet. ICICI Bank was the first bank in India to offer Internet banking through their "Infinity" service. Infinity allows customers to check balances, view statements, transfer funds between accounts, pay bills online, and more. It provides convenience as customers can bank anytime from anywhere through a secure login using their user ID and password. As more people adopt online banking, banks expect the percentage of customers using Internet banking to increase significantly in the coming years. ICICI Bank's architecture for Internet banking involves clients connecting to access points secured by PIN codes and passwords, with servers processing transactions over switched networks and gateways.
The document discusses digital payments in India. It provides definitions of different types of digital payment instruments and outlines the history and evolution of digital payments in India from credit cards in 1981 to UPI in 2016. It describes key features of digital payments like convenience and security. Major reasons for increased adoption include demonetization in 2016 and expanding smartphone usage. Key digital payment methods discussed include cards, UPI, NEFT, RTGS, IMPS, internet banking, and mobile banking. The National Payments Corporation of India (NPCI) plays an important role in developing digital payment infrastructure.
Indian model of financial inclusion: Will Mobile Payments lead the future?TechvibesKnowledgeCenter
The document discusses India's model of financial inclusion and examines whether mobile payments can lead future efforts. It summarizes India's bank-led model which focused on expanding access to banking services in rural areas through agents called Business Correspondents. While this model was effective in expanding access, many accounts remain unused. The document argues that leveraging India's growing mobile infrastructure through technologies like mobile payments could help address limitations and drive financial inclusion going forward. Key challenges to adopting mobile payments include expanding rural connectivity and increasing customer familiarity with digital financial services.
Presented by Rahul Kumar Jain, law student, Disha Law College, Raipur at IJSARD (International Journal of Socio-legal Analysis and Rural Development) International Virtual Conference 2017 On Law and Social Sciences.
National Payments Corporation of India (NPCI) was set up in 2008 as an umbrella organization to consolidate and integrate various retail payment systems in India. It aims to provide standardized and uniform business processes for all retail payment systems. NPCI is owned by a consortium of major banks and promoted by the Reserve Bank of India. It operates various retail payment systems in India like the National Financial Switch ATM network, Cheque Truncation System, Aadhaar Payments Bridge System, Immediate Payment Service, National Automated Clearing House, Aadhaar-Enabled Payment System, RuPay, Unified Payments Interface and Bharat Interface for Money.
The banking sector in India has undergone rapid transformation in recent decades. With the entry of private players and new technologies like ATMs, internet banking, and mobile banking, consumers now have many convenient options beyond traditional branch banking. Looking ahead, the Reserve Bank of India plans to introduce new payment systems like a domestic debit/credit card network and a real-time 24/7 funds transfer system to modernize banking infrastructure and increase financial inclusion. Future banking is expected to be defined by greater technological innovation and the development of India's own domestic payment systems.
MPower is a proposed intelligent hybrid wallet and micro-blockchain platform that aims to drive financial inclusion in India. It would take advantage of the opportunity to develop new technology-based solutions to address the financial exclusion experienced by many Indians, like Nikki, a single mother struggling with little savings and access to funds. MPower would provide services like P2P payments between family and friends, government payments, and purchases through a hybrid wallet and permissioned local blockchains integrated with identity systems like Aadhaar, while working with the government and banks in a collaborative partnership.
National Payments Corporation of India (NPCI) is a not-for-profit organization established in 2008 to consolidate and integrate various retail payment systems in India and enable interoperable digital financial transactions. It aims to provide standardized and uniform payment systems. NPCI owns and operates core retail payment systems used by banks such as Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), RuPay, National Financial Switch (NFS) and Bharat Bill Payment System. NPCI is promoted by the Reserve Bank of India and owned by major Indian banks. It works to develop infrastructure and facilitate innovation in payments and settlement systems to drive greater financial inclusion in
Reserve Bank of India - Payment System Vision Document 2012Dev Khare
The document discusses key focus areas to improve the efficiency of payment systems in India, including standardization, interoperability, and developing integrated infrastructure. It outlines objectives to provide speed, efficiency and interoperability while ensuring quality of service. Specific actions proposed include consolidating cheque clearing into 3-4 centralized grids, increasing NEFT settlement cycles, consolidating various ECS systems into a national ECS, and exploring options like an electronic GIRO instrument and ACH to modernize bulk payments.
This document provides an overview of the use of information technology in the Indian banking sector. It discusses how IT is helping banks provide better customer service through automated processes and digital channels while reducing costs. Some key points:
- Indian banks have embraced technologies like ATMs, internet banking, and mobile banking but still have a long way to go to become fully technology-driven.
- IT is allowing banks to service more customers with lower investments and improve services like funds management and customer profiling.
- Technologies are reducing service costs and improving staff productivity, adding to bank profits.
- While private and foreign banks have led the way, public sector banks are also increasing their technology usage.
Banking awareness study materials pdf download linklalitchola10
This document provides an overview of the emerging trends in the Indian banking industry, including increased use of technology. It discusses how core banking systems, centralized payment systems like NEFT and NECS, and mobile banking services are becoming more widespread. It also notes that Indian banks have better gender diversity on their boards compared to Western banks. Overall, the banking industry in India is becoming more technology-driven and innovative in its service offerings.
Demonetization effect on digital payments solutions in india by Balaji Prince Bala
The aim of the research is to identify the impact of demonetization in india on the digital payment platform.
This research helps to MBA students for their better understanding about the final year project format...i hope my research will help you.. thank you..
Similar to Case Study On The Growing Saga of E - Payment System (20)
THE GROWTH ANALYSIS OF UNIFIED PAYMENTS INTERFACE (UPI) IN INDIA.docxVARUN KESAVAN
Interoperability among “payment systems in India has facilitated unparalleled ease of transactions while robust customer protection measures have made India’s retail payment system one of the safest in the world.
Unified Payments Interface (UPI) is a mobile-based, 365x24x7 ‘fast payment’ system launched in August 2016 which allows users to send and receive money instantly using a Virtual Payment Address (VPA) set by the user itself. The unique feature of VPA-based transaction is that it obviates the need for sharing account or bank details to the remitter. It supports person-to-person (P2P) and person-to-merchant (P2M) payments which can be used over a smart phone (app-based) or a feature phone (USSD8-based), and at merchant location/website. It facilitates immediate money transfer through both ‘pull’ and ‘push’ payments.
Non-financial transactions, such as balance enquiry, can also be carried out using UPI. It powers multiple bank accounts into a single mobile application of any participating bank/non-bank Third Party Application Provider (TPAP). Funds can also be transferred through UPI using account number with and IFSC (Indian Financial System Code) of the bank branch. The UPI 2.0 was launched in August 2018, which enabled users to link their Overdraft accounts to UPI VPA. Users are also able to pre-authorise transactions by issuing a mandate for specific merchant for a one-time payment. There’s also an added feature of AutoPay facility for recurring payments.
The framework of UPI comprises NPCI as switching and settlement service provider and banks as Payment System Providers (PSPs) – as issuer banks and beneficiary banks. Additionally, it can also have Third Party Application Providers (TPAP) such as Google Pay. Transactions are carried out through mobile devices with two-factor authentication using device binding and UPI PIN as security. Currently, the per transaction limit is INR 0.2 million.
UPI has attracted participation from a number of FinTech players. As against banks, it is the non-bank players who have made good use of the openness of UPI architecture, which allows any entity’s mobile application to be used for doing UPI transactions. Since its humble beginning in 2016, UPI has become one of the most popular payment products in India. Convenience of remembering and sharing a simple UPI VPA may have added to its popularity”.
On the whole we can observe there is a significant increase in the number of UPI transactions both in terms of volume and in terms of value. Similarly, from 17.86 million transactions in financial year 2016 – 2017 to 22,330.65 million transactions in the year 2021 – 2022 with the CAGR of 228%. Similarly with reference to value of transactions there is a increase in the value of transactions from Rs. 69.47 billion transactions in the year 2016 – 2017 to Rs. 41,036.54 billion transactions in the year 2021 – 2022 with the CAGR of 190%. UPI is going to be a catalyst in the retail payments sector in India.
WILL ROBOTS REDUCE OR INCREASE HUMAN EMPLOYMENT OPPORTUNITIES?VARUN KESAVAN
According to Binus Square Student Committee, Technology is disrupting the economy at many levels, and many worry about losing their jobs to automation. The truth is that this isn’t anything new—we’ve been through this already with the Industrial Revolution.
Back then, employees also thought there would be no room for humans at work. Machines were taking over, and their jobs were less valuable every day. But humans are still part of the equation; machines didn’t replace us—we use them to make our jobs more productive.
Today, we can expect a significant change in the way we handle our work, and we’ll probably have to learn new skills to future-proof our lives. The only difference between the previous industrial revolutions and today’s robotics revolution is the speed at which it is taking place.
According to a recent Oxford study, there will be 14 million robots in China’s workforce within the next 11 years. Artificial Intelligence, machine learning and robotics are accelerating the pace of automation in the workspace. However, there will always be jobs for humans. Now, let’s explore whether robots will reduce human employment or not.
GLOBAL TOURISM SECTOR TO SUFFER $1.2 TRILLION DUE TO COVID-19 PANDEMICVARUN KESAVAN
Global tourism sector is set to lose at least $1.2 trillion due to the spread of coronavirus. Let's take a look at the impact.
The world's tourism sector could lose at least $1.2 trillion or 1.5 per cent of the global gross domestic product (GDP), having been on a standstill for nearly four months due to the coronavirus pandemic. The loss could rise to $2.2 trillion or 2.8 per cent of the world's GDP if the break in international tourism lasts for eight months, in line with the expected decline in tourism as projected by the UN World Tourism Organisation.
In the most pessimistic scenario, a 12-month break in international tourism would incur an estimated losses of $3.3 trillion or 4.2 per cent of global GDP. In absolute terms, the world's largest trading economies, USA and China would face the largest declines in GDP, in the moderate scenario.
Negative employment and wage effects would be highest in countries reliant on tourism. The steepest drops are estimated in Thailand (-12 per cent), Jamaica (-11 per cent), and Croatia (-9 per cent).
In the long run, the World Travel & Tourism Council anticipates that the international tourism sector will likely return to pre-pandemic levels within a 19-month period.
THE AFTERMATH EFFECTS OF CORONAVIRUS PANDEMIC ON THE INVESTMENTS IN REAL ESTA...VARUN KESAVAN
The COVID-19 pandemic has severely impacted real estate investments in India. Private equity investments in Indian real estate dropped by 93% in 2020 compared to the previous year. Residential real estate witnessed a 91% year-over-year decline in investments. Office investments also declined, dropping 81% in the first five months of 2020 versus the same period the previous year. The pandemic-induced lockdown slowed overall real estate investment activity and leasing in India.
THE JOURNEY BEHIND THE GLORY OF LARGEST ONLINE NEWS PLATFORM DAILYHUNTVARUN KESAVAN
We no longer have to wait for the newspaper to get the latest news, nor do we require to wait till we reach home and switch on the TV to know the breaking news. With mobile phones and fast and cheap internet services, news and information is now much easier to access. An entrepreneur, Virendra Gupta could foresee this situation even before it actually arrived, which led him to acquire Newshunt in 2012, which is currently known as Dailyhunt. Today Dailyhunt procures content from over 1000+ publishers and is getting much popularity as the content is available in 14 Indian regional languages. Lets have a look at the journey of this top Indian startup.
THE PATH BEHIND THE SHINING OF PAYMENTS APP MOBIKWIK VARUN KESAVAN
Using a Mobile Wallet has now turned out to be a habit of many. Easy hassle-free payment and no worries about hunting for change every time you purchase something probably is a major benefit of using a mobile wallet. While today many international players are providing mobile wallet services in India, MobiKwik is one of the pioneer Indian mobile wallet companies, that despite much competition has carved a niche for itself.
THE JOURNEY BEHIND THE GLORY OF ONLINE TRAVEL KING MAKEMY TRIP VARUN KESAVAN
India’s leading online travel company MakeMyTrip.com was founded in the year 2000 by Deep Kalra. Headquartered in Gurugram, Haryana, the company provides online travel services including flight tickets, domestic and international holiday packages, hotel reservations, rail and bus tickets.
As of March 31, 2018, the company has 14 company-owned travel stores in 14 cities, including one in their office in Gurugram, over 30 franchisee-owned travel stores which primarily sell packages in approximately 28 cities, and counters in four major airports in India under their brand. They also have offices in New York, Singapore, Kuala Lumpur, Phuket, Bangkok, and Dubai.
THE JOURNEY BEHIND THE SHINNING OF ONLINE INSURANCE AGGREGATOR POLICYBAZAARVARUN KESAVAN
PolicyBazaar is India’s leading aggregator and marketplace of insurance products. Established in 2008, PolicyBazaar initially just compared the prices of insurance policies and provided insurance related information. Now, PolicyBazaar not only assists customers in buying insurance policies, but also provides assistance for cancellation/renewal of policies and even claim settlement.
PoicyBazaar is the marketplace for all insurance needs. It provides every thing from, life insurance, health insurance, motor insurance and other insurance like travel insurance and group insurance etc. The company offers more than 250 insurance plans and around 50 insurance brands on its platform. T
he platform is designed in a way that the visitors can easily compare the insurance plans and buy plans as per personal insurance needs.
The company is constantly adding new features and technology to make customer experience smoother. PolicyBazaar introduced 'my account' feature some times back. Through PolicyBazaar's 'My Account' feature, customers can easily download a policy, raise a ticket, ask for clarification and upgrade policies. The company introduced self inspection video feature for revival of lapsed motor insurance.
PolicyBazaar also adopted Amazon Polly and developed in-house AI chatbot - PBee to improve customer satisfaction.
In 2015, PolicyBazaar app was launched. The app is available for android and iOS platform. A customer can not only search, compare and buy insurance through the PolicyBazaar app, but there are also interesting features like hospital locator, garage locator, insurance premium calculator, instant renewal of insurance policies, claim assistance and more.
THE ROAD BEHIND THE GLORY OF GROCERY GIANT GROFERSVARUN KESAVAN
Grofers is an Indian online grocery delivery startup founded in 2013 by two IIT graduates. It operates in 28 Indian cities. Initially, the founders facilitated grocery deliveries from local stores and supermarkets for customers. They aimed to provide one-stop delivery for local needs by partnering with shops. Grofers works on a marketplace model, partnering with local grocery shops to fulfill online orders placed through its app, charging the shops commissions ranging from 8-15%. While Grofers has seen success, it also faced initial challenges including delayed service, product quality issues, and shutting down operations in some cities.
THE RELIANCE JIO WHICH TRANSFORMED THE FACE OF INDIAN TELECOM INDUSTRYVARUN KESAVAN
When Anil Ambani and Mukesh Ambani had a split in the year 2005 it was one of the biggest de-merger in the industry. The dream project of Mukesh Ambani that was Reliance Infocom became a part of Anil Ambani Group. Further Mukesh Ambani went on to acquire the company Infotel Broadband Services Limited which was the only successful bidder across India for the 4G network.
That is when Mukesh Ambani’s Reliance Limited started working in establishing a base for high-speed optical fiber 4G network which is much more capable than 4G. The company was named Reliance Jio Infocom Ltd popularly known as Jio today. Jio was the first network to provide 4G LTE services and VoLTE services.
Jio launched this service on 5th September 2016 for all the users and also launched its smartphone series with the name LYF. Reliance Jio Infocom Ltd (RJIL) focused on high-speed data instead of voice and SMS. On its launch, the company announced data plans with 1GB 4G data per day in the market where mostly all popular telecom providers offered 1GB data per month.
This was a game-changer by RJIL in the price-sensitive market of India as the prices before that revolved around Rs.250-300 for 1 GB 4G data which went down to Rs. 5 per GB during the initial days. With such amusing plans gradually Jio also offered free voice calling and free 100 SMS per day for all its Prime members.
THE NOTABLE CONTRIBUTIONS MADE BY CORPORATE GIANTS DURING THE OUTBREAK OF THI...VARUN KESAVAN
Tata Trusts and Tata Sons have combined committed Rs 1,500 crore towards coronavirus relief work. Chairman of Tata Trusts, Ratan Tata committed Rs 500 crore towards manufacturing of personal protective equipment, respiratory systems, testing kits and setting up modular treatment facilities and training of health workers. Following which, Tata Sons announced an additional Rs 1,000 crore support towards coronavirus fund. This is by far the biggest contribution by a business group in India. Out of the total fund, Rs 500 crore has been contributed towards PM-CARES fund.
Philanthropist Azim Premji's companies Wipro Ltd, Wipro Enterprises Ltd and Azim Premji Foundation, have together committed Rs 1,125 crore. Of the Rs 1,125 crore, Wipro Ltd's commitment is Rs 100 crore, Wipro Enterprises Ltd's is Rs 25 crore, and that of the Azim Premji Foundation is Rs 1,000 crore. These sums are in addition to the annual CSR activities of Wipro, and the usual philanthropic spends of the Azim Premji Foundation.
Mukesh Ambani-led Reliance Industries (RIL) has donated Rs 510 crore to the coronavirus relief work. This includes contribution of Rs 500 crore to the PM-CARES Fund and Rs. 5 crore each to the Chief Minister's Relief Fund of Maharashtra and Gujarat. RIL has also setup a 100-bed centre for COVID-19 patients at a hospital in Mumbai.
THE ATTRIBUTES BEHIND THE GLORY OF DELIVERY KING SWIGGYVARUN KESAVAN
INTRODUCTION
Swiggy is a food delivery application. It allows the users to access their application from Android, IOS, and website, to order food from nearby restaurants, delivering at an estimated time of 30 minutes at the doorstep. They partner with restaurants, have delivery services, and provide ratings that help the customer in picking eateries accordingly. At the time delivery of an order, a customer is entitled to give feedback, rate the food and the delivery services, which help the application, give the customer the best experience by gathering all data.
The company recently started with the tagline, ‘No order too small’, that is no minimum order for delivery, and faster delivery became the USP of the company. The company’s target audience is people who use smartphones regularly, 18-35 demographic. The tagline of Swiggy is, ‘Swiggy karo, phir jo chahe karo!’ which appears in the advertisements of Swiggy.
THE INCEPTION OF SWIGGY
In the year 2013, Sriharsha and Nandan came together to build a product that would connect courier companies across the country, called Bundl. Bundl was not such a huge success and these two co-founders wanted to focus on the food industry. They met Rahul who helped build the software. Hence, Swiggy was born in August 2014.
When Swiggy came to the market, the food delivery sector already had applications like Foodpanda, Tinyowl, and Ola Café. Foodpanda and Tinyowl were later acquired by Ola Cabs and Zomato respectively and Ola café later got closed. While all these companies were struggling, Swiggy already had around 100 restaurants on board, with around 70,000 orders monthly. They also received a cheque of $2 million from Accel and SAIF Partners in the year 2015. This is how the company began with a kick start.
Swiggy started in the year 2014, as a food delivery app. Eventually, Swiggy expanded in size and is working in 100 cities in India at present. In 2019, Swiggy also started its business in delivering packages to businesses and clients, with the application called, Swiggy Go.
THE INITIAL HI-CUPS FACED BY SWIGGY
Swiggy has both technical and non-technical issues that arise regularly. It is a challenge for Swiggy to calculate an estimate for each order made and making sure it gets delivered at the said time. The app also has a feature of rating for both the delivery services and the food served by restaurants; they gather this data and ensure to give the best experience to the customers.
THE BUSINESS AND REVENUE MODEL OF SWIGGY
The application works on the business model of hyper-local on-demand food delivery. Swiggy gets restaurants as partners that supply food to the customers. It has several delivery partners who aim at delivering food in less than 30 minutes. The revenue collected by Swiggy at the year ending March 2019 was Rs. 1, 128 crore.
THE LIFE SPAN OF DEADLY CORONAVIRUS ON DIFFERENT SURFACESVARUN KESAVAN
Coronavirus which has affected more than 5 lakh people and killed more than 24 thousand across the world till March 27 is spreading fast. The novel virus can spread through infected surfaces and can live between 3 to 72 hours hours on different surfaces such as plastic, metals, cardboard and even air.
As per a study published in New England Journal of Medicine, coronavirus (SARS-CoV-2) can be detected in air upto three hours. A person is more likely to catch the infection from air through an infected person rather than the surfaces that have the virus.
On copper, coronavirus can survive for upto 4 hours. As per the study, no traces of the virus could be seen or measured post the four-hour time-frame. Disinfecting the copper surface from time to time is a precautionary measure that can be used.
Coronavirus can live for a day on cardboard surfaces. As per the study, the virus (SARS-CoV-2) can survive for upto 24 hours on surfaces that are made out of cardboard. However the study also said that replicate data were noticeably "noisier" for cardboard than for other surfaces.
On objects and surfaces made of stainless steel, coronavirus can survive for upto 48 hours. The estimated median half-life of the virus was approximately 5.6 hours on stainless steel. The study published in New England Journal of Medicine notes that no visible virus (SARS-Cov-2) was measured after the 48-hour time period.
Coronavirus can live for upto 3 days on plastic surfaces. The SARS-COV-2 virus was more stable on plastic as compared to other surfaces such as metals and cardboard. The estimated median half-life of the virus was approximately 6.8 hours on plastic surfaces.
THE REPERCUSSIONS OF CORONAVIRUS' ON INDIA'S IMPORTS FROM CHINAVARUN KESAVAN
China's share in India's imports stand at 14 per cent. Since the outbreak of coronavirus trading between the two countries has been affected. India has a high dependency on China for manufacturing inputs. The industries that are impacted the most are:
APIs stand for active pharmaceutical ingredients. Indian companies imported 68 per cent of active pharmaceutical ingredients (API) from China in FY19. Indian pharma companies have said they have stock for 2-3 months, but the situation could worsen post May 2020.
India's electrical machinery and equipment has 40 per cent dependence on imports from China. However this number has reduced from 59.5 per cent in FY18 to 40 per cent in FY19. Although India has increased production of low-end electronic components. Import dependency on China is its major limitation.
Solar cells and modules which absorb sunlight to generate electricity are imported from China. As per a report from HDFC Bank, India's solar industry has 80 per cent dependence on Chinese manufacturers for solar products. As a result projects could be delayed in the next 4-6 months.
Consumer durables are the products that have a long use life such as air conditioners, refrigerators, and other household appliances. Around 45 per cent of consumer durables are imported from China. Currently an inventory for 2-3 months is being maintained by companies but the impact of the virus outbreak could be felt from Mar-Apr 20. Prices of these goods could rise in near future, according to the report.
Automobile sector, which accounts for 7.5 per cent of India's GDP and a massive 49 per cent of the manufacturing GDP, is already facing slowdown. The coronavirus lockdown has made the situation worse for the auto sector as 10 to 30 per cent of automotive components are supplied from China. If factories do not resume activity in China, it could adversely affect the sector.
Tourism sector comprises a broad chain of services such as tickets and booking, transportation, hotels, food and beverages. Since 2011, tourists from China visiting India were growing at 11% annually. China accounted for 3% of total foreign tourist arrivals in 2019.
HOW CEMENT INDUSTRY CAN BE THE BOOSTER ENGINE FOR INDIA?VARUN KESAVAN
1) The Indian cement industry is the second largest in the world in terms of production, but per capita consumption is still low at under 200kg compared to the world average of 500kg.
2) There has been consolidation in the industry with big players acquiring smaller regional cement companies. Cement companies operate by focusing on either quality or price.
3) Cement advertising now focuses more on emotional connections with consumers rather than just functional benefits due to information overload.
4) Government infrastructure projects and the housing sector are expected to drive demand growth, increasing per capita cement consumption to 435kg by 2030 and enabling an 82% expansion in production capacity.
ROBOTS AND HUMANS: COMBINED CAPABILITY WILL ENABLE BUSINESSES DELIVER UNEXPEC...VARUN KESAVAN
The last few years have seen a significant infusion of robots in various industries. This trend is expected to continue in the next 3-5 years. Almost 1 million robots are expected to be sold for enterprise use in 2020. There are primarily 3 types of robots - industrial, professional services and software robots.
Professional service robots (e.g., those used in healthcare, retail industries) and software robots (e.g., those used in functions such as Finance, HR, Procurement) will comprise a significant portion of these new robot sales. The market for professional services and software robots is growing much faster than that for industrial robots.
As the use of robots, increase in non-manufacturing industries, the companies which are able to combine the uniquely native human capabilities (e.g., inspiration, aspiration, emotion, empathy, imagination) with powerful robot capabilities (e.g., accurate transaction processing) will be able to re-imagine their business processes and deliver better and newer business outcomes for their stakeholders.
THE WAYS IN WHICH GEO -ENGINEERING COULD TRANSFORM THE ENVIRONMENTVARUN KESAVAN
Varun Kesavan discusses how geoengineering could be used to address the climate emergency. Specifically, solar radiation management techniques like stratospheric aerosol injection aim to reflect sunlight back into space to cool the planet. While once dismissed, major universities are now researching geoengineering due to the urgent threat of climate change. However, the large-scale effects are still uncertain and it may discourage climate action or have unintended impacts if halted. Overall, geoengineering shows potential to significantly benefit society and the environment according to studies, despite some risks, and could provide time to further address the root causes of climate change.
THE WAYS IN WHICH AUTOMATION REVOLUSIONS THE MANAGEMENT STRATEGYVARUN KESAVAN
Business strategy is being revolutionised by advances in automation technologies and management must follow. Management beliefs and practices must evolve with the new ways of production, distribution and consumption. Businesses are beginning to accept the inevitability of tech-enabled processes and tech-determined choices.
Industry 4.0 is about autonomy of machines. Advances in sensors, communication, computation, robotics, GPS etc have created possibilities of infusing machines with intelligence to automate both work and management. Machines are already collecting and sorting information, and management mostly involves dealing with people and making decisions. As Industry 4.0 evolves, a lot of decision-making will also be transferred to machines. But, it is not clear yet how machines will share ethical and legal responsibility for their actions.
THE SMES IN 2020: B2B PAYMENTS, DATA PRIVACY AMONG MAJOR PROBLEMS TO STAY IN ...VARUN KESAVAN
Several B2B payments and lending companies, over the last one year, emerged with solutions around banking, expense management, accounting/book-keeping, and Accounts Payable/Accounts Receivable (AP/AR) automation.
Slowly, but steadily, businesses are adopting software-as-a-service (SaaS) tools to manage their businesses better and move towards real digitisation away from manual and clunky processes to more elegant and friction-free processes.
Investors have taken notice of this opportunity in the B2B space and have stepped up their investments. A recent report by Venture Intelligence said that B2B fintech has secured $657 million in India so far this year, compared to $617 million by B2C fintech. Keeping this business payments transformation in mind, here are the top five topics that will be in the limelight in 2020:
THE TOP INNOVATIVE ECONOMIES IN THE WORLDVARUN KESAVAN
The World Economic Forum's Global Competitiveness Report for 2019 ranks 141 economies on their innovation capability. The innovation ecosystem is measured with the help of five sub-pillars-commercialization, Interaction, and diversity, administrative requirements, research and development, and entrepreneurial culture. Other important factors like education and the intensity of competitive skills they possess also help determine the country's innovation capabilities.
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How AI is Disrupting Service Industry More Than Design ThinkingBody of Knowledge
Artificial Intelligence (AI) and Design Thinking are two powerful tools that, when used together, can revolutionize the service industry. By combining these approaches, businesses can develop innovative solutions that enhance customer experience, increase efficiency, and drive growth. Here's how AI and Design Thinking are disrupting the service industry
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Case Study On The Growing Saga of E - Payment System
1. 1
CASE STUDY ON THE GROWING SAGA OF E – PAYEMENTS AND
SETTLEMENT SYSTEM IN INDIA WITH SPECIFIC REFRENCE TO
INDIAN BANKING SECTOR
Varun Kesavan, Research Scholar, Palakkad, Email Id – varunkesavan@yahoo.com
INTRODUCTION
Every country has a financial system of its own that serves as backbone of its entire
development. A financial system is a set of institutional arrangements through which
financial surplus in the economy is mobilized from surplus units and transferred to
deficit spenders. The financial system of any country consists of banking and non
banking financial institutes, these institutes are providing various types of financial
services to the customers. In the financial services, financial clearing and fund
transfer service is most important service than other services. Payment systems
improve financial intelligibility, stimulating business growth and consumption .The
success of the banking system has depends upon the efficient and quality of clearing
system of the industry. If we overlook the worldwide this system has changing
drastically with technological advancements. Last few years evident that, Information
and Communication Technology (ICT) have become a mean for improvement of
financial system worldwide. In India, most of banks and financial institutions are
offering ICT based financial products and services to improve their business
efficiency and speed of services e.g. called e - banking, internet banking, electronic
fund transfer, electronic clearing, mobile banking etc.
2. 2
Review of Indian Financial System
In Indian financial system 19 nationalised commercial banks, SBI group of 06 banks
including State Bank of India, 14 old and 07 new private sector banks and 32 foreign
banks are dealing banking business as on March, 2012. The mechanisation and
computerisation of banking were started from 1985 by the first phased plan of bank
automation in India. Now in India, 97 percent of public sector bank branches, cent
percent private and foreign banks are computerised. These International Journal of
Enterprise Computing and Business Systems ISSN (Online) : 2230-8849 Volume 2
Issue 2 July 2013 International Manuscript ID : ISSN22308849-V2I2M1-072013
banks are offering lots of ICT based banking service to bank customers and using
modern technology to internal business operations. After financial reform period
1991, various foreign and new private sector banks are entering in Indian banking
industry with their high-tech banking services. It leads to competition of ICT based
banking services in Indian banking system and creates efficiency. For the further
developments the Reserve Bank of India (RBI), Institute for Banking Research and
Development of Technology has continuously trying to enhance the system by
required facilities to banking and financial institutes in India.
PaymentSystem in India
Payment instruments and mechanisms have a very long history in India. The earliest
payment instruments known to have been used in India were coins, which were
either in gold, silver and copper. In the Mughal period, Indian has starting use of bills
of exchange in the commercial centres. In the Muslim period traders' were use Pay
orders it was issued from the Royal Treasury on one of the District or Provincial
treasuries. They were called Barattes and were akin to present day drafts or
3. 3
cheques. In the in the twelfth century one of the most important financial instrument
were evolved that is Hundi it has continued till today. Till 1835 there were variety of
currency systems and coinage in India, but in 1835, the East India Company
introduced the Company's Rupee to bring about uniformity of coinage over British
India. A paper currency system were implemented in 18th century, earliest issues of
paper currency were issued by the Bank of Hindustan, then after issued by the
General Bank in Bengal and Bihar, the Bengal Bank and three Presidency Banks.
The Paper Currency Act of 1861 conferred the monopoly of the Government of India
and presidency banks working in India. After the establishment of the RBI all rights of
currency system has given to the RBI in India.
Modern PaymentSystem in India
The Reserve Bank of India (RBI) has played a significant role in developing the
payment and settlement systems in the nation from its establishment. The
emergence of e-commerce has created new financial requirements that in many
cases cannot be effectively fulfilled by the traditional payment systems. To
recognizing these needs the RBI has implemented bank computerisation project in
India and providing ICT based networking facilities to the banks and financial
institutions in India. Since 1991 the RBI has started'BANKNET' it is network for
banking institutes other than Banknet The 'INFINET' - Indian Financial Network is a
satellite based wide area network using VSAT (Very Small Aperture Terminal)
technology set up in June 1999. The Centralised Funds Management System
(CFMS) facilitates centralised balance viewing of and funds transfer between own
accounts of a member bank maintained with the Bank at different locations. In Indian
4. 4
banking system ATM also providing better alternative to traditional payment system it
can be used for payment of utility bills, funds transfer between accounts, deposit of
cheques and cash into accounts, balance enquiry and several other banking
transactions. Apart from these facilities RBI has enhancing the payment system by
introducing MICR technology, ECS, EFT, NEFT, Card Based Clearing and RTGS
etc.
THE KEY PROPOSED BY RBI IN INTODUCING MODERNPAYMENT
SYSTEM ARE AS FOLLOWS.
1. Accessibility: Access to formal payment systems, including e-payments as
indicated above, is not available to sizeable sections of the society. In view of this
cash is still the predominant mode of payment used in the country. It is therefore,
necessary that access to the formal payment systems is made as easily available
to all, as is the case with cash. Institutions and stakeholders must invariably focus
on their own strengths and convenience of their products to make them more
accessible.
2. Availability: Availability of the modern payment systems beyond the banking
relationship has now been made possible through non-bank entities as well after
the enactment of the Payment and Settlement Systems Act, 2007. This
development has provided an enabling atmosphere to make available the formal
payment systems to all segments of society. Notwithstanding this, it is recognised
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that more sustained efforts in this regard are required to be taken by all the
stakeholders.
3. Awareness: The usage of a payment product is dependent on the customer
being aware of the existence of such a product and its use as also the
safeguards against its misuse. Therefore, it is necessary that awareness of
various payment products is created through the innovative use of available mass
media. Stakeholders, singly or as groups of common purpose, must make efforts
to spread awareness in making both the urban and rural user (as user or
beneficiary) aware of their respective payment products. Both regulators and the
government can assist to widen this spectrum to wean away population from
cash to less cash with attendant benefits of efficiency and better productivity.
4. Acceptability: Availability and awareness of payment products will not lead to
increased usage unless the payment product is accepted by all. The acceptability
of formal payment channels including e-payments is based on the ease of use,
convenience, interoperability, language neutrality and incentive factors
associated with the particular mode of payment. Thus, a multi-pronged strategy is
required to increase the acceptability of payment products from the regulators,
government and stakeholders. Receivers of e-payments, in particular, need to be
sensitized of the benefits of such receipts over cash/cheques.
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5. Affordability: The payment services, including the e-payment option, should be
affordable to all segments of the society. Effective technology deployment and
incentive structure should result in the creation of low cost payment products that
encourage all customers and users towards their repetitive usage and cut down
their dependency on cash.
6. Assurance: It is an aspect which is related to trust in the products and processes
and the security and authenticity relating to the transactions. For non-cash
payments to proliferate, they should provide a high degree of comfort and offer
an appropriate level of security in their repeated and regular usage with a zero-
fail rate.
7. Appropriateness: Appropriateness is the combined effect of all the above
features. The payment products should adapt to the social and cultural milieu and
meet the needs of existing and prospective customers.
PAPER BASED SYSTEM IN INDIA
1. MICR Clearing
Use of paper-based instruments (like cheques, drafts, and the like) accounts for
nearly 60% of the volume of total non-cash transactions in the country. In value
terms, the share is presently around 11%. This share has been steadily decreasing
over a period of time and electronic mode gained popularity due to the concerted
efforts of Reserve Bank of India to popularize the electronic payment products in
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preference to cash and cheques. Since paper based payments occupy an important
place in the country, Reserve Bank had introduced Magnetic Ink Character
Recognition (MICR) technology for speeding up and bringing in efficiency in
processing of cheques.Later, a separate High Value Clearing was introduced for
clearing cheques of valueRupees one lakh and above. This clearing was available at
select large centres in the country (since discontinued). Recent developments in
paper-based instruments include launch of Speed Clearing (for local clearance of
outstation cheques drawn on core-banking enabled branches of banks), introduction
of cheque truncation system (to restrict physical movement of cheques and enable
use of images for payment processing), framing CTS-2010 Standards (for enhancing
the security features on cheque forms) and the like.While the overall thrust is to
reduce the use of paper for transactions, given the fact that it would take some time
to completely move to the electronic mode, the intention is to reduce the movement
of paper – both for local and outstation clearance of cheques.
2. Electronic Payments
The initiatives taken by RBI in the mid-eighties and early-nineties focused on
technology-based solutions for the improvement of the payment and settlement
system infrastructure, coupled with the introduction of new payment products by
taking advantage of the technological advancements in banks. The continued
increase in the volume of cheques added pressure on the existing set-up, thus
necessitating a cost-effective alternative system.
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Electronic Clearing Service (ECS) Credit
The Bank introduced the ECS (Credit) scheme during the 1990s to handle bulk and
repetitive payment requirements (like salary, interest, dividend payments) of
corporates and other institutions. ECS (Credit) facilitates customer accounts to be
credited on the specified value date and is presently available at all major cities in
the country.
During September 2008, the Bank launched a new service known as National
Electronic Clearing Service (NECS), at National Clearing Cell (NCC), Mumbai.
NECS (Credit) facilitates multiple credits to beneficiary accounts with destination
branches across the country against a single debit of the account of the sponsor
bank. The system has a pan-India characteristic and leverages on Core Banking
Solutions (CBS) of member banks, facilitating all CBS bank branches to participate
in the system, irrespective of their location across the country.
3. RegionalECS (RECS)
Next to NECS, RECS has been launched during the year 2009.RECS, a miniature of
the NECS is confined to the bank branches within the jurisdiction of a Regional office
of RBI. Under the system, the sponsor bank will upload the validated data through
the Secured Web Server of RBI containing credit/debit instructions to the customers
of CBS enabled bank branches spread across the Jurisdiction of the Regional office
of RBI. The RECS centre will process the data, arrive at the settlement, generate
destination bank wise data/reports and make available the data/reports through
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secured web-server to facilitate the destination bank branches to afford credit/debit
to the accounts of beneficiaries by leveraging the CBS technology put in place by the
bank. Presently RECS is available in Ahmedabad, Bengaluru, Chennai and Kolkata
4. Electronic Clearing Service (ECS) Debit
The ECS (Debit) Scheme was introduced by RBI to provide a faster method of
effecting periodic and repetitive collections of utility companies. ECS (Debit)
facilitates consumers / subscribers of utility companies to make routine and
repetitive payments by ‘mandating’ bank branches to debit their accounts and
pass on the money to the companies. This tremendously minimises use of paper
instruments apart from improving process efficiency and customer satisfaction.
There is no limit as to the minimum or maximum amount of payment. This is also
available across major cities in the country.
5. ElectronicFunds Transfer (EFT)
This retail funds transfer system introduced in the late 1990s enabled an account
holder of a bank to electronically transfer funds to another account holder with
any other participating bank. Available across 15 major centers in the country,
this system is no longer available for use by the general public, for whose benefit
a feature-rich and more efficient system is now in place, which is the National
Electronic Funds Transfer (NEFT) system.
6. National Electronic Funds Transfer (NEFT) System
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In November 2005, a more secure system was introduced for facilitating one-to-
one funds transfer requirements of individuals / corporates. Available across a
longer time window, the NEFT system provides for batch settlements at hourly
intervals, thus enabling near real-time transfer of funds. Certain other unique
features viz. accepting cash for originating transactions, initiating transfer
requests without any minimum or maximum amount limitations, facilitating one-
way transfers to Nepal, receiving confirmation of the date / time of credit to the
account of the beneficiaries, etc., are available in the system.
7. Real TimeGross Settlement (RTGS)System
RTGS is a funds transfer systems where transfer of money takes place from one
bank to another on a "real time" and on "gross" basis. Settlement in "real time"
means payment transaction is not subjected to any waiting period. "Gross
settlement" means the transaction is settled on one to one basis without bunching
or netting with any other transaction. Once processed, payments are final and
irrevocable. This was introduced in in 2004 and settles all inter-bank payments
and customer transactions above `2 lakh.
8. Clearing Corporation of India Limited(CCIL)
CCIL was set up in April 2001 by banks, financial institutions and primary dealers,
to function as an industry service organisation for clearing and settlement of
trades in money market, government securities and foreign exchange markets.
The Clearing Corporation plays the crucial role of a Central Counter Party (CCP)
in the government securities, USD –INR forex exchange (both spot and forward
segments) and Collaterised Borrowing and Lending Obligation (CBLO) markets.
CCIL plays the role of a central counterparty whereby, the contract between
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buyer and seller gets replaced by two new contracts - between CCIL and each of
the two parties. This process is known as ‘Novation’. Through novation, the
counterparty credit risk between the buyer and seller is eliminated with CCIL
subsuming all counterparty and credit risks. In order to minimize the these risks,
that it exposes itself to, CCIL follows specific risk management practices which
are as per international best practices.In addition to the guaranteed settlement,
CCIL also provides non guaranteed settlement services for National Financial
Switch (Inter bank ATM transactions) and for rupee derivatives such as Interest
Rate Swaps.
CCIL is also providing a reporting platform and acts as a repository for Over the
Counter (OTC) products.
9. Other Payment Systems
Pre-paid Payment Systems
Pre-paid instruments are payment instruments that facilitate purchase of goods
and services against the value stored on these instruments. The value stored on
such instruments represents the value paid for by the holders by cash, by debit to
a bank account, or by credit card. The pre-paid payment instruments can be
issued in the form of smart cards, magnetic stripe cards, internet accounts,
internet wallets, mobile accounts, mobile wallets, paper vouchers, etc.
Subsequent to the notification of the PSS Act, policy guidelines for issuance and
operation of prepaid instruments in India were issued in the public interest to
regulate the issue of prepaid payment instruments in the country.
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The use of pre-paid payment instruments for cross border transactions has not been
permitted, except for the payment instruments approved under Foreign Exchange
Management Act,1999 (FEMA).
10. Mobile Banking System
Mobile phones as a medium for providing banking services have been attaining
increased importance. Reserve Bank brought out a set of operating guidelines on
mobile banking for banks in October 2008, according to which only banks which
are licensed and supervised in India and have a physical presence in India are
permitted to offier mobile banking after obtaining necessary permission from
Reserve Bank. The guidelines focus on systems for security and inter-bank
transfer arrangements through Reserve Bank's authorized systems. On the
technology front the objective is to enable the development of inter-operable
standards so as to facilitate funds transfer from one account to any other account
in the same or any other bank on a real time basis irrespective of the mobile
network a customer has subscribed to.
11. ATMs / Point of Sale (POS) Terminals / Online Transactions
Presently, there are over 61,000 ATMs in India. Savings Bank customers can
withdraw cash from any bank terminal up to 5 times in a month without being
charged for the same. To address the customer service issues arising out of
failed ATM transactions where the customer's account gets debited without actual
disbursal of cash, the Reserve Bank has mandated re-crediting of such failed
transactions within 12 working day and mandated compensation for delays
beyond the stipulated period. Furthermore, a standardised template has been
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prescribed for displaying at all ATM locations to facilitate lodging of complaints by
customers.
There are over five lakh POS terminals in the country, which enable customers to
make payments for purchases of goods and services by means of credit/debit
cards. To facilitate customer convenience the Bank has also permitted cash
withdrawal using debit cards issued by the banks at PoS terminals.
The PoS for accepting card payments also include online payment gateways.
This facility is used for enabling online payments for goods and services. The
online payment are enabled through own payment gateways or third party service
providers clled intermediaries. In payment transactions involving intermediaries,
these intermediaries act as the initial recipient of payments and distribute the
payment to merchants. In such transactions, the customers are exposed to the
uncertainty of payment as most merchants treat the payments as final on receipt
from the intermediaries. In this regard safeguard the interests of customers and
to ensure that the payments made by them using Electronic/Online Payment
modes are duly accounted for by intermediaries receiving such payments,
directions were issued in November 2009. Directions require that the funds
received from customers for such transactions need to be maintained in an
internal account of a bank and the intermediary should not have access to the
same.
Further, to reduce the risks arising out of the use of credit/debit cards over
internet/IVR (technically referred to as card not present (CNP) transactions),
Reserve Bank mandated that all CNP transactions should be additionally
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authenticated based on information not available on the card and an online alert
should be sent to the cardholders for such transactions.
12.National Payments Corporation of India
The Reserve Bank encouraged the setting up of National Payments Corporation
of India (NPCI) to act as an umbrella organisation for operating various Retail
Payment Systems (RPS) in India. NPCI became functional in early 2009. NPCI
has taken over National Financial Switch (NFS) from Institute for Development
and Research in Banking Technology (IDRBT). NPCI is expected to bring greater
efficiency by way of uniformity and standardization in retail payments and
expanding and extending the reach of both existing and innovative payment
products for greater customer convenience.
13. Oversight of Payment and Settlement Systems
Oversight of the payment and settlement systems is a central bank function
whereby the objectives of safety and efficiency are promoted by monitoring
existing and planned systems, assessing them against these objectives and,
where necessary, inducing change. By overseeing payment and settlement
systems, central banks help to maintain systemic stability and reduce systemic
risk, and to maintain public confidence in payment and settlement systems.
The Payment and Settlement Systems Act, 2007 and the Payment and
Settlement Systems Regulations, 2008 framed thereunder, provide the necessary
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statutory backing to the Reserve Bank of India for undertaking the Oversight
function over the payment and settlement systems in the country.
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TREND AND PROGRESS IN PAYMENT SYSTEMS
The electronic payment systems registered high volumes in 2014-15, following
the determined efforts made by the Reserve Bank for migration to electronic
payments. (Table IX.1).Correspondingly, transactions processed by the paper-
based clearing systems have shown a continuous decline both in volume and
value terms. Overall, the payment and settlement systems posted a higher
growth of 27.1 per cent in volume and a lower growth of 5.4 per cent in value in
2014-15 in relation to the previous year.
1. Paper clearing
The share of paper-based transactions in total transactions continued to show a
declining trend over the years. In volume terms, paper-based transactions accounted
for 25.4 per cent of the total transactions during 2014-15, down from 33.9 per cent in
the previous year. Their share in value terms also declined to 5.4 per cent from 6.2
per cent.
2. Retail electronic payments
The growth in retail electronic payments has been encouraging both in terms of
coverage and usage. As on March 31, 2015, the national electronic funds transfer
(NEFT) facility was available through 121,845 branches of 161 banks, in addition to
the business correspondent (BC) outlets. NEFT handled 928 million transactions
valued at around `60 trillion in 2014-15 as against 661 million transactions for `44
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trillion in the previous year. During the month of March 2015, NEFT processed the
largest ever monthly volume of 106 million transactions.
The increasing trend is also reflected in case of bulk electronic payments systems
[total of electronic clearing service (ECS) and National Automated Clearing House
(NACH)]. Banks continued to use both NACH operated by National Payments
Corporation of India (NPCI) as well as ECS operated by the Reserve Bank.
As regards card transactions, during 2014- 15, 615 million transactions valued at
around `1.9trillion were carried out through credit cards, while 808 million
transactions valued at `1.2 trillion were carried out through debit cards. Transactions
through prepaid payment instruments (PPIs) also grew substantially, recording 314
million transactions valued at `212 billion. Mobile banking service, which is a
relatively newer entrant among the payment options, has shown encouraging growth
and handled 171 million transactions valued at `1 trillion during the year.
BHIM APP
Bharat Interface for Money (BHIM) is an app that lets you make simple, easy and
quick payment transactions using Unified Payments Interface (UPI). You can make
instant bank-to-bank payments and Pay and collect money using just Mobile number
or Virtual Payment Address (VPA).
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The following are the features of BHIM:
1. Send Money: User can send money using a Virtual Payment Address (VPA),
Account Number & IFSC, Aadhaar Number or QR code.
2. Request Money: User can collect money by entering Virtual Payment
Address (VPA). Additionally through BHIM App, one can also transfer money
using Mobile No. (Mobile No should be registered with BHIM or *99# and
account should be linked)
3. Scan & Pay: User can pay by scanning the QR code through Scan & Pay &
generate your QR option is also present.
4. Transactions: User can check transaction history and also pending UPI
collect requests (if any) and approve or reject. User can also raise complaint
for the declined transactions by clicking on Report issue in transactions.
5. Profile: User can view the static QR code and Payment addresses created or
also share the QR code through various messenger applications like
WhatsApp, Email etc. available on phone and download the QR code.
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6. Bank Account: User can see the bank account linked with his/her BHIM App
and set/change the UPI PIN. User can also change the bank account linked
with BHIM App by clicking Change account provided in Menu and can also
check Balance of his/her linked Bank Account by clicking “REQUEST
BALANCE”
7. Language: Up to 8 regional languages (Tamil, Telugu, Bengali, Malayalam,
Oriya, Gujarati, Kannada ,Hindi) available on BHIM to improve user
experience.
8. Block User: Block/Spam users who are sending you collect requests from
illicit sources.
9. Privacy: Allow a user to disable and enable mobilenumber@upi in the profile
if a secondary VPA is created (QR for the disabled VPA is also disabled).
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QUESTIONS
1. What are the various challenges present for e – payment system in INDIA?
2. Which kind of technology can be adopted for e – payment system in near
future?