30 banks join mobile-based national funds transfer system
Posted on: 25 Nov 2016 09:35:30
25 November 2016 Current Affairs: As many as 30 PSBs, private and foreign banks have joined the NPCI's Unified Payments Interface (UPI), a system that allows money transfer between any two bank accounts by using a mobile phone.
The UPI system has already started pilot projects for funds transfer and customers of these 30 banks can download the app from Google Play Store on their Android phones.
The UPI app enables customers to make online as well as offline payment to merchants from their bank accounts, without typing card or net banking/wallet details and IFSC code.
The 30-banks already participating in the pilot include HSBC Bank, Axis Bank, ICICI Bank, HDFC Bank, State Bank of India and Punjab National Bank.
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