December 2016 Current Affairs

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Five more banks join the UPI

Five more banks join the UPI
05 November 2016 Current Affairs: Five new banks have joined the Unified Payments Interface (UPI) bandwagon, thereby taking the total number of banks using UPI to 26. The five latest entrants include public sector lenders, State Bank of India, Allahabad Bank and Bank of Baroda and two private banks HDFC Bank and IDFC Bank. 

These applications are currently in their final testing phase being active only in closed user groups, they are expected to go live for the public within the next six weeks 

The applications are currently live only for the banks’ own customers and after being tested till they will be made available to the public through the android play store, said bankers. 

UPI is being provided by the National Payments Corporation of India (NPCI) which runs the domestic card transaction platform RuPay. It is supposed to do away with the entire business around adding beneficiaries for peer to peer online transactions. UPI apps can be downloaded from the android Play Store for transfer of funds in real time using the IMPS (Immediate Payments Service) railroads. 

UPI had gone live with 21 banks in August this year but few of the major ones like State Bank of India, HDFC Bank and Bank of Baroda did not go live in the first tranche, thereby leaving a huge chunk of the bank customers deprived of the new service. Now more people are expected to use the payments interface. 

There was initial scepticism among banks regarding the settlement of disputes between various parties in case of failed transactions on UPI,” said one of the bankers quoted above. 

 


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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