Digital Reforms in India – Payment & Governance – Major Computer Terminologies (Part - 2) [ CBSE NET-JRF Updates ]

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Here we will be covering solutions of the most important questions for upcoming November 2017 NET exam on Computer. We will be continuing the series with environment and computers which is gaining importance based on the current trend. Also note since this time there is no choice for paper 1 questions and all 50 questions are compulsory, you need to have a strong preparation for all topics including Computer Terminologies.

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Digital Reforms in India: Payment & Governance Major Computer Terminologies (In English)

Dr. Manishika Jain explains the various digital reforms and key terminologies in computers Data Analytics

Worldwide Payment Systems

  • KFTC – Korea
  • SEPA, BACS Payment system, UK Payments Administration Ltd, British Banker’s Association – UK
  • China Union Pay – China
  • Zengin Payment System – Japan
  • Australian Payments Clearing Association -Australia
  • Electronic Payments Network (EPN), NACHA, The American Banker’s Association, Federal Reserve - Board of Governors of the Federal Reserve System, Federal Reserve - Financial Services -US
  • RPS- Germany
  • PASA-South Africa
  • IPSO- Ireland
  • The Canadian Banker’s Association, Canadian Payments Association-Canada
  • NETS -Singapore

NPCI

  • National Payments Corporation of India (NPCI) was incorporated in December 2008
  • Certificate of Commencement of Business was issued in April 2009
  • Incorporated as a Section 8 company under Companies Act, 2013 and is aimed to operate for the benefit of all the member banks and their customers.

NFS

  • National Financial Switch (NFS) - largest network of shared automated teller machines (ATMs) in India.
  • Designed, developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004
  • Run by NPCI

UPI

  • Unified Payment Interface – single window mobile payment
  • Powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood
  • Caters “peer to peer” collect request
  • Immediate money transfer through mobile device round the clock 24 * 7 and 365 days
  • Schedule Push and Pull payments
  • Advanced version of NPCI’s Immediate Payment Service (IMPS)
  • Virtual address can be used or mobile number like 1234567890@sbi
  • Implemented by hyperlink or QR code

BHIM

  • Mobile App
  • Developed by National Payments Corporation of India (NPCI)
  • Based on Unified Payment Interface (UPI)
  • Facilitate e-payment after demonetization
  • Schemes include referral payments and cashback for merchants
  • Instantaneous transfer – 24/7 including weekends & bank holidays

IMPS

  • Real time remittance service available anytime, anywhere across India
  • Services: fund transfer and merchant payments
  • Initially launched in 2010

AEPS (Aadhar Enabled Payment System)

Bank led model - allows online interoperable financial inclusion transaction at PoS (Micro ATM) through Business correspondent of any bank using Aadhaar authentication.

4 Aadhaar enabled basic types of banking transactions:

  • Balance Enquiry
  • Cash Withdrawal
  • Cash Deposit
  • Aadhaar to Aadhaar Funds Transfer
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Digital Reforms in India: Payment & Governance Major Computer Terminologies (In Hindi)

Dr. Manishika Jain explains the various digital reforms and key terminologies in computers Data Analytics

- Published/Last Modified on: September 13, 2017