The Payment and Settlement Systems Act of 2007 provides regulation of payment systems in India and designates the Reserve Bank of India as the oversight authority. The Act establishes a legal framework for netting and settlement finality. It defines payment systems and designates the RBI to encourage alternative payment methods for security, efficiency, and ease of use. Electronic payment systems in India are growing and include NEFT, RTGS, IMPS, and alternate channels like ATMs and internet banking. The RBI oversees payment systems and can authorize operators, issue penalties for non-compliance, and prosecute criminal offenses under the Act.
Constitution, Management & Functions OF R.B.ITejinder Bhatti
The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission. The Reserve Bank of India Act, 1934 (II of 1934) provides the statutory basis of the functioning of the Bank, which commenced operations on April 1, 1935.
The Bank was constituted to-
Regulate the issue of banknotes
Maintain reserves with a view to securing monetary stability and
To operate the credit and currency system of the country to its advantage.
This presentation covers the Payments systems in India. It starts with Introduction and then cover paper payment systems like Cheque Truncation System (CTS), MICR, CTS 2010. In Electronic payment systems it covers RTGS, IFSC, UTR No, NEFT, IMPS & difference between them. It also covers the limitations of Indian Payment system. In last leg it covers in detail SWIFT in details with latest statistics
CTS stands for "Cheque Truncation System". It is a cheque clearing system undertaken by the Reserve Bank of India (RBI) for faster clearing of cheques.
What is Cashless Economy ? Advantages, Disadvantages, Different Cashless payment methods, internet banking, plastic money, e-wallet, Point of sale, how to secure your cashless payment, future of cashless payment.
Constitution, Management & Functions OF R.B.ITejinder Bhatti
The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission. The Reserve Bank of India Act, 1934 (II of 1934) provides the statutory basis of the functioning of the Bank, which commenced operations on April 1, 1935.
The Bank was constituted to-
Regulate the issue of banknotes
Maintain reserves with a view to securing monetary stability and
To operate the credit and currency system of the country to its advantage.
This presentation covers the Payments systems in India. It starts with Introduction and then cover paper payment systems like Cheque Truncation System (CTS), MICR, CTS 2010. In Electronic payment systems it covers RTGS, IFSC, UTR No, NEFT, IMPS & difference between them. It also covers the limitations of Indian Payment system. In last leg it covers in detail SWIFT in details with latest statistics
CTS stands for "Cheque Truncation System". It is a cheque clearing system undertaken by the Reserve Bank of India (RBI) for faster clearing of cheques.
What is Cashless Economy ? Advantages, Disadvantages, Different Cashless payment methods, internet banking, plastic money, e-wallet, Point of sale, how to secure your cashless payment, future of cashless payment.
Epayments system in India and globally iit project abhiROCKS1103
IIT project on epayments. Including all the method uses and innovations in e payments and the growth of epayments in the modern world and rapid growth in india after demonetization.
Presented by Getahun Nana at the 4th Annual East Africa Finance Summit
Modernization of Ethiopian payment system needs disruptive changes
Digitization offers disruptive and a transformative solution to modernization of payment systems
This presentation discusses interfaces and interoperability issues betwween bank's IT systems and e-government systems. It also describes new inter-operability features mandated by financial inclusion and Aadhaar based payment systems
Organizing stakeholders and working with mobile network operatorsMahesh Amarasiri
Organising stakeholders and working with mobile network operators
This was presented at Central Banking Publications training course,Effective Oversight of Mobile Payments
3, 4 & 5 December 2013
Kuala Lumpur
This session focuses on the building blocks that are critical for central banks to bring their oversight plans into effect. The speaker will discuss the fundamental components of the oversight programme, identifying what needs to be produced and when. The question of what resources need to be allocated to generate the desired output and outcomes will also be considered. Two oversight methods will be discussed, one dealing with continuous monitoring and evaluation of the payment system; and a change-driven approach that considers risk analysis triggered by the occurrence of various events.
Concepts in Banking and Accounting of transactions: Accounting in banks, Electronic Banking, RTGS, ATM, MICR,
OCR, OMR, and DATANET, Petty Cash, Electronic Clearing Service (ECS), National Electronic Funds Transfer (NEFT) System,
Real Time Gross Settlement (RTGS) System, IMPS.
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A pitch deck is a smart way to tell your audience about what are you making. It is used to provide your investor with a quick overview of your business plan. Entrepreneurs always use pitch deck during face-to-face or online meetings with a potential angel investor or Venture capital firms or with the customers or co-founders.
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Payments banks is a new model of banks conceptualized by the Reserve Bank of India (RBI) . These banks cannot issue loans and credit cards. Both current account and savings accounts can be operated by such banks.
Payments banks can issue services like ATM cards, debit cards, net-banking and mobile-banking.
These banks will aim at providing high volume-low value transactions in deposits and Payments / remittance services in a secured technology-enabled environment.
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Asset Reconstruction company means acquisition by any securitization company or reconstruction company of any right or interest of any bank or financial institution in any financial assistance for the purpose of realization of such financial assistance. Asset Reconstruction company is a company registered under section 3 of the Securitization & Reconstruction of financial assets & Enforcement of security interest ( SARFAESI ) Act 2002.
It is regulated by RBI as a Non – banking Financial company
RBI has exempted ARCs from the compliances under section 45- 1A ( Requirement of registration & net owned fund ) , Section 45 – 1B ( Maintenance of liquid assets ) , Section 45 – 1C ( Creation of reserve fund ) of the Reserve Bank Act, 1934 .
ARC Functions like an AMC within the guidelines issued by RBI.
The ARC transfers the acquired asset to one or more trusts at the price at which the financial assets were acquired from the originator
https://enterslice.com/nbfc-registration.html
An Asset finance company which is a financial institution engaged in the principal business of financing of physical asset or movable assets and other economic activity such as Bus, Car , tractors , lathe machines, generator sets & manufacturing machine
An Assets finance company also provides short term working capital loan against against receivables, inventory i.e.
Assets finance company must generate 60% of its revenue from the aggregate of physical assets supporting the economic activity is not less than 60% of its total assets and total income respectively
Assets finance can be either deposit taking NBFC or non deposit taking NBFC
Assets finance can be registered with RBI with minimum net owned fund Rs. 200 Lakh
Enterslice has more than 100+ NBFC all types and you can ask our team for list and Take of an existing NBFC will help you in taking RBI's NOC prior Approval is mandatory for NBFCs for acquisition, shareholding transfer of 26% or more
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Private Limited Company, is the best corporate structure to start your own business. It can be registered with minimum two members and maximum with two hundred members. The private limited company is juristic, and the liability of members is limited to their shares
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Food License issued by FSSAI for carrying on activities related to food catering, restaurant, dried fruit packaging or processing or any stage of manufacturing, food processing, packaging, storage, transportation, and distribution of food in any form of food business.
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Prepaid Wallet License in India. Semi Closed Wallet, Closed Wallet Like Paytm etc. With Case studies.
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At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
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Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
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Kyiv PMDay 2024 Summer
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Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
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Improving profitability for small businessBen Wann
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Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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2. INTRODUCTION
• Payment and Settlement Systems Act, 2007 provides for the regulation and
supervision of payment systems in India and designates the Reserve Bank of India
(Reserve Bank) as the authority for that purpose and all related matters.
• The PSS Act, 2007 received the assent of the President on 20th December 2007
and it came into force with effect from 12th August 2008.
• The Act also provides the legal basis for “netting” and “settlement finality”.
According to a survey the ratio of e-payments to paper based transactions has
considerably increased between 2004 and 2008.
3. PAYMENT SYSTEM
PAYMENT SYSTEM
• It means a system that enables payment to be effected between a payer & a
beneficiary , involving clearing , payment or settlement service but does not
include a stock exchange .
• It includes the system which enables credit card operations, debit card operations
smart card operations , money transfer operations or similar operations ;
• The Reserve Bank of India is doing its best to encourage alternative methods of
payments which will bring security and efficiency to the payments system and
make the whole process easier for banks.
4. IMPORTANCE OF PAYMENT & SETTLEMENT
SYSTEM
• Payment and settlement systems are an important part of the economic and
financial infrastructure, as by ensuring the safe, effective and timely settlement
of financial transactions they make a key contribution to the smooth functioning
of financial markets, and thereby to general economic stability and efficiency.
• In the wider sense, payment and settlement systems consist of a set of
instruments, procedures, rules and technological support for transmitting
information and settling cash or financial instruments between their participants.
• In a narrower sense, payment and settlement systems entail a formal
arrangement based on a private contract or legislation, with multiple
membership, standardised arrangements and common rules, for the
transmission, clearing, netting and/or settlement of monetary obligations and
financial instruments between their participant
5. ELECTRONIC PAYMENT & SETTLEMENT SYSTEMS
IN INDIA
• The Indian banking sector has been growing successfully, innovating and trying to adopt
and implement electronic payments to enhance the banking system. Though the Indian
payment systems have always been dominated by paper-based transactions, e-payments
are not far behind. Ever since the introduction of e-payments in India, the banking sector
has witnessed growth like never before.
• The ratio of e-payments to paper based transactions has considerably increased between
2004 and 2008
• The RBI has played a pivotal role in facilitating e-payments by making it compulsory for
banks to route high value transactions through Real Time Gross Settlement (RTGS) and
also by introducing NEFT (National Electronic Funds Transfer)
7. WHY EPS
CASH / PAPER ELECTRONIC
• Physical Movement of cash / paper instruments • Electronic Movement
• Operational Cost is very high • Operational Cost is Low
• More time Required • Less time Required
• As volume increases , Logistics to be increased • No such requirement
• Geographical Restrictions • No such restrictions, Payment anywhere in World
9. PAYMENT & SETTLEMENT SYSTEM AUDIT
• As per RBI requirements, all authorised payment system operators should get
their system audited periodically.
• The audit is to ensure that the technology deployed to operate the payment
system is being operated in safe, secure , sound & efficient manner .
12. RTGS
• Real Time Gross Settlement is a funds transfer mechanism where transfer of
money takes place from one bank to another on a 'real time' and on 'gross' basis
• Minimum value of transaction should be ₹2,00,000
• For transactions of ₹2 lakhs to ₹5 lakhs -up to ₹25 per transaction
• Credit on real time basis
13. IMPS
• Immediate Payment Service (IMPS) is a service through which money can be
transferred immediately from one account to the other account, within the same
bank or accounts across other banks.
• This facility can be availed 24X7 and on all public and bank holidays including RBI
holidays.
• Most banks offer this facility free of cost to encourage paperless payment system
14. ATM
• Automated Teller Machines serve many other purposes, apart from functioning
as terminals for withdrawals and balance inquiries, such as payment of bills
through ATM’s, applications for cheques books and loans can also be made via
ATM’s.
• Withdrawal from any bank ATM made free up to 3 times a month
15. ISSUE OF AUTHORISATION
The Reserve Bank may, if satisfied, after any inquiry under section 6 or otherwise,
that the application is complete in all respects and that it conforms to the
provisions of this Act and the regulations issue an authorization for operating the
payment system under this Act having regard to the following considerations,
namely:-
• The need for the proposed payment system or the services proposed to be
undertaken by it;
• The financial status, experience of management and integrity of the applicant;
• Monetary and credit policies
16. CONT……
• Interests of consumers, including the terms and conditions governing their
relationship with payment system providers;
• Every application for authorization shall be processed by the Reserve Bank as
soon as possible and an endeavor shall be made to dispose of such application
within six months from the date of filing of such application.
19. FOREGIN ENTITIES UNDER PAYMENT SYSTEM
• The PAYMENT & SETTLEMENT SYSTEM does not prohibit foreign entities from
operating a payment system in India. The Act does not discriminate/differentiate
between foreign entities and domestic entities. Foreign entities viz., card
networks like MasterCard (Singapore), Visa Worldwide Pte. Limited (Singapore),
etc. are authorised under the PSS Act and operating card schemes in India.