About UPI Unified Payments Interface (UPI) is a system that 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. This system enables lightning-fast …
What is a currency swap agreement? A currency swap is an agreement between two cross-border entities where one of them agrees to provide a loan to another in a foreign currency. The repayment takes place in a different currency at …
About NPCI The National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. It is an initiative of the RBI and Indian Banks’ Association (IBA) under the …
What is DICGC? Deposit Insurance and Credit Guarantee Corporation (DICGC) is a wholly owned subsidiary of the RBI, created by an act of parliament in 1961. The idea behind the DICGC is to boost the faith of the public in …
About Liberalized Remittance Scheme The liberalized remittance scheme allows Indian residents to remit funds abroad for various specified purposes without any restrictions or prior approval from the RBI. It has several advantages but is subject to certain eligibility criteria. The …
About RRBs The Narasimham committee on rural credit recommended the establishment of Regional Rural Banks (RRBs) on the ground that they would be much better suited than the commercial banks or co-operative banks in meeting the needs of rural areas. …
About MPC The Monetary Policy Committee (MPC) is a committee of the RBI which is entrusted with the task of fixing the benchmark policy interest rate (repo rate) to contain inflation within the specified target level. Under the flexible inflation …
About SDB In 2022, the Reserve Bank of India (RBI) introduced the Standing Deposit Facility (SDF), allowing banks to park their excess funds at a higher rate but without taking any collateral from the central bank. Currently, the SDF rate …
About WMA The Reserve Bank of India (RBI) gives temporary loans to the centre and state governments as a banker to the government. This facility is called Ways and Means Advances (WMA). This facility was introduced in 1997. Thus, WMA …
About RuPay RuPay is the first-of-its-kind global Card payment network of India, with wide acceptance at ATMs, POS devices and e-commerce websites across India. RuPay fulfils RBI’s vision of initiating a ‘less cash’ economy. RuPay is a product of the …