IIBF Digital banking exam
Block Chain Technology : ICICI Bank is the first bank in the country and among the first few globally
to exchange and
authenticate remittance transaction messages as well as original international trade documents related to
purchase order, invoice,
shipping & insurance, among others, electronically on block chain in real time.
The usage of block chain technology simplifies the process and makes it almost instant—to only a few
minutes. Typically, this
process takes a few days. The block chain application co-created by ICICI Bank replicates the paperintensive
international trade
finance process as an electronic de centralised ledger, that gives all the participating entities including
banks the ability to access a
single source of information.
CODE NAME DIGITS
IFSC - Indian Financial System Code 11
MICR -Magnetic Ink Character Recognition 09
SWIFT-Society for worldwide interbank Financial Telecommunication ) 11
PAN- Permanent Account no. 10
UID /UAN – unique Identification Number 12
PIN – Postal Index Number 6
CIN-Cheque Identification Number 7
BIC ( BANK IDENTIFICATION NUMBER) 8
26. PREPAID PAYMENT INSTRUMENTS : Eligibility : Banks who comply with the eligibility criteria would
be permitted to issue all categories of pre-paid payment instruments. Non-Banking Financial Companies
(NBFCs) and other persons would be permitted to issue only semi-closed system payment instruments.
Capital requirements : Banks and Non-Banking Financial Companies which comply with the Capital
Adequacy requirements prescribed by Reserve Bank of India from time-to-time, shall be permitted to
issue pre-paid payment instruments. All other persons shall have a minimum paid-up capital of Rs 100
lakh and positive net owned funds. Safeguards against money laundering (KYC/AML/CFT) provisions -
The maximum value of any pre-paid payment instruments (where specific limits have not been prescribed
including the amount transferred) shall not exceed Rs 100,000/-.
Deployment of Money collected: Non-bank persons issuing payment instruments are required to maintain
their outstanding balance in an escrow account with any scheduled commercial bank subject to the
following conditions:- The amount so maintained shall be used only for making payments to the
participating merchant establishments. No interest is payable by the bank on such balances.
Validity: All pre-paid payment instruments issued in the country shall have a minimum validity period of six
months from the date of activation/issuance to the holder. The outstanding balance against any payment
instrument shall not be forfeited unless the holder is cautioned at least 15 days in advance as regards the
expiry of the validity of the payment instrument.
27.Money Transfer Service Scheme (MTSS) : The Reserve Bank has issued Master Directions relating
to Money Transfer Service Scheme (MTSS), which is a quick and easy way of transferring personal
remittances from abroad to beneficiaries in India.
MTSS can be used for inward personal remittances into India, such as, remittances towards family
maintenance and remittances favouring foreign tourists visiting India and not for outward remittance from
India.
The system envisages a tie-up between reputed money transfer companies abroad known as Overseas
Principals and agents in India known as Indian Agents who would disburse funds to beneficiaries in India
at ongoing exchange rates. The Indian Agents can in turn also appoint sub-agents to expand their
network. The Indian Agent is not allowed to remit any amount to the Overseas Principal. Under MTSS,
the remitters and the beneficiaries are individuals only.
The Reserve Bank of India may accord necessary permission (authorisation) to any person to act as an
Indian Agent under the Money Transfer Service Scheme. No person can handle the business of crossborder
money transfer to India in any capacity unless specifically permitted to do so by the RBI. To
become MTSS agent, min net owned funds Rs.50 lac. MTSS cap USD 2500 for individual remittance.
Max remittances 30 received by an individual in India in a calendar year. Min NW of overseas principal
USD 01 million, as per latest balance sheet.
28. IMPS
IMPS offer an instant,24*7 interbank electronic fund transfer service capable of processing person to
person, person to account and person to merchant remittances via mobile, internet and atms. It is a
multichannel and multidimensional platform that make the payments possible within fraction of seconds
with all the standards and integrity maintained for security required for even high worth transactions.
MMID - Mobile Money Identifier
Each MMID is a 7 digit code linked to a unique Mobile Number. Different MMIDs can be linked to same
Mobile Number.
Both Sender & Receiver have to register for Mobile Banking & get a unique ID called "MMID"
• Generation of MMID is a One-time process.
• Remitter (Sender) transfer funds to beneficiary (Receiver) using Mobile no. & 7digit MMID of
beneficiary.
IFS Code
11 digit alphanumeric number, available in the users Cheque book.
IMPS Fund transfer/Remittance options:
Using Mobile number & MMID (P2P)
Using Account number & IFS Code (P2A)
Using Aadhaar number (ABRS)
Using Mobile number & MMID (P2P)
Customer Initiated - P2M(Push)
Merchant Initiated - P2M(Pull)
Using Mobile number & MMID (P2P)
Presently, IMPS Person-to-Person (P2P) funds transfer requires the Remitter customer to make funds
transfer using Beneficiary Mobile Number and MMID. Both Remitter as well as Beneficiary needs to
register their mobile number with their respective bank account and get MMID, in order to send or receive
funds using IMPS.
Using Account number & IFS Code (P2A)
There may be cases where Remitter is enabled on Mobile Banking, but Beneficiary mobile number is not
registered with any bank account. In such cases, Remitter shall not be able to send money to the
Beneficiary using Mobile Number & MMID.
Hence on the merit of the feedback received from the banking community as well as to cater the above
mentioned need, the IMPS funds transfer has been made possible using Beneficiary account number and
IFS code as well, in addition to Beneficiary mobile number and MMID.
Customer Initiated - P2M(Push)
IMPS Merchant Payments (P2M - Person-to-merchant) service allows customers to make instant, 24*7,
interbank payments to merchants or enterprises via mobile phone. IMPS enables mobile banking users a
facility to make payment to merchants and enterprises, through various access channels such as Internet,
mobile Internet, IVR, SMS, USSD.
Sender enter details of merchant's (Customer initiated - Push)
• Merchant Mobile Number & MMID
• Amount to be transferred
• Payment reference (optional)
• Sender's M-PIN
Merchant Initiated - P2M(Pull)
IMPS Merchant Payments (P2M - Person-to-Merchant) service allows customers to make instant, 24*7,
interbank payments to merchants or enterprises via Mobile & Internet. IMPS enables mobile banking
users a facility to make payment to merchants and enterprises, through various access channels such as
Internet, mobile Internet, IVR, SMS, USSD.
Customer enter own details (Merchant Initiated - Pull)
• Customer own Mobile Number
• Customer own MMID
• OTP (generated from the Issuer Bank)
Block Chain Technology : ICICI Bank is the first bank in the country and among the first few globally
to exchange and
authenticate remittance transaction messages as well as original international trade documents related to
purchase order, invoice,
shipping & insurance, among others, electronically on block chain in real time.
The usage of block chain technology simplifies the process and makes it almost instant—to only a few
minutes. Typically, this
process takes a few days. The block chain application co-created by ICICI Bank replicates the paperintensive
international trade
finance process as an electronic de centralised ledger, that gives all the participating entities including
banks the ability to access a
single source of information.
CODE NAME DIGITS
IFSC - Indian Financial System Code 11
MICR -Magnetic Ink Character Recognition 09
SWIFT-Society for worldwide interbank Financial Telecommunication ) 11
PAN- Permanent Account no. 10
UID /UAN – unique Identification Number 12
PIN – Postal Index Number 6
CIN-Cheque Identification Number 7
BIC ( BANK IDENTIFICATION NUMBER) 8
26. PREPAID PAYMENT INSTRUMENTS : Eligibility : Banks who comply with the eligibility criteria would
be permitted to issue all categories of pre-paid payment instruments. Non-Banking Financial Companies
(NBFCs) and other persons would be permitted to issue only semi-closed system payment instruments.
Capital requirements : Banks and Non-Banking Financial Companies which comply with the Capital
Adequacy requirements prescribed by Reserve Bank of India from time-to-time, shall be permitted to
issue pre-paid payment instruments. All other persons shall have a minimum paid-up capital of Rs 100
lakh and positive net owned funds. Safeguards against money laundering (KYC/AML/CFT) provisions -
The maximum value of any pre-paid payment instruments (where specific limits have not been prescribed
including the amount transferred) shall not exceed Rs 100,000/-.
Deployment of Money collected: Non-bank persons issuing payment instruments are required to maintain
their outstanding balance in an escrow account with any scheduled commercial bank subject to the
following conditions:- The amount so maintained shall be used only for making payments to the
participating merchant establishments. No interest is payable by the bank on such balances.
Validity: All pre-paid payment instruments issued in the country shall have a minimum validity period of six
months from the date of activation/issuance to the holder. The outstanding balance against any payment
instrument shall not be forfeited unless the holder is cautioned at least 15 days in advance as regards the
expiry of the validity of the payment instrument.
27.Money Transfer Service Scheme (MTSS) : The Reserve Bank has issued Master Directions relating
to Money Transfer Service Scheme (MTSS), which is a quick and easy way of transferring personal
remittances from abroad to beneficiaries in India.
MTSS can be used for inward personal remittances into India, such as, remittances towards family
maintenance and remittances favouring foreign tourists visiting India and not for outward remittance from
India.
The system envisages a tie-up between reputed money transfer companies abroad known as Overseas
Principals and agents in India known as Indian Agents who would disburse funds to beneficiaries in India
at ongoing exchange rates. The Indian Agents can in turn also appoint sub-agents to expand their
network. The Indian Agent is not allowed to remit any amount to the Overseas Principal. Under MTSS,
the remitters and the beneficiaries are individuals only.
The Reserve Bank of India may accord necessary permission (authorisation) to any person to act as an
Indian Agent under the Money Transfer Service Scheme. No person can handle the business of crossborder
money transfer to India in any capacity unless specifically permitted to do so by the RBI. To
become MTSS agent, min net owned funds Rs.50 lac. MTSS cap USD 2500 for individual remittance.
Max remittances 30 received by an individual in India in a calendar year. Min NW of overseas principal
USD 01 million, as per latest balance sheet.
28. IMPS
IMPS offer an instant,24*7 interbank electronic fund transfer service capable of processing person to
person, person to account and person to merchant remittances via mobile, internet and atms. It is a
multichannel and multidimensional platform that make the payments possible within fraction of seconds
with all the standards and integrity maintained for security required for even high worth transactions.
MMID - Mobile Money Identifier
Each MMID is a 7 digit code linked to a unique Mobile Number. Different MMIDs can be linked to same
Mobile Number.
Both Sender & Receiver have to register for Mobile Banking & get a unique ID called "MMID"
• Generation of MMID is a One-time process.
• Remitter (Sender) transfer funds to beneficiary (Receiver) using Mobile no. & 7digit MMID of
beneficiary.
IFS Code
11 digit alphanumeric number, available in the users Cheque book.
IMPS Fund transfer/Remittance options:
Using Mobile number & MMID (P2P)
Using Account number & IFS Code (P2A)
Using Aadhaar number (ABRS)
Using Mobile number & MMID (P2P)
Customer Initiated - P2M(Push)
Merchant Initiated - P2M(Pull)
Using Mobile number & MMID (P2P)
Presently, IMPS Person-to-Person (P2P) funds transfer requires the Remitter customer to make funds
transfer using Beneficiary Mobile Number and MMID. Both Remitter as well as Beneficiary needs to
register their mobile number with their respective bank account and get MMID, in order to send or receive
funds using IMPS.
Using Account number & IFS Code (P2A)
There may be cases where Remitter is enabled on Mobile Banking, but Beneficiary mobile number is not
registered with any bank account. In such cases, Remitter shall not be able to send money to the
Beneficiary using Mobile Number & MMID.
Hence on the merit of the feedback received from the banking community as well as to cater the above
mentioned need, the IMPS funds transfer has been made possible using Beneficiary account number and
IFS code as well, in addition to Beneficiary mobile number and MMID.
Customer Initiated - P2M(Push)
IMPS Merchant Payments (P2M - Person-to-merchant) service allows customers to make instant, 24*7,
interbank payments to merchants or enterprises via mobile phone. IMPS enables mobile banking users a
facility to make payment to merchants and enterprises, through various access channels such as Internet,
mobile Internet, IVR, SMS, USSD.
Sender enter details of merchant's (Customer initiated - Push)
• Merchant Mobile Number & MMID
• Amount to be transferred
• Payment reference (optional)
• Sender's M-PIN
Merchant Initiated - P2M(Pull)
IMPS Merchant Payments (P2M - Person-to-Merchant) service allows customers to make instant, 24*7,
interbank payments to merchants or enterprises via Mobile & Internet. IMPS enables mobile banking
users a facility to make payment to merchants and enterprises, through various access channels such as
Internet, mobile Internet, IVR, SMS, USSD.
Customer enter own details (Merchant Initiated - Pull)
• Customer own Mobile Number
• Customer own MMID
• OTP (generated from the Issuer Bank)
No comments:
Post a Comment