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RBI asks banks to extend cheque truncation system across all branches

The Reserve Bank of India (RBI) has asked banks to extend Cheque Truncation System (CTS) across all their branches in the country.This is aimed at leveraging the availability of CTS and providing unif ....

Reserve Bank , Cheque Truncation System , Magnetic Ink Character Recognition , Regional Offices , இருப்பு வங்கி , காந்த மை தன்மை அங்கீகாரம் , பிராந்திய அலுவலகங்கள் ,

Indian digital economy in 2020


It is believed how the year 2020 has accelerated the digitization process in India. Since March 2020, Indian authorities have distributed $5bn in benefits for citizens in need, almost exclusively using digital payment methods. India is one of the countries with the highest percentage of digital payment users (as stated on CasinoHEX.in) and surpasses the majority of more developed economies in the number of active users.
New India for the new age 
The Reserve Bank of India released information on how everyday Indians make close to 100 million digital transactions worth close to $67bn, which is five times more than in 2016. This growth was deemed so significant that India s finance minister Nirmala Sitharaman dedicated the entire 2020 budget to the digitalization of the country. According to Sitharaman, digitalization is not only essential for citizens, who get a chance to make safe, fast, and simple transactions, but also for the financial health of the entire country. T ....

Nirmala Sitharaman , Reserve Bank , Magnetic Ink Character Recognition , Universal Payments Interface , இருப்பு வங்கி , காந்த மை தன்மை அங்கீகாரம் , உலகளாவிய கொடுப்பனவுகள் இடைமுகம் ,

New cheque standards: An innovation of dying habit


New cheque book
As an increasing number of banking public switches to digital payment platforms, GEOFF IYATSE writes that the implementation of the Central Bank of Nigeria’s (CBN) new cheque standard, which kicks off on January 1, is received with cold attitude.
From January to October this year, the Nigeria Inter-Bank Settlement System (NIBSS) processed a total of 3.94 million cheques. The volume is equivalent to 60 per cent of the 6.56 million it treated in the same period last year.
The reduction in the volume of cheque transactions this year is understandable. Most of the decisions taken this year were largely influenced by the COVID-19 outbreak, which, among other cautions, called for a reduction in physical contacts. So, it suffices to say that most businesses would opt for transfer rather than the signing of cheques. But the new normal has only reinforced a growing new payment culture. ....

Godwin Owoh , Jide Akintunde , Financial Nigeria International , While The Central Bank , Bank Settlement System , Central Bank , Nigeria Inter Bank Settlement System , Magnetic Ink Character Recognition , Managing Director , Financial Nigeria International Limited , Ken Ife , நிதி நைஜீரியா சர்வதேச , போது தி மைய வங்கி , வங்கி தீர்வு அமைப்பு , மைய வங்கி , நைஜீரியா இடை வங்கி தீர்வு அமைப்பு , காந்த மை தன்மை அங்கீகாரம் , நிர்வகித்தல் இயக்குனர் , நிதி நைஜீரியா சர்வதேச வரையறுக்கப்பட்டவை ,