Banking & Finance, August 17th, 2018, Current Affairs Current Affairs Notes | EduRev

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Current Affairs : Banking & Finance, August 17th, 2018, Current Affairs Current Affairs Notes | EduRev

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UPI 2.0 version: new &  improved interface released by RBI governor Dr. Urjit Patel.
On August 17, 2018, RBI Governor Urjit Patel unveiled UPI version 2.0 .

i. The new version has been developed by the National Payments Corporation of India (NPCI).
ii. It will allow the customers to use overdraft limit for making payments for merchants.
iii. This has been made in need for ensuring adequate importance on cyber security.
iv. UPI 2.0 member banks as on date are: State Bank of India, HDFC Bank, Axis Bank, ICICI Bank, IDBI Bank, RBL Bank, YES Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank and HSBC.

Features of the improved UPI 2.0:
i. The UPI 2.0 has enhanced features such as :

  • invoice in the inbox,
  • signed intent/QR,
  • UPI mandate with blocking of funds and
  • UPI for overdraft account.

Background:
♦ UPI was launched on April 11, 2016.
♦ BHIM UPI has recorded transactions worth Rs 45,845 crore and 235 million in terms of value and volume in the month of July 2018.
NPCI:
♦ Non-Executive Chairman: Biswamohan Mahapatra.
♦ Headquarters: Mumbai.
♦ Founded: 2008.

Sarvatra technologies launches 450th cooperative bank – ‘Sevalia Urban Co-operative Bank’
On August 17, 2018, Sarvatra Technologies has launched Sevalia Urban Co-operative Bank’ as 450th co-operative bank on National Financial Switch (NFS).
i. Sarvatra brings many co-operative banks on digital payment platform by making them inter-operable with large banks.
ii. It aims to add another 50 plus co-operative banks by FY 2019.
iii. It has provided digital payment platform to larger banks like ICICI and IDBI bank and payment banks like Paytm Payments Bank, Equitas Small Finance Bank etc.

Operation of Sarvatra:
Sarvatra started with NFS, providing the following:

  • RuPay Debit and Kissan Credit Cards issuance
  • enabling transactions on ATMs, POS and eCommerce,
  • bringing banks on other NPCI platforms like IMPS, UPI, AePS and Bharat BillPay,
  • bringing technologies to India’s ‘underbanked’ population.

Achievements of Sarvatra:
i. It enabled top quality payment switches like UPI and IMPS to increase from few thousand transactions to few lakh transactions per day .
ii. In 2018, the transaction value is set to touch Rs. 40, 000 crore.
iii. In 8 years, Sarvatra went from offering digital solutions to two banks to 450+ banks and from a single payments platform to five different payment platform, viz. EFT (ATM, POS, E-Com), IMPS, Bharat Bill Payment System, UPI, AEPS.
iv. Sarvatra’s platforms in ICICI Bank and Equitas bank have won NPCI award for best performance in their respective categories in 2018.

About Sarvatra Technologies:
♦ India’s leading end-to-end payments and banking solutions provider.
♦ Headquarters: Pune.

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