May 16, 2017 @ 10:00 am


16th MAY 2017

  1. Unified Payment Interface (UPI)
  • payment system launched by National Payments Corporation of India (NPCI) and regulated by RBI
  • facilitates the instant fund transfer between two bank accounts on the mobile platform.
  • UPI is built over Immediate Payment Service (IMPS) for transferring funds
  1. Immediate Payment Service (IMPS)
  • IMPS is an instant real-time inter-bank electronic funds transfer system in India.
  • offers an inter-bank electronic fund transfer service through mobile phones.
  • Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.
  • managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network.
  • IMPS was publicly launched in 2010.
  1. E-wallets
  • A digital wallet refers to an electronic device that allows an individual to make electronic transactions.
  • This can include purchasing items on-line with a computer or using a smartphone to purchase something at a store.
  • An individual’s bank account can also be linked to the digital wallet.
  1. Merchant Discount Rate (MDR)
  • The rate charged to a merchant by a bank for providing debit and credit card services.
  • The MDR is divided up between the bankers involved in the transaction, the company that installed the PoS and the card network company.
  • In short, the merchants and in turn the consumers, have to pay a fee to use the payment infrastructure developed by the financial institutions.
  1. Point of Sale (PoS) device
  • A point-of-sale (POS) terminal is a computerised replacement for a cash register which can process credit and debit cards.
  • A customer needs to enter a card PIN to complete the transaction using the PoS terminal.
  1. Farzad- B natural gas block
  • It was discovered by ONGC Videsh (OVL) – the overseas arm of state-owned ONGC
  • It was discovered in the Farsi block in Iran about 10 years ago.
  • In fresh conditions, Iran wants India to pay more than triple the gas price for award of the coveted Farzad- B natural gas block to OVL
  1. Antidumping duty
  • An anti-dumping duty is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value.
  • Dumping is a process where a company exports a product at a price lower than the price it normally charges on its own home market.
  • To protect local businesses and markets, many countries impose stiff duties on products they believe are being dumped in their national market.

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