May 16, 2017 @ 10:00 am
16th MAY 2017
- 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
- 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.
- 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.
- 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.
- 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.
- 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
- 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.