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Unified Payments Interface (UPI) is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
Where one account is a loan account. This is considered further below. Loan accounts There is a distinct line of authority which indicates that where one of the accounts is a loan account then the bank cannot exercise its rights to combine accounts (Obed Tashabya v DFCU Bank).
A 2018 stamp dedicated to the 100th anniversary of the Union Bank of India. Union Bank of India was established on 11 November 1919 in Bombay (now Mumbai) by Seth Sitaram Poddar. [1] The bank's corporate office was inaugurated by Mahatma Gandhi. At the time of India's independence in 1947, the bank had four branches – three in Mumbai and one ...
The National Financial Switch was launched by the IDRBT on 27 August 2004, connecting the ATMs of three banks, Corporation Bank, Bank of Baroda and ICICI Bank. [3] [4] [5] The IDRBT then worked towards bringing all major banks in India on board and by December 2009, the network had grown to connect 49,880 ATMs of 37 banks, thereby emerging as the largest network of shared ATMs in the country.
In India, before the formation of CERSAI, information on the encumbrance on a property was known only to the borrower and the lender due to fragmented registration system. As a result, people could obtain multiple loans on the same property. Some people used to take one loan from one bank, which would hold the deed papers.
On 30 August 2019, Finance Minister announced that Andhra Bank and Corporation Bank would be merged into Union Bank of India. The proposal would make Union Bank of India the fifth largest PSB with assets of ₹ 14.59 lakh crore (US$170 billion) and 9,609 branches. [63] [54] The Board of Directors of Andhra Bank approved the merger on 13 September.
LIC Housing Finance Limited (LIC HFL) is the largest Housing Finance Company in India, with a registered corporate office in Mumbai.It is a deposit taking housing finance company, and it is a subsidiary of LIC, mainly providing long-term financing to people who purchase or construct residential houses or flats.
Direct Benefit Transfer [a] or DBT is an attempt to change the mechanism of transferring subsidies launched by Government of India on 1 January 2013. This scheme or program aims to establish a Giro system to transfer subsidies directly to the people through their linked bank accounts. It is hoped that crediting subsidies into bank accounts will ...