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Immediate Payment Service is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of India and ICICI Bank), and expanded it to include Yes Bank, Axis Bank and HDFC Bank later ...
Data from 1971 to 1991–92 are based on official exchange rates. Data from 1992 to 1993 onward are based on FEDAI (Foreign Exchange Dealers' Association of India) indicative rates. Data from 1971 to 1972–73 for the Deutsche Mark and the Japanese Yen are cross rates with the US Dollar. The Euro replaced the Deutsche Mark w.e.f. January 1, 1999.
In 1966, the Indian rupee was devaluated by 57% against United States dollar, which also led to the depreciation of the sterling. [96] Five years later, when the Bretton Woods system was suspended, India initially announced that it will maintain a fixed rate of $1 to INR 7.50 and leave the sterling under a floating regime. [97]
The Saudi riyal (Arabic: ريال سعودي riyāl suʿūdiyy) is the currency of Saudi Arabia. It is abbreviated as ر.س SAR, or SR (Saudi Arabian Riyal/Saudi Riyal). It is subdivided into 100 halalas (Arabic: هللة Halalah). The currency is pegged to the U.S. dollar at a constant rate of exchange. [2]
Around 77.7 crore (777 million) Indian consumers shopped cross-border in 2021. To make payments easier, NPCI International Payments Limited (NIPL) signed a memorandum of understanding (MoU) with UK-based PPRO Financial on 17 November 2021 to expand the acceptance of RuPay in foreign markets, especially in China and United States, which account for half of all international transactions coming ...
In January 2024, the value of UPI transactions reached ₹18.41 trillion, a slight increase of 1% from ₹18.23 trillion in December 2023. From 12.02 billion in October 2023 to 12.20 billion in January 2024, there was a 1.5% increase in transactions. With 11.4 billion transactions, the value was recorded at ₹17.4 trillion in November 2023.
The Indian rupee was the official currency of Dubai and Qatar until 1959, when India created a new Gulf rupee (also known as the "external rupee") to hinder the smuggling of gold. [16] The Gulf rupee was legal tender until 1966, when India significantly devalued the Indian rupee and a new Qatar-Dubai riyal was established to provide economic ...
The Saudi Arabian Interbank Offered Rate (SAIBOR) is a daily reference rate, published by the Saudi Central Bank (SCB or SAMA), based on the averaged interest rates at which Saudi banks offer to lend unsecured funds to other banks in the Saudi Riyal wholesale money market (or interbank market).