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The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. A code uniquely identifies each bank branch participating in the three main Payment and settlement systems in India: the National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) systems.
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 ...
In December 2015 the first International Financial Services Centre (IFSC) in India was set up in Gujarat International Finance Tec-City (GIFT City). [5] In 2019 the Government of India enacted an Act of Parliament called the International Financial Services Centres Authority Act, 2019. [6] [7] [5]
On 4 April 2022, HDFC Ltd announced that it would merge with HDFC Bank, marking India's largest-ever M&A deal. [24] [25] As part of the merger, HDFC Ltd would transfer its home loan portfolio to HDFC Bank, while the bank offered depositors of HDFC Ltd the choice of either withdrawing their money or renewing their deposits with the bank at the interest rate that the bank was then offering.
National Payments Corporation of India (NPCI) is an Indian public sector company that operates retail payments and settlement systems in India. The organization is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust payment and settlement infrastructure in India.
The card number is typically embossed on the front of a payment card, and is encoded on the magnetic stripe and chip, but may also be imprinted on the back of the card. The payment card number differs from the Business Identifier Code (BIC/ISO 9362, a normalized code—also known as Business Identifier Code, Bank International Code or SWIFT ...
Structured Financial Messaging System (SFMS) is a secure messaging standard developed to serve as a platform for intra-bank and inter-bank applications.It is an Indian standard similar to SWIFT which is the international messaging system used for financial messaging globally.
Airtel Payments Bank: 2017: New Delhi, Delhi ₹ 627 crore (US$75 million) [71] [72] India Post Payments Bank: 2018: New Delhi, Delhi: 650 Branches ₹ 55 crore (US$6.6 million) [73] Paytm Payments Bank: 2017: Noida, Uttar Pradesh ₹ 2,109 crore (US$250 million) [74] [75] Jio Payments Bank: 2018: Mumbai, Maharashtra ₹ 13 crore (US$1.6 ...