Category Archives: Banking

Highlight: Find what the MCLR rate is and how it can impact various loans. Know how MCLR impacts your best personal loans if they show changes in interest rates. The MCLR or the Marginal Cost of Funds based Lending Rate system owes its introduction to the RBI or the Reserve Bank of India.  Launched in …

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Advancements in the financial sector have brought with them numerous perks. From applying for a personal loan to completing the verification via video KYC, everything is possible online. This contactless facility lets you complete the verification formalities without submitting any physical paperwork or the need to travel to the lender’s office. Read on to learn …

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RuPay is India’s domestic card network. It is designed to make local transactions affordable and efficient. Visa, on the other hand, is a global payment network accepted in most countries. Choosing the right card network matters more than you think. The difference between Rupay and Visa cards mainly comes down to where and how you …

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There may be instances where you may have come across the question, ‘What is a current account?’. Here’s what it means.The banking sector offers different types of accounts that cater to your diverse financial needs. One such account is a current account, best suited for business owners and companies.  As such, it has some distinguishable …

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National Payments Corporation of India or NPCI (India), is an umbrella organisation that handles all retail payments. Established in 2007 by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA), it facilitates a robust payment and settlement infrastructure.  To extend its services, NPCI (India) has ten core promoter banks, which are:  Read on to know what …

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The Indian Financial System Code, the full form of IFSC, is an 11-character alphanumeric code used to make electronic payments. This code is unique to all banks that you can find on all account documents, such as cheque leaves, passbooks, account statements, etc.  Using this unique identifier, along with the account holder’s name and account …

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Comparing the services, benefits and other features of a neo bank vs a traditional bank is crucial to choosing the right option. While both these institutions offer similar financial services, there are significant differences in how they operate. A traditional bank may be suitable for one person but will not be that convenient for another …

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In the age of fintech, knowing the neobanks’ meaning is key as they very well may be the future of the online banking experience. In contrast to traditional brick-and-mortar banks, these provide digital-only banking services at lower costs and interest rates. Fuelled by this low-cost model for end consumers, the global market for neobanks may …

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The Electronic Clearing Service (ECS) is one of the main drivers of digital transactions in India. This facility allows customers to automate fund transfers from one bank account to another.  To know more about the ECS mechanism in banking, its types, how it works and more, read on.  What is an Electronic Clearing Service?  Here …

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A Digital Signature Certificate has become a legal alternative to a wet signature. This comes after the IT Act of 2000, which mandates the use of digital signatures to ascertain the authenticity of electronic forms.  To know more about what is a Digital Signature Certificate, its types and how you can download it, read on.  …

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