NACH stands for National Automated Clearing House. It was formed by the NPCI (National Payments Corporation of India). Both NACH and NPCI are regulated by the RBI ( Reserve bank of India). NACH took place of ECS (electronic clearing service) on May 1, 2016. What is NACH? It is a centralized payment solution. It is a…
Most of the times, banker or your Insurance Advisor or Mutual Fund Advisor must have asked you to send a copy of cancelled cheque. You might wonder – What is this cancelled cheque & Why do they need it? CHEQUE A cheque is a document that orders a bank to transfer a specified amount of…
UPI – Full form UPI stands for Unified Payments Interface. What is UPI? It is a vastly used digital payment method through which a user can transfer and receive money instantly through a VPA (Virtual Payment Address) or UPI id . It is developed by NPCI and regulated by RBI (Reserve bank of india). It…
SWIFT Code – Full form The Full form for SWIFT is Society for Worldwide Interbank Financial Telecommunications. Why SWIFT Code is required? As all of you know, IFSC (Indian financial system code) is required in bank to bank money transactions within India. It is a bank and branch identifier code. It is used for all…
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What Does DEBITED Mean in a Bank ? Every time when you go to withdraw money via ATM or check , you receive a message on your registered mobile number that X amount of money is debited from your bank account . So in this situation , DEBITED means withdrawal of money from your total…
What is Capital Adequacy Ratio Generally, the capital adequacy ratio is used for the financial strength measurement of the bank by using its capital and assets. The capital adequacy ratio is also well known as the capital to risk-weighted assets ratio. The capital adequacy ratio is used not only to protect the depositors but also…
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What is IFSC code? IFSC stands for Indian Financial System Code . It is a 11 digit alphanumeric code that you can usually find on your bank’s passbook or cheque. This 11 character alphanumeric code is used in money transfer through NEFT ( National Electronic Funds Transfer ), RTGS (Real-Time Gross Settlements), IMPS (Immediate Payment…