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International Journal of Trend in ScientificInternational Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456Research and Development (IJTSRD) ISSN: 2456-6470 | IF: 4.101

BASIC SERVICES OFFERED: t transactions that are repetitive and periodic in ransactions that are repetitive and periodic in
n
1. Mobile banking –It refers to the use of It refers to the use of smart nature offering credit and debit service to ature offering credit and debit service to
phone or other cellular device to perform online or other cellular device to perform online corporate, banks, and financial institutions., banks, and financial institutions.
banking tasks such as monitoring account banking tasks such as monitoring account 9. UPI- (Unified payment Interface)It is a unique t Interface)It is a unique
balances , transferring funds between accounts , balances , transferring funds between accounts , interface that allows instant transfer of money instant transfer of money
bill payment etc f from one bank account to another on a mobile rom one bank account to another on a mobile
2. Automated Teller Machine- It is electronic It is electronic platform leading to swift payment across banks. It swift payment across banks. It
telecommunication telecommunication device device that that facilitates facilitates will allow smart phones to substitute costlier POS to substitute costlier POS
t
g
customers to perform functions like functions like machines. This technological echnological goveovernment
3. Internet Banking- Online bankingOnline banking, also known programmes expected a mass behavioural shift
as internet banking, is an electronic payment electronic payment from cash to cashless transactions.rom cash to cashless transactions.
f
system that enables customers of athat enables customers of a bank or
other financial institution to conduct a range to conduct a range
of financial transactions through the financial through the financial
institution's website. The online banking system institution's website. The online banking system
will typically connect to or be part of thewill typically connect to or be part of the banking
system operated by a bank and is in contrast a bank and is in contrast
to branch banking which was the traditional way which was the traditional way
customers accessed banking services.customers accessed banking services.

4. RTGS- Real Time Gross SettlementSettlement systems are

systems through which funds get transmitted by funds get transmitted by
T
[1] The shift towards UPI gathered he shift towards UPI gathered pace, post-
way of transfer of money or securitiessecurities from d
demonetisation, when there was a scarcity of cash emonetisation, when there was a scarcity of cash
one bank to another on a "real time" I.e. a to another on a "real time" I.e. a i in the market. Though payment interfaces such as n the market. Though payment interfaces such as
payment transaction is not subjected to any payment transaction is not subjected to any
N
NEFT and RTGS and the debit card have done EFT and RTGS and the debit card have done
waiting period, with transactions being settled as waiting period, with transactions being settled as
their share of work, payment through UPI is safer payment through UPI is safer
soon as they are processed and on a "on a "gross" basis
a
and quicker enabling realnd quicker enabling real-time, 24X7 payments
i.e. "Gross settlement" means the transaction is i.e. "Gross settlement" means the transaction is for the masses.
settled on one-to-one basis. Settlement means one basis. Settlement means 10. NUUP is National Unified USSD UUP is National Unified USSD platform (USSD
transactions undertaken once are irrevocabltransactions undertaken once are irrevocable.
stands for unstructured supplementary service
5. NEFT-National electronic funds National electronic funds transfer is a
data) is a mobile banking service based on USSD.a mobile banking service based on USSD.
payment system in which individuals can payment system in which individuals can
11. Debit cards / smart cards, payment gateway Debit cards / smart cards, payment gateway -
electronically transfer funds from any bank branch electronically transfer funds from any bank branch R
RuPay launched in 2012 has challenged the uPay launched in 2012 has challenged the
to any individual having an account with any other to any individual having an account with any other duopoly of Visa and MasterCardMasterCard in the payments
bank branch in the country.
g
world.orld.
gateway ateway w
6. CTS-cheque Truncation System oror Image-based
A
As of June 2018, as per RBIs of June 2018, as per RBI record, there were
Clearing System (ICS) is implemented byis implemented by Reserve
94.4 crore debit cards in India, out of which 4.4 crore debit cards in India, out of which
9
Bank of India (RBI), commencing in 2010, for (RBI), commencing in 2010, for almost 50 crore are RuPayare RuPay-powered debit cards
faster clearing of cheques. In this system cheque this system cheque a
amounting to 50 % market share. Debit and credit mounting to 50 % market share. Debit and credit
images and magnetic magnetic ink ink character character
card transactions still form the bard transactions still form the bulk of digital
c
recognition (MICR) data are captured at the (MICR) data are captured at the
p
payments which can be validated from the ayments which can be validated from the
collecting collecting bank bank branch branch and and transmitted transmitted
following. RBI’s data shows transactions through RBI’s data shows transactions through
electronically. debit and credit cards in June 2018ebit and credit cards in June 2018, wereas
d
7. IMPS- Immediate payment service IMPSservice IMPS is follows –There were 3.93 crore credit cards and There were 3.93 crore credit cards and
managed by the National Payments Corporation of National Payments Corporation of
94.4 crore debit cards used in India including 4.4 crore debit cards used in India including
9
India (NPCI) and offers an inter-bank electronic bank electronic
individual and corporate cards. The value of credit nd corporate cards. The value of credit
fund transfer service through mobile phones. sfer service through mobile phones.
card transactions in the month of June 2018 is Rs. ard transactions in the month of June 2018 is Rs.
c
Unlike NEFT and RTGS, the service is available , the service is available 4
46,629 crore and Debit card transactions in the 6,629 crore and Debit card transactions in the
24/7 throughout the year including bank holidayhout the year including bank holiday s
same period went up by 33 % to Rs. 3,15,627 ame period went up by 33 % to Rs. 3,15,627
8. NACH – National Automated clearing National Automated clearing house
crore. Percentage of Debit and credit card Percentage of Debit and credit card
introduced by National Payments Corporation of National Payments Corporation of
t
transactions to all digital ransactions to all digital transactions in terms of
India, is a centralised clearing service that aims at , is a centralised clearing service that aims at
volume- 22.5 %
providing interbank high volume, low value providing interbank high volume, low value
12. PPI- Prepaid payment instrumentPrepaid payment instrument
@ IJTSRD | Available Online @ www.ijtsrd.comwww.ijtsrd.com | Conference Issue: ICDEBI-2018 | | Oct 2018 Page: 201