All you need to know about Semi-Closed E-wallets

Many people use Semi-Closed E-wallets to perform their transactions. Though these do not allow cash withdrawal or redemption, they can be used for various purposes like paying utility bills (electricity, water bills, etc.). They can be used to pay for your purchases from the merchant sites that have a specific contract with the issuer of such e-wallet. The examples include: PayTm,…

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Prepaid Payment Instruments (PPIs)

  Now there is no need to carry cash in your wallets and go for shopping. There are many options available by which cashless transactions can be done with ease and convenience. The RBI classifies every mode of cashless fund transfer or transaction using cards or mobile phones as ‘prepaid payment instrument’. Prepaid payment instruments are methods that facilitate purchase…

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English: Vocabulary Set 6

vocab

1. Drubbing – a beating; a thrashing, a resounding defeat in a match or contest. Synonyms: beating, thrashing, walloping, thumping, battering, pounding, pummelling, slapping, smacking, punching, bludgeoning, thwacking, cuffing Antonyms:success, triumph, victory, win Sentence Usage: Scotland’s 3-0 drubbing by France. 2. Lethal – sufficient to cause death, very harmful or destructive Synonyms: fatal, deadly, mortal, causing death, death-dealing, life-threatening, murderous,…

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Important points about Marginal Cost of Funds based Lending Rate (MCLR)

Marginal Cost of Funds based Lending Rate (MCLR) is the new RBI guideline for commercial banks to set lending rates.   It has replaced the earlier base rate system from April 1, 2016. Marginal cost of funds is a key component in calculating MCLR. Changes in key rates like repo rate, will change the marginal cost of funds and so will…

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