To boost the cashless transactions across the country after demonetisation, over 30 banks have, so far, launched their Unified Payments Interface (UPI)-enabled mobile applications. UPI, a payments system, was first announced in April 2016 by the National Payments Corporation of India (NPCI) along with the Reserve Bank of India (RBI).
While mobile wallet companies such as Paytm and MobiKwik cashed in on demonetisation,
UPI did not that get that much of a push. Now the government has introduced a unified app for UPI called BHIM, which will let users transfer money to anyone with a UPI-enabled bank account, or even a regular bank account through IFSC code.
The BHIM apps has three levels of authentication. For one, the app binds with a device’s ID and mobile number, second a user needs to sync whichever bank account (UPI or non-UPI enabled) in order to the conduct transaction. Third, when a user sets up the app they are asked to create a pin which is needed to log into the app. Further, the UPI pin, which a user creates with their bank account is needed to go through with the transaction.
Indian Polity by M.Laxmikanth Summary Notes (6th /Latest Edition)
Lucid I Simplified I To The Point
One of most recommended and followed Standard Book for Indian Polity.
1. International Institutions (Part I & II) (Part II will be sent by end of April-2021), 2. Biosphere Reserves, Biodiversity Hotspots & Hope Spots, 3. Important Terms of Ancient & Medieval History, 4. Mnemonics for UPSC, 5. Indices & Reports, 6. Economic Terms (02 Parts), 7. Environment Conventions, Terms, Organizations, 8. Important Constitutional Articles, 9. Wildlife Sanctuaries, Tiger Reserves, National Parks, 10. GI Tags in News, 11. Places in News, 12. Rivers in News, 13. Buddhism & Jainism, 14. Faunal Species of India, 15. Critical Regions, 16. Tiger Reserves in India (Updated), 17. Ramsar Sites in India (Updated), 18. World Heritage Sites in India, 19. Elephant Corridors /Reserves in India, 20. Government Portals, 21. Government Apps