In banking industry we have experienced three kinds of cards. Debit cards, Credit cards and Pre-paid cards. Now some banks have come up with fourth kind in its category which will reduce the weight of your wallet.
Union Bank of India and IndusInd Bank have come up with a new innovative type of card that is combination of the two cards into one. Union Bank of India named its card 'Combo' and launched on it's centenary year in November 2018 and IndusInd Bank had launched it's Card just one month ago in October 2018, called 'Duo'.
These dual cards look similar to regular debit or Credit Cards but they have been modified with technology. It has two chips on the face of the card; one chip that functions as a debit card (and linked to your savings bank account) and another chip that functions like a credit card. Both these chips are placed on the two opposite ends of the card.
Apart from two chips on the face of the card, there are two magnetic stripes on the back of the card. Depending on the mode of transaction (debit or credit) customer just need to present that particular side at point of sale (POS) system to swipe or dip.
Union Bank's Rupay Combo Debit Cum Credit Card
Union Bank's Rupay Combo Debit Cum Credit Card is a Rupay International 2-in-1 card that allows cardholders to enjoy the convenience, flexibility and freedom to choose in a single physical card for the debit /credit transaction facility and they need not to carry two cards.
This story is from the October 2020 edition of BANKING FINANCE.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 2020 edition of BANKING FINANCE.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Insolvency's Group Tangle
The Insolvency and Bankruptcy Code (IBC) has been around for nearly seven years, and in these seven years, it has been amended six times. However, it is yet to address a significant concern: group insolvencies.
Why mot retirees don't find refuge in reverse mortgage
It would be the deal of the century, or so Andre-Francois Raffray could have thought. The Frenchman had in December 1965 stuck a deal with 90-year-old Jeanne Calment to pay her 2,500 francs every month until she died.
The rise and rise of mutual funds
It is curious that the cake cutting and champagne popping that accompanied the Nifty's new lifetime high in recent weeks, was not in evidence when the mutual fund industry topped Rs. 50 lakh crore in assets.
UNSECURED RETAIL LENDING IN INDIA + CAPTURING EMERGING TRENDS
Abstract: In recent times, RBI has been vocal about the high growth rate of unsecured retail credit in India as compared to the overall credit growth in the country. The RBI has termed the unsecured retail credit an outlier segment\" as far as its growth rate is concerned and has drawn the attention of banks and NBFCs in this regard. As part of regulatory intervention, RBI has also increased the risk weights associated with unsecured credit exposure of banks and NBFCs. Post this development, the banking fraternity has been divided in their understanding of the ground realities. On one hand, there is a school of thought which feels that the recent surges in the unsecured retail lending in India is backed by solid macros. Whereas, others feel that the more than expected upsurge is a sign of incipient stress and might pose systemic risk, if not dealt with an iron hand.
TRANSFORMING BANKING THROUGH ARTIFICIAL INTELLIGENCE
The transformation of banking through artificial intelligence (AI) has been a significant and ongoing trend, with numerous implications for customer experience, operational efficiency, risk management, and more.
NEED FOR CORRUPTION FREE BANKING IN INDIA
Introduction: Corruption is dishonest behaviour or abuse of entrusted power for private gain. It starts with the tendency of using public office for some personal benefit, implies the failure of ethics and erodes trust, weakens democracy, hampers economic development, undermines democratic institutions slows economic development, contributes to governmental instability and further exacerbates inequality, poverty, social division and the environmental crisis. Corruption is a complex social, political and economic phenomenon that affects all civilisations and attacks the foundation of democratic institutions by distorting electoral processes, perverting the rule of law and creating bureaucratic quagmires whose only reason for existing is the soliciting of bribes. Economic development is stunted because foreign direct investment is discouraged and small businesses within the country often find it impossible to overcome the \"start-up costs\" required because of corruption.
FROM RUPEE TO DIGITAL CURRENCY: UPI AND CBDC IN INDIA
India's remarkable digital transformation has been driven by innovative financial technologies and a vision for an inclusive, cashless economy. Two significant milestones in this journey are the Unified Payments
EMPOWERING THE DIGITAL JOURNEY: THE CRUCIAL ROLE OF STRAIGHT-THROUGH PROCESSING (STP) IN BANKING
In the ever-evolving landscape of banking and financial services, the digital revolution is reshaping industries and redefining customer expectations. As banks embark on their digital journeys to meet these changing demands, the implementation of Straight-Through Processing (STP) has emerged as a cornerstone strategy for success. STP not only streamlines internal operations but also plays a pivotal role in enhancing customer experiences, reducing costs, and fortifying the foundation for a seamless digital future.
'DIGITAL BANK' - LICENSING AND REGULATORY FRAMEWORK IN INDIA AND WAY FORWARD
Last 6 to 8 years have seen rapid development in 'Digital bank' across the world, and China is no exception. Digital banks have an entirely branchless digital service and the need for physical branches is replaced by non-stop, 24/7 customer service and automated systems.
CONCENTRATION: THE NAUGHTY MONKEY
Maintaining mental focus can be quite challenging, especially with the constant distractions we encounter on a daily basis. In today's interconnected world, it is incredibly easy to get sidetracked by notifications from social media or the latest news updates. However, having strong mental focus is vital for achieving success. The ability to concentrate on a task at hand is essential for learning, accomplishing goals, and performing well in various situations.
