Since the inception of the financial structure different payment options have been made available for smooth functioning of business and retail transactions. Let us discuss some of the methods that have survived the test of time and others that are recent and developing. What are the different modes of payments prevalent today? In today’s fiscal … Continue reading The Different Modes Of Payment Available to Business and Consumers
National Electronic Fund Transfer better known as NEFT is an electronic payment mechanism that allows individuals, including body corporates, to execute monetary transactions across the nation. No platform or geographical limitations Individuals, with the help of NEFT, can transfer money from their bank account to the bank of account of the counter party without any … Continue reading What you need to know about NEFT
Industrialisation of the Indian economy led business transactions beyond the confines of one particular area or banking network. The financial sector saw a surge in the volume of bank dealings from all businesses, big or small, and therefore there was a need to streamline and fortify the process of verification of the financial instruments for … Continue reading Why Do We Need The Bank MICR Code?
The International Organisation for Standardisation (ISO) has approved a standard format of Business Identifier Code (BIC) for banks and non-banking institutions, known as the SWIFT code. This code, facilities the business transactions conducted internationally via the said institutions. SWIFT stands for ‘Society for Worldwide Interbank Financial Telecommunication’. It is also commonly known as BIC code … Continue reading All You Need To Know About The Bank SWIFT Code
Ever wondered what is the significance of the IFSC code that you specify before every direct account transfer? In the Indian banking system IFSC (Indian Financial System Code) is an alphanumeric code unique to every bank for identifying the bank and its corresponding branch for a particular account during direct transfers like NEFT, RTGS an … Continue reading Bank IFSC Code And Why Is It Important For Online Transactions