Banking Awareness 4th September 2019: Updates Quiz

Exp. ACI Worldwide, a global provider of real-time electronic payment and banking solutions, announced that Canara Bank has successfully rolled out major new functionality to support EMV card acquiring across its ATM network and Aadhaar Authentication, leveraging ACI’s UP Retail Payments solution to achieve market firsts.

Canara Bank, with nearly 6,300 branches and a network of more than 10,000 ATMs, is the first public sector bank to shift to EMV chip and PIN for card present transactions across the country’s vast ATM network.

Exp. Bank of Maharashtra (BoM) has partnered with M1Xchange Trade Receivables Discounting System (TReDS) platform for MSME bill discounting.

TReDS is a digital platform to support micro, small and medium enterprises (MSMEs) to get their bills financed at a competitive rate through an auction where multiple registered financiers can participate

Exp. India’s largest app for financial services, ETMONEY has integrated Unified Payment Interface (UPI) as a payment method on its platform as it looks to double its monthly user base by the end of the year.

The integration of UPI will simplify the mutual fund payment experience for millions of ETMONEY users as the company continues its journey to simplify the financial lives of new age Indians

Exp. Money Transfer Service Scheme (MTSS) are the most common arrangements under which the remittances are received into the country.

Exp. Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. It was introduced in India in 1990.

Exp. The European Bank for Reconstruction and Development (EBRD) is an international financial institution founded in 1991. Its headquartered in London.

Exp. ECGC Ltd (Formerly Export Credit Guarantee Corporation of India Ltd.).

Exp. IDBI Bank has launched ‘NRI-Insta-Online’ account opening process for NRIs residing in Financial Action Task Force (FATF) member countries. The person will not be required to furnish physical documents as well as KYC proofs for opening an account with the bank.

Exp. The International Monetary Fund (IMF) and the World Bank have together launched a private blockchain with a pseudo-token. The new token, called “Learning Coin” and only accessible within the IMF and World Bank, has a purpose to teach relevant individuals within the organizations about blockchain.

Exp. The World Bank Group consists of five organizations. These are:-

1. International Bank for Reconstruction and Development (IBRD)
2. International Development Association IDA)
3. International Finance Corporation (IFC)
4. Multilateral Investment Guarantee Agency (MIGA)
5. International Centre for Settlement of Investment Disputes (ICSID)