DOCSLIB.ORG

Reference Guide for On-Boarding 'Rupay Kisan Card'

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Reference Guide for On-Boarding 'Rupay Kisan Card' DEBIT Reference Guide for On-boarding ‘RuPay Kisan Card’ and ‘RuPay Debit Card’ GIZ – NABARD Rural Financial Institutions Programme in Cooperation with NPCI Imprint Published by: Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH GIZ NABARD Rural Financial Institutions Programme Contact: Dr. Detlev Holloh, Programme Director Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH L-20, Green Park (Main) New Delhi 110 016 / INDIA Phone: +91-11-2652 6024 Telefax: +91-11-2652 8612 Email: [email protected] Homepage: www.giz.de Responsible: Amit Arora [email protected] Author: Sunil Aggarwal Editor: Nitin Jindal Design/Layout: [email protected] Second Edition New Delhi, October, 2013 DISCLAIMER Since the guide addresses all SCBs and DCCBs in India, it is possible that the requirements of some banks do not fit into the defined processes. The contents are indicative and supporting in nature. Also the cost heads mentioned in this document are indicative in nature. While every care has been taken to ensure accuracy, banks are advised to exercise their own due diligence and treat this guide only as an additional point of reference. Reference Guide for On-boarding ‘RuPay Kisan Card’ and ‘RuPay Debit Card’ GIZ – NABARD Rural Financial Institutions Programme in Cooperation with NPCI Preface Definition of Payment System the contract governing the relationship among the system participants, the rules and regulations Payment System is a unique and critical part which deal with the operation of the payment of banking activities. This has been regulated system, the terms and conditions of authorization under the Banking Regulations Act 1949 and and the directions given by the RBI from time to the RBI Act 1934. The advent of electronic time. payment system resulted in the paradigm shift in RBI is authorized to issue directions to a payment the way the banking is done. It has given birth system or system participant to cease or desist of ‘Anywhere Anytime’ Banking and a host of from engaging in any act, omission or course of new products, services and conveniences like conduct or direct it to perform any acts as well paperless, cash less payments. It also resulted in as issue general directions in the interests of need to expand the scope of regulations to include the smooth operation of the payment system. electronic payment systems. Accordingly, in RBI is empowered to revoke the authorization 2007, an Act was passed, namely the Payment and granted by it, if the system provider contravenes Settlement Systems Act, 2007 (PSS Act) and the any provisions of the Act or Regulations, fails governing regulations were enacted vide Payment to comply with its orders/ directions or violates and Settlement System Regulations, 2008. the terms and conditions under which the PSS Act defines the payment system as a system authorization was granted to it. that enables payment to be effected between a payer RBI has since authorized several payment system and a beneficiary, involving clearing, payment operators of pre-paid payment instruments, or settlement service or all of them, but does not card schemes, cross-border in-bound money include a stock exchange or clearing corporations transfers, ATM networks and centralized clearing set up under stock exchanges. To decide whether arrangements. RBI is empowered to prescribe a particular entity operates the payment system, it the format of payment instructions, size and must perform either the clearing or settlement or shape of instructions, timings to be maintained payment function or all of them. by payment systems, manner of funds transfer Under the PSS Act, RBI is the designated criteria for membership including continuation, Authority for regulation and supervision of the termination and rejection of membership, terms Payment Systems and for matters connected and conditions for participation in the payment therewith or incidental thereto. In terms of the system etc. provisions of the Act, no person other than the For operating various Retail Payment Systems in RBI can commence or operate a payment system India, an umbrella organization has been setup, in India unless authorized by the RBI. The namely National Payments Corporation of India RBI is empowered for authorizing, prescribing (NPCI). policies and setting standards for regulating and supervising the payment and settlement systems Current Payment Systems in the country. Any unauthorized operation of a payment system would be an offence under the The Payment Systems currently in use include PSS Act and accordingly liable for penal action clearing of cheques/demand drafts/pay orders, under that Act. money transfers through ECS/NEFT/RTGS, Further, the system provider is required to card operations (Debit/Credit/Pre-paid) through operate the payment system in accordance with ATM/POS/Internet, Mobile Banking, Internet the provisions of the Act and the Regulations, Banking etc., described briefly below: iii 1. Paper Based Clearing – Cheque/DD/ PO ii) Regional ECS (RECS) etc • Operating at 9 centres/locations across the country. RECS facilitates the coverage all • Payment System operated by RBI/ designated core-banking-enabled branches in a State or banks at different locations group of States and can be used by institutions • Membership - Direct/Through Sponsor Bank desirous of reaching beneficiaries within the • Types of Clearing –Non MICR Clearing/MICR state/group of states Clearing/CTS (Cheque Truncation System) • Confined to the bank branches within the jurisdiction of a Regional office of RBI • Pre-requisite: Clearing Membership at the 2. Electronic Clearing Service (ECS) location and CBS iii) National Electronic Clearing Service (NECS) ECS is an electronic mode of payment / receipt for • The centralized version of ECS Credit, being bulk transactions that are repetitive and periodic in operated at Mumbai and facilitates the nature. Once the customer subscribes to the facility coverage of all core-banking enabled branches by giving a mandate (authorization), the funds are located anywhere in the country transferred on the due date from/into the bank • Operated by: National Clearing Cell (NCC) account electronically. ECS is of 2 types – ECS RBI, Mumbai Credit and ECS Debit, briefly described below: • Pre-requisite: Clearing Membership at Mumbai and CBS a. ECS Credit–For affording credit to a large number of beneficiaries (like distribution 3. NEFT and RTGS of dividend, interest, salary, pension, etc.,) having accounts with bank branches at various • One-to-one Inter-bank funds transfer for locations within the jurisdiction of an ECS individuals /corporate Centre by raising a single debit to the bank • Real Time Gross Settlement (RTGS) – Online account of the user institution. transfer during business time. Minimum b. ECS Debit –For raising debits to a large number amount Rs.2 lac. Each transaction payment is of accounts (like payment of telephone/ settled between remitting and recipient banks electricity/water bills, cess/tax collections, loan independently at the time of remittance instalment repayments, periodic investments • National Electronic Funds Transfer (NEFT) – in mutual funds, insurance premium etc.) Remittance in hourly batches during business maintained with bank branches at various hours. No minimum and maximum amount locations within the jurisdiction of an ECS limit. Inter-bank settlements at hourly intervals Centre for single credit to the bank account of • RTGS System is also used by banks for their the user institution. inter-bank settlements for various types of transactions, like: ECS Centres a) Remittances b) Purchase of government securities (through i) Local ECS Clearing Corporation of India Ltd.) • Operating at 81 centres / locations across c) ATM/Micro-ATM/PoS Transactions the country. At each of these ECS centres, (through National Payment Corporation of the branch coverage is restricted to the India Ltd.), geographical coverage of the clearing house, • The System is operated by the National generally covering one city and/or satellite Clearing Cell, RBI, Nariman Point, Mumbai towns and suburbs adjoining the city • Banks have to fulfill terms and conditions • Operated by: RBI/ Designated Banks at prescribed by RBI to become member different locations of the System. Those unable to meet the • Pre-requisite: Clearing Membership at the conditions can become sub-member through location sponsorship by an existing member. iv 4. Card Based Payment System –Credit/ to offer mobile banking after obtaining necessary Debit/Pre-Paid permission from RBI • Provided by: NPCI through its existing NFS switch • Card Payment Network operated by NPCI/ • Pre-requisite – Bank should have mobile Visa/Master Card banking licence from RBI, CBS and Mobile • Pre-requisite: Membership – Direct/through banking application. Sponsor Bank and CBS Electronic Payment Systems have been adopted • The Cards enable the customers to effect quickly by the commercial banks, which has payment through ATMs/Micro-ATMs/Point of brought unprecedented benefits to them. RRBs Sales Terminals (PoS) and Internet have also moved forward with the support of their sponsor banks. SCBs and DCCBs in India 5. Internet Banking, Bills/Taxes Payment have also now embarked upon the mission of and E-Commerce on-boarding the Core Banking Solution and Electronic Card Payment Systems. Some SCBs Customers can use Internet channel for payments. have taken the lead for themselves as well as for Banks provide access to account through Internet the DCCBs under
Load more

Recommended publications
  • Set of Rules for AAU Credit Cards with Corporate Liability - Staff
    Aalborg University Set of rules for AAU credit cards with corporate liability - staff Disclaimer This set of rules for AAU credit cards with corporate liability has been translated into English from the Danish language. However, the original Danish text shall be the governing text for all purposes and in any discrepancies. Finance and Accounts Department Translated into English 28 May 2014 Contents 1. Introduction ..................................................................................................................................................2 2. Who can obtain an AAU credit card with corporate liability? ......................................................................2 3. Application for a credit card with corporate liability ...................................................................................2 4. Personal data ................................................................................................................................................2 5. Receipt of credit card and PIN ......................................................................................................................3 6. Card holder's obligations ..............................................................................................................................3 7. User guide for holders of credit cards with corporate liability ....................................................................3 8. Settlement of e-transactions on credit cards with corporate liability ..........................................................4
    [Show full text]
  • The Millennials Influence
    RESEARCH 2016 THE MILLENNIAL INFLUENCE HOW MILLENNIALS OF THE USA WILL SHAPE TOMORROW’S PAYMENTS LANDSCAPE USA INTRODUCTION CONTENTS INTRODUCTION 3 This research into US millennials’ Millennials are coming of age – the I hope you find these insights and payments behavior is part of our long- oldest of them are hitting the peak of themes both interesting and useful WHAT ARE WE TALKING ABOUT? 4 standing commitment to play a leading their economic productivity and their and encourage you to continue the role in the discussion about the future of greatest purchasing power. Their choices, debate through our online hub OUR AIMS AND APPROACH 5 payments systems. their behaviors and their concerns are Vocalink CONNECT. MILLENNIALS AND THEIR TECH 6 set to profoundly shape developments Having been at the forefront of across every spectrum of business and SOCIAL MILLENNIALS 8 developments in our industry for 60 commerce, and nowhere more so than years, we see proprietary research and in how they access their money. Starting MILLENNIALS AND THEIR MONEY 10 market analysis as a fundamental part in the US, and moving to South East Asia of our offering. As providers of the and Europe, we are taking a close look CARA O’NIONS HOW MILLENNIALS LIKE TO PAY 12 infrastructure through which so much at what millennials are saying about how MARKETING AND CUSTOMER of business and personal commerce INSIGHT DIRECTOR THE MILLENNIAL INFLUENCE 14 they want to pay and what this means for is conducted, we are uniquely well- the next generation of payments. HOW MILLENNIALS LIKE TO BE PAID 16 placed to explore and offer insight on emerging trends and behaviors For us this has already been a MILLENNIALS AND MOBILE PAYMENTS 18 in the way people and organizations fascinating journey, and we’re only want to access and move their money.
    [Show full text]
  • Press Release: Launch of BHIM UPI in Bhutan
    Embassy of India Thimphu Press Release: Launch of BHIM UPI in Bhutan BHIM UPI was jointly launched in Bhutan on 13 July 2021 by Hon. Finance Minister o India !ir"ala #itharaman and Hon. Finance Minister o Bhutan $yon%o !am&ay 'sherin&. 'he launch e(ent was also attended by Minister o #tate )r. Bhagwat *ishanrao *arad+ ,o(ernor o the -oyal Monetary .uthority o Bhutan )asho Penjore+ #ecretary+ )epart"ent o Financial #er(ices #hri )ebashish Panda, ."bassador o India to Bhutan -uchira *amboj, ."bassador o Bhutan to India ,eneral /etso% !am&yel+ M) and 012 o !PCI #hri )ili% .sbe and senior officials fro" the Go(ern"ent o India and the Royal Go(ern"ent o Bhutan. 'he cere"ony included a li(e transaction by Hon. Finance Minister o India !ir"ala #itharaman+ who "ade a cashless pay"ent throu&h her BHIM app by scannin& the 4- code o 2,2P+ an outlet in 'hi"phu that sells resh ar" produce "ade or&anically by Bhutanese rural co""unities. 5ith the launch+ Bhutan beco"es the 6rst country to ado%t UPI standards or its 4- deploy"ent and the 6rst country in the i""ediate nei&hbourhood to acce%t "obile based pay"ents throu&h the BHIM app. 'his initiati(e is e7%ected to boost Bhutan8s econo"y+ pro"ote inte&ration o the 6nancial syste"s and au&"ent cashless transactions between the nationals o India and Bhutan. 'he co""it"ent to launch BHIM UPI in Bhutan ste"s ro" the Joint #tate"ent issued durin& Pri"e Minister Modi8s #tate /isit to Bhutan in .u&ust 2019 when it was decided that alon& with the launch o -uPay+ a easibility study or use o India8s Bharat Inter ace or Money (BHIM; app in Bhutan will be undertaken.
    [Show full text]
  • Whitten Laser Eye Financial Policy
    Whitten Laser Eye Financial Policy Thank you for choosing Whitten Laser Eye as your healthcare provider. We are committed to providing you with quality and affordable healthcare. We realize that the cost of healthcare is a concern for our patients, and we are available to discuss our professional fees at any time. The following is a statement of our Financial Policy, which you must read, agree to and sign prior to treatment. Carefully review the information and please ask if you have any questions about our fees, policies or your responsibilities. PATIENTS WITH INSURANCE: Valid health insurance information must be provided to ensure appropriate reimbursement for your care. We ask that you present your insurance card at every visit. Patients are responsible for any pertinent deductibles, copayments, “non-covered” services resulting from the insurance claim processing. Knowing your insurance benefits is your responsibility. Please contact your insurance company with any questions you may have regarding your coverage. CO-PAYMENTS AND DEDUCTIBLES: Co-payments are due at the time services are rendered. This arrangement is part of your contract with your insurance company. Failure on our part to collect co-payments and deductibles from patients is a direct violation of our contract with the insurance provider. If you are unable to pay your copayment today, your appointment will be re-scheduled. MEDICARE PATIENTS: We will file to Medicare on your behalf, and with valid and effective secondary/tertiary coverage will also forward claims directly. Patients will be responsible for any resulting coinsurance and deductibles not covered by your additional (secondary/tertiary) insurance.
    [Show full text]
  • Role of Maharashtra Gramin Bank in Rural Development
    Excel Journal of Engineering Technology and Management Science (An International Multidisciplinary Journal) Vol. I No. 5 December - January 2013-14 (Online) ISSN 2277-3339 ROLE OF MAHARASHTRA GRAMIN BANK IN RURAL DEVELOPMENT * Dr. H. W. Kulkarni, HOD & Research Guide in Commerce, Shivaji Mahavidyalaya, Udgir Dist. Latur. INTRODUCTION: Developing the rural economy by providing for the purpose of development of agriculture, trade, commerce, industry and other productive activities in the rural areas credit and other facilities, particularly to the small and marginal farmers, agricultural labours, artisans and small entrepreneurs and for matters concern there with and incidental thereto. It is the mission of Maharashtra Gramin Bank. Repositioning the Bank in a competitive market by accomplishing turn around in profitability and NPA reduction, to double the flow of credit to agriculture, to achieve a quantum jump in saving bank deposit mobilization, and pursue the best practices for delivering the value added service to customers by transforming the branches into the most preferred banking outlet in rural areas. It is the vision of Maharashtra Gramin Bank. The regional Rural Bank was first setup by the Government of India on 2nd Oct, 1975, the date of birth of Mahatma Gandhi, under the Regional Rural Banks ordinance. Regional Rural Bank, established under section 3 of the Regional Rural Banks Act, 1976. “There are now 196 RRBs has raised the deposits of Rs.30050/- crores and had advanced Rs.12660/- crores during 1999- 2000 by the way of short term crop loans, term loans for agricultural activities for rural artisans, village and cottage industries, retail trade and self employed, consumption loans.
    [Show full text]
  • 31 St March 2021. We Request You to Take Note of The
    BCC:ISD: 113: 16: 145 09.06.2021 The Vice-President, The Vice-President, B S E Ltd., National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street Bandra Kurla Complex, Bandra (E) Mumbai - 400 001 Mumbai - 400 051 BSE CODE - 532134 CODE-BANKBARODA Dear Sir / Madam, Re: Bank of Baroda - Disclosure under Regulation 23(9) of SEBI (LODR) Regulations, 2015 We annex disclosures under Regulation 23(9) of SEBI (LODR) Regulations, 2015 for consolidated disclosure of Related Party transaction and balances for the Half year ended 31 st March 2021. We request you to take note of the above pursuant to Regulation 23(9) of SEBI (LODR) Regulations, 2015 and upload the information on your website. urs faithfully, ~~~, ~-26, ~-~, ~-~cplA1~CR1, ~(~.), $rt- 400 051,1'l'ffil. Baroda Corporate Centre, C-26, G-Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051, India. q;'pr / Phone: 91 22 66985812/5733 • t-~ 1 E-mail: [email protected] • ~ / Web: www.bankofbaroda.in Consolidated disclosure of Related Party transaction and balances for the II aff year ended 31't March 2021 Name of Related Parties & their relationship Related Parties to the Group: a) Associates Perc-e- ntage- of-. - Country of Ownership March Incorporation Name of Associates 31.1021 a) Indo Zambia Bank Limited Zambia 20.00 .- b) Regional Rural Banks i. Baroda U.P. Bank" India 35.00 (Erstwhile Baroda Uttar Pradesh Gramin Bank) India 35.00 ii. Baroda Rajasthan Kshetriya Gramin Bank (Erstwhile Baroda Rajasthan Gramin Bank) India 35.00 iii. Baroda Gujarat Gramin Bank - - .-- -- *As per gazette notification dated 26.11.2019.
    [Show full text]
  • AUTOMATED TELLER MACHINE (Athl) NETWORK EVOLUTION in AMERICAN RETAIL BANKING: WHAT DRIVES IT?
    AUTOMATED TELLER MACHINE (AThl) NETWORK EVOLUTION IN AMERICAN RETAIL BANKING: WHAT DRIVES IT? Robert J. Kauffiiian Leollard N.Stern School of Busivless New 'r'osk Universit,y Re\\. %sk, Net.\' York 10003 Mary Beth Tlieisen J,eorr;~rd n'. Stcr~iSchool of B~~sincss New \'orl; University New York, NY 10006 C'e~~terfor Rcseai.clt 011 Irlfor~i~ntion Systclns lnfoornlation Systen~sI)epar%ment 1,eojrarcl K.Stelm Sclrool of' Busir~ess New York ITuiversity Working Paper Series STERN IS-91-2 Center for Digital Economy Research Stem School of Business Working Paper IS-91-02 Center for Digital Economy Research Stem School of Business IVorking Paper IS-91-02 AUTOMATED TELLER MACHINE (ATM) NETWORK EVOLUTION IN AMERICAN RETAIL BANKING: WHAT DRIVES IT? ABSTRACT The organization of automated teller machine (ATM) and electronic banking services in the United States has undergone significant structural changes in the past two or three years that raise questions about the long term prospects for the retail banking industry, the nature of network competition, ATM service pricing, and what role ATMs will play in the development of an interstate banking system. In this paper we investigate ways that banks use ATM services and membership in ATM networks as strategic marketing tools. We also examine how the changes in the size, number, and ownership of ATM networks (from banks or groups of banks to independent operators) have impacted the structure of ATM deployment in the retail banking industry. Finally, we consider how movement toward market saturation is changing how the public values electronic banking services, and what this means for bankers.
    [Show full text]
  • Payment Systems in India: Opportunities and Challenges
    Journal of Internet Banking and Commerce An open access Internet journal (http://www.icommercecentral.com) Journal of Internet Banking and Commerce, April 2016, vol. 21, no. 2 Payment Systems in India: Opportunities and Challenges DEEPANKAR ROY Assistant Professor, National Institute of Bank Management (NIBM), Kondhwe khurd, Pune, 411048, Maharashtra, India, Tel: 919890448546; Email: [email protected], [email protected] AMARENDRA SAHOO Professor, Flame University, 1102 5a, Kalpataru Estate, Pimple Gurav, Pune, Maharashtra, India, Tel: 919503394455; Email: [email protected] Abstract An efficient payment system acts as an enabler for speeding up liquidity flow in the economy, apart from ensuring proper utilization of limited resources it also eliminates systemic risks. Flow of funds across borders demands the security, integrity of the payment system and the harmonization of the systems in the related countries. The paper dwells with the need to modernize the payment system and migrate from paper-based to electronic mode of payment system to enhance efficiency and save cost. It delves in to the core of payment systems in the select countries with a comparative analysis. Benchmarking against the BIS core principles of Systemically Important Payment Systems revised as core principles of Financial Markets Infrastructure has been done to ensure convergence with the international best standards for Governance of Payment systems. The payment system of any country, though advanced and sophisticated, does face various risks, viz. bank failures, frauds, counter-party failures, etc. Such aberrations could JIBC April 2016, Vol. 21, No.2 - 2 - trigger a chain-reaction that might ultimately result in disruption and distrust of the payment system.
    [Show full text]
  • Mastercard Frequently Asked Questions Platinum Class Credit Cards
    Mastercard® Frequently Asked Questions Platinum Class Credit Cards How do I activate my Mastercard credit card? You can activate your card and select your Personal Identification Number (PIN) by calling 1-866-839-3492. For enhanced security, RBFCU credit cards are PIN-preferred and your PIN may be required to complete transactions at select merchants. After you activate your card, you can manage your account through your Online Banking account and/or the RBFCU Mobile app. You can: • View transactions • Enroll in paperless statements • Set up automatic payments • Request Balance Transfers and Cash Advances • Report a lost or stolen card • Dispute transactions Click here to learn more about managing your card online. How do I change my PIN? Over the phone by calling 1-866-297-3413. There may be situations when you are unable to set your PIN through the automated system. In this instance, please visit an RBFCU ATM to manually set your PIN. Can I use my card in my mobile wallet? Yes, our Mastercard credit cards are compatible with PayPal, Apple Pay®, Samsung Pay, FitbitPay™ and Garmin FitPay™. Click here for more information on mobile payments. You can also enroll in Mastercard Click to Pay which offers online, password-free checkout. You can learn more by clicking here. How do I add an authorized user? Please call our Member Service Center at 1-800-580-3300 to provide the necessary information in order to qualify an authorized user. All non-business Mastercard account authorized users must be members of the credit union. Click here to learn more about authorized users.
    [Show full text]
  • TENDER DOCUMENT for Switching Services & RUPAY Card Functioning in up Cooperative Bank Ltd
    TENDER DOCUMENT' for Switching services and RUPAY card functioning TENDER DOCUMENT FOR Switching Services & RUPAY Card functioning in UP Cooperative Bank Ltd. Tender Document No: COOP BANK/ THE INFORMATION PROVIDED BY THE BIDDERS IN RESPONSE TO THIS TENDER DOCUMENT WILL BECOME THE PROPERTY OF UTTAR PRADESH COOPERATIVE BANK LTD. () AND WILL NOT BE RETURNED. RESERVES THE RIGHT TO AMEND, RESCIND OR REISSUE THIS TENDER DOCUMENT AND ALL AMENDMENTS WILL BE ADVISED TO THE BIDDERS AND SUCH AMENDMENTS WILL BE BINDING ON THEM. (THIS DOCUMENT SHOULD NOT BE REUSED OR COPIED OR USED EITHER PARTIALLY OR FULLY IN ANY FORM) Page 1 of 33 TENDER DOCUMENT' for Switching services and RUPAY card functioning ‘TENDER DOCUMENT’ for selection of ATM / EFT switch vendor Critical Information Summary 1) The TENDER DOCUMENT is posted on website www.upcbl.in. UPCB reserves the right to change the vendor requirements. However, any such changes will be posted on web site. 2) Bidders are advised to study the tender document carefully. Submission of bids shall be deemed to have been done after careful study and examination of the tender document with full understanding of its implications. 3) Any clarifications from bidder or any change in requirement will be posted on UPCB website. Hence before submitting bids, bidder must ensure that such clarifications / changes have been considered by them. UPCB will not have any responsibility in case some omission is done by any bidder. 4) In case of any clarification required by UPCB to assist in the examination, evaluation and comparison of bids, UPCB may, at its discretion, ask the bidder for clarification.
    [Show full text]
  • 2020 Annual Report Discover Card • $71 Billion in Loans a Leading • Leading Cash Rewards Program
    2020 Annual Report Discover Card • $71 billion in loans A Leading • Leading cash rewards program Student Loans Digital Bank • $10 billion in student loans and Payments • Offered at more than 2,400 colleges Personal Loans • $7 billion in loans • Debt consolidation and major purchases Partner Home Loans • $2 billion in mortgages Discover is one of the largest digital banks in the United • Cash-out refinance and home loans States, offering a broad array of products, including credit cards, personal loans, student loans, deposit products Deposit Products and home loans. • $63 billion in direct-to-consumer deposits • Money market accounts, certificates The Discover brand is known for rewards, service and of deposit, savings accounts and checking value. Across all digital banking products, Discover seeks accounts to help customers meet their financial needs and achieve brighter financial futures. Discover Network Discover Global Network, the global payments brand of • $181 billion volume Discover Financial Services, strives to be the most flexible • 20+ network alliances and innovative payments partner in the United States and around the world. Our Network Partners business provides payment transaction processing and settlement services PULSE Debit Network on the Discover Network. PULSE is one of the nation’s • $212 billion volume leading ATM/debit networks, and Diners Club International is a global payments network with acceptance around Diners Club International the world. • $24 billion volume To my fellow shareholders, A year has passed since our world changed virtually overnight as we faced the greatest public health crisis in a century and the resulting economic contraction. We remain grateful to those on the front lines of this battle, including healthcare and emergency workers, and everyone who has taken personal risk to make sure the essential services of our society keep running.
    [Show full text]
  • Chapter 1 Introduction
    CHAPTER 1 INTRODUCTION Globally, banking system is working continuously from many years. Paper money or cash has been leading payment mechanism worldwide for the centuries. The measure works of a bank to deposits an amount of a customer and returns it to him when he needs. During deposits and withdrawal of the amount bank may use this money for itself as to given loans to other customers who wants to avail it. There are so many types of loan like home loan, agricultural loan, personnel loan, loan for industries and business houses etc. Banks give a particular interest for the depositors on his money and take a certain interest from loan account holder. There are very fast changes occur in the traditional banking operation system. Before a decade ago a bank was involved only with customers when they were at premises of bank. But during this new time a bank provides many more services to the customer’s at their doorsteps. The entire system of banking has changed drastically. In banking system there are two most frequent and important services- one is to deposit cash in the account and second to withdraw cash from the account. Both the service provided to a customer during a time in which banks are open and officials present at that time. Here in this work our main concern is about the withdrawal service provided by the bank. Banks normally provide this cash through teller counters. Only in the past century paper money or cash faced competition from mainly cheques, debit and credit cards. Previously this whole process was thoroughly manual and nowadays it is automatic.
    [Show full text]