What is Really mean by Digital Banking? [Modi ji's Master plan]

PM MODI'S DREAM PROJECT - Cashfree cashless socity; Digital Banking

What is digital banking?

Digital banking” often gets confused with mobile banking and online banking, and even omnichannel banking. True, all these involve digital applications in one form or another. But what constitutes “digital banking,” or even a “digital bank” has yet to gain overwhelming agreement.
Source: Internet
In all this flurry of the government scrapping Rs 500 and Rs 1,000 notes with immediate effect, what most have failed to see is the series of moves that had been leading up to this moment. First, there was the Pradhan Mantri Jan-Dhan Yojana launched on August 28, 2014. The move was essentially to set the foundation of creating bank accounts for the unbanked and bringing them under the gamut of financial inclusion.
ALSO READ -What is the Pros and cons of banning rs 500 And Rs 1000 Notes
Today, over 220 million bank accounts have been opened and Rs 384 billion ($5.7 billion) deposited under the scheme (as of June 2016).
Then came the much awaited Unified Payment Interface (UPI), which allowed individuals to make payments through a single identifier like Aadhaar number or virtual address. This, along with the Bharat Bill Payment System (BBPS) launched in September 2016, was an effort to institutionalise digital payments in the country.
While people were attacking the ATMs closest to them in order to stock up on Rs 100 notes, fintech startups were celebrating the decision. After all, the prime minister’s support validates their vision of a cashless economy.

Methods of Digital Banking :

METHOD 1
UPI-
 
Unified Payments Interface (UPI ) is a system that powers multiple bank accounts (of participating banks), several banking services features like fund transfer (P2P), and merchant payments in a single mobile application. UPI was launched by National Payments Corporation of India with Reserve Bank of India's (RBI) vision of migrating towards a 'less-cash' and more digital society. UPI has built on the Immediate Payment Service(IMPS) platform

UPI platform can be used for:
Immediate money transfer through mobile device round the clock 24*7 and 365 days. Single mobile application for accessing different bank accounts Single Click 2 Factor Authentication . Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc. Bill Sharing with friends. Merchant Payment with Single Application or In-App Payments. Scheduling PUSH and PULL Payments for various purposes. Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments. Donations, Collections, Disbursements Scalable. Raising Complaint from Mobile App directly.
How to register in UPI Application:


  • 1. User downloads the UPI application from the App Store / Banks website.
  • 2. User creates their profile by entering details like name, virtual id (payment address), password etc.
  • 3. User goes to “Add/Link/Manage Bank Account” option and links the bank and account number with the virtual id Generating M – PIN:
  • 1. User selects the bank account from which they want to initiate the transaction
  • 2. User clicks on required option

  • Currently, the following 30 banks provide UPI-based services:
    Banks live as PSP and Issuer:

  • 1. Andhra Bank - Andhra Bank ONE
  • 2. Axis Bank - Axis Pay
  • 3. Bank of Maharashtra - MAHAUPI
  • 4. Canara Bank - Canara Bank UPI - Empower
  • 5. Catholic Syrian Bank - CSB UPI
  • 6. DCB Bank - DCB Bank
  • 7. Karnataka Bank - KBL Smartz
  • 8. Union Bank of India - Union Bank UPI
  • 9. United Bank of India - United UPI
  • 10. Vijaya Bank - Vijaya UPI App
  • 11. Punjab National Bank - PNB UPI
  • 12. Oriental Bank of Commerce - OBCUPI PSP
  • 13. TJSB Sahakari Bank - TranZapp
  • 14. Federal Bank - Lotza
  • 15. ICICI Bank - Pockets- ICICI Bank
  • 16. UCO Bank - UCO-UPI
  • 17. South Indian Bank - SIB M-Pay (UPI Pay)
  • 18. HDFC Bank - HDFC Bank MobileBanking
  • 19. State Bank of India - SBI Pay
  • 20. Standard Chartered Bank India
  • 21. Bank Of Baroda - Baroda MPAY
  • 22. Yes Bank - Yes Pay
  • 23. Kotak Mahindra Bank - Kaypay
    Banks live as Issuer:

  • 1. RBL Bank
  • 2. IDFC Bank
  • 3. IDBI Bank
  • 4. Allahabad Bank Non-Bank UPI Apps:
  • 1. PhonePe - Flipkart product powered by Yes bank
  • 2. Mypoolin - Powered by Yes Bank
  • 3. Splitkart: UPI App- Pay,Split & Earn - Powered by yes Bank

  • METHOD 2:

    ONLINE WALLET :-

    HOW MAKE A PAYMENT THROUGH ONLINE WALLET :-

  • 1)At first load cash in our desire wallet through Atm cum Debut card / credit card /Net banking or any other method.

  • 2)Then go for "PAY" section in our desire wallet.

  • 3)fill up the amount which you want to pay

  • 4)Now send the money to anyone - Debtors, merchant etc by simple steps.

  • 1. PAYTM -

    Madhur Deora, Paytm CFO, says,
    “Online merchants who were relying on CoD will need Paytm’s easy-to-use and ubiquitous solution. For offline merchants and delivery persons, we are the logical substitute for cash, with our zero merchant discount rate solution and easy-to-use QR codes. We are also seeing a massive number of new customer sign-ups and also existing customers increasing their limits through KYC.”
    2. FREECHARGE - 

    Freecharge CEO, Govind Rajan,claimed that post the announcement, there was a 12x surge in their customer’s wallet balances overnight. He adds,
    “This is a game-changing decision. Structurally we are going to have a situation where e-cash now is better than actual physical cash. Also, we are expecting a huge surge in digital transactions from offline to online, with consumers getting into the habit of using digital payments.”
    According to Govind, the average transaction size on a wallet ranges from Rs 500– 700. With individuals using wallets for higher value transactions, this is expected to double in the coming year.
    He is also hopeful that the regulations will also over time allow wallets to push up the balance limits from Rs 10,000 to a higher sum. He adds,
    We will be adding a ‘Pay by FC’ option for our Snapdeal customers as we see that as the first sweet spot for converting more customers. This is because there would be a drastic drop in e-commerce payments.
    3. MOBIKWIK - 

    On the other end, MobiKwik is preparing for a 20x growth. Bipin Preet Singh, Co-founder of MobiKwik says,
    "There will be a fundamental shift towards adoption of cashless across the spectrum — from poor to the rich. The poor will not want to risk their cash again while the rich know that it’s no longer possible to stash a pile of cash. We expect 20x growth in the next few months on business volumes."
    METHOD 3 :
    USSD :-

    Don't have an smartphone.Don't warry,you can make payment through a black and white mobile too by dialing *99#


  • Dial * 99# to do basic Banking instantly.
  • * 99* 41#-State Bank of India
  • * 99* 42#- Punjab National Bank
  • * 99* 43#-HDFC Bank
  • * 99* 44#-ICICI Bank
  • * 99* 45#-AXIS Bank
  • * 99* 46#-Canara Bank
  • * 99* 47#- Bank Of India
  • * 99* 48#-Bank of Baroda
  • * 99* 49#-IDBI Bank
  • * 99* 50#-Union Bank of India
  • * 99* 51#-Central Bank of India
  • * 99* 52#-India Overseas Bank
  • * 99* 53#-Oriental Bank of Commerce
  • * 99* 54#-Allahabad Bank
  • * 99* 55#-Syndicate Bank
  • * 99* 56#-UCO Bank
  • * 99* 57#-Corporation Bank
  • * 99* 58#- Indian Bank
  • * 99* 59#-Andhra Bank
  • * 99* 60#- State Bank Of Hyderabad
  • * 99* 61#- Bank of Maharashtra
  • * 99* 62#- State Bank of Patiala
  • * 99* 63#- United Bank of India
  • * 99* 64#-Vijaya Bank
  • * 99* 65#-Dena Bank
  • * 99* 66#-Yes Bank
  • * 99* 67#-State Bank of Travancore
  • * 99* 68#-Kotak Mahindra Bank
  • * 99* 69#-IndusInd Bank
  • * 99* 70#- State Bank of Bikaner and Jaipur
  • * 99* 71#- Punjab and Sind Bank
  • * 99* 72#-Federal Bank
  • * 99* 73#-State Bank of Mysore
  • * 99* 74#-South Indian Bank
  • * 99* 75#-Karur Vysya Bank
  • * 99* 76#-Karnataka Bank
  • * 99* 77#-Tamilnad Mercantile Bank
  • * 99* 78#-DCB Bank
  • * 99* 79#- Ratnakar Bank
  • * 99* 80#-Nainital Bank
  • * 99* 81#-Janata Sahakari Bank
  • * 99* 82#-Mehsana Urban Co-Operative Bank
  • * 99* 83#-NKGSB Bank
  • * 99* 84#-Saraswat Bank
  • * 99* 85#-Apna Sahakari Bank
  • * 99* 86#-Bhartiya Mahila Bank
  • * 99* 87#- Abhyudaya Co-Operative Bank
  • * 99* 88#-Punjab & Maharashtra Co-operative Bank
  • * 99* 89#-Hasti Co-Operative Bank
  • * 99* 90#- Gujarat State Co-Operative Bank
  • * 99* 91#- Kalupur Commercial Co-Operative Bank

  • Also u can dial * 99* 99# to know your Aadhaar linking.
    You can also choose different languages.

  • English *99#Hindi
  • *99*22#Tamil
  • *99*23#Telugu
  • *99*24#Malayalam
  • *99*25#Kannada
  • *99*26#Gujarati
  • *99*27#Marathi
  • *99*28#Bengali
  • *99*29#Punjabi
  • *99*30#Assamese
  • *99*31#Oriya

  • METHOD 4
    BY ADDHAR CARD :-
    you can also pay a merchant using your addhar card.you must be linked your bank acc to addhar card.then using your fingerprint you can pay any body any amount as you wish.
    So here is 4 Successfull method make an digital banking payment.so hang out without carring tensionfull cash In your pocket.you can give your valuable comments in my facebook page

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