Indian Electronic-Pay System: The Bank Of Indian E-Payment System

737 Words2 Pages

THE LANDMARK OF INDIAN E-PAYMENT SYSTEM-THE ALL NEW “RUPAY”
Presented by
Ameerul Hasan Siddiqui
Asst. Professor at Matoshri Ushatai Jadhav Institute of Management
Studies & Research Centre, Bhiwandi- India ameerul.hasan@gmail.com Abstract:

The central bank of any country is the main driving force for the implementation and development of the national payment system. The Indian payments systems have undergone a volumetric and qualitative change after globalization. At present the payments in India can be made through paper based instrument ,electronic instrument and other instrument ,with the introduction of card-based payments on POS, ATMS and Kiosks, Electronic Funds Transfers (NEFT and RTGS), Electronic Clearing Service, Mobile and Internet …show more content…

The information and communication technology is playing a very important role in progress and advancement in all walk of life , The opening up of the banking sector and they way a bank function has changed in the current decade ,Information and communication technology has provided a very important role in delivering the best services to the bank customers. The introduction of electronic banking has changed the way the customer are moving away from the traditional branch banking system to the convenient and comfortable virtual banking system. These electronic banking channels has enhance the way a customer is availing banking services. This has reflected in increase in numbers of ATM across world and more importantly in India.
Objective and …show more content…

This study is based on secondary sources of information such as RBI reports and bulletins ,research papers ,internet, and various books and periodicals.
Evolution of Payment Systems in India
Payment instruments and mechanisms have a very long history in India. The earliest payment instruments were coins, which were either punch-marked or cast in silver and copper.In the Mauryan period, an instrument called adesha was in use,During the Mughal period loan deed were used ,called as dastawez
The most important class of credit Instruments that evolved in India were termed Hundis. Their use was most widespread in the twelfth century, and has continued till today. Paper money, in the modern sense, has its origin in the late 18th century with the note issues of private banks as well as semi-government banks. Amongst the earliest issues were those by the Bank of Hindoostan, the General Bank in Bengal and Behar, and the Bengal Bank.
. In 1881, the Negotiable Instruments Act (NI Act) was enacted, formalising the usage and characteristics of instruments like the cheque, the bill of exchange and promissory

More about Indian Electronic-Pay System: The Bank Of Indian E-Payment System

Open Document