News:Union Minister of Electronics and Information Technology (MeiTY) has launched BHIM 2.0 with additional features.
Facts:
About BHIM:
- Bharat Interface for Money(BHIM) is Unified Payments Interface(UPI) based payment interface application that allows real time fund transfer
- The app has been launched in 2016.It was developed by the National Payments Corporation of India (NPCI).
- The BHIM 2.0 supports three additional languages- Konkani, Haryanvi and Bhojpuri, over and above existing 13.
- The existing cap of Rs. 20,000 has also been increased to Rs. 1,00,000, from verified merchants.
- The app has also added features such as (a)linking multiple bank accounts (b)offers from merchants and (c)gifting money among others.
Additional information:
About UPI:
- Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application of any participating bank.
- The interface has been developed by National Payments Corporation of India (NPCI).
- It merges several banking features, seamless fund routing & merchant payments into one hood.
- It also caters to the Peer to Peer collect request which can be scheduled and paid as per requirement and convenience.
About National Payments Corporation of India(NPCI):
- NPCI is an umbrella organisation for operating retail payments and settlement systems in India.
- It is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007 for creating a robust Payment and Settlement Infrastructure in India.
