BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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T+3 (Working days), T+1 (Working days)
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T+3 (Working days), T+2 (Working days)
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T+3 (Working days), T+3 (Working days)
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T+2 (Working days), T+3 (Working days)
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Detailed explanation-1: -Bank of Baroda provides a facility, to receive payment online from any debit/credit card, UPI (VPA & QR code), wallet, net banking (through aggregator) of more than 40+ banks, called ‘Baroda e-Gateway’ (Internet Payment Gateway), which is a safe, secure, and trusted payment solution for e-commerce/online business.
Detailed explanation-2: -Internet Payment Gateway (IPG) is an e-commerce application service that authorizes payments for e-businesses e.g online payments (fee/fines/deposits)
Detailed explanation-3: -Some payment gateways have the default settlement cycle of T+2 or T+3 working or business days, where T stands for the date of payment capture from the customer’s bank or card.
Detailed explanation-4: -Payment aggregation, also known as merchant aggregation, is a business model in which a third-party payment provider is also known as the ‘payment aggregator’ signs up merchants directly under its own merchant identification number (MID) to process transactions through a single master account.