BANKING AFFAIRS

Detailed explanation-1: -PSP is banking company that is a member of UPI and connects to the UPI platform for providing UPI payment facility to the PSP and TPAP which in turn enables the Users and merchants to complete payment transactions over UPI.

Detailed explanation-2: -The full form of UPI is the Unified Payments Interface. UPI’s instant real-time payment system helps to transfer cash immediately via a mobile interface between the two bank accounts.

Detailed explanation-3: -Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on mobile devices to instantly transfer funds between two bank accounts.

Detailed explanation-4: -YBL means YES Bank Limited, a company within the meaning of the Companies Act, 1956 and a banking company within the meaning of Section 5(c) of the Banking Regulation Act, 1949.