BANKING AFFAIRS

Detailed explanation-1: -SPN (Shared Payment Network) offers a payment processing platform to credit unions. Its provides automated payment processing and supports multiple channels like cash, IVR, e-banking etc. It also provides its customers a portal to process payments and track transactions.

Detailed explanation-2: -SPNS Full Form – Shared Payment Network System or SPNS are the payment systems in which payment or transaction which is taking place can trigger further disruptions for the economy or the participants among whom the payment or transaction is taking place if it gets disrupted once.

Detailed explanation-3: -The Electronic Clearance Service (ECS) scheme provides an alternative method of effecting bulk payment transactions like periodic (monthly/ quarterly/ half-yearly/ yearly) payments of interest/ salary/ pension/ commission/ dividend/ refund by Banks/Companies /Corporations /Government Departments.

Detailed explanation-4: -The various types of e-payment include credit and debit cards, mobile wallets, UPI, internet and mobile banking, and many more. You simply require a bank account and an internet-enabled device to leverage e-payment solutions and pay for various products and services.

Detailed explanation-5: -Stand-alone ATMs made their appearance in India, in the early 1990s. These were mostly installed by foreign banks in their branch premises, as per the then existing policy.