BANKING AFFAIRS

Detailed explanation-1: -State Bank of India (SBI) launched the Multi-Option Payment Acceptance Device or MOPAD, a unified payment option that accepts multiple payment methods. Customers will be able to pay through credit or debit cards, Bharat QR, Unified Payments Interface (UPI) and SBI Buddy (e-wallet) at a Point of Sale (PoS) terminal.

Detailed explanation-2: -SBI Multi Option Deposit Scheme (MODS) are Term Deposits linked to the Savings or Current Account (individual). Unlike normal Term Deposits which are fully liquidated anytime you need funds; you can withdraw from a MODS account in multiples of 1000 as per your fund need.

Detailed explanation-3: -India’s largest bank State Bank of India (SBI) has launched its Multi Option Payment Acceptance Device (MOPAD) for digital payments convenience of merchants and consumers.

Detailed explanation-4: -The bank provides services such as mobile banking, internet banking, ATM services, foreign inward remittance, safe deposit locker, money transfer, mobile wallet, trade finance, merchant banking, project export finance, treasury, offshore banking, and cash management services.