CURRENT AFFAIRS

Detailed explanation-1: -This partnership underlines RBL’s “Partners ka Bank” philosophy. This Launch will enable RBL Bank to help fintechs in enhancing their offerings with Visa Direct.

Detailed explanation-2: -The name of the bank has changed from Ratnakar Bank to its current name RBL Bank according to a new memorandum of association issued by the RoC on 24 November 2014.

Detailed explanation-3: -The new solution enables Visa’s global customers and partners to use a single connection point for real-time payments to eligible cards for domestic payments, and to eligible cards and/or accounts for international payments.

Detailed explanation-4: -Visa Direct provides Originators (financial institutions and eligible third parties such as person-to-person payment service providers, merchants, corporations, and other payment service providers) with a way to connect to Visa, get access to information, and push payments directly onto Visa cards.

Detailed explanation-5: -Instant Financial is a leading instant pay platform that empowers employees with fast access to their pay immediately after their shift.