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<ul><li><keyword id="6653" type="General" weightage="20" keywordseo="icici-bank" source="Orion">ICICI Bank</keyword> to offer instant and online overdraft (OD) facility of upto ₹25 lakh to individual sellers and small businesses registered on <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword>.</li><li>The <keyword id="587284" type="General" weightage="20" keywordseo="OD-facility" source="Orion">OD facility</keyword> works on an automated scorecard-based mechanism that allows instant approval to sellers.</li><li>Customers who already have a current account with ICICI Bank can immediately start using the OD facility, while customers of other banks would need to open a current account with ICICI Bank digitally.</li></ul>Private sector lender, ICICI Bank, has partnered with ecommerce titan Amazon to offer instant and online overdraft (OD) facility of up to ₹25 lakh to individual sellers and small businesses registered on the <keyword id="35621" type="General" weightage="20" keywordseo="e-commerce" source="Orion">e-commerce</keyword> giant’s online marketplace. The partnership, ICICI Bank said in a press release on Monday, would enable sellers to avail an OD from the bank entirely digitally, starting from application to sanction to disbursement. Even customers of other banks can avail the OD facility from ICICI Bank, if they are registered as sellers with Amazon, it said. The OD facility works on an automated scorecard-based mechanism that allows instant approval to sellers. “We have specially curated a new way of assessing credit worthiness of the sellers on the basis of their credit bureau score, as well as their transaction history on amazon.in,” said Pankaj Gadgil, head- self employed segment, small and medium enterprises (SME) and merchant ecosystem at ICICI Bank. “This new and improved process will help the sellers, who may otherwise not get access to adequate credit when assessed in the traditional way of using only balance sheets, bank statements and tax returns. We believe that this new proposition resonates [with] our effort in developing path breaking innovations for MSME [micro, small and medium enterprises] customers and will empower them with new avenues of business expansion,” he said. Customers who already have a current account with ICICI Bank can immediately start using the OD to meet their working capital requirements, while customers of other banks can avail the OD by opening a current account with the bank digitally. <div type="image" title="ICICI Bank stock" msid="86550891" hostid="261"></div> Below are quick steps for the sellers to avail the ‘InstaOD’: <ul><li>View offer: Eligible sellers can find the ICICI Bank offer on their account of Amazon Seller Central, online portal for sellers registered on <a href="http://amazon.in/">amazon.in</a></li><li>Click on banner: The seller is redirected to ICICI Bank’s ‘InstaOD’ platform upon clicking on the banner on Seller Central</li><li>Fill details: The seller needs to login and fill in the digital application form</li><li>Confirm to sanction amount: Upon confirmation of the amount from the seller, the OD is instantly sanctioned. If the seller already has a current account with ICICI Bank, then the seller can immediately start using the OD.</li><li>Account opening for new-to-bank seller: Sellers new to ICICI Bank, will be redirected for instant opening of current account and KYC validation.</li><li>Sellers registered on <a href="http://amazon.in/">amazon.in</a> can avail the ‘InstaOD’ facility through Amazon Seller Central or by clicking on the following link: <a href="https://secure-web.cisco.com/14moChsW9NJktCbL5ARgWy-V9jq2TgTCdsLknvwhK1sFsQt36Bsa7ZQbIwk-VgluW2kvs6LahyEmyvRzn2Fi4AVuFVwWNGu1G5ak-YeVMONIKjcBtc-iXXfK_AtXeZIjLvf-GJPm8FXkMSa2cBk2gvTBhnYPlMGVoazc0Vu_i0vNOFQb7uz3MzVwceR1rHYAfj4nRAH3vekZ-5OQx5WvIIuU_S8U6aYP57KPeV3ibEdALOphmKQhh-IsxM6wcte95G1cI30HFavbLYXnELu0SVzRheMNccyS1SZqcWNpxuRacVzbPIabIaf-6K-LXmH8b/https%3A%2F%2Fsellercentral.amazon.in%2Flending%2Fph%2Foffers">https://sellercentral.amazon.in/lending/ph/offers</a> </li></ul>In April, ICICI Bank had <a href="https://www.icicibank.com/managed-assets/docs/investor/quarterly-financial-results/2021/release-ICICI-bank-launches-merchant-stack-indias-most-comprehensive-digital-banking-platform-for-merchants.pdf">launched</a> its digital platform called ‘Merchant Stack’ to target over 2 crore retail merchants in the country. The platform offers an array of banking and value-added services to retailers, online businesses and large e-commerce firms, such as digital current account opening, instant overdraft facilities based on point-of-sale transactions and instant settlement of point-of-sale transactions, among others. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-shares-hit-record-high-trading-at-over-2500/articleshow/86547883.cms">Reliance Industries’ shares hit record high, trading at over ₹2500 in early morning trade</a> <a href="https://www.businessinsider.in/careers/interviewing/news/hdfc-bank-is-looking-to-hire-2500-people-in-the-next-six-months-across-india/articleshow/86549818.cms">HDFC Bank is looking to hire 2,500 people in the next six months across India to double its rural cover</a><a href="https://www.businessinsider.in/stock-market/news/aditya-birla-amc-ipos-grey-market-indicates-10-premium/articleshow/86550807.cms">Aditya Birla AMC IPO’s grey market premium stands at ₹70 per share; up 10% from issue price band</a>

ICICI Bank partners with Amazon to offer ₹25 lakh overdraft facility to individual sellers and small businesses

Mumbai, Apr 23 () Relaxing norms, the Reserve Bank of India on Thursday permitted banks to issue electronic cards to persons having overdraft accounts that are only in the nature of personal loan without any specific end-use restrictions. Banks, as per the central bank's July 2015 directions, were permitted to issue debit cards to customers having bank/current accounts but not to cash credit/loan account holders."...it has been decided to permit banks to issue electronic cards to natural persons having Overdraft Accounts that are only in the nature of personal loan without any specific end-use restrictions," the RBI said in a circular. However, the card should be issued for a period not exceeding the validity of the facility and should also be subject to the usual rights of the banks as lenders.The electronic card for overdraft accounts in the nature of personal loans should be allowed to be used for domestic transactions only, the RBI added. "Further, adequate checks and balances shall be put in place to ensure that the usage of such cards is restricted to facilitate online/ non-cash transactions," it said. The circular also added that the restriction on cash transaction will not apply to overdraft facility provided along with Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.It also asked the banks that prior to launching the product, they should frame a board approved policy on issuance of the electronic cards, encompassing appropriate risk management, periodic review procedures, grievance redressal mechanism, which will be subject to supervisory review. NKD MR

RBI allows banks to issue electronic cards for overdraft accounts

<keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI), looking at the problems faced by the general public, relaxed the cash withdrawal norms. Now, overdraft and cash credit account holders can now withdraw up to Rs 50,000 in a week. 
 
Before this announcement, only current account holders could withdraw up to Rs 50,000 in cash in a week. 
 
"On a review, it has been decided to extend this facility to Overdraft and Cash Credit accounts also," the central bank said. 
 
RBI also announced that holders of current/overdraft/cash credit accounts, which are in operation for the past three months or more, can now withdraw Rs 50,000 in cash, in a week. 
 
However, personal overdraft accounts won’t be able to enjoy the benefits of this new norm. 
 The <keyword id="50847" type="CITY" weightage="20" keywordseo="Reserve-Bank">Reserve Bank</keyword> further said the Rs 50,000 withdrawals may be disbursed predominantly in Rs 2,000 denomination bank notes.

RBI allows Rs 50K withdrawal per week for overdraft account holders

<ul><li><keyword id="2736678" type="COMPANY" weightage="20" keywordseo="Unified-payments-interface">Unified Payments Interface</keyword> (<keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword>) 2.0, <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s cashless payment interface, was launched by the <keyword id="6383340" type="UNKNOWN" weightage="20" keywordseo="national-payments-corporation-of-india">National Payments Corporation of India</keyword> on Thursday.</li><li>It’s an update to the original UPI platform that the Indian government launched back in January 2016. </li><li>The update will be rolled out to users through the interface’s 11 partner banks.</li></ul>India’s public cashless payment platform, the Unified Payments Interface (UPI), announced the rollout of UPI 2.0 on Thursday. While the country’s central bank, the Reserve Bank of India (RBI) facilitated with the development of the app, the National Payments Corporation of India (<keyword id="193629" type="CITY" weightage="20" keywordseo="NPCI">NPCI</keyword>) is the organisation in-charge of retail payments in the country. The primary function of the UPI app is to serve as the middle-man for around-the-clock money transfers from one bank account to another without having to disclose the beneficiary’s bank account details. Having been in the works for nearly six months, the updated version has features that add to the authenticity of payments while others contribute towards added convenience. Here are some changes to watch out for: 
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 1. No more mismatch between payment requests and actual billing The original UPI platform, while having its merits, ran into a bit of a snag when there were complaints of actual bills on matching payment requests. UPI 2.0 attempts to solve that problem by adding the bill to the payment request itself. Users can verify the invoice and cross-check the vendor’s credentials before making the actual payment. 2. <keyword id="6804466" type="UNKNOWN" weightage="20" keywordseo="verified-qr-code">Verified QR code</keyword> In the past, there have been a few instances of QR code tampering where customers have made payments, but rather than it going to the vendor, the payments end up in a fraudulent account. What UPI 2.0 has put in place allows customers to check whether or not a particular merchant is verified, and in case they’re not, the user will get a notification to alert of possible fraud. 3. One time mandates One time mandates are like the post-paid for merchant payments. Within the new interface, users can pre-authorise a payment that will be executed at a later date as specified. It works both ways, for consumers and merchants alike. 4. Overdraft account In the past, users could only link their current and savings accounts to the app. But, UPI 2.0 allows for overdraft accounts as well. Not just in a filtered way, but with full bells and whistles that are associated with overdraft accounts. Using Immediate Payments Service (IMPS), the UPI process can be thought of like an email ID for making payments. Being faster than NEFT and without the time constraints, UPI is essentially an advanced version of the IMPS. It cuts down on costs and the effort associated with making payments. Just as UPI was a push towards enhancing the <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword> culture in India, UPI 2.0 looks to encourage that even further. That being said, the adoption of cashless payments, though on the rise, shows the disparity in its penetration across the country.

UPI 2.0: Here’s what you need to know

Unified Payments Interface or <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword> is one of the most popular payment systems in the country. It accounts for a major part of online transactions in India. Apart from banking apps, there are several popular third-party apps like <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>, <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword>, Paytm and Amazon that support <keyword id="3679109" type="PERSON" weightage="20" keywordseo="UPI-payments">UPI payments</keyword>. Nirmala Sitharaman, the Finance Minister on Saturday <a href="https://www.businessinsider.in/business/news/no-mdr-charges-applicable-on-payment-via-rupay-upi-from-jan-1-fm/articleshow/73008482.cms">announced</a> that Merchant Discount Rate (MDR) charges will be waived off for UPI and RuPay transactions starting from January 1. Razorpay, a Bengaluru-based payment gateway reported that in <a href="https://razorpay.com/blog/upi-preferred-payment-mode-october-2019-data/">October 2019</a>, UPI accounted for 50.49% of transactions on its platform. What is UPI? Unified Payments Interface or UPI is an immediate real-time payment system developed by the National Payments Corporation of India (NCPI). It was introduced in April 2016 as a pilot project and is regulated by the Reserve Bank of India (RBI). Soon after it was launched, banks announced their own UPI apps. It also paved the way for third-party apps such as PhonePe and Google Pay (earlier Google Tez). Within three weeks of the launch of its UPI app, ICICI bank <a href="https://www.businessinsider.in/icici-banks-upi-app-is-re-defining-banking-reaches-1-lakh-downloads/articleshow/54545741.cms">revealed</a> that its app had crossed 1 lakh downloads. According to <a href="https://www.businessinsider.com/upi-market-share-in-inda-open-for-taking-2019-8?IR=T">another report</a>, Google Pay and PhonePe ruled the roost with 36% market share each, while Paytm has 16% market share. This year, <a href="https://www.businessinsider.in/tech/apps/article/top-10-most-downloaded-apps-in-india/articleshow/72903156.cms">Google Pay crossed</a> 100 million downloads, registering a growth of 50% as compared to last year. UPI 2.0 announced with enhanced features Two years after the launch of UPI, the NPCI announced <a href="https://www.businessinsider.in/upi-2-0-heres-what-you-need-to-know/articleshow/65444928.cms">UPI 2.0</a>, a revamped version of UPI with several new features. The main highlight of UPI 2.0 is that it increased the per transaction cap to ₹2 lakh and the ability to link overdraft accounts. Earlier, users could only link their savings and current accounts to UPI. UPI 2.0 also has features like one-time mandate that allows users to pre-authorize a transaction, Invoice-in-inbox which allows users to verify the invoice before making a payment and more. These mandates are useful for buying into IPOs (Initial Public Offering), make recurring bill payments and more. How does UPI work? UPI is simple, free and it works 24x7. Users can send money by scanning QR codes or entering the <keyword id="4003296" type="PERSON" weightage="20" keywordseo="UPI-ID">UPI ID</keyword>. Apps like Google Pay and PhonePe simplify this process further and allow you to simply enter the phone number of the recipient. It means you don’t have to enter the recipient’s account number, bank name and IFSC code while making a payment. How to pay using UPI? UPI is also accepted as a payment mode on several popular platforms like Flipkart, Amazon, Paytm and more. To make a payment, all you have to do is follow these simple steps: <ul><li>In the checkout section, select UPI as the mode of payment. </li><li>Now, select the UPI app or enter your UPI ID, and a collect request will be sent to your phone. </li><li>Tap on the collect request – this will open the UPI app which you had selected. </li><li>Click on Accept and enter your UPI PIN. </li></ul>Your payment should be complete after successful authentication. See also: <a href="https://www.businessinsider.in/business/news/no-mdr-charges-applicable-on-payment-via-rupay-upi-from-jan-1-fm/articleshow/73008482.cms">No MDR charges applicable on payment via RuPay, UPI from Jan 1: FM</a> <a href="https://www.businessinsider.in/tech/news/google-wants-us-to-learn-from-indias-upi-example-writes-letter-to-federal-reserve-to-build-fednow/articleshow/72669392.cms">Google wants US to learn from India's UPI example, writes letter to Federal Reserve to build FedNow</a> <a href="https://www.businessinsider.in/business/news/not-many-new-players-will-enter-upi-space-report/articleshow/72425909.cms">Not many new players will enter UPI space: Report</a>

What is UPI and how does it work?

Bank of Baroda, popularly known as BoB is a popular public sector bank in India that offers a range of financial services to its customers. If you have an account with this bank, here are the ways in which you can check your account balance and also carry out some transactions without having to visit the bank. <keyword id="9174008" type="General" weightage="100" keywordseo="bank-of-baroda-balance-check" source="Orion">Bank of Baroda balance check</keyword> by passbook entry method The most popular and conventional way of checking the balance in Bank of Baroda account is by making entry in the passbook. Upon request and producing your passbook at the dedicated counter in the bank, the bank will print out your passbook and will get it up to date to reflect the current balance. The other popular way to check the balance is through the ATM cum debit card provided by the bank. When you insert the card in the slot, you will be prompted to input the PIN number. From the list of options on the screen, enter the 4-digit ATM PIN. Choose the option ‘Balance Enquiry’ and it will be displayed on the screen. Balance check through SMS in Bank of Baroda Bank of Baroda provides balance check facility through SMS services. To avail of this facility, you must have registered your mobile number with your Bank of Baroda Account. In a specified format (BAL &lt; space &gt; XXXX), you must send an SMS to the number 8422009988. Within a short time, you will get a reply SMS displaying the account balance information. This facility can also be used to request check status and mini balance. Type this to get mini statement: MINI &lt; space &gt; XXXX. Type this for cheque status: (CHEQ &lt; space &gt; XXXX &lt; space &gt; Cheque No.) <keyword id="9174010" type="General" weightage="20" keywordseo="bank-of-baroda-balance" source="Orion">Bank of Baroda balance</keyword> check enquiry number Bank of Baroda customers can also avail of the missed call service. To get your balance information through the missed call service, you just need to call the number 8468001111 from your registered phone number. This service is provided free of cost and is available 24 X 7. Through this service, you can get to know your account balance information from any remote location. Bank of Baroda balance check by Internet Banking If you wish to use the internet route to check your Bank of Baroda Account balance information, you must apply for the net banking facility with the bank. The bank will provide you a User ID and password. You need to input these details on the net banking website of the bank to do various transactions like balance enquiry, account statement, funds transfer, bill payment, etc. without visiting the bank. This facility can be used on a PC, laptop, notebook and smartphone. mPassbook Bank of Baroda mPassbook mobile app can be downloaded and installed on your mobile phone to check the account balance. This app works similar to a passbook and provides the detailed information on all the transactions done on your Bank of Baroda Account. The mPassbook app is available in 8 languages. This app can also be used to locate Bank of Baroda ATMs within 10 km radius. check account balance in mobile banking App Bank of Baroda M-Connect Plus is the new and enhanced version of the Bank of Baroda M-Connect mobile banking app. This new app has a very attractive and user friendly interface and provides a wide range of facilities to its customers. In this app, you can link various kinds of accounts you have with Bank of Baroda like Savings account, PPF, current account, cash credit account, and overdraft account. The activities you can do on this app include checking account balance, downloading account statement, transferring funds within your different accounts, and carrying out third party transfers. See Also: <a href="https://www.businessinsider.in/finance/news/how-to-check-account-balance-in-hdfc-bank/articleshow/74093957.cms">How to check account balance in HDFC</a> <a href="https://www.businessinsider.in/finance/article/steps-to-check-canara-bank-account-balance/articleshow/74075522.cms">How to check account balance in Canara Bank</a> <a href="https://www.businessinsider.in/steps-to-check-account-balance-in-sbi/articleshow/69607243.cms">How to check account balance in SBI</a>

Easy ways to check account balance in Bank of Baroda

All limits on savings bank cash withdrawals post-demonetisation ended on Monday, as had been announced by the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) last month. In a two¬stage process, the weekly withdrawal limit per account had been raised to Rs 50,000, from Rs 24,000, with effect from February 20, and all limits on ATM withdrawals were slated to cease from March 13. The announcement had been made by RBI Deputy Governor R. Gandhi following the fiscal's last monetary policy review announcement by the central bank in February, when it kept its key interest rate unchanged at 6.25 per cent, saying it awaited data on the full impact of the government's <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> drive. On January 30, the RBI had ended all curbs on withdrawals from Current Accounts, Cash Credit Accounts and Overdraft Accounts. The limits were placed following the November 8 demonetisation of Rs 1,000 and Rs 500 notes. The upper limit at ATMs was just Rs 2,500 initially and was later raised to Rs 4,500. In January, the RBI had hiked the daily ATM withdrawal limit to Rs 10,000 and doubled the weekly Current Account withdrawal limit to Rs 1 lakh. The upper limit for weekly withdrawal from bank accounts had been raised to Rs 24,000 from Rs 20,000 in November. While lifting of ATM withdrawal limits represents coming full circle for these machines in respect of demonetisation, the return to normalcy in terms of cash available in them is still awaited, indicating the slow pace of remonetisation.

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ICICI Bank partners with Amazon to offer ₹25 lakh overdraft facility to individual sellers and small businesses

Ridhima Saxena

RBI allows banks to issue electronic cards for overdraft accounts

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RBI allows Rs 50K withdrawal per week for overdraft account holders

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UPI 2.0: Here’s what you need to know

Prabhjote Gill

What is UPI and how does it work?

Rounak Jain

Easy ways to check account balance in Bank of Baroda

BI India Bureau

All cash withdrawal limits go back to pre-demonetisation period

BI India Bureau

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