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Raghuram Rajan says NPCI UPI app will Go Live and work as Bank in Your Smartphone and Steps to Install UPI app and Advantages

UPI App
Download and Install UPI App and Do Cash Less transactions Upto One Lakh

RBI Governor gifts UPI App which helps to do a cashless transaction. NCPI (National Payments Corporation of India) got ready and introduced UPI app (Unified Payment Interface) where you can do bank transaction with you Smartphone.

Raghuram Rajan says by using UPI App, and you can do endless transaction up to one lakh just with your Smartphone. UPI is integrated with all 29 Banks app. By using your unique virtual address created by the time of your registration in UPI.

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NCPI has worked on UPI development since Feb 2015 under Nandan Nilekani, the former chairman of UIAI and co-founder of Infosys.

What are the Uses of UPI App

After registering in UPI app with your bank, it will generate a unique virtual address that will map with the mobile phone. And also the user can transact money with friends, family, merchants and even with delivery boys that avoid cash transactions. It seems that UPI App is equivalent to Bank Apps having IMPS (Immediate Payment Service).

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How to get UPI App on you Smartphone

  • Download UPI application from PlayStore
  • Install on the phone
  • Set app Login
  • Create a Virtual Address
  • Add your Bank Address
  • Set M-PIN
  • Start transacting using UPI

Advantages of Using UPI App

  • Real-time settlement of funds
  • Send money using virtual ID
  • No need to share or remember account details
  • Add multiple bank accounts on the same application

Note: UPI (Unified Payment Interface) allows users to transact as low as from ₹ 50 and to high ₹ 1 Lakh

Download Official UPI at Google PlayStore and We will give updates if any.

All You Need to Know About Urjit Patel the New RBI Governor

New RBI Governor

After many days of suspense finally, the PMO had appointed Urjit Patel, RBI’s deputy governor as the new RBI governor. The appointment was made after interviewing all the shortlisted candidates at prime minister’s office for the post of RBI Governor.

What makes him appropriate for the Post? This question is running around the financial sector from past two days. Here is what you need to know about him.

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All you need to know about Urjit Patel

Urjit Ravindra Patel (53) will take up as New RBI Governor from 4th September 2016 becoming the 24th person to take the seat. Raghuram Rajan his successor has been most appreciated for controlling inflation.

Urjit was not an Indian. He was born in Kenya in the year 1963 on October 28. His place of birth and his Kenya citizenship was most discussed and thought that would obstruct his promotion. But his expertise has left all the other reasons behind.

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Urjit Patel received his bachelor’s degree in economics from London School of Economics. He completed MPhil from Oxford University in 1986. He completed his PhD from Yale University in 1990 in Economics. His High education qualification in the area of Economics becomes the first step to shortlist.

Apart from his qualification he is well experienced. He worked for IMF desks in US, India, Bahamas and Myanmar. Then he was deputed to RBI from IMF working in the areas of development of the debt market, banking sector reforms, pension fund reforms, targeting of real exchange rate.

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Patel took up as Consultant to the Government of India in the Ministry of Finance from 1998-2001. Patel has worked in various high-level committees in both central and state levels. In 2013 Patel was appointed as Deputy Governor of RBI where now new RBI Governor of India.

Previously the posts in which Mr Patel worked were President (Business Development), Reliance Industries Limited Advisor, Boston Consulting Group Executive Director, Infrastructure Development Finance Company (1997-2006) Non-Executive Director, Gujarat State Petroleum Corporation Limited.

Patel’s grandfather migrated from Gujarat to Kenya during the British government. His father was born in Kenya and was a successful entrepreneur in Nairobi. He had a business of Spare parts. Patel’s father passed away recently.

He has impressed many economists including P V Narasimha Rao, Dr Manmohan Singh, P Chidambaram, Narendra Modi, Arun Jaitley, and Raghuram Rajan. He is the most admired RBI person by many Officials and politicians. Experts say that the Stock market is expected to cheer the appointment of the new Reserve Bank Governor.

RBI launches’ Sachet ‘ Portal to Curb illegal Money Collection

RBI Sachet Portal

RBI had launched Sachet Portal, a new website which will be helpful to curb illegal money collection by companies. RBI governor Raghuram Rajan has launched the website officially.Through this site, public can obtain all the information regarding the entities who accepts deposits.

They can also lodge complaints and share information regarding illegal acceptance of deposits, said Reserve Bank of India Governor Raghuram Rajan while launching the web portal.

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“Initiating quick follow up and taking cases to a logical conclusion by punishing the guilty is paramount to deterring entities in future from carrying out unlawful activity. I hope ‘Sachet’ would help regulators in doing this as much as it would help members of public in depositing their hard earned money with legitimate companies by giving them timely information about them,” Rajan said.

The website will help in increasing the coordination between regulators and state government agencies. The site also provides regulations prescribed by all financial regulators for public.Deputy Governor S.S. Mundra said that “Members of the public can file and track a complaint on this website if any entity has illegally accepted money from them and defaulted in repayment of deposits. They can also share information regarding any such entity on this portal,”

The sachet portal has a section of a closed user group for State Level Coordination Committee (SLCCs) where they can share all the information related to share market intelligence and other information about their activities minutes of meetings etc. in real time.

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SLCC’s include RBI, Securities and Exchange Board of India (Sebi), National Housing Bank (NHB), Insurance Regulatory and Development Authority (IRDA), Registrar of Companies (ROC), including state-level coordinating departments, like police, law, etc.

“I hope ‘Sachet’ (Hindi for alert) would help regulators in doing this as much as it would help members of public in depositing their hard earned money with genuine entities by giving them timely information about these entities,” Rajan quoted that during the launch.

The brand new website sachet has been designed in a very appealing way using cartoons and slogans like

Joining money chain may put you in pain
Chit fund or cheat fund
Don’t be greedy; money doesn’t grow on trees

Along with the list of entities registered with various government financial regulators, it also provides a provision to file a complaint and know about the status of the complaint.