PM Launches BHIM App: Here's All You Need To Know
On the last day of demonetisation in the country, Prime Minister Narendra Modi launched a mobile payment application called BHIM or Bharat Interface for Money, which is a rebranded version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data).
With the launch of the BHIM app, PM Modi wants to take the use of digital payments to the masses.
Here's how the app works:
1) The user has to download the BHIM app from the Google store available on android phones.
2) After downloading the BHIM app, the user has to register his/her bank account with it and set up a UPI PIN. The mobile number of the user would be his/her ID as well as payment address (PA).
3) The app user can not only send or receive money from friends, family and customers but also from non-UPI supported banks. To transact money with non-UPI supported banks, one has to do it using MMID and IFSC.
4) The BHIM app currently supports Hindi and English languages but the government plans to launch it in other languages soon.
5) Unlike mobile wallets, BHIM app users do not have to load money in it as the app is linked to the their bank accounts. Therefore, all the money transacted through the app comes from and goes directly from the bank accounts, doing away with the need to transfer the money back to the bank account.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
