Important Points About BHIM App and UPI – Banking Awareness

Dear Readers, Here we have given the Important Information about BHIM APP and UPI which was most essential Banking Awareness Topic for Upcoming IBPS, SBI, RBI and all other Banking Exams, candidates those who are preparing for competitive exams can use this.

Important Points About BHIM App and UPI – Banking Awareness

Bharat Interface for Money (BHIM APP):

Bharat Interface for Money (BHIM App) is a mobile app developed by National Payments Corporation of India (NPCI). It was based on the Unified Payment Interface (UPI). The BHIM app supports all Indian banks which use that platform, which is built over the IMPS infrastructure and allows the user to instantly transfer money between bank accounts of any two persons. It can be used on all smart mobile phones.

Features of BHIM App:

  • BHIM App allow users to send or receive money to or from UPI payment addresses and also to non-UPI based accounts.
  • Users can create their own QR code for a fixed amount of money, which is helpful in retail transactions. Users can also have more than one payment address.
  • Allows users to check the current balance in their bank accounts and to choose which account to use for conducting transactions, although only one can be active at any time.
  • No need to register the payee before transaction.
  • For using BHIM app there is no need of Internet Banking.
  • There is ‘Scan and Pay’ facility which makes the payment transfer quick, especially between merchants and consumers.
  • There is no charge for transactions from 1 to Rs. 1 lakh.
  • BHIM App currently supports 13 languages including English.

Unified Payments Interface (UPI)

Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. It has been developed for all payments in the country to make the transfer of money easy and simple.

UPI is built over Immediate Payment Service (IMPS) for transferring funds. Being a digital payment system it is available 24*7 and across public holidays. The UPI was launched on 11th April, 2016 in Mumbai. It is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing and merchant payments into single platform.

UPI withdraws and deposits funds directly from the bank account whenever a transaction is requested. At the initial, ten major banks are integrated the interface with their mobile apps and they are State Bank of India, Canara Bank, BOI, ICICI Bank, HDFC Bank, Punjab National Bank, Bank of Baroda, HSBC and Citi Bank.

Features of UPI:

  • The service is available 24/7.
  • UPI system will not at all include the wallets.
  • Charges can be applied depending on the amount of money transferred.
  • The transaction will be shown as IMPS Bank transfer in the bank account statement.
  • Merchants will not be able to track even the account number.
  • No need to carry the debit or credit cards which also sometimes lead to security problems.
  • The limit on transaction through UPI system is Rs. 1 lakh.
  • All UPI enabled banks will allow their apps to be consolidated for single window operations.
  • Both the sender and receiver should have UPI enabled platform for the transaction to take place.

Click Here for IBPS Clerk Mains Preparation Time Table (Full Schedule)

30 Days Study Plan for IBPS Clerk Mains 2017
Days Quantitative Aptitude Current Affairs Static GK / Banking Awareness Reasoning English
Day-1 Simplification, Wrong term in Number Series Sep 1-7 CMs and Governors / About RBI and its Responsibilities Coding and Decoding Errors in Articles and Preposition
Day-2 Average, Percentage and Partnership Sep 8-14 Country, Capital and Currency (1sthalf) – HQ of banks and Heads Relationship Errors in Nouns and Pronouns
Day-3 Ratio and Problems based on Ages Sep 15-21 Country, Capital and Currency (2ndhalf) – Types of Cheques Direction Sense Errors in Conjunction and Tenses
Day-4 Time & Work and Pipes & Cistern Sep 22-30 International Organisations and its HQ – Types of Accounts Syllogism Errors in If clauses and Relative Pronoun
Day-5 Time & Distance and Problems based on Trains Oct 1 – 7 National Parks (1st half) – Types of Cards Input and Output Errors in Adverb and Adjective
Day-6 Simple Interest and Compound Interest Oct 8 – 14 National Parks (2nd half)About RRBs Decision Making Errors in Active/Passive voice
Day-7 Profit and Loss Oct 15-21 Important Days with themes(2017) / About Payments Banks & NPCI Course of Action Errors in Comparison
Day-8 Probability and Mixture & Allegation Oct 22-31 City and Rivers with Origin / About NBFCs and Small Fin Banks Statements and assumption Errors in Direct/Indirect speech
Day-9 Boats and Streams Nov 1- 7 Power plants and Dams / About SEBI and IRDAI Linear Sitting arrangements Errors in Verbs
Day-10 Mensuration Nov 8-14 Important Lakes and Sanctuaries / About Credit Rating Agencies Circular Sitting arrangements Meaning for Idioms and Phrases (1st half)
Day-11 Data Interpretation (Table and Pie chart) Nov 15-21 Dance and Festival / Types of Loans and Negotiable Instruments Parallel Sitting Arrangements Meaning for Idioms and Phrases (2nd  half)
Day-12 Data Interpretation (Bar and Line Graph) Nov 22 – 30 2011 Census / About IMPS, NEFT, RTGS Puzzle Phrase replacement (Vocabulary based)
Day-13 Data Interpretation ( Caselet ) and Quadratic Equations Dec 1-7 Important Temples , Mosque-Church / About UPI and  BHIM Input and Output (New pattern) Single fillers
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