In this blog, we will be providing you with important Banking Awareness notes which would prove beneficial for Banking Exams like SBI PO, RBI Grade B, RBI Assistant, IBPS PO, IBPS RRB Officer, IBPS RRB Assistant, etc. The topic for this edition of Banking Awareness notes is BHIM App. All you need to know about the BHIM App has been given below. so let us begin.
Banking Awareness notes – What is BHIM App?
BHIM is an acronym of Bharat Interface For Money Application. It is a mobile app launched by Govt. of India for instant money transfer through a mobile. The mobile app is based on the Unified Payment Interface (UPI).
The BHIM App has been developed by National Payments Corporation of India (NPCI) and is available on Android, iOS and Windows operating system for mobiles.
Banking Awareness notes – How to Use BHIM App?
- A user just needs to download the app on their mobile phone from an Appstore – Google app store, Apple app store, etc.
- Register the mobile number
- She/He then would have to connect an Indian Bank account to the App
- Set a Passcode
- Create a Virtual Payment Address (VPA)
- Set up UPI Pin, which is similar to your ATM pin
Once the above steps are completed, the BHIM App is ready to transfer send or receive money from other bank accounts, which may or may not have been UPI enabled.
Banking Awareness notes – Important Features of BHIM
- A user can transfer money to any bank account (irrespective of it being UPI enabled or not)
- No fee is charged for any transactions through the App. (Bank charges may apply)
- The money transfer instant without any delays
- Money can be transferred any time of the day or night – 24×7.
- BHIM app can send money through – VPA, mobile number, MMID code, IFSC code, USSD code, Aadhar number and even by ‘scan and pay’ option for merchant payments.
- The App is available in 13 languages currently and new languages would soon be added.
- It can be used without internet as well by dialling *99#
Banking Awareness notes – Benefits of BHIM App
- The App is very user-friendly and has made the process of money transfer very easy.
- The Authentication of a transaction through Finger scanning has made the transaction process quick and secure.
- The Point of Sale (PoS) terminals would no longer be required because of BHIM App
- Free Transactions through BHIM APP have reduced the cost of banking as well.
Banking Awareness notes – Transaction Limit
- A user can send up to ₹20,000 per transaction
- Amount of only ₹40,000 can be transferred through BHIM App in a day through a single bank account number
We hope you find the Bank Awareness notes provided in this blog useful for you Bank Exams.
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