Banky’s Understanding: e-RUPI: Electronic prepaid digital payment voucher. Person-specific (linked to beneficiary). Purpose-specific (e.g., healthcare, education). Contactless, cashless. Does NOT need: smartphone, internet, bank account — works via SMS on basic phones. Can be used for: B2C (Business to Consumer), P2P (Person to Person). CANNOT be used for B2B (Business to Business — exam PYQ!). Secure: no intermediaries, person-specific. Use case: government subsidies (healthcare vouchers, education scholarships, fertilizer subsidy). Issued by banks as prepaid voucher. Redeemed at specific service providers.

Banky’s Understanding: FinTech: Technology for delivery/facilitation of financial services. Benefits: (a) Reduced time to market. (b) Customer services and revenue. (c) Reduced costs = ALL (exam PYQ!). Sectors: digital lending, payments, insurance, wealth management. RBI regulatory sandbox. RegTech: Technology facilitating regulatory compliance. Automated: KYC, AML, reporting, risk management, data management. Helps banks comply efficiently with regulations. SupTech: Technology used by financial supervisory authorities (exam PYQ! — RBI/SEBI, NOT hardware suppliers/vendors/tech companies). For: monitoring banks, analysing data, detecting systemic risks, automated supervision.

Banky’s Understanding: Open Banking: Practice of enabling secure interoperability in banking industry. Third-party payment service providers access banking transactions and data through APIs. API = Application Programming Interface (exam PYQ! — NOT Advanced Persistent Innovation, NOT Advanced Programming Interface, NOT All-purpose Interface). Benefits: improved client experience, additional revenue streams, sustainable model for underserved markets. NOT about opening accounts to foster financial inclusion (exam PYQ! — common distractor). Data sharing with customer consent. Increases competition, innovation, and customer choice. Risks: data privacy concerns, security challenges.

Banky’s Understanding: Account Aggregators: RBI-licensed NBFC. Consent-based framework for financial data sharing. FIP (Financial Information Provider — banks, insurance, MFs) → Account Aggregator → FIU (Financial Information User — lenders, wealth managers). Does NOT store data — only facilitates flow. Customer gives/revokes consent. Social Media Banking: Using platforms (Facebook, Twitter, WhatsApp) for: customer engagement, service delivery, marketing, grievance redressal. Hashtag Banking: Using #Tags for banking transactions. Simplifies processes. E.g., #Balance, #PayBill, #TransferMoney. Innovation in customer interface.