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 BHIM APP

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A new app called BHIM

Prime minister of India Mr Narendra Modi announced  a new app called BHIM , acronym for Bharat  Interface for Money  . The app is managed by National Payments Corporation of India (NPCI)   and developed on UPI platform . With  this  App  , you can make direct bank to bank transfers  instantly by using your mobile number or payment address .  Using this App , you can send money , request for money , scan and pay  for merchant transactions  and check bank accounts .  It is reported that more than 10 million apps were downloaded within 10 days of its launch . 
 One needs to have a smart phone , internet connection and mobile phone number linked to bank account of a member bank to download BHIM app and utilise the application . One with feature phone has to dial  *99#  to utilise the BHIM .  Your bank account neds to have been enabled for mobile banking  by your banker .  Currently  you can  attach only one bank account to the BHIM app . 
If you want to transfer to  a beneficiary account of a bank  which is also a member of   BHIM , you need  to just give mobile number of the beneficiary to complete the transaction . Otherwise , you have to give account number , IFSC Code , Beneficiary name etc to complete the transaction .  The transactions can be done 24 X 7 . 

The transfer limit  is Rs 10,000 per transaction with  a daily limit of  Rs 20,000 per account .  One can do maximum 20 transactions per day . 

There are no charges levied by NPCI for making transactions . However individual banks my charge  fees for the transactions done through BHIM . 

​For User Manual of BHIM ,  CLICK HERE 

BHIM  is now available in   following languages : 

English , Hindi , Bengali , Gujarati , Kannada , Malayalam , Oriya , Tamil and Telugu 

LIST OF  MEMBER BANKS  

 1. Andhra Bank
  2, Axis Bank
 3. Bank of Baroda
 4 . IDFC Bank
  5. Bank of India
  6  Bank of Maharashtra
  7.  Catholic Syrian Bank
 8. Central Bank of india
  9. Dena Bank 
 10. DCB Bank
11.  Federal Bank
12.HDFC Bank 
 13.  ICICI Bank
14. IDBI Bank
15. Indian Bank
16.Indian Overseas Bank
17. Indusind Bank 
18.Karnataka Bank
19. Karur Vysya Bank 
20. Kotak  Bank
21.  Oriental Bank of Commerce
22. Punjab National Bank
23. RBL Bank
24. South Indian Bank
25.Standard Chartered Bank
26. State Bank of India 
27. Syndicate Bank 
28.  UCO Bank
29. Union Bank  of india
30. United  Bank of india
31. Vijaya Bank
32. YES Bank 
33. TJSB
34. Canara Bank 
35.Allahabad Bank 
36. City Union Bank 
( To reach websites of the above banks  , CLICK HERE  )

For the latest list of member banks  CLICK HERE 

PHONEPE -  WALLET APPLICATION 

Flipkart Group  , a leading e-commerce company has launched a wallet application called PHONEPE , run on UPI .  As it is built on  UPI, transaction up to Rs 1.00 lakh is allowed on the platform  .Application , permitted by RBI  , allows  to be connected to UPI applications of more than 30 banks .  The application can be used to transfer from one wallet to another wallet or to make payment to various merchant sites and utility sites . Wallet balance can be returned to account of the holder only free of charge .  To visit their site , CLICK HERE 

FOR LATEST NEWS ON DEMONETISATION AND NEW CURRENCY FEATURES  , CLICK HERE 

UPDATED   VERSION OF      TAX PLANNING        FOR FY 2016-17 RELEASED           CLICK HERE TO READ ​

TAX ON RETIREMENT                                                       
MORE THAN 2000 VIEWS   IN ITS FIRST WEEK OF PUBLICATION  
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​TO KNOW ABOUT UPI PLATFORM ,   CLICK HERE 

BENEFITS OF     BHIM APP

    1.  BHIM App  allows a customer to pay directly from a bank account to different merchants, by using sacn and pay  without the hassle of typing credit card details, IFSC code, or net banking passwords.
​     2. It is safe as the customers only share a virtual address and provide no other sensitive information  like account number , credit card details etc . 
     3. No need to add money to BHIM as it has no wallet 
     4. While e-wallets like paytm , mobikwik  allow only merchant / biller payments , BHIM can be used for any account to account transfer 
    5.    The service is instant and available 24X7, even on public/bank holidays. 
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HOW TO GET BHIM  APPLICATION ?

The BHIM  app of   member banks  are   available on the Google Play Store of Android phones   . It is also available for  Apple Phones on Apple ios from  11th Feb 2017 .
 . 

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  HOW  TO GET STARTED ON BHIM  ? 

1. Download the app from Play Store and install in phone;
2. Select prefered language .
3.  If your mobile has multiple SIMs, select the SIM of the mobile number linked to your bank account .
4. Login  by setting 4 digit application password 
4. Link your  bank account  using bank accounts option .
 5. Set your UPI PIN  by providing last 6 digits of your debit card and expiry date of the card 
​ 6. Set Virtual payment address  ( VPA ) as a primary VPA  and you may create one more VPA  as secondary VPA . 
7. QR code feature is available which can be used to receive   by scanning it on the beneficiary  mobile phone 
8. You can send and receive money using BHIM app in 3 ways 
   a. using Virtual Payment Address ( VPA )
   b. using Account number and IFSC Code
   c. by scan  and  pay option 

 Tips for secured use of  BHIM APP

The system can be used by    any account holders having smart phones . However certain precautions are to be taken for   safeguarding the account . 
 . Here   is a list of safety precautions 
1.      Keep your mobile phone  private
2.    Make sure your devices and networks are secure
3.      Keep your passwords secret  
4.     While making remittances  , note to correctly type the VPA address of the beneficiary . Beneficiary can immediately withdraw the money so received  . Hence it may be difficult to recover from  a wrong beneficiary   . 
  5.   ANY PERSON WHO GETS YOUR MOBILE  AND PASSWORD CAN MISUSE  THE APP . KEEP YOUR MOBILE PHONE SECURE . IF YOU LOSE IT , IMMEDIATELY   REPORT TO YOUR MOBILE COMPANY TO  STOP THE SERVICES . ALSO INFORM YOUR BANK  . 
6.     Have  a tab on your account . Check often   

BHIM VS E-WALLETS 

BHIM  is  though similar to  other payment wallets like PayTm , Mobikwik etc , actually BHIM  is not an e-wallet .   One need not 
add money to BHIM , unlike other e-wallets where one neeeds to add money to the wallets of the applications . In BHIM  , money is directly debited from the bank account attached  for all the payments   .   In all the apps , payments can be made  to merchants / billers etc  , but in BHIM  additionally  account to account transfers can be done . 

While BHIM is available only on Android phones , other wallets are available on other platforms like  APPLE Stores .  While BHIM is available only in English and Hindi , most of other e-wallets  supports multiple vernacular languages . 

Most of the e-payment applications now allow transactions through  Feature phones  by dialing  *99#. 

​While so far  no security issues have cropped up on major e-wallet apps , BHIM is yet to be tested . 

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