♦️STATIC BANKING PART 28♦️
♦️Query Service of AADHAAR Mapper (QSAM)♦️
👉NPCI has launched QSAM, a USSD based serviced that lets the user know their AADHAAR
👉Since the service works on USSD, it is available across all handsets and very convenient to use.
👉In QSAM users can dial *99*99# from their handset and can know the AADHAAR seeding status by inputting their AADHAAR number.
♦️Mobile Money Identifier (MMID)♦️
👉MMID is a 7digit number of a bank customer. The first four digits of the MMID code act as
the unique identification number of the bank offering you IMPS.
👉The user’s mobile number MMID are uniquely linked with his bank account number and is
one of the key inputs to facilitate fund transfer.
👉Every bank account has only one MMID. Different MMID’s can be linked to same Mobile
♦️Asian Clearing Union (ACU)♦️
👉ACU was established with its head-quarters at Tehran, Iran, on December 9, 1974 at the
initiative of the United Nations Economic and Social Commission for Asia and Pacific (ESCAP), for promoting regional co-operation.
👉The main objective of the clearing union is to facilitate payments among member countries for eligible transactions on a multilateral basis, thereby economizing on the use of foreign exchange reserves and transfer costs, as well as promoting trade among the participating countries.
👉Members: The Central Banks and the Monetary Authorities of Bangladesh, Bhutan, India,
Iran, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka.
♦️Unstructured Supplementary Service Data (USSD)♦️
👉USSD refers to unstructured supplementary service data. It is a technology that transmits
information through GSM network channels - these channels are normally used for voice calls via your phone.
👉USSD-based communication can be used for checking account balance, generating mini statement, fund transfer via MMID (a code allotted by banks on mobile banking registration), IFSC code or Aadhaar number.
👉The telecom service providers will charge to use services.
👉The transactions limit for *99# banking is set to ₹ 5000 per transaction by RBI.