Financial Literacy: Digital Banking and Payment Systems
Description
This subject covers the evolution of India's digital banking infrastructure and modern payment systems that have transformed financial access. It explores the technological architecture behind digital banking platforms, various digital payment methods (NEFT, RTGS, IMPS, UPI), security considerations for digital transactions, and advanced authentication mechanisms. The subject emphasizes India's digital revolution, particularly the Unified Payments Interface (UPI) which has democratized payments across the nation. Understanding digital banking systems is critical for modern financial management, as most financial transactions increasingly occur through digital channels.
Learning Objectives
Upon successful completion of this subject, learners will be able to: (1) explain the evolution from traditional banking to modern digital banking platforms, (2) understand the architecture and components of digital banking systems, (3) access and navigate online banking interfaces securely, (4) execute transactions using National Electronic Fund Transfer (NEFT), (5) use Real Time Gross Settlement (RTGS) for high-value immediate transfers, (6) process instant payments through IMPS (Immediate Payment Service), (7) leverage UPI (Unified Payment Interface) for 24/7 peer-to-peer and merchant transactions, (8) understand check mechanisms and clearing processes, (9) evaluate and select appropriate debit and credit cards, (10) use ATMs securely and recognize fraud prevention measures, (11) protect online banking accounts using strong passwords and two-factor authentication, (12) identify phishing attempts and prevent credential theft, (13) secure digital wallets and payment apps against unauthorized access, (14) understand tokenization and data protection in digital payments, (15) utilize biometric authentication including Aadhaar and fingerprint recognition, (16) recognize and report digital payment fraud.