Microfiche is a method of storing large amounts of information in a compact and durable format. It involves photographing reduced images of documents onto small sheets of film, which are then stored on a single sheet in a grid pattern. Microfiche has been historically used by banks and other organizations for long-term storage and archiving of documents. Here are detailed notes on Microfiche:
- Microfiche Creation: To create microfiche, original documents are photographed using a microfilm camera. The camera captures reduced-size images of the documents onto a roll or sheet of microfilm.
- Reduction Ratio: The reduction ratio determines the size of the images on the microfiche. For example, a common reduction ratio is 24x, which means that the images on the microfiche are 1/24th of the original size of the documents.
- Microfiche Sheets: Once the microfilm roll or sheet is exposed with the reduced images, it is processed to create transparent microfiche sheets. Each sheet typically contains many images arranged in a grid pattern.
- Storage and Retrieval: Microfiche sheets are compact and can store a large volume of documents in a small space. They are stored in specialized cabinets or drawers and can be easily retrieved when needed.
- Microfiche Readers: To view the information stored on microfiche, banks and other organizations use microfiche readers. These machines have magnification capabilities to enlarge the images and allow users to read the documents easily.
- Archival Use: Microfiche has been commonly used for long-term archival purposes, especially for documents that need to be preserved for many years.
- Advantages:
- Space-Efficient: Microfiche allows the storage of a large number of documents in a compact physical format.
- Durable: Microfiche is resistant to wear and tear, making it suitable for long-term storage.
- Cost-Effective: It is a cost-effective solution for large-scale document storage.
- Disadvantages:
- Limited Access: Retrieving information from microfiche requires a microfiche reader, which may not be readily available.
- Manual Retrieval: Finding specific documents on microfiche can be time-consuming, as it often involves manual searching through the sheets.
NPC (National Payments Corporation of India):
The National Payments Corporation of India (NPC) is an organization established by the Reserve Bank of India (RBI) to oversee and facilitate retail payments and settlement systems in India. It is responsible for various payment services and initiatives to promote digital and electronic transactions in the country. Here are detailed notes on NPC:
- Objectives: NPC was set up with the primary objectives of promoting electronic payments, reducing the usage of physical cash, and fostering financial inclusion in India.
- Payment Systems: NPC manages and operates various retail payment systems in India, including:
- Unified Payments Interface (UPI)
- Immediate Payment Service (IMPS)
- Bharat Bill Payment System (BBPS)
- National Electronic Funds Transfer (NEFT)
- Real-Time Gross Settlement (RTGS)
- Aadhaar Enabled Payment System (AePS)
- National Automated Clearing House (NACH)
- Promotion of Digital Payments: NPC plays a crucial role in driving the adoption of digital payments by developing and implementing innovative payment systems and solutions.
- Interbank Coordination: NPC facilitates seamless interoperability between different banks and payment service providers to ensure smooth transaction processing.
- Financial Inclusion: NPC’s initiatives, such as Aadhaar-enabled payments and UPI, have contributed to enhancing financial inclusion by enabling access to digital payment services for all sections of society.
- Security and Risk Management: NPC is responsible for implementing robust security measures and risk management protocols to safeguard the integrity and confidentiality of electronic payment transactions.
- Regulatory Oversight: While NPC operates payment systems, it functions under the regulatory oversight of the Reserve Bank of India (RBI) to ensure compliance with the necessary regulations and guidelines.
RUPAY:
RUPAY is an indigenous payment card scheme in India, launched by the National Payments Corporation of India (NPC) to provide an alternative to international card schemes like Visa and Mastercard. It aims to promote digital payments within the country and offer cost-effective and secure payment solutions. Here are detailed notes on RUPAY:
- Domestic Payment Scheme: RUPAY is a domestic payment scheme that allows customers to make payments and withdrawals within India.
- Debit and Credit Cards: RUPAY offers both debit and credit cards, which are issued by various banks in India. These cards can be used at ATMs, point-of-sale (POS) terminals, and online platforms.
- Lower Transaction Costs: As a domestic scheme, RUPAY transactions typically incur lower processing fees compared to international card schemes. This makes it more cost-effective for banks and merchants.
- Promoting Financial Inclusion: RUPAY plays a role in promoting financial inclusion by providing a payment solution that is accessible to all segments of the population.
- Interoperability: RUPAY cards are designed to be interoperable with other payment systems, ensuring seamless transactions across different banks and payment networks.
- Security and Compliance: RUPAY adheres to strict security standards and complies with the regulations set forth by the Reserve Bank of India to ensure the safety of transactions.
- Acceptance: Over time, RUPAY cards have gained wider acceptance across various merchants, including retail stores, e-commerce platforms, and utility bill payment portals.
- Government Initiatives: RUPAY has been integrated into several government initiatives and welfare programs to disburse benefits and subsidies directly to beneficiaries through card-based transactions.
In summary, Microfiche is a compact and durable format for storing documents, NPC is the organization overseeing retail payments and settlement systems in India, and RUPAY is a domestic payment card scheme in the country aimed at promoting digital transactions and financial inclusion.