In India, Micro, Small, and Medium Enterprises (MSMEs) are the backbone of the country’s economic growth, generating employment and contributing significantly to the GDP. However, accessing credit has often been a significant challenge for such enterprises, especially for startups and small-scale businesses. This is where responsible lending plays a transformative role. At LendingKart, responsible lending […]
Dishonoured Cheque – What does it mean Cheque is an instrument which indicates the right to get paid for the value of the cheque. Unlike other terminologies, dishonoured meaning in banking is pretty straight forward. It means that the obligation of payment could not be met, and the bank will not release the payment
Although electronic money transfers are becoming more mainstream, many businesses and individuals still rely on cheques to make payments. Among the various types of cheques, an account payee cheque is among the most commonly used options for financial transactions. An a/c payee cheque reduces the risk of fraud or misuse by ensuring that the
Despite electronic fund transfers gaining massive traction in recent years, cheques continue to be a popular instrument for B2B payments and high-value transactions. However, a simple signature mismatch or a miscalculation of account balance can turn a routine payment into a legal nightmare. Exercising caution when issuing cheques is important to avoid the risk
If you were born or raised in the digital generation in India, you may be extremely familiar with modern methods of payment like instant bank transfers and Unified Payments Interface (UPI) payments. However, before the advent of these payment methods, the cheque was among the most popular ways to transfer money from one account
Gone are the days when sending money to another person involved the tedious use of money orders or cheques. Now, with the advent of digital and electronic banking across India, you can transfer amounts seamlessly to another bank account in real time. This has been possible since 2004, when the Reserve Bank of India
From your monthly salary and rent to sending money home or paying for goods and services, every financial transaction involves the transfer of money between banks. Today, with the evolution of digital banking systems, it is possible to complete bank-to-bank transfers quickly and in a hassle-free manner. The turning point in electronic fund transfers
