Tuesday, June 28, 2016

BBPS welcomes Spice Digital into its fold

          The building blocks of BBPS are slowly getting ready. Spice Digital has received an in-principle approval from Reserve Bank of India (RBI) to operate under the Bharat Bill Payment System (BBPS).

Readers are aware that BBPS is a centralized bill payment system that will allow users to use a single website or outlet to pay all your monthly or repetitive bills such as mobile phone and electricity.

Reserve Bank of India has said that it is communicating the decision of who gets a licence directly to the applicants. Hence, the full list of In-principle BBPS license holders will slowly trickle down in the next couple of weeks.

Last week, newspapers announced that Spice Digital is one of the operators to receive the in-principle approval from Reserve Bank of India.

In May 2015, Spice Digital obtained a licence from RBI to operate a semi-closed digital wallet. It launched the digital wallet under the brand name ‘Spice Mudra’, in September 2015. The company also said that the wallet would be integrated with Spice’s handsets to enable easier payments for customers.

Spice Digital operates 4 verticals under its Financial Services Umbrella. The 4 verticals are:

01)  Domestic Money Transfer
02)         Spice Mudra
03)         Spice Mudra App
04)         Spice Safar

Read here more about Spice Digital

Spice Digital ‘Enablers’, are one of the five finalists of UPI Hackathon.

Monday, June 27, 2016

RBI imposes penalty on The Industrial Cooperative Bank Ltd., Guwahati

          Reserve Bank of India has imposed a monetary penalty of INR5,00,000/- on The Industrial Co-operative Bank Ltd., Guwahati.

          The Bank is situated in Pan Bazaar, Guwahati.

          Pan Bazaar in Guwahati, is an important part of the city centre on the southern bank of the river Brahmaputra.

The District Court (Kamrup) is major landmark of this area. The area also includes many libraries, major government offices and a shopping district. Restaurants and bookshops in the area provide a unique environment.

It is also a major wholesale market for drugs and pharmaceutical products and a hub for printing and publication. Kachari Ghat, next to the district court is an important local river port.

Place of interest: -- Pan Bazaar is known as one of the cultural and educational hotspots of Gauhati. Area is house for many historic buildings like of Kamarupa Anusandhan Samiti, Assam State Museum and District Library. The Nehru Park and Sukreshwar Temple are other major tourist magnets of this area.

          Pan Bazaar has plenty of restaurants serving mouth-watering cuisine.

          The monetary penalty was for violation of the provisions of para 4 (i) of circular dated September 18, 2002 on Guidelines on Know Your Customers Norms and Cash Transactions read with para 1.7 of the Annex to circular dated September 21, 1993 and para 6 of circular dated March 21, 2006 on ‘Prevention of Money Laundering Act, 2002-Obligation of Banks in terms of rules notified thereunder-UCBs’.

Sunday, June 26, 2016

Electronic Transactions @ Rio Olympics 2016

          The preparations for Rio Olympics 2016 are in the last stage. Last minute fine-tuning is being done for a memorable experience for all the Participants.

          Participants at Rio Olympics 2016 are Athletes, Sports Officials, Support Staff, Volunteers, Spectator Guides, Tourists etc.

          The Games open on 5th August 2016 and go on till 21st 2016.

          The games are spread over 37 venues, with 206 participating countries in 42 Sports Disciplines further divided into 306 events.

          Rio de Janeiro has 32 venues, plus five football co-host cities: Belo Horizonte, Brasília, Manaus, Salvador and São Paulo.

          Millions of financial transactions take place during the run-up to the Games and also during the games.

          The Olympics are the planet’s most prestigious and most viewed games. Countries from diverse cultures participate in the games.

          The Olympic Games offer wonderful opportunities for promoting Safe ePayment techniques.  Innovative payment technologies too can be rolled out, but on a limited scale. This is to minimise damages if any, due to failure of the innovations.

          VISA is the official Card Sponsor for Olympics since 1986. Visa is the only card accepted at the Rio 2016 Olympic and Paralympic Games venues and for any official Rio 2016 related transaction.

          To help fans attending the Olympic Games, Visa has released a series of recommended travel tips, directing cardholders to:

  • Notify their issuing bank or financial institution of potential travel plans, including the fact that they will be using Visa debit, credit or prepaid cards abroad to avoid any issues while traveling. Issuing banks can also provide information about travel-related benefits for Visa account holders.

  • Register for SMS notification with their specific bank, or bank’s transaction notification service, allowing travellers to track transactions on their Visa accounts.

  • Opt-in for services, such as Mobile Location Confirmation via the issuer’s banking app or Visa’s Travel Authorization Tag.

  • Set up automatic bill pay for their credit cards for peace-of-mind while traveling abroad.

  • Consider paying via a chip-activated terminal with a credit or debit card upgraded with chip technology for enhanced security.

  • Look for the Visa or PLUS logo at point-of-sale to ensure international payment cards are accepted.

Monday, June 13, 2016

RBI imposes penalty on Sri Kalahasti Co-operative Town Bank Ltd., SriKalahasti, Andhra Pradesh

 Reserve Bank of India has imposed a monetary penalty of INR1,00,000/- on Sri Kalahasti Co-operative Town Bank Ltd.,

Sri Kalahasti Co-operative Town Bank Ltd., is located at North Mada Street, SriKalahasti, Andhra Pradesh

The monetary penalty was for violation of Section 20 and Section 20 A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) and directives/guidelines of the Reserve Bank on loans and advances to directors and their relatives.

The town of SriKalahasti is famous for one of the most famous Shiva temples in South India

SriKalahasti temple is the only temple which remains open during Grahanam (Solar and Lunar Eclipse) also.

The temple is located on the banks of the river Swarnamukhi, it is 36 km away from Tirupathi in Chittoor district of Andhra Pradhesh.

Another famous temple in SriKalahasti is the Bhakta Kannappa Temple

It is also the origin of the popular textile painting art called kalamkari.

Srikalahasti is popularly known as "Dakshina Kaashi".

Nearby tourist places near Srikalahasti

Sunday, June 12, 2016

RBI imposes penalty on Agroha Co-operative Urban Bank Ltd., Hyderabad, Telangana

          A monetary penalty of INR1,00,000\- has been imposed by Reserve Bank of India on Agroha Co-operative Urban Bank Ltd., Hyderabad, Telangana.

          The monetary penalty has been imposed for violation of directives/guidelines of the Reserve Bank on loans and advances to directors and their relatives.  
          Agroha Co-operative Urban Bank Ltd. is located at: 21-2-750, Patel Market, Reqab Gunj, Reqab Gunj, Hyderabad, Telangana 500002.

          The local menaing of Gunj in Hyderabad is MARKET. There are a number of localties with suffix as ‘GunJ’, in Hyderabad.

Examples are : - Afzal gunj,Rani Gunj ,maharaj gunj,Shahinayat Ganj,Misri-Gunj,RIKAB GUNJ, Osmangunj,Shamsher Gunj,Mehboob Ganj,SHAH GUNJ,MUKHTYAR GUNJ,Kishan Ganj,Shamsha Ganj,Darya Ganj,