Thursday, April 23, 2015

SBI Loan against Shares – On Tap, Online

          The Indian stock market is on a roll and the investors through ‘Loans against Shares’, facility can invest more in the share markets.

          To reduce the processing time in availing the Loans against Shares and to increase the asset base, State Bank of India is offering the ‘Loans against Shares’, through its Online Portal.

          The process is simple and the navigation screens are easy to navigate.

          The highlights of this scheme is as under:

Maximum Loan : INR 20 lacs
Loan Purpose: a) meet contingencies, b) personal needs c)  subscribing to rights d)  new issue of shares.
Remember Loan will not be sanctioned for (i) speculative purposes {ii) inter-corporate investments or (iii) acquiring controlling interest in company / companies

Eligibility: This facility is available to existing individual customers enjoying a past satisfactory relationship with SBI and maintaining their DEMAT Account with SBI Cap Sec.
It is offered as an Overdraft or Demand Loan.
Loan can only be availed in single name.
Repayment Schedule: To be liquidated in maximum period of 30 months through a suitable reducing DP programme.
Margin: - Margin amount of 50% of the prevailing market prices of the shares being offered as security.
Security: Pledge of the demat shares against which overdraft is granted.
Fees: Processing Fees - Nil
Interest Rates:- 650 bps above Base Rate i.e., 16.50% p.a. currently

Simple guidelines to fill on the Application form::

01)  Ensure that  you should have SB/CA Account with SBI which is  atleast six months old.

02) Ensure that your account is  KYC compliant.

03) Please note that standard charges for Non-Home Transactions will be applicable as per Bank's extant instructions.

04) Please note to key in the same address as updated in your Bank Account. In case the there is a change in the address, kindly update the same at your Branch before proceeding with the form.

05) Give only an active mail id.

06) One the application form is filled, download it, sign, scan along with Pledge Request Form (PRF) and mail to

07) The hard copy of the signed Application Form, Pledge Request Form along with Income Proof as mentioned in Application Form to be couriered to the below mentioned address-- State Bank of India,Shivsagar Estate Branch,Devchand Building,Dr. Annie Besant Road,Worli,Mumbai 400018.Branch Code 18225.      
08) Please ensure to put in the date on the Pledge Request Form before submitting the same.

09) The customer to ensure that the quantity of shares mentioned in the PRF is available in his / her Demat Account. If there is any discrepancy the application will be rejected.

10)  Stamp Duty at the rate of 0.2% of the Loan Amount + Rs 100 will be recovered from the customer at the time of Loan Disbursement.

So go ahead now, and enjoy the Power of Digital Banking


Tuesday, April 21, 2015

Axis Bank Suvidhaa Prepaid card-Use it to experience it

          Axis Bank in partnership with Suvidhaa Infoserve (Suvidhaa) and Mastercard launched the Axis Bank Suvidhaa Prepaid card

          Highlights of Axis Bank Suvidhaa Prepaid card
01)  Available only for Aadhaar Number Holders
02) Instant card issuance through Aadhaar eKYC verification
03) The card can be used at any Bank ATM/POS/ePOS.
04) Maximum f INR 50,000/- can be stored on the card.
05)  The card issuance cost is INR100/-
06) The charges per transaction range from 1-2 per cent of the amount being transacted.

Clarity with respect to the following is expected in the coming weeks:
a)     Reporting of lost cards
b)    Pin change process
c)     Hot listing process
d)    Leftover balance in the card
e)    Zero lost card liability

Good to have features:-
01)  Electronic inward fund transfer especially scholarships etc
02) Statement of transactions
03)  No additional document required if card holder desires to open normal bank account

ICICI Bank Unifare Card expands its horizons-5 Additional features required

          Delhi metro commuters already enjoy the charm of ICICI Bank Unifare Card. The ICICI Bank Unifare Card is available in both credit and debit card versions.
          Commuters as per their preference can choose the credit card or the debit card.
          The credit card comes with a preloaded amount of INR100 to enable the metro commuters to use their card from Day 1.
Otherwise the Delhi Metro Transit chip in the ICICI Bank Unifare Credit Card will be automatically recharged with Rs.200, when the balance on the chip drops below Rs.100. Of course, this top up amount will be debited to your ICICI Bank Unifare Credit Card and will reflect in the monthly statement.

The debit card has similar top up facility through debit to the linked savings bank account.

A similar facility has been launched for Bangalore commuters too. Bangalore Metro Commuters too have the choice of debit card or credit card variants.

5 Additional Features required:-

01)  Delhi Unifare card to be valid in Bangalore Metro too.
02) Bangalore Unifare card to be valid in Delhi too.
03) Bonus loyalty points for students, senior citizens.
04) Express entrance gates for Unifare Card Holders.
05) Default issuance of Unifare Card in Metro catchment branches


Monday, April 20, 2015

UCO Bank Rewardz – Swipe Smart,Reap Rewards

          UCO Bank and the Rewardz Platform have joined hands to offer loyalty points to UCO Bank customers.

          The tagline of this campaign is ‘Borrow or spend, Earn in the end’.

          UCO Rewardz can be accumulated through

a)      Online shopping -  (Excluding income tax payments & Intra or Inter Bank transfers)
b)      Pos/ePOS transactions
c)       ATM withdrawals
d)      Net Banking
e)      Setting auto-debit for auto loans

The FAQ of UCO Rewardz can be accessed here.

The value of each is point is 25 paise. Of course you cannot withdraw physical coins from the Rewardz account.

Founded in 1943, UCO Bank is a commercial bank and a Government of India undertaking.

The accrued points will have to be redeemed within 36 months of accrual otherwise the ame will get expired.

     5 Usage tips:-
01)  Register immediately.
02) On completion of the respective transaction, check your rewardz balance once in a week.
03) Encourage your friends too to transact.
04)  Redeem your points once you reach redemption levels.
05) Keep enjoying

Tuesday, April 14, 2015

Cashless Payments for Simhastha Kumbh Mela - Nashik-Trimbakeshwar 2015. Who will bell the cat?

          The most awaited event in India in the next 6 months amongst is the Simhastha Kumbh Mela - Nashik-Trimbakeshwar 2015

          Preparations for this mega event started few years ago.

          This is expected to the biggest gathering of mankind in a pop-up city. Lakhs of people will gather to soak in the ambience of Simhastha Kumbh Mela - Nashik-Trimbakeshwar 2015.

          The last KM was held in Allahabad in 2013 and also made it to Harvard Case Study.

          To make a major difference to the pilgrims visiting Simhastha Kumbh Mela - Nashik-Trimbakeshwar 2015, a group of Nashikites led by MIT Media Lab are working at multiple levels.

          The organisation created for this purpose is KF27 (Kumbha Foundation 2027).

          The organisation has organised four innovation camps so far:-

  1. KumbhaThon 1, Jan 2014
  2. KumbhaThon 2, July 2014
  3. KumbhaThon 3, Aug 2014
  4. KumbhaThon 4, Jan 2015
Brief introduction of Kumbha Team

The focus area of  Kumbha.Org now is areas in health, transportation, payments, food, civic issues, housing and so on.

Please refer ProblemA2 of this document for the “cashless concept”

Benefits of ‘Cashless payments’ in Simhastha Kumbh Mela - Nashik-Trimbakeshwar 2015

a)    Small value cash transactions can be digitised
b)    Minimise the friction between pilgrims and service providers over coins issues.
c)    Introduce ‘Cashless payments’ to a large numbers of countrymen at the same time.
d)    Introduce Safe eTransactions culture to visitors.
e)    Advance the idea of ‘Digital India’.
f)    Enable Electronic Payment companies to experiment with new concepts.

The heart of any cashless payment is net connectivity as the transactions between the seller and the buyer should be real-time.

Challenges in ‘Cashless payments’ @ Simhastha Kumbh Mela - Nashik-Trimbakeshwar 2015

01) Net connectivity. There should be real time communication between the seller/buyer/payment integrator.

02)                  The Payment Integrator will be facing both the sellers and buyers and not the net connectivity providers i.e telcos. Communication failures will be directly attributed to PI and not to telcos.

03)                  The Simhastha Kumbh Mela - Nashik-Trimbakeshwar 2015 will coincide with the rainy seasons in Nasik, which would put pressure on net connectivity.

04)                  Physical cash movement. Buyers still will use physical cash to top up the Electronic Wallets. The sellers will still need physical cash to buy inventory. 

05)                  The sellers would not be willing to transact electronically for fear of revealing their actual turnover to government authorities/peers/family.

06)                  The average ticket size of the transaction would range from INR10/- to INR200/-. However the volumes would be heavy which can compensate for the low value transactions.

07)                  Food Langars will not encourage sale of food items.

08)               The main merchandise for sale will be flowers, pooja items, toys for children, mobile top-ups, clothes etc.

09)                  Apart from physical items on sale, professionals will offer their services too for sale. The services offered will be Special Poojas, astrological advices, donations to Godmen etc. It would be a major challenge to motivate these 
professionals to accept their fees in electronic mode instead of physical cash.

10) The complete electronic transaction between the buyer and the seller should 
be over in 15 seconds. Any delay beyond 15 seconds will lead to the transaction being abandoned and also discouraging other similar transactions.