Friday, July 30, 2010

CentFast2India – Bank Neutral Funds transfer channel

CentFast2India – Bank Neutral Funds transfer channel

Central Bank of India, has launched a new product - CentFast2India
The FAQ’s are @
Centfast2India is a channel for remitting funds online from the United States to India.
The highlights are :
01)  Customer can transfer from any US Bank Account to any Bank Account in India.
02)  Once the initial registration is over, Central Bank of India, remits 2 sub-dollar transactions to the Remitter’s Bank Account.
03)  Once the Remitter conforms the receipt of the 2 sub-dollar transactions in his Bank Account, the CentFast2India service is activated for the Remitter.
04)  The test transactions are a security procedure to validate the ownership of the Remitting Account.
05)  The funds can be transferred via
a)      Electronic Deposit – to most banks in India, - the NEFT Platform is used here
b)      Direct Deposit – Direct Deposit to any Central Bank of India Bank Account.
c)       Cheque Issue.
The Charges are:
The service fee for each transfer is dependent on the payment method you choose.  
Electronic Deposit:
$ 8.00

$ 8.00

Direct Deposit:
$ 8.00

The FAQ’s on the Bank site are simple and comprehensive.
As the above channel, is Bank Independent, both in U.S.A. and India, Central Bank of India, will be able to attract a large number of customers.

Wednesday, July 28, 2010

Dhanlaxmi Bank Credit Cards - A new Billing Option

Dhanlaxmi Bank has recently launched its Credit Cards.

It has introduced for the first time in India a new Billing Option i.e Pay by Transaction.

The complete details and the mechanism of  the same are explained @

As this is new concept in India, this will take some time, for all the participants i.e Bank Staff(Operations and Sales), prospective card-holders, existing card holders to be familiar with the nitty-gritty.

But, as this Pay by Transaction is a great differentiator amongst the other Credit Cards in the Indian market, prospective customers will be tempted to try it out.

This differentiator, will enable the Dhanlaxmi Bank Sales Staff to push their Credit Cards

Monday, July 26, 2010

BSNL partners Union Bank of India - Pay BSNL Bills and recharge Mobile Services

BSNL partners Union Bank of India to launch bill payment, mobile recharge services
BSNL the telecom giant has joined hands with Union Bank of India, to enables its customers to pay BSNL Bills and also recharge their Mobile Services.

The Highlights of the Scheme are:- 

1.Bill payment through Mobile:
UBI account holders, after one time registration of BSNL mobile number through mobile, makes payment of BSNL bill using the mobile phone anytime, anywhere. 
2.Mobile Top-up through Mobile :
Common customers of BSNL and UBI top-up their mobile through the registered mobile anytime, anywhere.
The following two features available at ATM’s  are the most attractive

3.Bill Payment at ATM: -
No pre-registration required; customer uses his UBI Debit card & makes payment of BSNL bill, anytime, anywhere through UBI ATM and gets a receipt. 
4.Mobile Top-up through ATM :-
Without any pre-registration, customer uses his UBI Debit card to top-up BSNL Pre-paid Card, anytime, anywhere through UBI ATM and gets a receipt. 
How does the scheme work without any registration?

Ans: The BSNL Bill data will be accessible through the UBI’s Banks ATM Channel.
The customer keys in his BSNL account number, in the UBI ATM, the outstanding bills will be displayed.

Basing on this data, the customer can pay his outstanding bills.  
The subscribers need not visit BSNL counters to pay BSNL bills or top-up their prepaid cards. 
I am sure the non-registration feature, will encourage more and more UBI customers to try out this new facility.

But, I feel in the long run, BSNL will replicate the same features in other Banks too

Saturday, July 24, 2010

State Bank of India – Green Channel.

State Bank of India – Green Channel.

State Bank of India has introduced one more in Indian Banking. It is a combination of Electronic Banking and Branch Banking.

Recent studies have indicated that more and more consumers prefer face-to-face banking rather than faceless banking.

Hence, Banks in India too have started to respond to this new customer’s need.
From 01/07/2010, State Bank of India, at Select Branches has launched the Green Channel Banking.
The details in brief are us under - GREEN CHANNEL COUNTER: -
1) The customer need not fill up any pay-in slips or draw cheques for depositing or withdrawing money from their accounts.

2) Processing time is reduced, as duplication in writing/feeding account details and transaction details by the customer as well as the person behind the counter is avoided by simply capturing these details by swiping the SBI Shopping cum ATM card (State Bank Shopping Card) on a device available at the Single Window Operator's (SWO) counter.

3) At the Green Channel Counter, there is a Point of Sale Machine (POS), on which the customer swipes his card. He is then asked by the machine to select the type of transaction, viz. (0) Cash Deposit, (1) Cash Withdrawal and (2) Funds Transfer.

4) Once the customer selects the type of transaction by entering the option, the message 'Enter the Amount' is displayed.

5) At present the maximum amount is Rs 40,000/-.

6) The customer is asked to confirm the input amount followed by a message "Please Enter the PIN".

7) When the PIN is entered by the customer, the transaction gets transferred to the terminal of SWO who after entering the denomination of the cash to be paid/received, pays/receives cash and the transaction gets completed.

8) The customer will be provided with a machine generated printed receipt with previous balance, amount of transaction and closing balance.

9) Odd amount (in round rupees) transaction is possible.

10) While withdrawing, the customer can have denomination of currency of his / her choice, subject to its availability at the Branch.

11) Fees/charges – FREE –There will be a nominal charge for remittances from Non-home branches as given below:
Up to Rs 20,000 – Free
Above Rs 20,000 up to Rs 40,000 - @ Rs 1.50 per every Rs 1000 and part thereof

Who will be the primary beneficiaries?

SBI is aiming to simplify transactions for the Senior Citizens. This is because the majority of the Pension accounts are with SBI.

Apart from pensioners, this new scheme will aid in attracting new customers too.

This will also encourage customers to draw more and more money through this mode, as they have the choice of denominations too.

The major drawback in ATM withdrawals is that the Denominations was controlled by the ATM, which was affecting the growth of ATM transactions.