Thursday, December 30, 2010

ING Fortuna - 3 in 1 Account

ING Fortuna – Close on the heels of a Kids Saving Bank product by ING Vysya Bank, another product viz ING Fortuna too has been launched by the bank.

ING Fortuna is a 3-in-1 account which integrates a Saving Bank, Demat and Trading Account.

The Press Release can be accessed @

 The highlights of the Product are: -

01) The Product is a tie up between ING Vysya Bank and Angel Broking Ltd.

02) The three accounts can be managed with a single online Login.

03) Bank customers have the choice across Online Trading, Mobile Trading and also dealing facility through the phone

04) The customer can opt of one or more of the following segments: Equities, Futures & Options, Exchange Traded Currency Derivatives and Commodities, on a single platform.

05) The platform also allows access to multiple exchanges, namely BSE, NSE, NCDX, MCX, and MCX-SX.

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Friday, December 24, 2010

Off Beat - Bharat Ratna to Sachin Tendulkar – Is it the right time?

Off Beat - Bharat Ratna to Sachin Tendulkar – Is it the right time?

Since the last few years, there have various voices to honor Sachin Tendulkar with Bharat Ratna.

Since the last couple of weeks, his peers in Sporting World too have joined the chorus.

As Sachin is at the peak of his career, it will be in the fitness of things, to honor Sachin with Bharat Ratna

Yes, there will be voices that there are other model heroes better than Sachin Tendulkar. But such voices will always be for every occasion

5 motivation’s as to why Sachin Tendulkar should be honored with Bharat Ratna now.

01) He is young.
02) He has reached the pinnacle amongst Sports Persons.
03)He is humble.
04)His peers whole-heartedly agree.
05)He is a model Role Model.

Our country needs young heroes as role models to look up to for inspiration.

The Padma Vibhushan - the second highest civilian award in the Republic of India, has already been received by him in 2008

The next highest award after Padma Vibhushan is the Bharat Ratna only. Nothing comes in between.

Without doubt, Sachin will be honored with Bharat Ratna, let it be early instead of at a later date.

The complete list of Bharat Ratna Recipients can be viewed @

It can be noticed that not a single sportsperson has been honoured with Bharat Ratna. All the recipients have been honored in their late age i.e 70 +
Let the Tradition be breaking by

A)   Awarding Bharat Ratna to a Sports Person
B)   Awarding to a Young Citizen.

Join the Chorous @ FaceBook @


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Thursday, December 16, 2010

Indian Bank Holidays 2011 – Kerala

Indian Bank Holidays 2011 – Kerala

Each state has some local festivals, for which Holidays are declared in that particular state. In Kerala, such local festivals are
Festival                                                Day                                                      Date - 2011
Vishu                                       Friday                                                  15/04/20111
First Onam                              Thursday                                             08/09/2011
Thiru Onam                             Friday                                                  09/09/2011
Shri Narayana Guri Samadhi Day       Wednesday                             21/09/2011

A brief description of the above special Kerala Holidays:
When almost all the festivals are connected in some way or other with religion, Vishu has nothing to do with it, though it is observed with religious solemnity.
 As symbol of the unostentatious Malayali, Vishu is free from the usual pomp and show and merry-making associated with other festivities.
The first day for Medam is the unchangeable day of Vishu, whereas other festivals are determined according to the lunar asterisms on which they fall.
Vishu  can said to be the New Year Day in Kerala
First Onam : - 1st day - Atham
Thiru Onam : 10th Day
Onam falls, on the 12th day of the waxing moon in the Hindu month of Bhadon (around August September) once the golden yellow rice fields have been harvested at that time of the year.
There is no specific god associated with Onam. Neither is any special puja (a ritualistic prayer ceremony) performed. First day, Atham and tenth day, Thiruonam are most important of all.

Shri Narayana Guri Samadhi Day:­
Sree Narayana Guru Samadhi marks the death ceremony of the Sree Narayana Guru, saint, prophet and social reformer from Kerala. The great Guru attained Samadhi on September 20, 1928. Thus the ceremony is organized to remind world that spiritually he lives forever in the minds of millions of his followers across the globe, though physically Guru disappeared. It is celebrated on the 5th day of Malayalam month kanni.

Which will be the first Indian Bank on Facebook?

Which will be the first Indian Bank on Facebook?

Like it or Dislike it, more and more companies are having an official presence on FaceBook.

If there is no official presence, internet users may create unofficial Groups, which may not articulate the official brand image or views.
Realizing this, Indian Companies too have started to have official presence on Facebook.

As this is a very new medium for corporate’s, the learning’s will evolve over the next couple of years.

A Google search does not reveal any Indian Banks official presence on Facebook. A couple of Banks have presence as Groups, but they are unofficial.

So wondering, which Indian Bank will be the first to explore the vagaries of Facebook presence?

I would not like to guess, but readers can guess and leave their comments here.

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Wednesday, December 15, 2010

Pallavan Grama Bank's novel initiative - ATM Cards for its customers.

Apart from Public Sector Bank Branches /Private Sector Bank Branches dotting the country’s rural landscape, RRB Branches can to be seen.

RRB stands for Regional Rural Banks. RRB’s were born on 02/10/1975.

RRB’s were set up the specific mandate to serve the rural population. As the PSB’s/Pvt.Sector Banks went on a transformation to attract new customers into their fold via CBS, ATM/Debit Cards, Mobile Banking, RTGS/NEFT, RRB’s felt the pinch.

The Sponsor Banks took upon themselves to transform their RRB’s. Towards this end, they understand that the RRB customers should also be provided the same facilities as available to their customers.

And, Pallavan Grama Bank has introduced ATM cards for its customers making it the first Regional Rural Bank to provide this facility.

Pallavan Bank customers can withdraw a maximum of Rs 25,000 a day from any of the 1,092 Indian Bank ATMs in the country.

The ATM card facility was launched at its Head Office in Salem today.

Pallavan Bank is sponsored by Indian Bank and hence the bank has come out with an Indian Bank co-branded Pallavan Bank ATM cards.

Pallavan Grama Bank is the first of the 82 RRBs in the country to introduce a co-branded ATM card.

The Bank is an Indian Bank sponsored RRB with 93 branches in 15 districts of Tamil Nadu. The bank is functioning under 100 per cent core banking solution

Next in line for Pallavan Grama Bank customers are NEFT facility, Net banking facility and mobile banking facility in the near future.

I am sure within the next couple of years, the remaning 81 RRB’s will offer the full gamut of alternate banking channels viz: ATM/Debit Cards/Mobile Banking/NEFT/RTGS

What are RRB’s

Regional Rural Banks were established under the provisions of an Ordinance promulgated on the 26th September 1975 and the RRB Act, 1976 with an objective to
ensure sufficient institutional credit for agriculture and other rural sectors.

The RRBs  mobilize financial resources from rural / semi-urban areas and grant loans and
advances mostly to small and marginal farmers, agricultural labourers and rural artisans.

The area of operation of RRBs is limited to the area as notified by GoI covering one or more districts in the State.

RRBs are jointly owned by GoI, the concerned State Government and Sponsor Banks (27 scheduled commercial banks and one State Cooperative Bank); the issued capital of a RRB is shared by the owners in the proportion of 50%, 15% and 35% respectively.


Initially, five RRBs were set up on October 2, 1975 which were sponsored by Syndicate Bank, State Bank of India, Punjab National Bank, United Commercial Bank and United Bank of India. The total authorised capital was fixed at Rs. 1 crore which has since been raised to Rs. 5 Crore.

To ensure the financial stability of the RRB’s, several concessions are extended to them by RBI.

There are several concessions enjoyed by the RRBs by Reserve Bank of India such as lower interest rates and refinancing facilities from NABARD like lower cash ratio, lower statutory liquidity ratio, lower rate of interest on loans taken from sponsoring banks, managerial and staff assistance from the sponsoring bank and reimbursement of the expenses on staff training.

The RRBs are under the control of NABARD. NABARD has the responsibility of laying down the policies for the RRBs, to oversee their operations, provide refinance facilities, to monitor their performance and to attend their problems.

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Tuesday, December 14, 2010

Urban co-operative banks to adopt Core Banking Solutions

Urban co-operative banks to adopt Core Banking Solutions

The next innovation in the Indian Banking Sector is the adoption of Core Banking Solutions by the Co-operative Banks. As a first step, Urban Co-operative Banks, have decided to adopt CBS and Shri Sharad Pawar, Union Agriculture Bank, would formally launch the same on 25th December, 2010, at “Coop Core 2010”

Coop Care 2010 is a two day exhibition cum seminar being held in Ahmedabad, Gujarat on 25th and 26th December.
The lead has been taken by National Federation of Urban Co-operative Banks & Credit Societies Ltd (NUCBCS) and Gujarat Urban Co-Operative Banks Federation (GUCBF), to enable the Co-operative Bank customers to experience the splendor of CBS.

As per Mr. K. Patil, President, NAFCUB. “There are total 1,674 Urban Co-Operative Banks in with 7,000 branches and 6 crore account holders. Of the total Urban Co-Operative Banks, only 8-9 has implemented CBS so far despite the fact that CBS concept has been introduced years ago,”.

NAFCUB has bargained with 3-4 Software Companies for a reasonable price, and left the final choice to the UCB’s.

This way, there is a win-win situation for both the Software companies as well the UCB’s.

The major benefits of UCB CBS drive will be the reduction of time-lag in Collection of Cheques.

Under Speed Clearing, the turnover time for Collection of cheques of Public Sector Banks/Private Sector Banks has come down significantly. Delays were experienced with relation to Cheques of UCB’s. However, with UCB’s too moving over to CBS, the time lag will lessen noticeably.

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Saturday, December 11, 2010

Braille-enabled ATMs from HDFC Bank

Braille-enabled ATMs from HDFC Bank

Background: Reserve Bank of India, DBOD, vide its Notification No. RBI/2008-09/431/DBOD.No.Leg.BC.123 /09.07.005/2008-09 dt.April 13, 2009, addressed to All Scheduled Commercial Banks (Excluding RRBs), advised that Banks make to ensure that at least one third of new ATMs installed are talking ATMs with Braille keypads and place them strategically in consultation with other banks to ensure that at least one talking ATM with Braille keypad is generally available in each locality.

Towards this end, Banks have kicked-off the process to adhere to the RBI guidelines and also to move routine transactions from Counters to alternate delivery channels.

On 10/12/2010, HDFC announced that it is upgrading its 4,000+ ATM’s to provide improved accessibility for the visually challenged. 

And, HDFC has partnered with Diebold to for the same.

HDFC is upgrading all its 4000+ ATM’s though RBI guidelines specify a third of new ATM’s be Disable friendly.

This is a very customer friendly step from HDFC, and would attract new customers into its fold.

Though most of the routine banking activities can be accessed through alternate banking channels, customers need to visit Branches/ATM’s for Cash withdrawal.

Braille Meaning and Definition from WordNet (r) 2.0
Braille n
1.      French educator who lost his sight at the age of three and who invented a system of writing and printing for sightless people (1809-152) [syn: Louis Braille]
2.      a point system of writing in which patterns of raised dots represent letters and numerals v : transcribe in Braille

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Tuesday, December 7, 2010

ING Zing – Has your child got one?

ING Zing – Has your child got one?

ING Vysya Bank has entered the Kid’s radar by the launch on a new Savings Account Product designed for kids.

Zing is the Product Name chosen by ING Vysya Bank for the new Kid’s Saving Bank Product.

Zing rhymes well with ING, and as the Product is attractively packaged, Kids will be attracted to it.

The press release by ING Vysya Bank can be accessed @

The highlights are
Target Audience: 7-13 years old

The other friendly product features are:
· The funding to the account happens through a mandatory standing instruction from a
parent’s account to the child’s account.

· The Zing Debit card provides the ability for parents to fix monthly limits on ATM withdrawals
and also for shopping at POS (Merchant Establishments).

· Three options of spend limits are provided for in the product:

Option I ATM Limit Rs.500/-  POS Limit Rs.1000/-

Option II ATM Limit Rs.1500/- POS Limit Rs.2500/-

Option III ATM Limit Rs.3000/- POS Limit Rs.5000/-

·        The Quarterly Average Balance (QAB) prescribed for the account is Rs.2500/-
· The account also provides for taking Life Insurance cover for the child and also Systematic Investment Plans

ING Vysya Bank simultaneously revamped the kids portal, to enable the kids to explore the world of Banking.

The best part to me in this product is the Limits on ATM Withdrawals and at POS counters.
In fact, this option can be extended to other Saving Bank’s accounts too. More on this in the next post.

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