Wednesday, July 29, 2015

INR 5 lacs monetary penalty

          RBI imposes Monetary Penalty of INR 5 lacs on M/s Muthoottu Mini Financiers Pvt Ltd.
          The penalty is for violation of various directions/orders issued by Reserve Bank of India from time to time.

An inspection of the company under section 45N of Reserve Bank of India Act, 1934 (the RBI Act, 1934) with reference to its financial position as on March 31, 2013 was conducted during December, 2013.

It was observed that several regulatory violations were committed by the company relating to the : -

After considering the facts of the case and the company’s reply, as also, personal submissions made during the hearing, RBI came to the conclusion that the violations as observed during inspection were of serious nature and were substantiated which warranted imposition of monetary penalty on the company.

Accordingly, a penalty of INR 5 lakh was imposed on the company, by Reserve Bank of India.

Saturday, July 25, 2015

Safe eTransactions @ Ganesh Chaturthi 2015

The Time: September 17-27, 2015.

The Place: Mostly in the states of Maharashtra, Goa, Tamil Nadu, Karnataka and Andhra Pradesh. One of the best places to experience the festival is in the city of Mumbai.

          The present central government led by Shri Narendra Modi is committed to roll-out ‘Digital India’, concept. In layman terms, Digital India means availability of Government Services through the Digital mode.

          Citizens too should be able to communicate with the Government officials through the Digital mode.  The goals are ambitious. The foundation is already in place with the ‘Digital India Week’, showcasing the various components of Digital India.

          To quicken the acceptance of Digital India initiatives, it is necessary that the Digital India tools are familiarized to a large set of population.

          Indian festivals are a great meeting place, where large number of our countrymen meets to celebrate the joys of the respective festivals.

          There are certain specific festivals where big gatherings take place. Such gatherings are a perfect occasion to spread the joy of Safe eTransactions.

          One such opportunity is upcoming GANESH CHATURTH 2015.

This year Ganesh Chaturthi celeberations kick-off on September 17th and will go on till September 27th.

GANESH CHATURTH   is celebrated like a big family festival in Maharashtra and Andhra Pradesh/Telangana.

The main attractions during this festival in the cities of Mumbai, Pune in Maharashtra, Hyderabad in Telangana are the huge idols of Lord Ganesh.

The whole community comes together to celebrate GANESH CHATURTH through Pandals.

Ganesh Chaturthi is celebrated as birth anniversary of Lord Ganesh. On Ganesh Chaturthi, Lord Ganesh is worshipped as the god of wisdom, prosperity and good fortune. It is believed that Lord Ganesh was born during Shukla Paksha of Bhadrapada month. The corresponding months in English calendar are August or Septmeber of every year.

The Ganeshotsav, the festivity of Ganesh Chaturthi, ends after 10 days on Anant Chaturdashi which is also known as Ganesh Visarjan day. On Anant Chaturdashi, devotees immerse idol of Lord Ganesh in water body after a gala street procession.

The spectacular eleven day Ganesh Chaturthi festival honors the birth of the beloved Hindu elephant-headed god, Lord Ganesha. The start of the festival sees huge, elaborately crafted statutes of Ganesha installed in homes and podiums, which have been especially constructed and beautifully decorated. At the end of the festival, the statutes are paraded through the streets, accompanied by much singing and dancing, and then submerged in the nearest Water spots.

9 opportunities for eTransactions @ GANESH CHATURTHI

01) Branding opportunities for eWallet companies at the Ganesh Pandals.

02)         In lieu of money back, part of money back proceeds to be credited to the respective NGO conducting the Ganesh Pandal.

03)         Exclusive tie-ups for online donations.

04)         Exclusive tie-ups for donations at the Pandals, as all Pandals have ‘Donation Boxes’.

05)         Extra reward points for donations through eWallets.

06)         Extra reward points for setting up monthly Standing Instructions through Internet Banking, Mobile Banking Apps, eWallets.

07)         VIP access for devotees routing donations through the Online Mode.

08)         All payments through online mode only. Restrict Cash payouts.  

09)         Extra reward points by Banks to NGOs for minimal cash transactions.

Brief History of Ganesh Pandals in India:

          Shivaji Maharaj (1630-1680) was the pioneer in introducing the Ganesh festival as a public event.

The concept of GANESH CHATURTH as a public festival was introduced by Bhausaheb Laxman Javale in 1892 by installing first Sarvajanik (Public) Ganesh idol.

This idea caught public imagination when in 1893 Nationalist Leader  Shri Lokmanya Tilak praised the concept of Sarvajanik Ganesh Utsav in Kesari Newspaper.

Realising the immense benefits of Ganesh Utsav in India’s fight for Independence, in 1894 Nationalist Leader Lokmany Tilak installed Ganesh idol in Kesari wada, Pune.

Thursday, July 23, 2015

A missed opportunity for ePayments @ Godavari Pushkaralu

          The last few days a sea of humanity has descended on Andhra Pradesh and Telangana along the Godavari Ghats.

          The sea of humanity has only one aim: - Dip in the Holy Godavari River on the occasion of Godavari Pushkaralu.

          The magnitude of the event can be witnessed at 275 ghats spread across the banks of River Godavari in two of India’s youngest states i.e Andhra Pradesh and Telangana.

One Event-275  Godavari Ghats- Four Crore Visitors
@ Telangana - Basar,Dharmapuri, Koti Lingala, Kaleshwaram, Bhadrachalam
@ Andhra Pradesh - Rajahmundry, Kovvur, Narasapuram, Antervedi

          As per urban lore, a dip in River Godavari during the Pushkaram time relieves from all sins. At the same time rituals to departed souls are also performed.

What is Pushkara ?
  • Pushkaram or Pushkaralu (in Telugu), Pushkara or Pushkar is an Indian festival dedicated to worshipping of rivers.
  • Pushkara or Pushkar is a Sanskrit word derived from the element of Push (Pushti) meaning nourishment and Kara means one who does it. 
  • Pushkara is the energy that nourishes.
This year as the sacred places are located in Andhra Pradesh and Telangana, both the State Government have made elaborate arrangements to attract the maximum number of visitors to the sacred places situated in their respective states.

     Both States are determined to turn this as a major branding opportunity. Visitors from India and abroad are both being invited to have a ‘life time’, experience.
     Activities ar
e being planned for the next one year, to maintain the tempo and increase the tourist quotient of the associated towns along River Godavari.

     Pushkaram continues till the time Jupiter progresses to the next Zodiac sign, but the festivities will go on only for 12 days in Andhra Pradesh and Telangana.

The first 12 days (14th July 2015 to 25th July 2015) of Pushkaram is called ‘Aadi Pushkaram’ and last 12 days is called ‘Anthya Pushkaram’.

Unfortunately, no financial institution or other institutions have not thought of ‘ePayments’, as a branding tool.

 The ‘Cash Economy’ still prevails.

Sunday, July 19, 2015

Quickpay – The latest addition to INDUSIND Bank’s long list of Innovations

          As on date, the following are the major Innovations from Indusind Bank. Each innovation has spawned similar products from competitors.

  • ·       Video Branch
  • ·       Super Saver Pack
  • ·       My Account My Number
  • ·       Check on Cheque
  • ·       Denomination Selection
  • ·       Cash-On-Mobile
  • ·       Quick Redeem
  • ·       Direct Connect

          Quickpay is the latest addition to the long list of innovations introduced to Indian banking customers by Indusind.

          Quickpay was launched a couple of days. The funds transfer channel is NPCI’s IMPS. This is the only channel in India which currently supports instant online funds transfers between participating bank accounts.

          The landing page of Quickpay is user-friendly and radiates positive energy. The theme based messages encourage Indusind Bank customers to be part of the happiness of their loved ones.

          The ‘Instacode’, adds an extra layer of protection to the QP transaction.
          The numbers of transactions are expected to zoom with the festival season around the corner.


Friday, July 17, 2015

RBI imposes penalty on Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat)

The Reserve Bank of India has imposed a monetary penalty of INR 5.00 lakh (Rupees five lakh only) on Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat) for violation of Reserve Bank of India’s guidelines/ instructions by allowing cash withdrawal of  INR20.00 lakh after banking hours, without approval of Board of Directors and non-reporting of Suspicious Transaction report (STR) to Financial Intelligence Unit-India (FIU-IND).

Monday, July 13, 2015

Has Safe ePayments Boosted Bahubali Collections? Over 165 Cr(USD 26,000,000/-)

          During the last couple of days, majority of movie-goers all over India flocked to the nearest theatre.  Bahubali-The Beginning was the magnet which attracted the movie-goers.

Baahubali's Blockbuster Beginning: Over 100 Cr(USD 15,770,000.00)  in Opening Weekend

11 Safe ePayments Boosters for these phenomenal collections:

01)  Release in 4000 theatres world-wide.

02) Simultaneous release in Telugu and Tamil and dubbed into Hindi, Malayalam and French languages.  

03) Online Booking enabled the movie-lovers to check the tickets availability from the comfort of their homes.

04) Online booking enabled the movie-lovers to book the tickets at normal rates, instead of purchasing in black at the theatres.

05) Online booking enabled the movie-lovers to simultaneously book back-to-back shows.
06) Online booking enabled the movie-lovers to opt for Group Bookings to view the movie along with their Teams/Family members.

07) Online booking enabled a large number of Senior Citizens (Including MY DAD AND MOM) to comfortably book the movie tickets at a theatre of their choice.

08) Online booking tool enabled the Shri S S Rajmouli to take the decision to release the movie simultaneously in India, U.S.A, Canada and Dubai.

09) Online booking safeguarded the movie-goers from Fake Tickets!!

10)  Online booking saved the time and money of movie-goers as they avoided the physical strain of running from theatre to theatre for the cinema tickets.

11)  Online booking enabled the movie-goers to book to opt for advance booking

Extract from Wikepedia:
Box office
Baahubali: The Beginning grossed around 165 crore (US$26 million) in its first weekend from all versions worldwide.

Baahubali: The Beginning had a huge opening with 100 per cent occupancy in Andhra Pradesh and close to 70 per cent occupancy in Tamil Nadu, Kerala and Karnataka.
It grossed around 50 crore (US$7.9 million) on its first day of release in India from all four versions (Telugu, Tamil, Malayalam and Hindi).
The Hindi version earned around 4.25 crore (US$670,000) nett which was the second highest opening for any film dubbed into Hindi.
The Hindi version grossed around 19.50 crore (US$3.1 million) nett in the first weekend.
The Telugu version alone earned around 65 crore (US$10 million) nett in first weekend in India. The film, from all its versions, earned almost 100 crore (US$16 million) nett in its first weekend. It had the fourth biggest opening weekend ever in India.

The film collected around 20 crore (US$3.2 million) in it's first day from the international markets. In the United States and Canada, it earned US$1.2 million in its opening day from 236 theaters (170 of which were shown in Telugu). The film opened on the ninth spot for its weekend, collecting around US$3.5 million with a per-screen average of $15,148.

Saturday, July 11, 2015

Will Safe ePayments be in Godavari Pushkaralu 2015?

          A large number of Telugu speaking populace from all over the world have will be descending on the banks of River Godavari for a holy dip during Godavari Pushkaralu 2015.

          The initial preparations for this mass congregation begun a year ago. The formation of the new Andhra Pradesh sped the preparation work. As per the initial estimates around 3 crores plus public will take the holy dip in the waters of Godavari, during this 12 days period.

          “Pushkaralu”- the word from Telugu origin means an Indian festival dedicated to worshipping of rivers. It is celebrated across the shrine banks of the 12 most hallowed rivers in the country. These celebrations include ancestral worship, spiritual ventilate and cultural programmes

The Much awaited Godavari Pushkaralu 2015  starts on July 14th 2015. The best Place to visit at Godavari Pushkarams is Dharmapuri, Karimnagar, Kaleshwaram, Basar and Bhadrachalam in Telangana state and Narasapuram, Kovvur and Rajahmundry in Andhra Pradesh.

The Temple Town of Bhadrachalam is expected to witness a congregation of over a crore devotees during the 12-day event, which is slated to commence on July 14, 2015. The Towns of Rajahmundry and Kovvur are expected to witness a congregation of 2 to 3.5 crore people.

The renowned Sri Sitaramachandra Swamy temple in Bhadrachalam will be kept open for nearly 20 hours a day during the 12-day Godavari Pushkaralu scheduled to begin at 6.26 a.m. on July 14.   

All roads lead to Rajahmundry, the 1,000-year-old historical town as well as modern town in Andhra Pradesh, as Godavari pushkaram approaches fast.

The Andhra Pradesh Government is spending more than Rs. 1,000 crores over the pushkaram arrangements on renovating the temples dotted all over East Godavari and West Godavari districts and in making the bathing ghats ready for the grand event.

The South Central Railway (Hyderabad) and the East Coast Railway (Bhubabneswar) are running several special trains during the 12-day period from Hyderabad, Vijayawada and Visakhapatnam to Rajahmundry.

The AP State Road Transport Corporation (APSRTC) is gearing up to ply buses from all over AP and Telangana for the event.

In Nizambad district, talks are on with Maharashtra for release of water. The State government is negotiating with the Government of Maharashtra to release water from its irrigation projects for the bathing ghats at Kandakurthi and around it during the Godavari Pushkaralu beginning July 14 with monsoon playing truant causing low level of water in the river.

          The Demand-Supply theory will be visible in all the towns associated with Godavari Pushkaralu 2015. Devotees will have to pay extra to travel by road, rail or air to reach Rajahmundry, Kovvur and other towns in Godavari districts to take part in the ensuing Godavari Pushkaralu as APSRTC, Railways and private airlines will be hiking fares.

          There was no focus on Safe ePayments techniques at the preparatory meetings. Cash will be the main driver. There will be sprinkling of eWallets/Mobile Wallets. However, Digital transactions are not expected to dominate GP 2015.

          The average time spent by majority of the devotees would be 6-12 hours as majority of devotees would not stay back in the Religious towns, but complete their rituals and head back to their  towns.

Tuesday, July 7, 2015

ICICI Bank-Strategy to reach 100 lacs mobile banking users

          Today’s post is inspired by ICICI Bank’s faith in Indian banking customers to opt for Digital Banking.

Today ICICI Bank unveiled its new version of Mobile Banking christened ‘iMobile’.

The highlight of iMobile is the access to 110+ services.

The bank is pulling out all stops to increase its mobile banking users from the 50 lac mark to the 100 lacs mark. The internal target to reach 100 lacs user base is this year end.

The new features have been introduced after intense customer feedback.
          Top features of the 110 iMobile services:-

Upload Personalised Photo – In order to provide personalised experience, now users can upload photo through this feature which will display on Dashboard.
Hamburger – Grouping of all quick links through Hamburger (left panel) for easy accessibility
Search – Introduced Search feature on Dashboard for easy navigation. Users can search any services available in the app by using this tab from Dashboard.
Favourite Transactions – Users can mark any transactions as Favourites post completing the same. They can use this feature to transact fast in future without entering same details again
Investments & Insurance – Users will be able to view their linked General Insurance and Life Insurance policy and also be able to pay premium through new iMobile.
Offers – Introduced a separate offer zone where users will find all offers at a single place.
Apply Now – Users can apply for various new products by using Apply Now tab

Accounts & Deposits:
Linking of Accounts – Now users will be able to link their various accounts / relationships by using Account Linkage feature.
Passbook – Users will be able to get access to their account statement by using Passbook feature incorporated within the new iMobile.
E-mail Statement with Export to PDF – Now users will get an option to send statement on their e-mail ID as well as export it to PDF.

Funds Transfer:
RTGS - Users can transfer funds through RTGS now.
Pay To Contacts - By using this feature now users can transfer funds to their contacts or any other mobile number just by entering payee's mobile number / e-mail ID.
Cardless Cash - Users can use Cardless Cash services through new iMobile wherein users can transfer funds to Beneficiary, even though Beneficiary does not have any Bank Account.
Schedule Transaction - Now users can schedule their transactions through New iMobile channel.

Bill Payment:
Registration of new biller – Register a biller for bill Payment
Set A Reminder – Providing a feature to Set up a Reminder for any Bill Payment transaction.

Card Blocking – New iMobile provides blocking of debit card / credit card feature to users for handling emergency situation.
iTrack – Users can track their deliverables by using Track Your Deliverables services available in new iMobile.
iLoans – Users can View Loan Summary, Access IT Certificate, EMI Schedule etc. by using new iMobile
Chat – To provide online assistance to our users within the app, we have provided Online Chat services through which users can communicate with our Customer Service Associate

One of the major concerns about users would be the security aspects.
To safeguard account information and transactions, a number of security features have been built into iMobile:

  • Secure Login - Mobile Banking via iMobile app requires secure login for access. No one is able to access your account information without knowing your unique USER ID and Password.

  • Data Encryption - Only limited information such as account numbers, and nicknames of your payees and billers are stored locally on your mobile device. All other account-related data resides at ICICI Bank - just as with Internet Banking. All data placed into local storage on the mobile device is encrypted.

  • No Identifiable Information – SMS texts or alerts from ICICI Bank never include any personally identifiable information, such as customer’s full account number, email address or mobile number.

  • Grid Card Authentication - All financial transactions are accepted after entering the grid values on the reverse of your debit card for a final confirmation.
As a promotional offer, on activation of ICICI Bank Internet Banking or iMobile, bank customers will get a free* watch from Provogue.
Please note that this offer is valid till stock lasts. Offer valid from June 05 to July 31, 2015. Of course, *Rs. 299 shipping and handling charges is payable to Provogue.

Apart from the volumes, ICICI Bank is also aiming to grow the transaction value through the mobile banking channel by up to 500 per cent over last year's Rs 16,000 crore.

Link to the complete list of services and ways to avail them in the iMobile app.
Back on popular demand.

          I am eagerly waiting for the next launch by other private sector banks.

Monday, July 6, 2015

Union Bank of India forays into Branch IMPS Channel

          In the last couple of years, NPCI’s IMPS channel is seeing a surge in the volumes. As IMPS offers ‘Funds Transfer’, 24*7, 365 days a year, it has attracted a large number of bank customers.

          In the initial days, the primary key for IMPS funds transfer was the MMID. As it was difficult to transfer funds through the IMPS mode, NPCI introduced IMPS funds transfer based on beneficiary account number and IFS Code. This new feature boosted IMPS volumes.

          The funds transfer channel was mainly through customer initiated modes i.e Net Banking, Mobile Banking, ATM mode etc.

          IMPS was not designed for the bank branch channel.  As a digital initiative, Union Bank of India, has enabled IMPS funds transfer through its branches too.

Union Bank is the first Bank in the Industry to launch IMPS through branches for its Retail and Corporate customers by integrating IMPS platform in its CBS (Core Banking Solution) which is fully in house.

Under this new facility customers can approach any of Union bank fo India  branch and request for instant fund transfer.

The upper limit has been set at Rs. 2 lacs per day.

There is no difference between Retail and Corporate customers. Union Bank of India is offering this facility for both Retail and Corporate customers. 

Most of the corporate customers need instant remittance of fund. IMPS addresses their need as Account number and IFSC code of beneficiary account is only required for the transaction to go through.

          This means from today, Union Bank of India with a wide network of 4085 Branches and 6877 ATMs will lead the Digital India transformation.  

Sunday, July 5, 2015

RBI imposes penalty on The Banaskantha Mercantile Co-operative Bank Ltd., Palanpur, Dist. Banaskantha (Gujarat)

The Reserve Bank of India has imposed a monetary penalty of 5.00 lakh (Rupees Five Lakh only) on The Banaskantha Mercantile Co-operative Bank Ltd., Palanpur, Dist. Banaskantha (Gujarat).
The monetary penalty is for violations of the directives/guidelines of the Reserve Bank on Know Your Customer (KYC) and Anti Money Laundering (AML).

Palanpur is  in the district of Banaskantha in the western state of Gujarat.  Legend says that the town got its name from the Palansi Chauhans who came and occupied the city in the 14th century.

One of the unique features of Palanpur is  that at one point in time the town was heavily protected by forts on all sides, with entry being possible through one of the seven gates to the city.

These forts and gates are now ruins around the city and are an important tourist attraction.

The Keerti Stumbh, also called the Victory Tower is another important tourist site in Palanpur, apart from the Zorawar Palace and the Balaram Palace which stand as reminders of Palanpur’s princely history.