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 sbi.18225@sbi.co.in

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.

Sunday, April 12, 2015

State Bank of India unveils a new safe way to transfer money


          One of the most painful steps in digital banking is the registration process for creation of a new beneficiary.

          Almost all banks have a cooling period before funds can be transferred to a new beneficiary.

          Though from a security angle, registration of beneficiary is very much necessary.

          To overcome this obstacle, State Bank of India recently launched a new safe tool on their APP ‘State Bank Anywhere’.

          This new safe funds transfer tool is based on QR Codes.

          Yes, you have read it correctly QR Codes.

          The process is simple. The SBI App ‘State Bank Anywhere’, is mandatory.

          Through this APP, Quick Transfer using QR Code to Beneficiaries without registration is possible.

          The QR Code is a combination of Beneficiary Name, Beneficiary Account Number and Beneficiary IFS Code.

          The wonderful part of the this QR code generation is that it can be created by any beneficiary i.e a SBI account holder or non-SBI account holder.

          Brief process flow is as under:-

  • The QR Code generation is available both at the pre-login and post-login State Bank Anywhere application.

  • The QR code is  generated by entering details (Name, A/c Number, IFS Code etc.).

  • 'State Bank Anywhere' creates the QR code.

  • The beneficiary has two options i.e either shows the QR code on his/her device to the remitter (a State Bank Anywhere user) or transmit the QR code to the remitter (a State Bank Anywhere user)

  • The remitter logs into State Bank Anywhere application and Scans the QR code on the beneficiary mobile device using his/her smart phone camera Or reads the QR code received through email, image gallery.

  • The application decodes the QR code and auto populates the beneficiary values and provides information like Name, A/c No, IFSC, amount etc.

  • The remitter enters the “Amount” and “Remarks” and proceeds for payment. No prior registration of the beneficiary is required!

Now all that is required is to popularise this option at the SBI Tech Centres. 

Friday, April 10, 2015

RBI imposes penalty on Vananchal Gramin Bank for violation of Branch Licensing Guidelines

               Vananchal Gramin Bank is a Regional Rural Bank. The bank was established on 30 June, 2006 with the amalgamation of the erstwhile Santhal Parganas Gramin Bank and erstwhile Palamau Kshetriya Gramin Bank under the provisions of RRB Act 1976

          VGB is sponsored by State Bank of India & Owned by Govt. of India, Govt. of Jharkhand and State Bank of India . The shareholders of the Bank are Govt. of India (50%), State Bank of India (35%) and Govt. of Jharkhand (15 %). The Bank operates in  9 districts of Jharkhand State with its Head Office at Dumka (sub-capital of Jharkhand State ) through 190 + branches.

Today Reserve Bank of India vide Press Release dt.10/04/2015 informed that it has imposed a penalty of INR 50,000/- (Rupees Fifty Thousand only) on Vananchal Gramin Bank, Dumka, Jharkhand.

The penalty has been necessitated for violation of Branch Licensing Guidelines.

Dumka is one of the oldest districts of Jharkhand state under Santhal Pargana. This homeland of tribal is full of stunning landscapes, majestic mountains, verdant valleys and serpentine rivers. Detials about various tourism spots in Dumka can be read here.




Sunday, April 5, 2015

Warm welcome to 12 crores Bank Customers


          This Press Release announces the addition of 12 crores bank customers to the digital banking channel.

          12 crores bank customers with accounts in 19,000+ branches of 56 Regional Rural Banks (RRBs) can experience of the joy of Safe eTransactions through their RuPay cards.

          The need to withdraw physical cash from their bank accounts and use the same for shopping has been eliminated with their RRB Bank being part of the NPCI RuPay network.

          At the same time, the bank customers can also opt for digital payments through the NACH Debit channel.  At present all the RRBs have been enabled for NACH Credit. A few RRBs are on NACH Debit too. In the near future all the RRBs will be live on NACH Debit too.

          A brief history of RRBs can be read here.
          NACH Debit details are explained in this presentation.
Benefits to RRBs
1)     Migration of customers from RRBs to other public/private sector banks reduced.
2)    Increase in average balance in the saving bank accounts.
3)    Readymade pool to extend other ancillary services

Advantage to customers
a)     No need to maintain multiple bank accounts.
b)    Personal touch banking can still continue, as the RRB customers can continue to visit their base branches for routine banking activities.

Gains to businesses
01)  Launch tailor made products for RRB customers.



List of RRB Banks
Sr.No
Bank Code
BANK NAME
Type
1
AGVX
ASSAM GRAMIN VIKASH BANK
RRB
2
APGB
ANDHRA PRAGATHI GRAMEENA BANK
RRB
3
APGX
ANDHRA PRADESH GRAMEENA VIKAS BANK
RRB
4
APRX
ARUNACHAL PRADESH RURAL BANK
RRB
5
ARYX
GRAMIN BANK OF ARYAVART
RRB
6
AUGX
ALLAHABAD UP GRAMIN BANK
RRB
7
BGBX
BIHAR GRAMIN BANK
RRB
8
BGGX
BARODA GUJARAT GRAMIN BANK
RRB
9
BGVX
BANGIYA GRAMIN VIKASH BANK
RRB
10
BRGX
BARODA RAJASTHAN KSHETRIYA GRAMIN BANK
RRB
11
BUGX
BARODA UTTAR PRADESH GRAMIN BANK
RRB
12
CGBX
CHHATTISGARH GRAMIN BANK
RRB
13
CGGX
CHAITANYA GODAVARI GRAMEENA BANK
RRB
14
CMPX
CENTRAL MADHYA PRADESH GRAMIN BANK
RRB
15
DEGX
DENA GUJARAT GRAMIN BANK
RRB
16
DGBX
TELANGANA GRAMEENA BANK
RRB
17
EDBX
ELLAQUAI DEHATI BANK
RRB
18
HGBX
SARVA HARYANA GRAMIN BANK
RRB
19
HMBX
HIMACHAL GRAMIN BANK
RRB
20
JGBX
JHARKAND GRAMIN BANK
RRB
21
KGBX
KAVERI GRAMEENA BANK
RRB
22
KGSX
KASHI GOMTI SAMYUT GRAMIN BANK
RRB
23
KLGB
KERALA GRAMIN BANK
RRB
24
KVGB
KARNATAKA VIKAS GRAMEENA BANK
RRB
25
LDRX
LANGPI DEHANGI RURAL BANK
RRB
26
MADX
MADHYANCHAL GRAMIN BANK
RRB
27
MBGX
MADYA BIHAR GRAMIN BANK
RRB
28
MDGX
RAJASTHAN MARUDHARA GRAMIN BANK
RRB
29
MERX
MEGHALAYA RURAL BANK
RRB
30
MGBX
MAHARASHTRA GRAMIN BANK
RRB
31
MGRB
MALWA GRAMIN BANK
RRB
32
MRBX
MANIPUR RURAL BANK
RRB
33
MZRX
MIZORAM RURAL BANK
RRB
34
NJGX
NARMADA JHABUA GRAMIN BANK
RRB
35
ODGB
ODISHA GRAMYA BANK
RRB
36
PABX
PALLAVAN GRAMA BANK
RRB
37
PASX
PASCHIM BANGA GRAMIN BANK
RRB
38
PBGX
PUDUVAI BHARATHIAR GRAMA BANK
RRB
39
PDNX
PANDYAN GRAMA BANK
RRB
40
PGBX
PRAGATHI KRISHNA GRAMIN BANK
RRB
41
PRTH
PRATHAMA BANK
RRB
42
PUGX
PUNJAB GRAMIN BANK
RRB
43
PURX
PURVANCHAL GRAMIN BANK
RRB
44
SAGX
SAURASHTRA GRAMIN BANK
RRB
45
SJGX
SUTLEJ GRAMIN BANK
RRB
46
SPBX
SAPTAGIRI GRAMEENA BANK
RRB
47
SUBX
SARVA UP GRAMIN BANK
RRB
48
TGBX
TRIPURA GRAMIN BANK
RRB
49
UBGX
UTTAR BIHAR GRAMIN BANK
RRB
50
UGBX
UTKAL GRAMEEN BANK
RRB
51
UKGX
UTTARBANGA KSHETRIYA GRAMIN BANK
RRB
52
UTGX
UTTARAKHAND GRAMIN BANK
RRB
53
VGBX
VANANCHAL GRAMIN BANK
RRB
54
WKGX
VIDHARBHA KOKAN GRAMIN BANK
RRB
55
XJKG
J&K GRAMEEN BANK ACH
RRB