Sunday, September 27, 2015

Bank of Maharashtra unveils MUDRA Card


          Check out my video @ https://youtu.be/mtJ0r_BzbtY

          The slogan of Bank of Maharashtra is ‘Ek Parivaar Ek Bank’.

          The launch of Mudra Card was one of the main attractions on the occasion of Bank’s 81st Foundation Day celebrations.

          Mudra card issued as a Rupay debit card is hassle free flexible credit product that meets working capital needs of micro and small entrepreneurs.

          The bank was founded by a group of visionaries led by the late V. G. Kale and the late D. K. Sathe and registered as a banking company on 16 September 1935 at Pune.

           Bank of Maharashtra has brought an educative booklet focussed on children entitled BachatKiKahani.

          The booklet through its 16 pages conveys the importance of inculcating saving habits in young adults.

          METCO-Bank of Maharashtra subsidiary specialises in assisting Indians in Will Preparations along with execution of Wills, if necessary.

          Bank of Maharashtra, in association with Mahabank Agriculture Research & Rural Development Foundation (MARDEF) co-launched Soil and Water Health Card for farmers in September 2015.

          Bank of Maharashtra has named its internet banking suite as Mahaconnect. Mahaconnect offers the full range of banking products through Mahaconnect including online payment of Taxes.

          Bank of Maharashtra as Convener of the State Level Bankers’ Committee for Maharashtra State, convened 128thmeeting of SLBC on 04.09.2015 at Mumbai.

          The complete list of CEOs who have guided Bank of Maharashtra over the years is as under.


           

Friday, September 25, 2015

Small Finance Bank – Update on ESAF Microfinance and Investments Private Ltd., Chennai


          Date: 24/09/2015

          Name: ESAF Small Finance Bank

Probable Date of opening: August 2016

Deposits: Accept all kinds of deposits, including NRIs

Loans: Focus on micro and small credit needs of poor women in unbanked areas.

Network:  450 branches, 600 service centres

Human Resources: At present, two-thirds of the firm’s 3,000 staff are women.

          Loan Approach: Cluster approach to lending – to groups of four or five women. Four or five such ‘affinity groups’ were linked together.
Disburse loans in the range of 15,000-50,000 to women engaged mainly in agriculture and fisheries.


          The present customer base of eight lacs and assets of 1,200 crore, will be tapped to scale up the new bank business to 10,000 crore in five years.

Wednesday, September 23, 2015

RBIQ 2015 kicks off


          After a series of preparatory meetings, the RBI’s Annual Quiz ( RBIQ 2015 )for High School Students has kicked off in mid September.

This year also, RBIQ will be held at 62 locations across the country & BHOPAL has been chosen as one of the location.

Two members will form a team and only 1 / 2 team (not more than 3 team) from a school can be nominated to participate.

No further details are available on the World Wide Web. As and when information is shared, the details will be updated


Indians – Will you donate your CashBack?



          Today’s post is inspired by Operation Sulaimani and a heart to heart discussion with my 12 year old son along with his cousins.
          Ganesh Chaturhti season is over. Shopping volumes zoom during Dusshera and Diwali festivals.
          All eCommerce players have expanded their portfolio range and strengthened their delivery channels.
          The key tool to attract shoppers is the ‘CashBack’, schemes.

Q: What is ‘CashBack’?
Ans: In simple terms, ‘CASHBACK’ means credit back of some percentage of the buying price to the buyers account.
These ‘CASHBACK’ can be utilised for future purchases on participating sites.

Q: Which is better ‘CASHBACK’ or ‘Discount?”
Ans:  Customer angle: Discount, as the benefit is immediately visible and he/she need not shop on the same sites once again.
eCommerce Site angle: ‘CASHBACK’ as, ‘CASHBACK’ increases the stickiness quotient of customers coming back.

Q: What is the major drawback of ‘CASHBACK’?
Ans: ‘CASHBACK’ expires if not utilised within specified period. This period differs from site to site.

Q: What is the alternate to avoid expiration of ‘CASHBACK’?
Ans: Facility to donate the ‘CASHBACK’ to NGOs

Q: Can a part of existing ‘CashBack’, also be donated.
Ans: Yes, the eCommerce sites should design their payment page accordingly.

Q: What type of NGOs would be willing to receive ‘CASHBACK’ Donations?
Ans: Any NGO working in the area of food distribution, Old Age Homes, Orphanages etc

Q: How can eCommerce sites choose the NGOs?
Ans: Separate extensive due diligence need not be done by eCommerce sites.
They can choose from the list  Ramon Magsaysay Awardees winners or Padma Award winners
Crowd Funding sites too are good option

          I am expanding the above idea into a fully fledged business proposal to submit to The Economic Times Power of Ideas, India’s largest entrepreneurship program
Nine  benefits of donating ‘CASHBACK’ :

01)  The ‘CASHBACK’ is the property of buyers and the sellers hold the same in good faith
02) No financial loss to the buyers as the full price of the article is already paid by them.
03) Psychological satisfaction of contributing their bit to the public at large
04) Part of ‘CASHBACK’ at the time of  the payment can be split amongst the buyers wallet and NGO wallet
05) No loss to eCommerce site, as the ‘CASHBACK’ is already factored in their books.
06) Increase customer retention levels, as customers would prefer to complete their purchases on eCommerce sites offering the best ‘CASHBACK’ transfer options.
07) Increase of sales, as NGOs will be interested to immediately purchase  through the ‘CASHBACK’ credits in their wallets
08) A differentiator tool for eCommerce sites in their branding exercise
09) A new stream of donations to the NGOs

INR 2,000 Crores to be distributed through CashBack





                   


Tuesday, September 22, 2015

Small Finance Bank - Janalakshmi Financial Services Private Limited, Bengaluru


     Janalakshmi Financial Services is one of the very few NGOs which focuses on Urban Poor. It started its journey in 1999. However, the major transformation happened in 2008 when it opened its first branch outside Bangalore in Coimbatore-Tamil Nadu.

     At present, it has a physical presence in 16 states through 229 branches, touching 27 lac customers.

Sphere of Influence: Area

The 16 States are:-
1.     Tamil Nadu,
2.     Karnataka,
3.     Maharashtra,
4.     Gujarat,
5.     Rajasthan,
6.     Haryana,
7.     Punjab,
8.     Uttharakand,
9.     Delhi,
10.  Uttar Pradesh,
11.   Madhya Pradesh,
12.  Bihar,
13.  Jharkand,
14.  Odisha,
15.  Chhatisgarh,
16.  West Bengal
Sphere of Influence: Loans

Loans for Individuals:-
  • Small Batch Loans
  • Nano Loans
  • Home Improvement Loans
  • Jana Kisan Loan
  • Education Loan
Loans for Enterprises:-
  • Super Nano Loan
  • Micro, Small and Medium Enterprise (MSME) Loans
  • Long term business loans
  • Equipment and machinery financing
Badhti Bachat is an innovative savings plan to meet the customer financial goals.
V S Radhakrishnan-MD & CEO is an ING Vysya Bank Alumni.

Send Congratulations Messages @ http://www.janalakshmi.com/contact-us/



Small Finance Bank - ESAF Microfinance and Investments Private Ltd., Chennai


          ESAF MICROFINANCE begun its journey in 1995 with initial focus in the state of Kerala. Over the years it has grown to 150+ branches with foot prints in Tamil Nadu, Maharashtra, Chattisgarh, Madhya Pradesh,Jharkand. ESAF MICROFINANCE  has impacted more than 700 thousand poor households.

          ESAF Society, Swasraya Producers Co Ltd., Healthcare Services P Ltd., Retial P Ltd., SHG Federation and Natural Resource ManagESAF Microfinance ent function under the umbrella ESAF group. 

          ESAF MICROFINANCE loan products are sub-divided into 16 types:

  1. Income Generation Loan
  2. General Loan
  3. Nirmal Loan
  4. Jeevandhara Loan
  5. Agriculture Loan
  6. Vidhyajyothi Loan
  7. Suryajyothi Loan
  8. Grihajyothi Loan
  9. Mobile Loan
  10. Micro Enterprise Loan – Dairy (MELD)
  11. Ultra Poor Loan
  12. Income Generation Loan (Dairy)
  13. Income Generation Loan (Special)
  14. Home Improvement Loan
  15. House Loan
  16. Home Loan - Gruha Sudhar & Gruha Nirman
This categorization of loans assists the processing officials to quickly take decisions.



Send Congratulations Messages @ https://www.facebook.com/ESAFMicrofin


Monday, September 21, 2015

Small Finance Bank - Disha Microfin Private Ltd., Ahmedabad


     One unique feature of DISHA MICROFIN  is that Hundred % of its borrowers are all women!!

     DISHA MICROFIN  started its operations in 2009-10. In the first year of its operations it had 6 branches which scaled up to 71 branches as on 31st March, 2015.

     It increased its coverage from 236 villages to 8612 villages. Its operates through Joint Lending Groups (JLGs’)

     It’s sphere is influence are under-banked but credit-worthy rural and semi urban households in the states of Gujarat, Rajasthan, Madhya Pradesh and Karnataka.

     Loan Management is done through a fully Integrated Technology Network. The ability to access real time reports, enhances DISHA MICROFIN  Team’s decision making capabilities.

Disha manages its loan process through 3 distinct technology systems during each phase of loan sourcing and origination, processing and post-disbursal.

CAMS - Loan origination and documentation system for automation of loan processing & credit check to approval phase.
Financial Accounting & Management Information System (e-FIMO) - Web based technology solution for process and operations management adding to the operational efficiencies and improving our bottom-line.
Mobile based field force automation system (m-FIMO)- m-FIMO removes manual accounting of collections and renders the process more efficient and error free. m-FIMO is one of the main efficiency enabler in the field process and has also emerged as the main differentiator for Disha vis-Ã -vis other microfinance players.

    DISHA MICROFIN  believes in emergency loans similar to PMJDY overdraft facility. The maximum amount of the Emergency Loan is INR5000/-  repayable over 12 fortnightly or 6 monthly installments.  

          Send Congratulations Messages @ contactus@disha.ifapl.com



Sunday, September 20, 2015

Small Finance Bank - Au Financiers (India) Ltd., Jaipur


     248 branches spread over ten states, touching 3,00,000 + customers.

     AU Financiers started its journey in 1996, witnessed the downfall of CRB Bank from close quarters. Specialised in financing of used vehicles.

     AU means Gold in Sanskrit

     HDFC Bank and ICICI Bank have subscribed to Tier II Capital Bonds

Spheres of Influence:
     The Ten states are:
1.     Maharshtra,
2.     Madhya Pradesh,
3.     Chattisgarh,
4.     Gujarat,
5.     Rajasthan
6.     Punjab,
7.     Himachal Pradesh,
8.     Delhi
9.     National Capital Region (NCR)
10.  Goa
Sectors:
·       Commercial vehicle loan
·       Car Loan
·       Small & Medium Enterprises Loan
·       Loan against property
·       Insurance

Ex-Bankers in Top Management:
  • Mr. Manoj Tibrewal, Executive Vice President  - CitiBank DSA Alumni
  • Mr. Rishi Dhariwal, Sr. Vice President (NCM)- Vehicle - Citi Priority Sector Banking Alumni
  • Mr. Naveen Vashisht, Vice President - Used & Refinance Vehicle - Development Credit Bank Alumni
  • Mr. Vivek Tripathi, Vice President - SSF - ICICI Bank Alumni
 The company has a well defined Anti-Bribery and Corruption Policy

Send Congratulations Messages @
http://www.aufin.in/index.php?option=com_qtrack&view=qtrack&layout=form&Itemid=109



Saturday, September 19, 2015

Small Finance Bank - Capital Local Area Bank Ltd., Jalandhar



Capital Local Area Bank Limited, the largest Local Area Bank in the country, completed 15 years of operation on January 14, 2015. The Bank has been operating in the three contiguous Districts of Jalandhar, Kapurthala and Hoshiarpur in Punjab for the initial 13 years. In January 2013, the Reserve Bank of India accorded the approval for expansion in the area of operation of the Bank to two more Districts of Ludhiana and Amritsar in Punjab.
The total business of the Bank has crossed Rs.2600 crores spread out in 39 branches (18 rural, 15 semi urban, 4 urban and 2 metropolitan), with more than 3,30,000 number of accounts. During the current financial year 10 new branches will become operational

Key Features
·       7 Day Branch Banking
·       Uninterrupted & Extended Banking Hours
·       Monday to Friday (10:00 a.m. to 5:00 p.m.)
·       Saturday & Sunday (10:00 a.m. to 2:00 p.m.)
·       State-of-the-art Branch Interiors
·       RuPay Debit Card acceptance across 1.98 + lacs ATM's and over 10 lacs POS Terminals.
·       Internet Banking
·       Mobile Banking
·       Locker Operation - 7 Days a Week
·       All kinds of Loans at competitive Interest Rates

Send Congratulations Messages @ mail@capitalbank.co.in

          The basic structure is in place and with the Small Finance Bank licence, Local Area Bank Ltd., Jalandhar is best poised to grow rapidly.


Friday, September 18, 2015

Small Finance Bank – Utkarsh Micro Finance Ltd Varanasi



RBI awards 'in-principle' sanction of Small Finance Bank license to Utkarsh Micro Finance Ltd Varanasi
(Source : RBI Press Release : 2015-2016/693 dated Sep 16, 2015)
Brief Introduction:

Reach as on August 31, 2015
Group lending: No. of Branches     269
Members:      798,853
Active Loan client:    735,626
The company operates from 286(269 JLG and 17 Micro Enterprize Loan)branches in Sixty Seven districts as on 31th August, 2015.

Sphere of Influence

Area of Operations:--
District wise coverage:-
Uttar Pradesh-- Allahabad, Azamgarh, Ballia, Basti, Chandauli, Deoria, Ghazipur, Gorakhpur, Jaunpur ,Kaushambi, Kushinagar, Maharajganj, Mirzapur, Saharanpur, Sant Kabir Nagar, Siddharthnagar, SRN Bhadohi, Sultanpur & Varanasi.
Bihar-- Aurangabad, Bhojpur, Buxar, Gaya, Gopalganj, Kaimur, Muzaffarpur, Nalanda, Nawada, Pashchim Champaran, Patna, Poorvi Champaran, Rohtas, Samastipur, Saran, Siwan & Vaishali.
Madhya Pradesh-- Anuppur, Jabalpur, Katni, Narsinghpur, Rewa, Satna & Shahdol.
Uttarakhand-- Dehradun, Haridwar, Nainital & Udham Singh Nagar.
Delhi-- East Delhi, North Delhi, North East Delhi, North West Delhi, South Delhi & West Delhi.
Himachal Pradesh-- Sirmour.
Haryana-- Ambala, Faridabad, Jhajjar, Kurukshetra, Palwal, Sonipat & Yamuna Nagar.
Maharastra-- Amrawati, Nagpur, Wardha & Yavatmal.

Sectors:

·       Group Loan
·       Micro Enterprise Loan
·       Housing Loan
·       National Pension Service

Ex-Bankers in Top Management:

Chief Promoter: Govind Singh – Banking experience @ Retail Infrastructure Group at ICICI Bank, State Bank of Patiala, Bank Internasional Indonesia and Axis Bank.

Senior Management:-
Abhisheka Kumar : (Chief Financial Officer) - ICICI Bank Alumni
Rahul Dey : (Head - Micro Enterprise Loan & Information Technology) - ICICI Bank Alumni
Pankaj Kumar Singh : (Head - Internal Aduit) - HDFC Bank Alumni
Ashwani Kumar : (Head - Training and Corporate Communication) - Canara Bank Alumni

Send Congratulations Messages @ communications@utkarshmfi.com




Thursday, September 17, 2015

These new 10 Small Finance Banks in India will transform India’s Digital economy


          On the occasion of Ganesh Chaurthi, Reserve Bank of India has announced in principle approvals for 10 Small Finance Banks in India.
          In the next 18 months, these entities have to complete the RBI formalities to obtain full-fledged Small Finance Bank licences.

          The lists of the entities are as under:

  1. Au Financiers (India) Ltd., Jaipur @ http://www.aufin.in/
LEADING CHANGE - Mr. SANJAY AGARWAL NOMINATED FOR THE ERNST & YOUNG (E&Y) ENTREPRENEUR OF THE YEAR AWARD 2014, INDIA
  1. Capital Local Area Bank Ltd., Jalandhar @ http://www.capitalbank.co.in/
Ranked no.1 in Banking sector amongst INDIA’s 100 Best Companies to work for 2015 by 'Great Place To Work' Institute
  1. Disha Microfin Private Ltd., Ahmedabad @ http://www.dishamicrofin.com/customer_stories.php
  2. Equitas Holdings P Limited, Chennai @ http://www.equitas.in/
Business run by microfinance members
  1. ESAF Microfinance and Investments Private Ltd., Chennai @ http://emfil.org/index.php/component/content/article/37-successstories/446-fanciful-life-fierce-determination.html
K. Paul Thomas receives ‘Emerging Kerala CEO Excellence Award 2015’
  1. Janalakshmi Financial Services Private Limited, Bengaluru @ http://www.janalakshmi.com/who-we-are/#story
LIKHO APNI KAHAANI
  1. RGVN (North East) Microfinance Limited, Guwahati @ http://www.rgvnnemfl.com/Case-Studies_1.html
INR 2,290,182,829.00 Loan Outstanding as on Mar 2015
  1. Suryoday Micro Finance Private Ltd., Navi Mumbai @ http://suryodaymf.com/investors.php
Suryoday, the sanskrit word for sunrise, signifies the dawn of a new beginning.
  1. Ujjivan Financial Services Private Ltd., Bengaluru @ http://www.ujjivan.com/html/our_impact.php
Ujjivan has reduced its interest rates on Group Loans by 0.6%
  1. Utkarsh Micro Finance Private Ltd., Varanasi @ http://www.utkarshmfi.com/success.html
ICRA upgraded the grading of Utkarsh to M1 (from M2+) indicating company's ability to manage its microfinance activities in a sustainable manner is the highest.

As on date, only ESAF microfinance has announced on its website the receipt   of RBI in principle approval for Small Finance Bank.

Objectives:
The objectives of setting up of small finance banks will be to further financial inclusion by (a) provision of savings vehicles,
and (b) supply of credit to small business units; small and marginal farmers; micro and small industries; and other unorganised sector entities, through high technology-low cost operations.

Scope of activities:
The small finance bank shall primarily undertake basic banking activities of acceptance of deposits and lending to unserved and underserved sections including small business units, small and marginal farmers, micro and small industries and unorganised sector entities.
There will not be any restriction in the area of operations of small finance banks.

Prudential norms :
The small finance bank will be subject to all prudential norms and regulations of RBI as applicable to existing commercial banks including requirement of maintenance of Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR). No forbearance would be provided for complying with the statutory provisions.
The small finance banks will be required to extend 75 per cent of its Adjusted Net Bank Credit (ANBC) to the sectors eligible for classification as priority sector lending (PSL) by the Reserve Bank.
At least 50 per cent of its loan portfolio should constitute loans and advances of upto Rs. 25 lakh.


The small finance bank will be required to use the words “Small Finance Bank” in its name in order to differentiate it from other banks.

Sunday, September 13, 2015

Tamil Nadu State Apex Co-op Bank Ltd is live on RuPay ATM


          The TNSC Bank with 44 branches spread all over Chennai is now part of the RuPay ATM network.

The Tamil Nadu State Apex Co-operative Bank or TNSC Bank is an Indian cooperative banking company headquartered in Chennai. It was incorporated in 1905 as an urban cooperative bank.

Now, TNSC account holders can be issued RuPay enabled debit cards. As the operating costs of RuPay Cards are less as compared to other ATM cards, TNSC Bank is expected to aggressively promote RuPay cards.


Over the years, TNSC Bank has won numerous awards, which can be viewed here.

Saturday, September 12, 2015

Should Card to Card Funds transfer be enabled on Indian POS Terminals?


          The awareness levels amongst Indians for digital transactions are on the increase. More and More Indians are willing to experiment various ‘LessCash’, modes.
          Banks, eCommerce Companies, Prepaid Issuers, Government Agencies, Media, Private Players all are doing their bit to promote Safe eTransactions.
          The needs of citizens residing in Urban Areas and Rural Areas are different. Urban area residents prefer digital cash as part of their daily routine.
          Rural area citizens prefer a combination of digital and physical cash in their daily routine.
          A large number of rural citizens reside in urban areas for their daily livelihood. These citizens prefer to send back a substantial part of their earnings to their families in rural areas.
          They are interested in National Remittance facilities.
The traditional modes of remittances are:-
01)  Time consuming
02) Unreliable
03) Unsafe
04) Costly
05) Not available 24*7

Alternate remittance facilities are becoming popular in the last couple of years.
But these alternate remittance facilities demand one or more of the following:
01)  Smartphone
02) Net Connectivity
03) Complex set of passwords
A remittance facility which is
A)   Easy to use
B)    User friendly
C)    Pocket friendly
D)   Minimum down time
E)    Assistance to complete the transaction
F)    Safe
Would be a boon and also assist in rapid economic development.

Enabling Cards-to-Cards transfer through POS terminals is the best choice available.
Read these articles for more information on Cards-to-Cards transfer.
  • Now, use your debit card for inter-bank fund transfers at ATM centres
  • Card To Card Fund Transfer facility on Bank’s ATMs using NPCI NFS platform
  • SSHH – TOP SECRET – NPCI LAUNCHES ITS FIFTH SERVICE ON NFS
Extract from NPCI Magazine – April 2014
NPCI introduces Card to Card Fund Transfer in NFS
NPCI has introduced Card to Card Fund transfer as the latest Value Added Service in the NFS ATM Network.
This service has been piloted with Union Bank of India & Andhra Bank, and is currently offered by Yes Bank as well. Key feature of card to card fund transfer is instant credit to Beneficiary’s Account on the basis of beneficiary’s ATM/Debit Card number.

Yes, some tweaking of the existing technology is required but this is not impossible.