Sunday, July 31, 2016

Account Description Does Not Tally – Return Reason Removed

          NPCI vide circular No 177, dated July 28th, 2016, informed the Banking community that the APB Return Code NO 3 – Account Description does not tally is removed from the valid return reasons. 

          As the participants have to make necessary changes in their Software, the effective date of this circular is September 1st, 2016.

          It may be noted that the ‘Beneficiary Name’, is an Optional field and the Sponsor Bank may choose NOT to incorporate the Beneficiary Name in the input field.     
          NPCI has observed that few banks are mapping the return records of ‘Aadhaar not mapped to the account number’, to ‘Account Description Does Not Tally’. This was leading to unnecessary confusion and customer complaints.

          Hence, as the return reason ‘Account Description Does Not Tally’ is not valid for APB transactions a decision was taken to remove it.

          The List of valid APB Return codes are as under:-

          It may be noted that credits under Aadhaar Payment Bridge System (APBS) are to only Aadhaar Enabled Bank Accounts(AEBA). A Bank account is said to be AEBA when a valid Aadhaar Number is mapped to it.

Q: What is Aadhaar Payment Bridge (APB) System?

Ans: It is a unique payment system implemented by National Payments Corporation of India (NPCI), which uses Aadhaar number as a central key for electronically channelizing the credits. 

Friday, July 29, 2016

South Indian Bank launches RuPay based PrePaid and Gift Cards

          Last Week at a ceremony heled at NPCI Headquarters, Mumbai, South Indian Bank unveiled PrePaid and Gift Cards. The ceremony was graced amongst others, by A.P. Hota, MD & CEO, National Payments Corporation of India (NPCI) and V. G. Mathew, MD & CEO of South Indian Bank.

          The SIB Prepaid card is a re-loadable payment instrument like debit or credit card on RuPay platform.

 It comes with a maximum validity of three years along with top-up facility in multiples of 100.

The card can be seamlessly used at ATMs, Points of Sales (PoS) terminals at merchant outlets and e-commerce websites across the country.

SIB gift card is a prepaid, non-re-loadable card on RuPay Platform.

There is no need to have an account with SIB to purchase this gift card.

The maximum validity period is one year.

The card can be used at PoS terminals at merchant outlets and e-commerce websites. This means the card can be used at all outlets where RuPay card is accepted.

Differences between SIB Prepaid Card and Gift Card :-
1)     Card Design
2)    Prepaid card is reloadable. Gift Card is not reloadable.

Headquartered in Thrissur - Kerala, South Indian Bank is a scheduled commercial bank having 838 Branches, 42 Extension Counters and 1298 ATMs ensuring its footprint in 30 States/ Union Territories of India (as on 22 July 2016).

One of South Indian Bank’s successful Products is SIB Academia. SIB Academia is a fee collection based Product targeted at educational institutions. More than 500 educational institutions avail this product.

The highlights of SIB Academia are:-

1.       Payment at SIB branches.
2.       Payment at other bank branches.
3.       Payment via institution website.
4.       Payment using customized debit card.

Each of these modes or combined modes will make fee payment a hassle free experience for students and parents.

Thrissur is a famous tourist attraction with unique cuisine.

Saturday, July 23, 2016

109 years of Bank of Baroda-The Digitisation Route

          The present management of Bank of Baroda salutes numerous ‘unknown soldiers’, who in their own unique way spread the joy of Banking with Bank of Baroda.

          This Roll of Honour will be incomplete without mention of men, of the stature of Maharaja Sayajirao Gaekwad, Sampatrao Gaekwad, Ralph Whitenack, Vithaldas Thakersey, Tulsidas Kilachand and NM Chokshi, who shaped the vision of Bank of Baroda.

          On July 20th, Bank of Baroda celebrated its 109th foundation day. It was in 1908, when Bank of Baroda started its journey.

          Over the last 100 years , Bank of Baroda has spread its wings with physical presence through 5,330 + branches and 8,975 + ATMs. The bank has digital presence through various self-service channels.

          Bank of Baroda also provides banking services through Nainital Bank and three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.

          A series of Press Releases highlighted the new initiatives planned by Bank of Baroda in the coming months.

          The highlights are:

01)  Baroda Sun Achievement Award 2016

02) Bank of Baroda announces a partnership with Snapdeal for its Merchants Community

03) Bank of Baroda launches Mobile Wallet – Baroda M-CLIP

04) Bank of Baroda and TATA AIG General Insurance Co Ltd – Corporate Agency Announcement

05) Bank of Baroda launches TravelEasy Foreign Currency Prepaid Cards in Australian & Singapore Dollar

06) Bank of Baroda partners with 7 Fintech companies: - CreditMantri,FundsTiger,Probe42,Power2SME,IndiaLends,KredX and Fisdom.

07) PSG CAS - Bank of Baroda innovation research lab

08) Bank of Baroda organized a Friendship Chain

09) Bank of Baroda and Cholamandalam MS General Insurance Co Ltd – Corporate Agency Announcement

10)  Bank of Baroda to expedite loan sanction process – Home Loan sanction in 60 Minutes. Auto Loan sanction in Minutes. Saving Bank accounts will be opened in 5 minutes

11)  Selection of an advertising company for a rebranding assignment.

12)  It has floated request for proposals or RFPs to appoint real estate consultants to monetise its real estate assets.

13)  BoB has set up four sub- committees within its board that will deliberate on technology, people, risk and financial inclusion. The committee will meet four times a year and review the changes to be made in these specific areas. 

Sunday, July 17, 2016

Dream comes true-India’s first ‘LessCash’ Day-The Bugle has been sounded

          It is wonderful when a dream becomes reality. The continuous efforts in spreading the Joy of Safe ePayments are bearing fruit.

          August 15th has been designated “LessCash’, Day by   as Confederation of All India Traders (CAIT).

          Confederation of All India Traders (CAIT), an association of unorganised businessmen, will be holding a 40-day campaign to promote electronic payments, said a press release issued by the organisation.

          CAIT has adopted a Resolution at the All India Traders Conclave held April 4 – 6 in New Delhi, India by all Officers and Members Present.

          The highlights of the Resolution are:

Be it “Resolved” that CAIT passes and support the resolution for #tradersagainstcash to drive the shared CAIT/government vision of a ‘Less Cash Digital India’

On July 7th, 2016 Arun Jaitley released the CAIT’s 40-day ‘less cash’ campaign road map.

Why 15th August?
01)  National Holiday
02) All normal banking channels closed
03) NPCI Immediate Payment Service(IMPS) will be open
04) Campaigns can be built around the day

Look forward to continuous posts in the run up to into India’s first official ‘LessCash’ Day

          This Robin Sharma’s article has helped me to stay focus on my journey

My earlier Posts on this specific subject:

National eTransactions Day Logo - Published on November 8, 2015

National eTransactions Day-The Curtain Raiser - Published on November 3, 2015

Should India unveil National eLitreacy Day? - Published on September 8, 2015

Sunday, July 10, 2016

Donate online to Indian Prime Minister’s National Relief Fund

The option to donate via Online for the Prime Minister’s Relief Fund is now live.    
The interface is simple and donations can be made through Cards or NetBanking of bank sites.

Donations through Pre-Paid Cards are yet to be made active.
Donations through Mobile APP are yet to be enabled.

Donations through RuPay will be activated soon.

BillDesk is the service provider for this activity with the Merchant Name as PMOFFICE

No transaction charge is levied by intermediateries on donations made through AMEX, Diners Club International, Master Card, VISA Debit/Credit cards.

However some banks may levy the netbanking transaction charges, which may vary from bank to bank.

Prospective Donors should be aware of the following:-

o   Prime Minister's National Relief Fund (PMNRF) does not collect any money through SMS/Miss call services or through any such service provider. 

o   The public at large are  advised that any such Calls/ Messages should not be entertained.

PM National Relief Fund

In pursuance of an appeal by the then Prime Minister, Pt. Jawaharlal Nehru in January, 1948, the Prime Minister's National Relief Fund (PMNRF) was established with public contributions to assist displaced persons from Pakistan.

The resources of the PMNRF are now utilized primarily to render immediate relief to families of those killed in natural calamities like floods, cyclones and earthquakes, etc. and to the victims of the major accidents and riots.

Assistance from PMNRF is also rendered, to partially defray the expenses for medical treatment like heart surgeries, kidney transplantation, cancer treatment, etc.

The fund consists entirely of public contributions and does not get any budgetary support. The corpus of the fund is invested with PSU banks in various forms. Disbursements are made with the approval of the Prime Minister.

PMNRF has not been constituted by the Parliament. The fund is recognized as a Trust under the Income Tax Act and the same is managed by Prime Minister or multiple delegates for national causes.

 PMNRF operates from the Prime Minister's Office, South Block, New Delhi-110011 and does not pays any license fee.

PMNRF is exempt under Income Tax Act, 1961 under Section 10 and 139 for return purposes. Contributions towards PMNRF are notified for 100% deduction from taxable income under section 80(G) of the Income Tax Act, 1961.

 Prime Minister is the Chairman of PMNRF and is assisted by Officers/ Staff on honorary basis.

PMNRF accepts only voluntary donations by individuals and institutions. Contributions flowing out of budgetary sources of Government or from the balance sheets of the public sector undertakings are not accepted.

Read the complete FAQs here

Saturday, July 9, 2016

IIBFs’ Certificate Examination in Risk in Financial Services

Target Audience: Banker desiring to gain expertise in the area of Risk Management in Financial Services.

The course is not restricted to risks in banking sector only but covers the entire gamut of Financial Services.

Course Structure: The course is offered in collaboration with Chartered Institute for Securities & Investment (CISI), London.

The examination has two parts - one covering Indian scenario and the other dealing with the international scenario.

Both the parts of examination will be conducted separately and the successful candidates will be awarded a certificate as given below :

Paper - 1 (Level - I) IIBF + Paper - 2 (Level - II) CISI = Certificate in Risk in Financial Services Awarded jointly.

Paper 1 Risk Management Modules:-

Module A – An Overview

Module B – Credit Risk Management

Module C – Operational Risk

Module D – Market Risk

Module E – Basel III guidelines

Paper 2  Level - II Examination (CISI, London)

As regards Paper 2 (Level - II) Examination the rules / syllabus, courseware, venue and other details will be provided directly by CISI, London to all the enrolled candidates for the Paper 2 examination, after passing the Level - I as stipulated earlier. The general information regarding rules / syllabus as provided by CISI is reproduced here which is subject to changes as per their rules / syllabus of CISI.

1. Principles of Risk Management

2. International Risk Regulation

3. Operational Risk

4. Credit Risk

5. Market Risk

6. Investment Risk

7. Liquidity Risk

8. Corporate Governance and Risk Oversight

9. Model Risk

10. Enterprise Risk Management (ERM)

The specially designed courseware will be provided through specially designed courseware which is supplied by e-copy to all enrolled candidates as part of the fee by CISI directly

Friday, July 8, 2016

NPCI is expanding its wings – Tier IV Data Centre in Hyderabad

          The chief driving force behind Safe Digital Transactions in India – National Payments Corporation of India is expanding its physical presence.

          As on date, NPCI has its offices in Mumbai,Chennai and Delhi. In Mumbai, its offices are located in Bandra Kurla Office and Goregaon.

          As the number of Digital transactions routed through NPCI Network is on the increase, NPCI has decided to expand it physical presence to Hyderabad too.

          It has released an Expression of Interest (EOI) to develop NPCI’s Integrated Office Building and Data Centre (IODC).

          The  Tier IV Data Centre and Integrated Office Building will be on approximately 3.5 to 4 acres of land at Gachibowli, Hyderabad.

          Highlights of Tier IV Data Centre:
·       The highest level of guarantee that a data center can provide, with 99.99% availability.

·       This data center category is fully redundant in terms of electrical circuits, cooling and network.

·       This architecture can withstand even the most serious of technical incidents without server availability ever being affected.

·       In T4, the server doubles the power supply in direct connections, has 2 processors, authorizes hot-swap disk changes

Q: What is Hot-swap focus:

          Ans: The major advantage of this feature is being able to upgrade a disk or replace a faulty component (RAID disk, power supply) without any service interruption on the server.

          Basically Data Centres can be classified into 4 types.
§  Tier 1 = Non-redundant capacity components (single uplink and servers).  Guaranteeing 99.671% availability.

§  Tier 2 = Tier 1 + Redundant capacity components. Guaranteeing 99.741% availability.

§  Tier 3 = Tier 1 + Tier 2 + Dual-powered equipments and multiple uplinks. Guaranteeing 99.741% availability. Guaranteeing 99.982% availability.

§  Tier 4 = Tier 1 + Tier 2 + Tier 3 + all components are fully fault-tolerant including uplinks, storage, chillers, HVAC systems, servers etc. Everything is dual-powered. Guaranteeing 99.995% availability.

Tier 4 data center considered as most robust and less prone to failures. Tier 4 is designed to host mission critical servers and computer systems, with fully redundant subsystems (cooling, power, network links, storage etc) and compartmentalized security zones controlled by biometric access controls methods. Naturally, the simplest is a Tier 1 data center used by small business or shops.

Thursday, July 7, 2016

IIBF’s Certificate Course in Digital Banking

IIBF-Certificate Course in Digital Banking

          Indian Institute of Banking and Finance has introduced a new course for new-age bankers.         This new course is aimed at front office staff to equip them with the latest Digital Banking tools viz Cards, ATMs, Mobile/Internet Banking and PoS.  

          It is a well documented fact that the transaction costs through  Digital Banking  are less as compared to Physical Banking.

Bankers passing this examination will be able to guide their customers to migrate from physical banking to digital banking.

In the next six months, Payment Banks will open up their branches with complete focus on Digital Banking products only. This course will enable Payment Bank staff to have a strong foundation in digital banking products and specialise if required.

The first exam will take place on January 22nd 2017. The registration window will open on 08/09/2016 and close on 08/11/2016.

The syllabus is divided into 4 Modules:-

Module A:: --
a)     Digital Banking Products
b)    Cards
c)     EMV Technology
d)    ATMs
e)    Cash Deposit Machines
f)     Cash Re-cyclers
g)    Mobile Banking
h)    Internet Banking
i)      PoS Terminals

Module B:: --
a)     Branchless Banking

Module C:: --
a)     Marketing of Digital Banking Products

Module D:: --
Payment Systems
          The complete details can be read on IIBF website
          So go ahead and guide your customers on the highs and lows of Digital Banking