Wednesday, November 30, 2016

YES Bank SIMsePAY - The positive effect of Demonetisation

          Let me start today’s post with this: -


Elaborating on the initiative, Mr. Rana Kapoor, MD & CEO, YES BANK said, “YES BANK is proud to pioneer this unique solution, which will empower all bank account holders and enhance efficient digital financial inclusion in the most efficient manner. YES BANK is committed to fully support the Government’s demonetization and digital payments initiatives. Through the launch of SIMsePAY along with Co-operative Bank tie-ups across the country, we will effectively aid our country’s ongoing transition to a ‘less-cash’ society, and eventually a ‘cashless India’.”


          This July 21, 2015 Press Release by YES Bank first mentions about SIMsePAY. The full fledged launch by YES Bank took place on November 30, 2106.  
The major benefits of SIMsePAY are:

·       Works with ANY mobile phone – No differentiator between Feature or Smart phone

·       Works with ANY Telco (independent of the underlying SIM Card)

·       Works without Internet Connectivity through encrypted SMS

·       No additional charges / special charges on the SMS

·       Works at ANY time of the day or night with a simple User Interface, as the funds transfer is through NEFT or IMPS

·       High security transactions using encrypted SMS technology

It would be wonderful if YES Bank raises its target of garnering 5,00,000 users by 2017 to 50,00,000. In this era of Safe Digital Transactions, 5,00,000 is too low a target.

Sunday, November 27, 2016

Religious Institutions embracing Digital Payments – The positive effect of Demonetisation

          One of the major effects of Demonetisation in India has been on the Religious Institutions. In the last few years, major Temples and other religious institutions have enabled online donations on their websites. However, the same is not so in the physical premises. Cash Collection boxes/Hundis are still the primary collection mode. Minimal effort has been made to convert these cash modes to digital modes.

          However, Demonetisation has forced these religious institutions to relook at their collection mode.

          A beginning has been made, however a long way.

          The number of devotees swells on special days at religious places. Apart from permanent structures, devotees also look forward to fairs to be part of religious functions.

          Fairs are temporary structures where a large number of devotees cogenerate.   There are opportunities for digital transactions at fairs, but difficult to implement because of the floating populace.

          Major religious institutions have an immediate catchment area of 500  metres  i.e shops around the religious institution.

          The following are the major religions practiced in India. Any omission is unintentional.

Hinduism – 10 Amazing Hindu Temples
Islam – 10 Most Popular Mosques in India
Christians –  Top 20 Most Astonishing and Stunning Churches of India
Buddhism –  10 Famous Buddhist Temples
Jainism – 7 Amazing Jain Temples
Sikhism –  Top 15 Famous and Must Visit Gurdwaras in India
Zoroastrianism - Fire temple

          Like all institutions, Religious Institutions too have Income and Expenditure

Main source of Incomes:
a)     Online Donations through links on Websites
b)    Collection Boxes/Hundis for physical cash donations
c)     Donations for special projects through Cheques or Cash – Online donation in this area is still in nascent stage
d)    Government funds
e)    Rents from properties

Main Expenditure needs:
a)     Daily maintenance needs
b)    Salaries
c)     Special Projects

Few articles on Demonetisation effect on Religious Institutions in India::
01)  This Kerala priest has an E-way to combat currency troubles

02)  This Church In Kerala Opened Its Donation Box

03)  Hit by Demonetisation, Delhi Temples Go Paytm Way

04)  Demonetisation: Temples now embracing latest modes for donations

05)  After Demonetisation Jain Temples In Mumbai

06)  Demonetisation: Temples Turn Richer With 'Sin'

07)  Kazipet Dargah Urs from today

08)  With no jobs, hungry daily wagers turn to langar halls

Extract from Religion, Census of India 2001
   At the census 2001, out of 1028 million population, little over 827 million (80.5%) have returned themselves as followers of Hindu religion, 138 million (13.4%) as Muslims or the followers of Islam, 24 million (2.3%) as Christians, 19 million (1.9%) as Sikh, 8 million (0.80%) as Buddhists and 4 million (0.4%) are Jain. In addition, over 6 million have reported professing other religions and faiths including tribal religions, different from six main religions.
    Hinduism is professed by the majority of population in India. The Hindus are most numerous in 27 states/Uts except in Manipur, Arunachal Pradesh, Mizoram, Lakshadweep, Nagaland, Meghalaya, Jammu & Kashmir and Punjab.
   The Muslims professing Islam are in majority in Lakshadweep and Jammu & Kashmir. The percentage of Muslims is sizeable in Assam (30.9%), West Bengal (25.2%), Kerala (24.7%), Uttar Pradesh (18.5%) and Bihar (16.5%).
    Christianity has emerged as the major religion in three North-eastern states, namely, Nagaland, Mizoram, and Meghalaya. Among other states/Uts, Manipur (34.0%), Goa (26.7%), Andaman & Nicobar Islands (21.7%), Kerala (19.0%), and Arunachal Pradesh (18.7%) have considerable percentage of Christian population to the total population of the State/UT.
    Punjab is the stronghold of Sikhism. The Sikh population of Punjab accounts for more than 75 % of the total Sikh population in the country. Chandigarh (16.1%), Haryana (5.5%), Delhi (4.0%), Uttaranchal (2.5%) and Jammu & Kashmir (2.0%) are other important States/Uts having Sikh population. These six states/Uts together account for nearly 90 percent Sikh population in the country.
   The largest concentration of Buddhism is in Maharashtra (58.3%), where (73.4%) of the total Buddhists in India reside. Karnataka (3.9 lakh), Uttar Pradesh (3.0 lakh), west Bengal (2.4 lakh) and Madhya Pradesh (2.0 lakh) are other states having large Buddhist population. Sikkim (28.1%), Arunachal Pradesh (13.0%) and Mizoram (7.9 %) have emerged as top three states in terms of having maximum percentage of Buddhist population.
   Maharashtra, Rajsthan, Madhya Pradesh, Gujrat, Karnataka, Uttar Pradesh and Delhi have reported major Jain population. These states/Uts together account for nearly 90 percent of the total Jain population in the country. The percentage of Jain population to the total population is maximum in Maharastra (1.3%), Rajsthan (1.2%), Delhi (1.1%) and Gujrat (1.0%). Elsewhere in the country their proportion in negligible.

Saturday, November 26, 2016

The positive side of Demonetization in India - Reserve Bank of India Press Release: Public can continue to accept ₹ 10 coins as legal tender

          All of a sudden, rumours started to float that  ₹ 10 coins are not genuine and are fakes. Alarmed, Reserve Bank of India, issued a press release clarifying the genuineness of ₹ 10 coins circulating in India.

          Though this Press Release, Reserve Bank of India has advised members of the public not to give credence to such ill-informed notions and ignore them and continue to accept these coins as legal tender in all their transactions without any hesitation.

The Reserve Bank of India puts into circulation coins minted by the Government of India. These coins have distinctive features. Coins in new denominations to meet transaction needs of public and coins in new designs to reflect various themes - economic, social and cultural - are introduced from time to time.

As coins remain in circulation for longer periods, it is quite possible that coins of different designs and even shapes are circulating at the same time. One such change is introduction of 'Rupee symbol' in coins in July 2011. An instance of this is the ₹ 10 coins with rupee symbol and the same denomination coin without rupee symbol. Both of them are legal tender and equally good for transactions, though they may look a little different.

For more information about these coins, please see the following links:

          Over the years, Reserve Bank of India, has released ₹ 10 Coins to commemorate memorable events in our country.
          Details of few such releases are:

Release Dt: Jun 22, 2016 ----- RBI to shortly circulate ₹ 10 Coins to commemorate “Birth Centenary of Swami Chinmayananda”.   -  To give maximum happiness to maximum people for maximum time -

Release Dt:Jan 28, 2016     Issue of ₹ 10 coins to commemorate the occasion of "125th birth anniversary of Dr. B. R. Ambedkar”  -  “Life should be great rather than long” -

Release Dt:Jul 30, 2015      ₹ 10 coins issued to commemorate "International Day of Yoga" - "A photographer gets people to pose for him. A yoga instructor gets people to pose for themselves." — Terri Guillemets -

Release Dt:Apr 16, 2015      Issue of ₹ 10 coins to commemorate the occasion of "Centenary commemoration of Mahatma Gandhi's return from South Africa" - "First they ignore you, then they ridicule you, then they fight you, and then you win. " -

Release Dt:Jul 17, 2014       Issue of ₹ 10 coins to commemorate the occasion of "Diamond Jubilee of Coir Board" - Coconut is one of those love-hate ingredients. Marcus Samuelsson -

Release Dt:Aug 29, 2013     Issue of ₹ 10 coins to commemorate the occasion of "Silver Jubilee of Shri Mata Vaishno Devi Shrine Board" - May Maa Durga bestow you and your family with 9 forms of blessings- fame, name, wealth, prosperity, happiness, education, health, power and commitment. -

Release Dt:Jun 14, 2012      Issue of coins to commemorate the occasion of "60 years of the Parliament of India"

Release Dt:Jul 22, 2011       Issue of new series of Coins

Release Dt:Apr 01, 2010      PM releases Commemorative Coin Set; FM releases Mint Road Milestones: RBI at 75

Release Dt:Feb 11, 2010      Issue of new Commemorative Circulation Coin of Rs.10/- denomination (bi-metallic) on the occasion of "HOMI BHABHA BIRTH CENTENARY YEAR"

Release Dt:Mar 26, 2009    New Coins of ₹ 10/- (Bi-metallic) with the theme – "Unity in Diversity"

Release Dt:Mar 26, 2009    New Coins of ₹ 10/- (Bi-metallic) with the theme – "Connectivity and Information Technology "

          Go ahead and enjoy the wide variety of ₹ 10 coins circulating in our country

Saturday, November 19, 2016

State Bank of Sikkim – The Positive Side of Demonetisation

          Two trending searches on Indian Google was State Bank of Sikkim and  Norbu Bhutia

          Shri Norbu Bhutia is Deputy Director of Income Tax (Investigation) and is based out of M.G.Rod, Shillong. Yes, there is M.G.Road in Shillong.

          The other trending search was State Bank of Sikkim.

          The trending searches were due to this letter widely circulated in WhatsAPP and media.

          A brief introduction of State Bank of Sikkim: _

          State Bank of Sikkim was established in 1968 and at present has 41 branches throughout the State of Sikkim.

  • The Bank is headquartered in the State Capital of Sikkim, Gangtok.

  • The Bank is an autonomous body under the Government of Sikkim. The Bank operates within the jurisdiction of the State of Sikkim and is responsible to handle the treasury function of the State as well.

  • The Bank is headed by the Board of Directors and Managing Director of the Bank is the Chief Executive.

  • Constituted in the pre-merger era, today State Bank of Sikkim has completed 47 years.

SKM Appeals Jaitley to Keep Eye on State Bank of Sikkim         

Man Who Inspired Amir Khan's '3 Idiots' Role Explains How His Team Saved Lakhs Of Lives In Sikkim

Friday, November 18, 2016

OLA Credit – Are you eligible for it? The positive side of Demonetisation

OLA Credit – Are you eligible for it? The positive side of Demonetisation

          By now all of us are aware of the word ‘demonetisation’, and the effects on a large number of human beings.

          The negative sides of ‘demonetisation’ will continue to linger for some time.
          A new feature by OLA i.e OLA Credit is the fall-out of demonetisation.  OLA Credit is a Global First in this category. In a taxi ride, physical goods are not exchanged. Hence, in case of a credit facility, in case the debtor defaults, the creditor does not have recourse to physical goods. Hence, the credit facility is offered to selected customers.  

          If you have received the following email from, Bingo, you are eligible for OLA Credit

Email Quote:  
          Next time you take an Ola ride, you will not have to run to an ATM or ask a friend in case you run out of cash.
Ola brings to you our latest feature Ola Credit for chosen riders like you.

How Ola Credit works:
  • Pay via Ola Credit
  • Choose Ola Credit option, your ride bill amount will be deducted from Ola Credit
  • Enjoy Cashless Rides
  • Continue paying for rides using Ola Credit for upto 7 days or till you exhaust your Ola Credit limit
  • Recharge Ola Money
  • Clear your outstanding Ola Credit dues by recharging your Ola Money wallet at anytime

Email UnQuote:  

Quote from OLA Media release:-

Raghuvesh Sarup, Chief Marketing Officer and Category Head at Ola said, “Ola Credit is a global first from Ola to keep India moving towards a cashless economy. Ola Credit provides hassle-free mobility to citizens who can now pay later for their rides when cash conservation is important for many citizens. Our deep commitment towards the Indian market, combined with our experience in payment technology helps us to contribute to a digitally enabled India. Mobility is an everyday use case and our commitment to making it seamless includes building a friction less payment experience. Credit is an important step towards our goal of ensuring mobility for a billion Indians.

Dr. Sanjay Pai, Head – Travel & Dir. Aviation at Larsen and Toubro said  ”It is great to see how technology is being used to upgrade the existing transportation segment in the country. It is crucial to put a system in place to ensure it is seamless and efficient, and this can only be enabled with cutting edge technology. I am happy with the kind of customizations, transparency and efficiency that Ola’s technology – Ola Credit brings at all levels” He further added, “Digital India is seeing great acceptance and growth; and with companies like Ola supporting government’s initiatives, we are confident that it will see greater success and will have far reaching benefits in the overall growth of the country.”

UNQuote from OLA  Media release:-

Please note that Ola extends credit to users on a select basis, on customer’s transaction history.

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