innovationinbanking

Simple tips for OTAC  (one time authorization code)   or OTP (one time password) usage As the Security threats over the Internet Banking and Mobile Banking are on the increase, Banks are rushing to enhance the Security cover for their Internet Banking and Mobile Banking products. One method which the banks are adopting fast is the strong, two-factor authentication with mobile phones . This is possible with the OTAC (one time authorization code)   or OTP (one time password). Literally, both are the same. What are the main features of OTAC/OTP? --A one-time password (OTP) is a password that is only valid for a single login session or transaction. --In India, this OTAC/OTP password is normally valid for 2 hours from the moment it is generated. --This is because, it has been observed, that the user’s do not immediately  make use of the OTP/OTAC, but login after some time. -- Hence, if the OTAC/OTP is not valid for at least 2 hrs, than the users tend to...

Karur  Vysya Bank – Launches Travel Card In May 10, during the launch of KVB ’s Gift Card, KVB’s MD Sri.P.T.Kuppuswamy, informed that KVB was planning to launch its Travel Card soon. Keeping its promise, KVB launched its Travel Card in the 3 rd week of August 2010. Rakesh Jhunjhunwala , the ace investor launched the KVB Travel Card , at the inauguration of KVB’s Kalbadevi Branch in Mumbai . The details of the this new offer from KVB, can be accessed at http://www.kvb.co.in/personal/travel_card.html In brief the highlights are: 1)      This is a Visa enabled card 2)      The card is available in three major currencies – USD, SGD and Euro 3)      The minimum amount for which the card can be purchased is USD 100 / SGD 100 / Euro 100.  4)      The maximum amount that can be loaded can be equivalent to USD 10000 / USD 25000 subject to FEMA regulations.  5)      The C...

India’s Bid for Asian Games 2019. Today’s Post is regarding the India’s Bid for Asian Games 2019. Yes, the hype surrounding   the Commonwealth Games 2010, has put the Government on a back-foot, and now the Central Government has decided not to Bid for the Asian Games 2019. But as a stray thought, which city in India, is the best for Asian Games 2019. To me Bangalore and Mysore can co-host the Games. Yes, you have read it right, Bangalore and Mysore can be the co-hosts. Why Bangalore and Mysore for Asian Games 2019? 01)    Mysore – The major attraction is the Infosys training academy. This can be used as a Games Village. I am sure, Infosys, would be glad to lend its Infrastructure for a noble cause. 02)    The Airport is ready, and the games would be a catalyst for it’s zoom-off. 03)    The inter-connectivity between Bangalore and Mysore is good. Or, if not Bangalore and Mysore, than Bangalore/Mysore and Chennai for Asian Games 2019. ...

Gold Loans, is the new flavor of the Indian Banking Sector. Andhra Bank is not a new entrant to Gold Loans. Andhra Bank added Gold Loans to its portfolio in 2009. However, recently, it has launched a new variant of Gold Loans. GOLD LOANS IN 30 Mintues. Of course, CONDITIONS APPLY. The full details are @ http://www.andhrabank.in/scripts/LaunchingOfNewProducts.aspx c Right now, this new variant is available at the following Select Branches in Twin Cities (Hyderabad-Securderabad) Dilsukhnagar, Sundarnagar, Bakaram, Kukatpally, and Ramanthapur branches in twin cities.  

Why ‘for profit’ companies, as Banking Business Correspondents? Reserve Bank of India, today, has placed aRe Reserve Bank of India, today placed a Discussion Paper on Engagement of 'for-profit' Companies as Banking Business Correspondents , on its website. Comments/Feedback have been invited by Reserve Bank of India, latest by 20 th August 2010. The Discussion Paper can be viewed at http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22919# Why was this Discussion Paper necessary? 01)    To bring the vast majority of the unbanked population into the Banking fold. 02)    To encourage ‘for profit’ companies to enroll as Business Correspondents. 03)    To minimize frauds, as BC’s are primarily encouraged for ‘Savings and Remittance Services’. 04)    To harness the Information Technology to develop low-cost efficient BC Models. 05)     To arrive at Service Charges to be charged by various players in the BC Model. ...

Today’s post is with regarding the Revenue Model for CentFast2India. I was wondering as to how Central Bank of India, aims to earn revenue from CentFast2India. The following are my thoughts: As CentFast2India , is a Bank Neutral ePayments channel, how would Central Bank of India, generate revenue to ensure CentFast2India , is a Revenue earner for the Bank, and not a loser. CentFast2India is positioned as a Loss leader by Central Bank of India. The chief revenues for CentFast2India are the Service Charges of $8 per transaction. Apart from the Service Charges, the indirect benefits of CentFast2India 01)   Building an image amongst NRI’s in U.S.A. 02)   Building up a database, to attract CASA accounts. To me the second point, seems to the most attractive feature of CentFast2India