innovationinbanking

Federal Bank – Unlimited Free Access to all Indian ATM’s On the occasion of the 62 nd Republic Day Celebrations, Kerala based Federal Bank unveiled a novel customer retention campaign  i.e  ‘NO TRANSACTION FEE ‘ will be levied for its customers  on transactions,  at  other bank ATMs  even beyond the cap of five transactions per month. At present a debit card holder of a particular bank can do transactions at an ATM of a different bank up to five times a month. From the sixth transaction, most of the banks levy Rs20 per transaction. With the introduction of the new facility, a Federal bank debit card holder can transact through any Banks ATM in the country, any number of times, without being levied any charges. This facility is extended to all debit card holders, irrespective of the type of account they hold, QUOTE Federal Bank introduces a new facility, wherein Federal bank's debit card holders can transact through any Bank’s ATM in the countr...

UIDAI Tenders – Should funds move in Paper Mode or Electronic Mode ? Let me confess, I am a bit confused as to where to position the UIDAI or the AADHAR, as it is now called. Will it fit in Safe ePayments, Innovation in Banking or Simply Banking? For the time being, AADHAR Blog Posts will be in Innovation in Banking. Ok, where do I start off? There are plenty of sites on UIDAI/AADHAR. Each site is doing a wonderful job in spreading the role of UIDAI/AADHAR. As with everything new, there are plus and minuses of UIDAI/AADHAR I will be concentrating on the Plus Points and hope that the Minuses will be converted into Pluses on the way. The basic question is what AADHAR is? As per UIDAI site, it is a 12 digit numbers. Clarity is required what is the relevance of each digit in the 12 number strands. Maybe it is too early for this information to be made public. Several articles have been published on the AADHAR’s dependence for opening Bank Accounts i.e promoting electronic payme...

“IOB Sampoorna” and “IOB Smile” schemes Indian Overseas Bank has kicked off its 75 th Anniversary Celebrations’. As part of the 75 th Anniversary Celebrations, IOB has identified 75 villages across the country and launched IOB Sampoorna and IOB Smile, as part of its Corporate Social Responsibility . The following are few of the facilities that the citizens of the 75 villages can look forward to: - 1.      All the eligible residents are provided with a No Frills Savings Account in the bank, 2.      Biometric cards 3.      An overdraft of Rs 1,000 if requested by the beneficiary As IOB has not yet updated its website with the details of Sampoorna and Smile Schemes, the link is not provided. IOB commenced its operations in 1937: Shri.M.Ct.M. Chidambaram   Chettyar   establishes the Indian Overseas Bank (IOB) to encourage overseas banking and foreign exchange operations. As the name suggested the focus was on o...

DhanLaxmi Gift Card Dhanlaxmi has expanded its Alternate Payments Portfolio, by introducing the DhanLaxmi Gift Card Dhanlaxmi Bank Gift Card is a rupee denominated, pre-paid, non-reloadable card. It can be used at any of the over 450,000 Visa enabled merchant outlets across the country that possess a Point of Sale terminal (POS) The Press Release of can be accessed @ http://www.dhanbank.com/common/images/press/giftcard-launch18-1-11.pdf I was just wondering, with no festivals in the near future, what could be DhanLaxmi Bank’s strategy in launching Gift Cards now?. What is a Pre-paid , Non-refundable card? Basically, it’s the same as a regular prepaid card – a payment card preloaded with your own money, which you can then use to make purchases wherever the payment card is accepted.  But with one major difference. As the name suggests, this type of card is non reloadable – meaning that once you have spent the money loaded onto it, the card is no longer usable and is di...

State Bank of India – Bank on Bike Banks are re-drawing their strategies to spread the financial inclusion drive in their allotted villages . Financial Inclusion in the last couple of decades did not take off. With Reserve Bank of India , taking more pro-active role in the Financial Inclusion agenda, things have started to improve. The State Level Bankers Committee ( SLBC ) is now fixing targets to member banks for financial inclusion. The Banks are being allotted Villages to ensure financial inclusion is over for the allotted villages. Hence, Banks are racing against time to meet the Financial Inclusion drive. Each Bank is adopting multiple approaches for the same In this regard, State Bank of India, on 14/01/2011, launched the ‘Bank on Bike’, to service unbanked villages. Cheriyal in Medak district of Andhra Pradesh , about 60 km from Hyderabad, became the first village in the country to welcome SBI Bank on Bike initiative . More details on this can be accessed @ http://...

Indusind Bank – Check on Cheque . Indusind’s new idea – check on Cheque is yet to catch the customer’s fancy. This is a radically new initiative and it will take a couple of months for the industry/customers to appreciate the benefits. Numerous departments’ have to co-ordinate at the Back end, for this initiative to be a success. A combination of man and machine in perfect sync only will enable 100% success of this initiative. The facility is available to both Savings and Current Accounts. This facility is for Cheques paid @ Pan- India Branches. More can be read at http://www.indusind.com/indusind/wcms/en/home/news/ad_with_ranvir_shorey.html Top 5 benefits of Check On Cheque are: 01)                        Ist mover advantage 02)                        The f...

Indusind Bank – WOW Customer experiences - Choice Money The more CASA Deposits Banks have, the more they will be profitable. Each Bank has a boutique of CA/SB Account types with various benefits attached to the Accounts basing on the Average Balance. All the Banks have similar Banks, and hence the need of the hour is to offer Services which can create a WOW factor. WOW factor can be created at various customer touch points – i.e Branch, Phone Banking, Webpage, Internet Banking. The latest trend is for the WOW factor is at ATM’s and Statement of Account. HEFC started the trend with 40% faster ATM’s and Indusind Bank has taken the ATM experience to another level. It is wooing customers with ‘Choice Money’, at it’s ATM’s The ATM denomination selection service is called ’Choice Money ATM’. Under the ‘Choice Money’, the customers can select the Denomination, instead of the ATM choosing to dispense notes of its choice. There have numerous instances wherein customers withdraw Rs1...

50 Paisa Coins  - Minimum Denomination Coin Like all good things coming to an end, the era of 25 paisa is also coming to an end by 30 th June, 2011. 10 paisa and 5 paisa coins have also become invisible in the market. Come June 30 2011, 50 paisa will be the minimum coin accepted in the markets as all denominations below it will cease to be legal  currency. Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries. The Central Government , Ministry of Finance has notified on December 20, 2010 to call in from circulation the coins of denomination of 25 paisa and below, issued from time to time, with effect from June 30, 2011. From this date, coins below 25 paisa shall cease to be a legal tender for payment as well as on account. The procedure for call in shall be notified separately by the Reserve Bank of Ind...

Andhra Pradesh Bank Holidays 2011 - Under Negotiable Instruments Act 1881