Showing posts from April, 2015

SBI Loan against Shares – On Tap, Online

The Indian stock market is on a roll and the investors through ‘Loans against Shares’, facility can invest more in the share markets.
          To reduce the processing time in availing the Loans against Shares and to increase the asset base, State Bank of India is offering the ‘Loans against Shares’, through its Online Portal.
          The process is simple and the navigation screens are easy to navigate.
          The highlights of this scheme is as under:
Maximum Loan : INR 20 lacs Loan Purpose: a) meet contingencies, b) personal needs c)  subscribing to rights d)  new issue of shares. Remember Loan will not be sanctioned for (i) speculative purposes {ii) inter-corporate investments or (iii) acquiring controlling interest in company / companies
Eligibility: This facility is available to existing individual customers enjoying a past satisfactory relationship with SBI and maintaining their DEMAT Account with SBI Cap Sec. It is offered as an Overdraft or Demand Loan. Loan can only…

Axis Bank Suvidhaa Prepaid card-Use it to experience it

Axis Bank in partnership with Suvidhaa Infoserve (Suvidhaa) and Mastercard launched the Axis Bank Suvidhaa Prepaid card
          Highlights of Axis Bank Suvidhaa Prepaid card 01)Available only for Aadhaar Number Holders 02)Instant card issuance through Aadhaar eKYC verification 03)The card can be used at any Bank ATM/POS/ePOS. 04)Maximum f INR 50,000/- can be stored on the card. 05) The card issuance cost is INR100/- 06)The charges per transaction range from 1-2 per cent of the amount being transacted.
Clarity with respect to the following is expected in the coming weeks: a)Reporting of lost cards b)Pin change process c)Hot listing process d)Leftover balance in the card e)Zero lost card liability
Good to have features:- 01)Electronic inward fund transfer especially scholarships etc 02)Statement of transactions 03) No additional document required if card holder desires to open normal bank account

ICICI Bank Unifare Card expands its horizons-5 Additional features required

Delhi metro commuters already enjoy the charm of ICICI Bank Unifare Card. The ICICI Bank Unifare Card is available in both credit and debit card versions.           Commuters as per their preference can choose the credit card or the debit card.           The credit card comes with a preloaded amount of INR100 to enable the metro commuters to use their card from Day 1. Otherwise the Delhi Metro Transit chip in the ICICI Bank Unifare Credit Card will be automatically recharged with Rs.200, when the balance on the chip drops below Rs.100. Of course, this top up amount will be debited to your ICICI Bank Unifare Credit Card and will reflect in the monthly statement.
The debit card has similar top up facility through debit to the linked savings bank account.
A similar facility has been launched for Bangalore commuters too. Bangalore Metro Commuters too have the choice of debit card or credit card variants.
5 Additional Features required:-
01)Delhi Unifare card to be valid in Bangalore Metro too. 0…

UCO Bank Rewardz – Swipe Smart,Reap Rewards

UCO Bank and the Rewardz Platform have joined hands to offer loyalty points to UCO Bank customers.
          The tagline of this campaign is ‘Borrow or spend, Earn in the end’.
          UCO Rewardz can be accumulated through
a)Online shopping -  (Excluding income tax payments & Intra or Inter Bank transfers) b)Pos/ePOS transactions c)ATM withdrawals d)Net Banking e)Setting auto-debit for auto loans
The FAQ of UCO Rewardz can be accessed here.

The value of each is point is 25 paise. Of course you cannot withdraw physical coins from the Rewardz account.
Founded in 1943, UCO Bank is a commercial bank and a Government of India undertaking.
The accrued points will have to be redeemed within 36 months of accrual otherwise the ame will get expired.
     5 Usage tips:- 01)Register immediately. 02)On completion of the respective transaction, check your rewardz balance once in a week. 03)Encourage your friends too to transact. 04) Redeem your points once you reach redemption levels. 05)Keep en…

Cashless Payments for Simhastha Kumbh Mela - Nashik-Trimbakeshwar 2015. Who will bell the cat?

The most awaited event in India in the next 6 months amongst is the Simhastha Kumbh Mela - Nashik-Trimbakeshwar 2015
          Preparations for this mega event started few years ago.
          This is expected to the biggest gathering of mankind in a pop-up city. Lakhs of people will gather to soak in the ambience of Simhastha Kumbh Mela - Nashik-Trimbakeshwar 2015.
          The last KM was held in Allahabad in 2013 and also made it to Harvard Case Study.
          To make a major difference to the pilgrims visiting Simhastha Kumbh Mela - Nashik-Trimbakeshwar 2015, a group of Nashikites led by MIT Media Lab are working at multiple levels.
          The organisation created for this purpose is KF27 (Kumbha Foundation 2027).
          The organisation has organised four innovation camps so far:-
KumbhaThon 1, Jan 2014KumbhaThon 2, July 2014KumbhaThon 3, Aug 2014KumbhaThon 4, Jan 2015Brief introduction of Kumbha Team
The focus area of  Kumbha.Org now is areas in…

State Bank of India unveils a new safe way to transfer money

One of the most painful steps in digital banking is the registration process for creation of a new beneficiary.
          Almost all banks have a cooling period before funds can be transferred to a new beneficiary.
          Though from a security angle, registration of beneficiary is very much necessary.
          To overcome this obstacle, State Bank of India recently launched a new safe tool on their APP ‘State Bank Anywhere’.
          This new safe funds transfer tool is based on QR Codes.
          Yes, you have read it correctly QR Codes.
          The process is simple. The SBI App ‘State Bank Anywhere’, is mandatory.
          Through this APP, Quick Transfer using QR Code to Beneficiaries without registration is possible.
          The QR Code is a combination of Beneficiary Name, Beneficiary Account Number and Beneficiary IFS Code.
          The wonderful part of the this QR code generation is that it can be created by any beneficiary i.e a SBI account holder or non-SB…

RBI imposes penalty on Vananchal Gramin Bank for violation of Branch Licensing Guidelines

Vananchal Gramin Bank is a Regional Rural Bank. The bank was established on 30 June, 2006 with the amalgamation of the erstwhile Santhal Parganas Gramin Bank and erstwhile Palamau Kshetriya Gramin Bank under the provisions of RRB Act 1976
          VGB is sponsored by State Bank of India & Owned by Govt. of India, Govt. of Jharkhand and State Bank of India . The shareholders of the Bank are Govt. of India (50%), State Bank of India (35%) and Govt. of Jharkhand (15 %). The Bank operates in  9 districts of Jharkhand State with its Head Office at Dumka (sub-capital of Jharkhand State ) through 190 + branches.
Today Reserve Bank of India vide Press Release dt.10/04/2015 informed that it has imposed a penalty of INR 50,000/- (Rupees Fifty Thousand only) on Vananchal Gramin Bank, Dumka, Jharkhand.
The penalty has been necessitated for violation of Branch Licensing Guidelines.
Dumka is one of the oldest districts of Jharkhand state under Santhal Pargana. This homeland of tribal is full of s…

Warm welcome to 12 crores Bank Customers

This Press Release announces the addition of 12 crores bank customers to the digital banking channel.
          12 crores bank customers with accounts in 19,000+ branches of 56 Regional Rural Banks (RRBs) can experience of the joy of Safe eTransactions through their RuPay cards.
          The need to withdraw physical cash from their bank accounts and use the same for shopping has been eliminated with their RRB Bank being part of the NPCI RuPay network.
          At the same time, the bank customers can also opt for digital payments through the NACH Debit channel.  At present all the RRBs have been enabled for NACH Credit. A few RRBs are on NACH Debit too. In the near future all the RRBs will be live on NACH Debit too.
          A brief history of RRBs can be read here.           NACH Debit details are explained in this presentation. Benefits to RRBs 1)Migration of customers from RRBs to other public/private sector banks reduced. 2)Increase in average balance in the saving bank ac…