Showing posts from July, 2015

INR 5 lacs monetary penalty

RBI imposes Monetary Penalty of INR 5 lacs on M/s Muthoottu Mini Financiers Pvt Ltd.           The penalty is for violation of various directions/orders issued by Reserve Bank of India from time to time.
Background An inspection of the company under section 45N of Reserve Bank of India Act, 1934 (the RBI Act, 1934) with reference to its financial position as on March 31, 2013 was conducted during December, 2013.
It was observed that several regulatory violations were committed by the company relating to the : -
·guidelines on Loan to Value (LTV) ratio pertaining to gold loans,
·issuance and renewal of Non-Convertible Debentures (NCDs),
·loans against NCDs,
·adherence to Fair Practices Code (FPC),
·disclosures in the balance sheet etc.

After considering the facts of the case and the company’s reply, as also, personal submissions made during the hearing, RBI came to the conclusion that the violations as observed during inspection were of serious nature and were substantiated which warr…

Safe eTransactions @ Ganesh Chaturthi 2015

The Time: September 17-27, 2015.
The Place: Mostly in the states of Maharashtra, Goa, Tamil Nadu, Karnataka and Andhra Pradesh. One of the best places to experience the festival is in the city of Mumbai.
          The present central government led by Shri Narendra Modi is committed to roll-out ‘Digital India’, concept. In layman terms, Digital India means availability of Government Services through the Digital mode.

          Citizens too should be able to communicate with the Government officials through the Digital mode.  The goals are ambitious. The foundation is already in place with the ‘Digital India Week’, showcasing the various components of Digital India.
          To quicken the acceptance of Digital India initiatives, it is necessary that the Digital India tools are familiarized to a large set of population.
          Indian festivals are a great meeting place, where large number of our countrymen meets to celebrate the joys of the respective festivals.
          There are ce…

A missed opportunity for ePayments @ Godavari Pushkaralu

The last few days a sea of humanity has descended on Andhra Pradesh and Telangana along the Godavari Ghats.
          The sea of humanity has only one aim: - Dip in the Holy Godavari River on the occasion of Godavari Pushkaralu.
          The magnitude of the event can be witnessed at 275 ghats spread across the banks of River Godavari in two of India’s youngest states i.e Andhra Pradesh and Telangana.
One Event-275  Godavari Ghats- Four Crore Visitors @ Telangana - Basar,Dharmapuri, Koti Lingala, Kaleshwaram, Bhadrachalam @ Andhra Pradesh - Rajahmundry, Kovvur, Narasapuram, Antervedi
          As per urban lore, a dip in River Godavari during the Pushkaram time relieves from all sins. At the same time rituals to departed souls are also performed.
What is Pushkara ? Pushkaram or Pushkaralu (in Telugu), Pushkara or Pushkar is an Indian festival dedicated to worshipping of rivers.Pushkara or Pushkar is a Sanskrit word derived from the element of Push (Pushti) me…

Quickpay – The latest addition to INDUSIND Bank’s long list of Innovations

As on date, the following are the major Innovations from Indusind Bank. Each innovation has spawned similar products from competitors.
·Video Branch·Super Saver Pack·My Account My Number·Check on Cheque·Denomination Selection·Cash-On-Mobile·Quick Redeem·Direct Connect

          Quickpay is the latest addition to the long list of innovations introduced to Indian banking customers by Indusind.
          Quickpay was launched a couple of days. The funds transfer channel is NPCI’s IMPS. This is the only channel in India which currently supports instant online funds transfers between participating bank accounts.
          The landing page of Quickpay is user-friendly and radiates positive energy. The theme based messages encourage Indusind Bank customers to be part of the happiness of their loved ones.
          The ‘Instacode’, adds an extra layer of protection to the QP transaction.           The numbers of transactions are expected to zoom with the festival season around the cor…

RBI imposes penalty on Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat)

The Reserve Bank of India has imposed a monetary penalty of INR 5.00 lakh (Rupees five lakh only) on Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat) for violation of Reserve Bank of India’s guidelines/ instructions by allowing cash withdrawal of  INR20.00 lakh after banking hours, without approval of Board of Directors and non-reporting of Suspicious Transaction report (STR) to Financial Intelligence Unit-India (FIU-IND).

Has Safe ePayments Boosted Bahubali Collections? Over 165 Cr(USD 26,000,000/-)

During the last couple of days, majority of movie-goers all over India flocked to the nearest theatre.  Bahubali-The Beginning was the magnet which attracted the movie-goers.
Baahubali's Blockbuster Beginning: Over 100 Cr(USD 15,770,000.00)  in Opening Weekend
11 Safe ePayments Boosters for these phenomenal collections:
01)Release in 4000 theatres world-wide.
02)Simultaneous release in Telugu and Tamil and dubbed into Hindi, Malayalam and French languages.  
03)Online Booking enabled the movie-lovers to check the tickets availability from the comfort of their homes.
04)Online booking enabled the movie-lovers to book the tickets at normal rates, instead of purchasing in black at the theatres.
05)Online booking enabled the movie-lovers to simultaneously book back-to-back shows. 06)Online booking enabled the movie-lovers to opt for Group Bookings to view the movie along with their Teams/Family members.
07)Online booking enabled a large number of Senior Citizens (Including MY DAD AND…

Will Safe ePayments be in Godavari Pushkaralu 2015?

A large number of Telugu speaking populace from all over the world have will be descending on the banks of River Godavari for a holy dip during Godavari Pushkaralu 2015.
          The initial preparations for this mass congregation begun a year ago. The formation of the new Andhra Pradesh sped the preparation work. As per the initial estimates around 3 crores plus public will take the holy dip in the waters of Godavari, during this 12 days period.
          “Pushkaralu”- the word from Telugu origin means an Indian festival dedicated to worshipping of rivers. It is celebrated across the shrine banks of the 12 most hallowed rivers in the country. These celebrations include ancestral worship, spiritual ventilate and cultural programmes
The Much awaited Godavari Pushkaralu 2015  starts on July 14th 2015. The best Place to visit at Godavari Pushkarams is Dharmapuri, Karimnagar, Kaleshwaram, Basar and Bhadrachalam in Telangana state and Narasapuram, Kovvur and Rajahmundry in Andhra …

ICICI Bank-Strategy to reach 100 lacs mobile banking users

Today’s post is inspired by ICICI Bank’s faith in Indian banking customers to opt for Digital Banking.
Today ICICI Bank unveiled its new version of Mobile Banking christened ‘iMobile’.
The highlight of iMobile is the access to 110+ services.
The bank is pulling out all stops to increase its mobile banking users from the 50 lac mark to the 100 lacs mark. The internal target to reach 100 lacs user base is this year end.
The new features have been introduced after intense customer feedback.           Top features of the 110 iMobile services:-

Dashboard: Upload Personalised Photo – In order to provide personalised experience, now users can upload photo through this feature which will display on Dashboard. Hamburger – Grouping of all quick links through Hamburger (left panel) for easy accessibility Search – Introduced Search feature on Dashboard for easy navigation. Users can search any services available in the app by using this tab from Dashboard. Favourite Transactions – Users can …

Union Bank of India forays into Branch IMPS Channel

In the last couple of years, NPCI’s IMPS channel is seeing a surge in the volumes. As IMPS offers ‘Funds Transfer’, 24*7, 365 days a year, it has attracted a large number of bank customers.
          In the initial days, the primary key for IMPS funds transfer was the MMID. As it was difficult to transfer funds through the IMPS mode, NPCI introduced IMPS funds transfer based on beneficiary account number and IFS Code. This new feature boosted IMPS volumes.
          The funds transfer channel was mainly through customer initiated modes i.e Net Banking, Mobile Banking, ATM mode etc.
          IMPS was not designed for the bank branch channel.  As a digital initiative, Union Bank of India, has enabled IMPS funds transfer through its branches too.
Union Bank is the first Bank in the Industry to launch IMPS through branches for its Retail and Corporate customers by integrating IMPS platform in its CBS (Core Banking Solution) which is fully in house.
Under this new facility customer…

RBI imposes penalty on The Banaskantha Mercantile Co-operative Bank Ltd., Palanpur, Dist. Banaskantha (Gujarat)

The Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (Rupees Five Lakh only) on The Banaskantha Mercantile Co-operative Bank Ltd., Palanpur, Dist. Banaskantha (Gujarat). The monetary penalty is for violations of the directives/guidelines of the Reserve Bank on Know Your Customer (KYC) and Anti Money Laundering (AML).
Palanpur is  in the district of Banaskantha in the western state of Gujarat.  Legend says that the town got its name from the Palansi Chauhans who came and occupied the city in the 14th century.
One of the unique features of Palanpur is  that at one point in time the town was heavily protected by forts on all sides, with entry being possible through one of the seven gates to the city.
These forts and gates are now ruins around the city and are an important tourist attraction.
The Keerti Stumbh, also called the Victory Tower is another important tourist site in Palanpur, apart from the Zorawar Palace and the Balaram Palace which stand as reminders of Pala…