innovationinbanking

          ‘Nashik Kumbh Mela 2015’, which concluded recently, was the first Kumbh Mela where technology dominated for a flawless execution.           The Nasik edition of Kumbh kicked off on 14th July 2015 (Tuesday) and the curtain came down on 25th September 2015 (Friday). Technically, the ‘Nashik Kumbh Mela 2015’,  is in progress and will come to an end by 11th August 2016           In the coming months, there will be numerous articles on the various facets of  ‘Nashik Kumbh Mela 2015’. a)      Collector Office-Nashik b)     No missing case reported at world’s largest religious gathering c)      Police Arrangements At Glance d)     MIT Media Lab, Camera Culture Group           A number of teams came to...

Dusshera celebrations are taking place all over the country. The festival runs for 9 days which in turns translates into holidays depending on the importance in the respective States.  There will be consecutive holidays at certain cities from 20th to 27th Oct’15. Holidays has been summarized as below.             RTGS/NEFT as usual will be closed on Sundays and 4th Saturdays. RTGS/NEFT will be closed on 22nd October, 2015 too.            This provides a golden opportunity for alternate eTransaction modes to be in the limelight.             Major alternate eTransaction modes are: ·         IMPS ·        Card-to-Card transfer through ATMs ·        eWallets ·        Mobile Wallets  ATMs might run out of cash, hence th...

                       White Label ATMs are spreading their wings all over India. As on 30 th September 2015, 10,000 + WLM have been set up.           The operator wise numbers are as under: Tata Communications Payment Solutions Ltd – Dost har mod par Tata Communications Payment Solutions Ltd., under the brand name ‘Indicash’, is the leader with 6,000+ ATMs Tata Communications Payment Solutions Ltd., website can be viewed @ http://www.indicash.co.in/ Indicash ATMs can be deployed in 4 unique formats i.e Offsite, Porta Cabin, Shop in Shop(SiS), Lobby Format Franchisees are welcome to be a partner of TCPSL success. The franchisee can offer space own or rented.  A fixed cost is to be paid to TCPSL toward maintenance, cash loading and holding charges. The franchises earn on every transaction at the ATM. Such a model is a win-win as instead...

Reserve Bank of India on October 7, 2015 vide Press Release issued specific directions to  Mercantile Urban Co-operative Bank Ltd., Meerut (Uttar Pradesh) The directions were issued by Reserve Bank of India to safe guard the interest of the public The directions are as under and are applicable from the close of business on October 06, 2015,  shall not, without prior approval in writing from the Reserve Bank of India :- ·        grant or renew any loans and advances, ·        make any investment, ·        incur any liability including borrowal of funds and acceptance of fresh deposits, ·        disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, ·        enter into any compromise or arrangement ·        and sell, tran...

          How would you feel if you received a Gift Hamper on a rail journey from your loved ones?           How would you react if a gift hamper awaited in your hotel room from your loved ones after a tiring day in office?           Would you be surprised if a gift hamper was delivered to your Paying Guest accommodation?           The traditional online Gift Hampers do not serve the aspirations of the ‘Middle of the Pyramid’.           Gift Hamper’s in one form or other are part of Indian culture. In the western world, the tradition of the charitable gift hamper or the Christmas hamper has spread. These days, gift hampers can be given for any occasion - baby gifts, corporate gifts, birthday gifts, Mother's day gifts. There are a number o...

          An introduction of Mudra Loans is available at the following links: 01)   MUDRA website 02) MUDRA FAQs 03) Collections Business potential 04) NDTV           An introduction of Bharat Bill Pay is available at the following links: a)      The Hindu b)     NPCI December 2014 eNewletter c)      NPCI August 2015 eNewsletter           This article highlights the pains in collecting the Mudra Loan instalments.           Times of India           Quote           In addition, banks are devising flexible repayment mechanism with instalments that can be paid on a weekly basis at some of the banks. "From a collection point o...

           RGVN (North East) Microfinance Limited, Guwahati has been granted in-principle approval to set up a Small Finance Bank in India. They have to submit the Application for final approval within 18 months.           Sphere of Influence: - Operations: Network of 116 branches in 5 Northeastern States viz. Assam, Arunachal Pradesh, Meghalaya, Nagaland and Sikkim. Products: a)      Self Help Groups b)     Joint Liability Groups c)      Entrepreneurship Development Loan – Individual d)     Micro Enterprise  Loan – Individual Mr.Brij Mohan-Chairman in alumni of IDBI Ms.Rupali Kalita, Managing Director is LDR Regional Rural Bank One of the unique features of RGVN is ‘No penalty on delayed payment and prepayment’.

     Midnight oil is being burnt in the Head office of Equitas Holdings P Limited, Chennai to quickly submit the final application to Reserve Bank of India for issuance of the final licence to commence Small Finance Bank business.      EH is one of the 10 entities to which Reserve Bank of Indian has accorded in-principle approval for Small Finance Bank operations.      EH commenced its operations in 2007. Sphere of Influence: Operational Areas: 7 States-124 districts-361 districts Products: Micro Finance Vehicle Finance Housing Finance Food Security Education Initiatives Each product has dedicated staff to service the customers. Shri Vasudevan P N – Chairman is alumni of Development Credit Bank BUSINESS Disbursement for the FY 2014-15 - 2,129.04Cr Disbursement since Inception - 7,309.29 Cr Loan Outstanding as on end of the month - 2,143.95 Cr CUSTOMERS MAR 2015 - No.of...

            The Bihar Elections will dominate the media for the next couple of months.             The Bihar State Election Commission is the implementing agency in the whole state of Bihar.             Massive manpower, equipment including vehicles is requisitioned and deployed the Election State Commission for smooth conduct of the elections.             As the SEC does not have all the required resources on its rolls, deputation or hiring is the accepted practice.              Human Resources are drawn from Government offices, Public Sector Banks, Public Sector Insurance Companies, Government undertakings etc.             Honorariu...