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Showing posts from July, 2016

Account Description Does Not Tally – Return Reason Removed

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NPCI vide circular No 177, dated July 28th, 2016, informed the Banking community that the APB Return Code NO 3 – Account Description does not tally is removed from the valid return reasons. 
          As the participants have to make necessary changes in their Software, the effective date of this circular is September 1st, 2016.
          It may be noted that the ‘Beneficiary Name’, is an Optional field and the Sponsor Bank may choose NOT to incorporate the Beneficiary Name in the input field.                NPCI has observed that few banks are mapping the return records of ‘Aadhaar not mapped to the account number’, to ‘Account Description Does Not Tally’. This was leading to unnecessary confusion and customer complaints.
          Hence, as the return reason ‘Account Description Does Not Tally’ is not valid for APB transactions a decision was taken to remove it.
          The List of valid APB Return codes are as under:-


          It may be noted that credits under Aadhaar Pay…

South Indian Bank launches RuPay based PrePaid and Gift Cards

Last Week at a ceremony heled at NPCI Headquarters, Mumbai, South Indian Bank unveiled PrePaid and Gift Cards. The ceremony was graced amongst others, by A.P. Hota, MD & CEO, National Payments Corporation of India (NPCI) and V. G. Mathew, MD & CEO of South Indian Bank.
          The SIB Prepaid card is a re-loadable payment instrument like debit or credit card on RuPay platform.
 It comes with a maximum validity of three years along with top-up facility in multiples of ₹100.
The card can be seamlessly used at ATMs, Points of Sales (PoS) terminals at merchant outlets and e-commerce websites across the country.
SIB gift card is a prepaid, non-re-loadable card on RuPay Platform.
There is no need to have an account with SIB to purchase this gift card.
The maximum validity period is one year.
The card can be used at PoS terminals at merchant outlets and e-commerce websites. This means the card can be used at all outlets where RuPay card is accepted.
Differences between SIB Pr…

109 years of Bank of Baroda-The Digitisation Route

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The present management of Bank of Baroda salutes numerous ‘unknown soldiers’, who in their own unique way spread the joy of Banking with Bank of Baroda.
This Roll of Honour will be incomplete without mention of men, of the stature of Maharaja Sayajirao Gaekwad, Sampatrao Gaekwad, Ralph Whitenack, Vithaldas Thakersey, Tulsidas Kilachand and NM Chokshi, who shaped the vision of Bank of Baroda.
          On July 20th, Bank of Baroda celebrated its 109th foundation day. It was in 1908, when Bank of Baroda started its journey.
          Over the last 100 years , Bank of Baroda has spread its wings with physical presence through 5,330 + branches and 8,975 + ATMs. The bank has digital presence through various self-service channels.
          Bank of Baroda also provides banking services through Nainital Bank and three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.
          A series of Press Releases highlight…

Dream comes true-India’s first ‘LessCash’ Day-The Bugle has been sounded

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It is wonderful when a dream becomes reality. The continuous efforts in spreading the Joy of Safe ePayments are bearing fruit.
          August 15th has been designated “LessCash’, Day by   as Confederation of All India Traders (CAIT).
          Confederation of All India Traders (CAIT), an association of unorganised businessmen, will be holding a 40-day campaign to promote electronic payments, said a press release issued by the organisation.
          CAIT has adopted a Resolution at the All India Traders Conclave held April 4 – 6 in New Delhi, India by all Officers and Members Present.
          The highlights of the Resolution are:
Be it “Resolved” that CAIT passes and support the resolution for #tradersagainstcash to drive the shared CAIT/government vision of a ‘Less Cash Digital India’
On July 7th, 2016 Arun Jaitley released the CAIT’s 40-day ‘less cash’ campaign road map.
Why 15th August? 01)National Holiday 02)All normal banking channels closed 03)NPCI Immediate Payment Servi…

Donate online to Indian Prime Minister’s National Relief Fund

The option to donate via Online for the Prime Minister’s Relief Fund is now live.     The interface is simple and donations can be made through Cards or NetBanking of bank sites.

Donations through Pre-Paid Cards are yet to be made active. Donations through Mobile APP are yet to be enabled.
Donations through RuPay will be activated soon.
BillDesk is the service provider for this activity with the Merchant Name as PMOFFICE
No transaction charge is levied by intermediateries on donations made through AMEX, Diners Club International, Master Card, VISA Debit/Credit cards.
However some banks may levy the netbanking transaction charges, which may vary from bank to bank.
Prospective Donors should be aware of the following:-
oPrime Minister's National Relief Fund (PMNRF) does not collect any money through SMS/Miss call services or through any such service provider. 
oThe public at large are  advised that any such Calls/ Messages should not be entertained.

PM National Relief Fund
In pursuance of an a…

IIBFs’ Certificate Examination in Risk in Financial Services

Target Audience: Banker desiring to gain expertise in the area of Risk Management in Financial Services.
The course is not restricted to risks in banking sector only but covers the entire gamut of Financial Services.
Course Structure: The course is offered in collaboration with Chartered Institute for Securities & Investment (CISI), London.
The examination has two parts - one covering Indian scenario and the other dealing with the international scenario.
Both the parts of examination will be conducted separately and the successful candidates will be awarded a certificate as given below :
Paper - 1 (Level - I) IIBF + Paper - 2 (Level - II) CISI = Certificate in Risk in Financial Services Awarded jointly.
Paper 1 Risk Management Modules:-
Module A – An Overview
Module B – Credit Risk Management
Module C – Operational Risk
Module D – Market Risk
Module E – Basel III guidelines

Paper 2  Level - II Examination (CISI, London)
As regards Paper 2 (Level - II) Examination the rules / syllabus, cours…

NPCI is expanding its wings – Tier IV Data Centre in Hyderabad

The chief driving force behind Safe Digital Transactions in India – National Payments Corporation of India is expanding its physical presence.
          As on date, NPCI has its offices in Mumbai,Chennai and Delhi. In Mumbai, its offices are located in Bandra Kurla Office and Goregaon.
          As the number of Digital transactions routed through NPCI Network is on the increase, NPCI has decided to expand it physical presence to Hyderabad too.
          It has released an Expression of Interest (EOI) to develop NPCI’s Integrated Office Building and Data Centre (IODC).
          The  Tier IV Data Centre and Integrated Office Building will be on approximately 3.5 to 4 acres of land at Gachibowli, Hyderabad.
          Highlights of Tier IV Data Centre: ·The highest level of guarantee that a data center can provide, with 99.99% availability.
·This data center category is fully redundant in terms of electrical circuits, cooling and network.
·This architecture can withstand even the…

IIBF’s Certificate Course in Digital Banking

IIBF-Certificate Course in Digital Banking
          Indian Institute of Banking and Finance has introduced a new course for new-age bankers.         This new course is aimed at front office staff to equip them with the latest Digital Banking tools viz Cards, ATMs, Mobile/Internet Banking and PoS.  
          It is a well documented fact that the transaction costs through  Digital Banking  are less as compared to Physical Banking.
Bankers passing this examination will be able to guide their customers to migrate from physical banking to digital banking.
In the next six months, Payment Banks will open up their branches with complete focus on Digital Banking products only. This course will enable Payment Bank staff to have a strong foundation in digital banking products and specialise if required.
The first exam will take place on January 22nd 2017. The registration window will open on 08/09/2016 and close on 08/11/2016.
The syllabus is divided into 4 Modules:-
Module A:: -- a)Digital Banking…