innovationinbanking

          Let me start today’s post with this: - QUOTE Elaborating on the initiative, Mr. Rana Kapoor, MD & CEO, YES BANK said, “YES BANK is proud to pioneer this unique solution, which will empower all bank account holders and enhance efficient digital financial inclusion in the most efficient manner. YES BANK is committed to fully support the Government’s demonetization and digital payments initiatives. Through the launch of SIMsePAY along with Co-operative Bank tie-ups across the country, we will effectively aid our country’s ongoing transition to a ‘less-cash’ society, and eventually a ‘cashless India’.” UNQUOTE           This July 21, 2015 Press Release by YES Bank first mentions about SIMsePAY . The full fledged launch by YES Bank took place on November 30, 2106.        The major benefits of SIMsePAY are: ·    ...

          One of the major effects of Demonetisation in India has been on the Religious Institutions. In the last few years, major Temples and other religious institutions have enabled online donations on their websites. However, the same is not so in the physical premises. Cash Collection boxes/Hundis are still the primary collection mode. Minimal effort has been made to convert these cash modes to digital modes.           However, Demonetisation has forced these religious institutions to relook at their collection mode.           A beginning has been made, however a long way.           The number of devotees swells on special days at religious places. Apart from permanent structures, devotees also look forward to fairs to be part of religious functions.      ...

          All of a sudden, rumours started to float that  ₹ 10 coins are not genuine and are fakes. Alarmed, Reserve Bank of India, issued a press release clarifying the genuineness of ₹ 10 coins circulating in India.           Though this Press Release, Reserve Bank of India has advised members of the public not to give credence to such ill-informed notions and ignore them and continue to accept these coins as legal tender in all their transactions without any hesitation. The Reserve Bank of India puts into circulation coins minted by the Government of India. These coins have distinctive features. Coins in new denominations to meet transaction needs of public and coins in new designs to reflect various themes - economic, social and cultural - are introduced from time to time. As coins remain in circulation for longer periods, it is quite possible that coins of different desi...

           Two trending searches on Indian Google was State Bank of Sikkim and   Norbu Bhutia           Shri Norbu Bhutia is Deputy Director of Income Tax (Investigation) and is based out of M.G.Rod, Shillong. Yes, there is M.G.Road in Shillong.           The other trending search was State Bank of Sikkim.           The trending searches were due to this letter widely circulated in WhatsAPP and media.           A brief introduction of State Bank of Sikkim: _           State Bank of Sikkim was established in 1968 and at present has 41 branches throughout the State of Sikkim. The Bank is headquartered in the State Capital of Sikkim, Gangtok. The Bank is an autonomous body under the Gover...

OLA Credit – Are you eligible for it? The positive side of Demonetisation           By now all of us are aware of the word ‘demonetisation’, and the effects on a large number of human beings.           The negative sides of ‘demonetisation’ will continue to linger for some time.           A new feature by OLA i.e OLA Credit is the fall-out of demonetisation.  OLA Credit is a Global First in this category. In a taxi ride, physical goods are not exchanged. Hence, in case of a credit facility, in case the debtor defaults, the creditor does not have recourse to physical goods. Hence, the credit facility is offered to selected customers.             If you have received the following email from noreply@olacabs.com , Bingo, you are eligible for OLA Credit Email Quote:    ...