innovationinbanking

          Reserve Bank of India has informed the public at large of imposing a monetary penalty of ₹ 4.00 lakh (Rupees Four lakh only) on Progressive Co-operative Bank Ltd., Mumbai. The monetary penalty was  for violation of instructions/guidelines issued by the Reserve Bank of India relating to lending to nominal members, financing an NBFC and KYC norms. Nominal Members: There are two classes of Members in Urban Co-operative Banks i.e Regular Members and Nominal Members. Regular members subscribe to the share capital of the bank, participate in the affairs of the bank, have right to contest to the Management Committee and can avail of any type of loan facility.  Nominal membership in Urban Cooperative Banks was introduced only to enable borrowers to occasionally borrow against pledge of tangible securities such as gold, government securities and NSCs, etc. Besides, if a person has to stand as a surety to a b...

              The Reserve Bank of India has imposed a monetary penalty of ₹ 1.00 lakh (Rupees one Lakh only) on Sahebrao Deshmukh Co-operative Bank Ltd., Mumbai. The penalty is  for violation of instructions/guidelines issued by the Reserve Bank of India relating to opening of on-site ATM. The major achievements of Sahebrao Deshmukh Co-operative Bank Ltd., Mumbaiin the past are as under:- ·        New ATM Centres make life easier for customers  - Ironically, RBI has penalised SDC for violation of guidelines relating to opening onsite ATMs!!! ·        SDC Bank has been granted Forex Certificate ·        Core banking system implemented in SDC Bank. ·        Net Banking facility started ·        SDC Bank aquires Shahapuri Nagari Bank Ltd.Sat...

          Ujjivan Small Finance Bank opened its doors to the general public on 6 th February, 2017.           Watch Ujjivan Small Finance Bank - Branch Experiential Film on Youtube. It will make you smile.                To enable its account holders to transact digitally it joined NPCI’s National Financial Switch (NFS) as a 101 st Direct Member. In the initial stages, Ujjivan Small Finance Bank is issuing RuPay Debit Card (Classic variant). Ujjivan is the 5th entity to start small finance bank. The bank is not offering higher interest rate like its peers.            Ujjivan Small Finance Bank  opened with footprints in five Bangalore localities i.e Koramangala, Lingarajapuram, HAL, Jakkasandra and Whitefield. In the coming months, it will spread its wings across India, with s...

          Brief Background: In the Union Budget for 2015-16 the Honourable Union Finance Minister had highlighted the need for and use of TReDS for improving flow of funds to MSME sector by reducing the receivables realisation cycles. TReDS are structured to allow SMEs to post their receivables on the system and get them financed. TReDS is not only expected to give SMEs  greater access to finance but  also put greater discipline on Corporates to pay their dues on time.                In December 2014, Reserve Bank of India released the “Guidelines for setting up of and operating the Trade Receivables Discounting System (TReDS)”           The guidelines also had a ‘Illustrative Outline of Process flow under TReDS’.           As TReDS is a Payment Sy...

Today’s  How-to-Do topic describes simple steps to do a Safe BHIM Transaction The steps can are divided into five actions. Step 01 – Obtain the recipient’s Virtual Payment Address (VPA) Step 02 - Conform that the net connection is up and steady Step 03 – Key in the recipients Virtual Payment Address (VPA) Step 04   - Click on Verify. Once the recipient’s name is displayed, conform that the name tallies with the recipient you want to remit money Step 05 – Input the Amount, Add ‘Remarks’, remarks are an important factor for reconciling your transactions. Input your UPI password and execute a Safe BHIM Pay Transaction View my video on How-to-Do a Safe BHIM Transaction           

          All Banks in any State have to adhere to the List of Holidays declared by the respective State Government under Section 25 of the Negotiable Instruments Act, 1881          Government of Andhra Pradesh vide its Gazette Notification No.775 dt. December 9, 2016, declared 19 Holidays under N.I Act 1881.          Holidays falling on normal week days ---- 17          S.No Occasion/Festival Date Day 1 Republic Day 26.01.2017 Thursday 2 Ugadi 29.03.2017 Wednesday 3 Annual closing of Accounts 01.04.2017 Saturday 4 Sri Ram Navami / Babu Jagjivan Ram’s Birthday 05.04.2017 Wednesday 5 Good Friday / Dr. B.R. Ambedkar’...