innovationinbanking

            One of the important marketing tools to attract new users to a product is the referral bonus tool. The same tool is being implemented to scale up BHIM Transactions. The download numbers for BHIM APP are huge, however the number of transactions is not equivalent of the APP downloads.             To scale up transaction volumes, Shri Narenda Modi has announced referral bonus for BHIM users, for individuals as well as merchants.             The detailed guidelines can be read here .             As BHIM is not a eWallet, the cashback cannot be stored in BHIM, the hard cash has to be credited to a proper bank account.             This is where the power of NPCI ACH Credit Module comes in. T...

          The transformation of AU from a NFBC to a small finance bank is over.  It has informed BSE as it has received Banking licence from Reserve Bank of India to convert its existing Non-banking Finance Company (NBFC) to Small Finance Bank (SFB), it has done so, and hence w.e.f April 13, 2017., the  Company changed its existing name from Au FINANCIERS (INDIA) LIMITED to AU SMALL FINANCE BANK LIMITED.           The new web address of AU Small Finance Bank is https://www.aubank.in/ . The landing page on the webpage displays this message.           In order to leverage the RBI License for Small Finance Bank, AU management have finalised a three-pronged operating model i.e Focus on existing customer base, be cost efficient and have technology driven hub-and-spoke branches.         ...

              Reserve Bank of India vida a Press Release informed to public at large regarding imposing a monetary penalty of ₹5 lakh on M/s Hinduja Leyland Finance Ltd. (the company). The monetary penalty was for violation of directions/orders issued by Reserve Bank of India from time to time. Reserve Bank of India officials inspected books and accounts of the company as on March 31, 2015 between December 30, 2015 and January 14, 2016. RBI officials observed that the company process of charging interest and its communication to the borrower was done in non-transparent manner which was in violation of the Fair Practices Code guidelines issued by the Bank under Section 45 L of the RBI Act, 1934. Accordingly, the company was issued a Show Cause Notice (SCN) on July 29, 2016 for imposition of penalty. The company’s response to the SCN was not found to be satisfactory. The company was also accorded a person...

                     Reserve Bank of India has imposed a monetary penalty of 20 lacs on M/s Shriram City Union Finance Ltd.               The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹20 lakh on M/s Shriram City Union Finance Ltd. for violation of directions/orders issued by Reserve Bank of India from time to time.               Reserve Bank of India officials conducted a scrutiny of sample loan accounts of the company during November, 2015. Reserve Bank of India officials observed that the company has violated various provisions of the Fair Practices Code guidelines issued by the Bank under Section 45 L of the RBI Act, 1934. Hence, the company was issued a Show Cause Notice (SCN) on August 1, 2016 for imposition of penalty. The ...

          The volumes in BHIM have encouraged NPCI to release the new version of BHIM with additional features. National Payment Corporation of India released the BHIM 1.3 version on Google Playstore on April 13 th , 2017. One of major irritants for BHIM users were the COLLECT requests from unknown users. The Version 1.3 addresses this major concern. The new features in this version are: * New Languages Supported: Marathi, Punjabi & Assamese Benefit:: This will encourage users from interiors of Maharashtra, Punjab and Assam to transact through BHIM. * Send money using Phone contacts (To BHIM/*99# users) Benefit:: Reduces overall transaction time to complete the transaction. * Blocking/Unblocking feature to protect users from unknown collect requests Benefit:: Ensures ‘collect’, requests from known users are only acted upon. Minimises fraudulent transactions. Increases the trust factor of BHIM App *...