innovationinbanking

IDRBT and SVPNPA jointly announce ‘Basic Course on Investigation of Banking Frauds’              IDRBT stands for Institute for Development and Research in Banking Technology. IDRBT has a physical presence in Hyderabad           SVPNPA stands for Sardar Vallabhbhai Patel National Police Academy. The primary purpose of the Academy is to impart training to Indian Police Service officers before they are sent to their respective state cadres to carry out their duties. SVPNPA campus is spread around 277 acres in Hyderabad.           ‘Basic Course on Investigation of Banking Frauds’ is the first program under the collaboration of IDBRT and SVPNPA.           Basing on the feedback received from participants of this course, similar programs will be conducted.        ...

The integration of BBPS with Google TeZ and instant rewards for Bill Payments has increased Google TeZ volumes . On payment of the Bill through Google TeZ, a scratch card gets generated. Scratch the card, and there are there are two possibilities. Possibility One : BETTER LUCK NEXT TIME Possibility Two : CONGRATS, YOU HAVE WON INR'XX' AS CASHBACK. Either way, the outcome is instant, encouraging users to pay bills through the Google TeZ .           This article explains in detail the volumes of various UPI Apps NPCI manages both BBPS and BHIM, which makes it easy to integrate BBPS with BHIM

          The general feedback given to the various Government Departments tracking the ‘BHIM Customer and Merchant Cash Bank Scheme’, have received is the perceived delay in the incentive credits for eligible BHIM transactions.           It is human nature to expect the rewards as soon as possible, the more there is delay, the more is the dissatisfaction.           The incentive credits are being routed through the NACH System as ACH Credits.   The BHIM Credits were being routed once a day through the NACH Credit session.           However, this was not real time and the stake holders after deliberation sought to reduce the processing cycle for the incentive credits.           NPCI-NACH team vide Cir No 5 has informed to NACH partici...

    Reserve Bank of India (RBI) has informed to public at large that it has imposed, by an order dated May 14, 2018, a monetary penalty of ₹ 50 million on South Indian Bank Limited. Reserve Bank of India has imposed the monetary penalty   for non-compliance with the directions issued by RBI on :- ·        Income Recognition and Asset Classification (IRAC) norms, ·        Know Your Customer (KYC) norms ·        treasury function ·        for deficiencies in its compliance function ·        compliance culture The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to the aforesaid directions issued by RBI. Reserve Bank of India has cla...

          Reserve Bank of India vide Press Release 16/05/2018 informed to the public at large that it has imposed a monetary penalty of INR5 lacs on April 19,2018, a monetary penalty of ₹ 5.00 lakh (Rupees Five Lakh) on United Co-operative Bank Ltd., Bagnan Station Road(North), PO- Bagnan, District- Howrah, West Bengal, in exercise of the powers vested in it under the provisions of Section 47A (1) (a) and (c). The penalty was necessary for violations/ non-adherence of :- 01)   RBI directives/ guidelines as mentioned in Master Circular on Area of Operation, Branch Authorisation Policy, Opening/ Up-gradation of Extension Counters, ATMs and Shifting/Splitting/Closure of Offices dated July 1, 2015, And 02) Section 35(2) of the Banking Regulation Act, 1949 (AACS). Before the imposition of the monetary penalty,     Reserve Bank of India had issued a Show Cause Notice to the bank based on the findings of the ...

NPCI has announced the commencement of   P2F Sessions at Karad, Malegaon, Sangamner vide CTS Circular NO 10, 11 and 12.           Commencement of P@F centres is the final step in the CTS ‘Go Live’, process.           All three i.e Karad, Malegaon, Sangamner are linked to   CTS-Western Grid Karad: Popularly known as Karhatak, Karad is a municipal corporation and a major tourist attraction, which is located in the Satara district of Maharashtra. Nestled at the confluence of Krishna River and Koyna River popularly known as Preeti Sangam. The two rivers originate at Mahabaleshwar, which is around 100 km from Karad. They diverge at their origin, and travel for about the same distance to meet again in Karad. The rivers meet exactly head on, thus forming letter "T" which is the only head on confluence in the world. Hence Krishna and Koyna river's confluence is calle...

           Reserve Bank of India has informed to public at large that it has imposed a monetary penalty of ₹ 1.00 Crore (Rupees One Crore only) on The Mehsana Urban Co-operative Bank Limited, Mehsana (Gujarat), in exercise of the powers vested in it under the provisions of Section 47A(1) (c) . The penalty is for multiple for violation of the directives/ instructions/ guidelines issued to Urban Co-operative Banks (UCBs) , ibid relating to grant of advances to directors and their relatives, Know Your Customer(KYC)/Anti Money Laundering(AML) norms, group exposure norms, etc. The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case and the bank’s reply in the matter and the oral submissions made in the personal hearing, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted...

  Reserve Bank of India vide Press Release dt 15/05/2018, informed to the public at large that it has imposed a monetary penalty of ₹ 2.00 lakh (Rupees two lakh) on The Vriddhachalam Co-operative Urban Bank Ltd. (No.E 81), 64 South Fort Street, Vriddhachalam, 606001. Reserve Bank of India has imposed this monetary penalty, in exercise of the powers vested in it under the provisions of Section 47A(1)(b), for violation of the directive of the Reserve Bank prohibiting extension of loans and advances to Directors/their relatives as provided in Para 5 of Master Circular UBD.CO.BPD.MC.No.8/12.05.001/2013-14 dated July 1, 2013. Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case and the bank's reply in the matter, Reserve Bank of India came to the conclusion that the violation was substantiated and warranted imposition of penalty. Gist of Para 5: PROHIBITION ON ...

          TWallet is the official wallet of Telangana Government.   Quote The minister had tweeted from his twitter handle @KTRTRS: “Through CMRF so far, more than 1.2 lakh families have received assistance in emergency situations. Nearly Rs 800 crore has been spent in the last 46 months. Those who would like to contribute can write a cheque to Chief Minister’s Relief Fund, Telangana state.” “Can we include online payments for CMRF sir? Why not have TWallet be taken as a gateway for contributing to CMRF? Please think over,” suggested a citizen from the twitter handle @bajjiladeva. UnQuote            Religious institutions across the world are embracing Contactless Cards/Methods to encourage pilgrims to donate through CashLess channels.           The following articles highlight the benefits of CashLess donation c...

  Which Bank will be the first to offer FIR through UPI?? NPCI vide Circular No NPCI /UPI/OC No.48/2018-19 May 9, 2018 announced the Go-Live of Foreign Inward Remittance (FIR) through Unified Payment Interface (UPI).           NPCI initiated this project few months back and finally NPCI has received RBI approval to process the domestic leg of Foreign Inward Remittances (FIR) into Bank Accounts through UPI.           With this approval, member banks of UPI can process push inward foreign inward transactions through both the UPI products viz. IMPS & UPI for allowing credit into beneficiary’s account. As a safety measure, this facility is only available e to Banks having the audit trail of the entire chain of the remittance and that such transfers take place only to the KYC compliant accounts. It is also incumbent upon the banks to abide by the extant and fut...