innovationinbanking

          Reserve Bank of India vide Press Release informed to public at large that it has imposed a monetary penalty of INR5,00,000/- on Shri Vinayak Sahakari Bank Ltd.,Ahmedabad (Gujarat) The penalty was for violation of Reserve Bank of India instructions issued under Supervisory Action Framework (SAF), violation of KYC/AML norms issued by RBI etc. The Reserve Bank of India had issued a Show Cause Notice (SCN) to the bank based on the findings of inspection for the financial position as on March 31, 2017, in response to which the bank submitted a written reply and made personal submission to the Committee of Senior Officers at Reserve Bank of India, Ahmedabad. After considering the facts of the case and bank’s reply in the matter, the Reserve Bank came to the conclusion that above violations were substantiated and warranted imposition of the penalty. The tagline of   Shri Vinayak Sahakari Bank Ltd.,Ahmedabad (Gujarat) is ”A bank of tomorrow …”           The

NSG signs pact with IRCTC to ease ticket booking for personnel. NSG is the first paramilitary force to opt for e-ticketing in lieu of Railway Warrants           NSG with 7000+ members spread all over India joins the club of Safe ePayments. National Security Guard (NSG) is an Indian special forces unit under the Ministry of Home Affairs (MHA). It was raised in 1984, following Operation Blue Star and the assassination of Indira Gandhi, "for combating terrorist activities with a view to protect states against internal disturbances".           IRCTC unveiled a special eTicketing facility   for NSG personnel. National Security Guard personnel will not have to face hardships to get railway tickets as India’s elite federal contingency force has signed an agreement with IRCTC for provisioning of e-ticketing facility. The pact will eliminate the need of using Railway Warrants by NSG officers/personnel travelling on duty in trains. Earlier, the NSG force person

          The Press Release sent to Mumbai Stock Exchange can be read here           The primary objective of Karnataka Bank to offer cash withdrawal at it’s POS terminals is to increase   transactions and fee income of merchants opting for its POS terminals. Karnataka Bank on Monday joined the league of many other banks to offer cash at its point of sale (PoS) terminals installed at various merchant establishments throughout the country. Customers holding debit cards of any bank or open system prepaid cards issued by banks in India that are enabled for cash withdrawal at PoS terminals may utilise the facility to withdraw cash up to ₹ 1,000 in Tier I and Tier II cities and up to ₹ 2,000 in Tier III, Tier IV areas and rural areas. Karnataka Bank has over 13,100 PoS terminals installed across the country. The customer withdrawing cash at a merchant establishment need not pay any fee to the merchant. However, the card issuing bank may charge a small fee for such withdra

          Reserve Bank of India has informed to public at large that it has imposed, on June 19, 2018, a monetary penalty of ₹ 60 million on Tamilnad Mercantile Bank Limited. The penalty was for contravention of Master Directions on Issue and Pricing of Shares dated April 21, 2016 (the Directions) issued by RBI. This 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 the failure of the bank to adhere to the Directions while issuing bonus shares to certain non-resident entities. History of TMB Bank The history of Tamilnad Mercantile Bank Ltd., the then Nadar Bank Ltd., dates back to 1921. The thought of establishing a bank under the guidance of the able Nadar business community was mooted out in the Anniversary of Nadar Mahajana Sangam held at Tuticorin in 1920. The proposal was effected soon. The bank was registered on

Reserve Bank of India has informed to public that it has imposed a monetary penalty of ₹ 1,00,000/- (Rupees one lakh only) on Urban Co-operative Bank Ltd., Basti for opening on-site ATM without obtaining prior approval from RBI. Reserve Bank of India had issued a Show Cause Notice to the bank, in response to which the bank had submitted a written reply. After considering the facts of the case, and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violation was substantiated and warranted imposition of penalty.           As per NPCI website, Urban Co-operative Bank Ltd., Basti has 1 ATM on the NFS network. Basti district (Hindi: बस्ती जिला , Urdu: ضلع بستی ), is one of the districts of Uttar Pradesh state, India and Basti town is the district headquarters. Basti district is a part of Basti Division. Basti was originally known as village. The origin of the name Vaishishthi is attributed to the fact that this area was the Ashram of Rishi

          Indians are adopting NPCI_UPI channel to push a large number of personal digital transactions.     These high volumes are taking a toll on the Bank’s channel and banks are resorting to frequent downtime activity. The customer’s dissatisfaction has been noticed by NPCI and vide Circular No NPCI /UPI/OC No.51 /2018-19 dt.27th June, 2018, has issued guidelines on the ‘Process for scheduling maintenance activities’. The circular also mentions about mandatory SMS alerts for manual entries posted to customer’s accounts. One of the most customer-friendly features of the UPI Apps is the ‘Raise Concern’, option available in each successful transaction.           This channel provides an unbiased view of customer’s feedback to NPCI Quote UPI has seen significant growth in number of financial transactions in the recent months. While this indicates that UPI is being adopted as a preferred payment method, it also necessitates that customer experience on UPI