innovationinbanking

Reserve Bank of India to set up Automated Banknote Processing Centre (ABPC), @ Mumbai           Reserve Bank of India having its Head Office Mumbai intends set up APBC in Mumbai.           The first step towards this was taken with release of EOI document.           The seed of the ABPC can be traced to RBI’s Annual Report released on 29 th August, 2018.           Automation of the entire banknote processing cycle, finds mention in the Expert Group report submitted by Chairman: Shri C. Krishnan, former Executive Director. The expert group was set up to conduct an audit of the entire gamut of note printing and all its attendant processes. One of the key recommendations of the expert group is the automation of the entire banknote processing cycle. The EOI Document seeks to se...

          Reserve Bank of India vide Circular no RBI/2018-19/183 DCM (Plg) No.2746/10.25.07/2018-19 dt.May 14, 2019 addressed to The Chairman / Managing Director / Chief Executive Officer of all Banks has indicated the procedure to be followed for reconciliation of transactions in the ATM Cash replenishment cycle.           This is as per para 15 of the monetary policy statement dated October 04, 2016, the Bank had constituted a Committee on Currency Movement [Chair: Shri D.K. Mohanty, Executive Director, Reserve Bank of India] to review the entire gamut of security of the treasure in transit. The recommendations of the Committee relating to timely reconciliation of transactions (i.e. ATM cash replenishment) between the bank, the service provider and its sub-contractor have been examined. Accordingly, Reserve Bank of India   has been decided that the bank shall follow the proc...

           State Bank of India is organising its first mega customer meet across India on 28 th May 2019.           The invitation to its customers is via a Popup on it’s official webpage i.e www.sbi.co.in Just land on www.sbi.co.in and you can see the invite. The tagline of the meet is “Let’s Connect” This connect is in person rather than digital. Yes, personal meetings still work in India and have advantages over digital meetings. The theme of the meet is “Join us to make Banking Better”. Banking is a journey and not a destination. A small change here, a small change there will lead to a better overall experience. State Bank of India is looking forward to receive ‘small changes’, from its customers. This is a once in a year event, held across major cities of India by State Bank of India. The focus of the meeting is to seek feedback from customers, highlight State Bank of ...

          Indian Institute of Banking Finance (IIBF) has taken a quantum leap in disseminating knowledge to its members and non-members.           IIBF in April 2019, introduced the Self-Paced E-learning courses (SPeL) concept for banking enthusiasts to be familiar with banking concepts.           In the first stage, IIBF has launched   two certificate courses i.e 1. Digital Banking and 2. Ethics in Banking.           The objective of this self-paced e-learning mode are as follows: • Participants can make the best use of his or her time, in order to meet his or her learning objectives. • Participants can access the course   anywhere/anytime with an internet connection. • Participants need not travel to give their examinations. It saves time and money of the participants. ...

             In January 2019, Reserve Bank of India constituted a High-Level Committee on Deepening  of Digital Payments under the Chairmanship of Shri Nandan Nilekani, former Chairman, UIDAI.           The committee was advised to submit its report within a period of 90 days from the date of its first meeting.           Since then, the Committee held its deliberations including consultations with various stakeholders and on 17 th May 2019, submitted its report to the Governor, Reserve Bank of India.   The Reserve Bank of India will examine the recommendations of the Committee and will dovetail the action points, wherever necessary, in its Payment Systems Vision 2021 published on May 15, 2019, for implementation. It would have been great, if the report of ‘Committee on Deepening of Digital Payments’, is hosted on the ...

           Oxford dictionary defines ‘Levy’, as “Impose a tax, fee, or fine on”           The share of UPI transactions in the overall digital transactions is on the increase. The UPI transactions are a mix of new digital transactions and migrated transactions.           Migrated transactions refer to those transactions which would have been otherwise done through digital transactions channel i.e Net Banking, Debit Cards.           These could have affected the income of the respective participants.           The UPI – Collect Mode is becoming the preferred payment mode across India and Bharat. The UPI-Collect mode ensures that the payment is going to intended beneficiary only and no payment is made to a wrong party.       ...

          The increasing deployment of AI and ML in the Mutual Funds market has prompted to turn the spot light on AI and ML. SEBI through Circular No SEBI/HO/IMD/DF5/CIR/P/2019/63 May 09, 2019 addressed to: ·        All Mutual Funds (MFs) / ·        Asset Management companies (AMCs) / ·        Trustee Companies / Board of Trustees of Mutual Funds / ·        Association of Mutual Funds in India (AMFI) Is introducing a Reporting Mechanism for for Artificial Intelligence (AI) and Machine Learning (ML)  applications and systems offered and used by Mutual Funds Background SEBI has noticed that there is increasing usage of AI (Artificial Intelligence) and ML (Machine  Learning) as product offerings by market intermediaries and participants (e.g.: “robo advisors”) in investor a...

          The full form of APB is Aadhaar Payment Bridge           The APB Product Reject Code 95 description was giving a giving a tough time to all the stake holders. The stake holders in this transaction are : ·        The Government Department providing the DBT credit, ·        The destination bank having the respective Aadhaar linked bank account ·        The sponsor bank having the Government department’s bank account ·        The recipient of the underlying DBT The original description of the Reject Code 95 was “Inactive Aadhaar”. This was interpreted by various stakeholders as ‘Aadhaar number deactivated by UIDAI’, and led to lots of hurt burn. The recipient was confused by this description, as to why his/her Aadhaar was deactivated by...

          It is time for NPCI to focus on BBPS. There have no major improvements on the BBPS platform, with no new category of billers being added in the recent past.           AS BBPS is already integrated with UPI, BBPS Volumes will zoom with addition of new biller categories.           One evergreen biller category is collection of Loan EMI installments.           Already NPCI is promoting collection of Loan EMI installments through the UPI Collect Feature @ https://www.youtube.com/watch?v=_rcGipEa7jk .  This feature is gaining traction amounts Banks and Loan companies to collect the EMI Installments with minimal hassles.           The next step should be to move the collections portfolio to BBPS.     ...