innovationinbanking

          Reserve Bank of India vide ‘COVID-19 – Regulatory Package (Revised) RBI Lr No RBI/2019-20/186-DOR.No.BP.BC.47/21.04.048/2019-20 dt.March 27, 2020’,   has announced a number of relief measures to minimise the COVID19 impact.           The operating details are to be approved by the respective Bank’s / NBFC and updated on their respective website. In this regard, IDBI Bank has taken the lead. IDBI Customers on landing on the bank’s website can view the details banner on the first page itself. As of now, no other Bank or NBFC has uploaded the COVID19 relief measure’s operating details on their websites.           Banks/NBFCs are expected to compile FAQs (Frequently Asked Questions) regarding RBI’s COVID Relief measures customised to their account holders and host the same.           FAQs minimise customer queries and also assist the frontline staff to respond to customer queries.           In this regard, IDBI Bank FAQs answers the following q

          The success of BBPS is attracting new billers to its fold. Utility companies across the country are racing to onboard BBPS. The safe payment options for customers are driving up the volumes. The growing volumes, in turn, are attracting new billers.           ‘Loan Repayments’ is a new biller category added to BBPS.           BBPS Volumes for the Financial Year 2019-20 are as under:           FASTag and Loan Repayments are the new entrants. These new entrants should reflect in the increased volumes in the coming months.           NPCI has running awareness campaigns to popularise BBPS. The addition of new billers to the BBPS platform is leading to a multiplier effect on the whole ecosystem.           The more customers pay their bills via BBPS, the more billers will be encouraged to onboard BBPS.   The existing biller categories are:- 01) Electricity 02)                 Water 03)                 Gas Supply 04)                 Tele

           NHAI under the guidance of Shri.Nitin Gadkari – Transport Minister has suspended Toll Collections across India, until 14 April during the 21-day lockdown period.           Yes, with the 21 days lockdown in place, the number of vehicles criss-crossing India’s Highways have considerably reduced. However, vehicles carrying essential goods, private vehicles with curfew passes continue to criss-cross India’s national highways.           Suspension of the toll collections is NHAIs contribution towards the COVID19 fight. The whole NETC infrastructure needs to be maintained even if the toll collection is less than 5 %. Suspension of toll removes the necessity to maintain the NETC infrastructure. The staff at toll gates can be deployed for other essential activities.           As the wayside amenities on National Highways are closed, NHAI has advised toll operators to step in and support the drivers ferrying essential goods. Union Road Transport & Highways has al

          FASTag is a prepaid wallet embedded into an RFID Tag for making toll payments at Highways across India. The RFID Tag is affixed to the windscreen of the respective vehicle and sensors detect, deduct the toll amount. Hence, it is the mandatory for the holder to have sufficient balance in his/her FASTag wallet while approaching the Toll Gate. Insufficient balance in the FASTag creates complications for the driver and the toll gate staff. It is cumbersome to immediately switch to alternate payment modes and also increases the waiting time at the toll gates. Hence, there are multiple top-up modes for the FASTag wallet. Some banks link the FASTag wallet to the holder’s bank account and there is no separate FASTag prepaid wallet account. However, the bottom line is that there should be sufficient balance in the underlying bank account to deduct the toll amount.   Way back in September 2018, NPCI issued guidelines for FASTag recharge via UPI.  The keyw

          To spread the Joy of Digital Book Keeping, MS Dhoni is investing in Khatabook and also as Brand Ambassador.           Khatabook focus is to simplify the basic bookkeeping activities for small merchants. The merchants can digitise all their day to day financial transactions, especially the recording of   credit (Jama) and debit (Udhaar) transactions for their trusted customers.           Khatabook has recently added the ‘Payment Options’, to the App. Through this module, Khatabook merchant can choose the preferred payment receipt mode from his customers. The merchant can share the Payment Link to his/her customers for executing the payment transaction. This feature safeguards both the merchant and customer. The customer is assured that the payment is being made to the correct merchant only, and the merchant cannot deny receipt of the payment. The merchant can keep track of the pending requests, and send reminders as and when required. Customers need

        The future of Bill Payments is here. Yes, now you can pay your Loan EMIs through BBPS platform. Just login to BHIM App, choose ‘Pay Bills’ option, navigate to Loan Repayments, and Voila, the list of Financial Institutions pops up.   Bajaj Finance: - Bajaj Finance has got its own UPI App, under the Bajaj Finserv umbrella.   Its UPI App name is ‘Finserv MARKETS App’, and handle is ‘@abfspay’. Bajaj Finance offers a wide range of loans, ranging from personal loans to business loans to housing loans.   Key Identifier to fetch Bajaj Finance Bill: - 14 to 18 character loan account number FlexSalary: - FlexSalary offers Instant Cash Loan up to Rs. 2 Lakh against your salary anytime. The key differentiator is the offering of a personal loan with no fixed EMI. Hence, the loan repayments through BBPS is a great benefit.  FlexSalary offers loans via Vivifi India Finance Private Limited, a non-banking finance company (NBFC) registered with the Reserve

Lava Phones unveiled ‘Lava Pay App’, for it’s Smart Feature Phone users. ‘Lava Pay App’, is a UPI Payment Application without the need for the internet to execute financial and non-financial transactions. Lava has a range of Feature and Smart Phones. As of now, ‘Lava Pay’ is available on Lava Smart Feature Phones. Going ahead, Lava Pay will be on Lava Smart Phones too. A Smart feature phone is higher than a feature phone but lower than a smart phone. A smart feature phone has limited internet capability and few apps. ‘Lava Pay’ is a default app on new feature phones. Existing users can install the Lava Pay app on their existing feature phones by visiting the nearest service centre. The process flow is as under: User logs on to the ‘Lava Pay app’, 01) Key in the recipient’s phone number or scan the Payment QR Code. 02)         User keys in the desired amount 03)         Connection established to the transaction server 04)           User keys in the UPI Pa