innovationinbanking

Majority of Bank account holders have experienced the MAGIC of UPI – Digital Transactions. No one is left out.           Bank Account Holders via UPI can: 01) Receive Money 02)                 Send Money 03)                 Pay   Utility Bills i.e Phone, Water, Electricity, Apartment Maintenance etc   04)                 Pay Loan Instalments 05)                 Donate to Charities 06)                 Receive CashBack 07)                 Pay Insurance Premiums – Life, Health and General 08)                 Pay Municipal Taxes 09)                 Receive Foreign Inward Remittances 10) Top-up wallets viz Paytm, PhonePe, Mobikwik etc 11)   Recharge FASTag wallets 12) Apply for IPOs( Shares Initial Public Offering) 13) Pay your Support Members -   i.e Servant Maid, Paperwallah, Dhobi,   etc 14) Book Railway tickets 15) Book Bus Tickets 16) Nothing is left out – Ah maybe ‘Payment for Liquor’, which may be on the way 17) Please add, if any service

          The lockdown has added 26 billers to BBPS in May 2020.   Education Fees as a Biller Category made an entry with a Delhi based school being the first to onboard BBPS.           Biller Categories with NIL Additions ·          Cable TV ·          DTH ·          Gas ·          Gas- Cylinder ·          Insurance (Health) ·          Telecom-Broadband             Biller Categories with new Additions are as below. ·          Education Fees     1 – New Biller is: - 01) Mount Olivet Sr. Sec. School   ·          Electricity 2 - New Billers are: - 01) Torrent Power 02)                 Electricity Department Chandigarh   ·          FASTag Recharge 1 – New Biller is: - 01) Axis Bank FASTag   ·          Insurance (Life)    4 - New Billers are: - 02)                 Future Generali India Life Insurance Company Limited 03)                 Reliance Nippon Life Insurance 04)                 Star Union Dai Ichi Life Insurance 05)             

                UGC released a Circular on 9 th June 2020 advising all universities under its jurisdiction to onboard BBPS for collection of fees under various heads.                 The respective educational institutions can touch base with NPCI officials and MEITY officials mentioned in the Notification for smooth on-boarding to BBPS.                 As educational institutions take steps to onboard BBPS, the benefits will flow to all the participants in the chain.     UGC - Brief Genesis: In 1952, the Union Government decided that all cases pertaining to the allocation of grants-in-aid from public funds to the Central Universities and other Universities and Institutions of higher learning might be referred to the University Grants Commission. Consequently, the University Grants Commission (UGC) was formally inaugurated by late Shri Maulana Abul Kalam Azad, the then Minister of Education, Natural Resources and Scientific Research on 28 December 1953. The UGC, however, was

           BBPS has opened up a new Biller Category i.e Municipal Taxes. Municipal Taxes are a continuous source of business for Bill Collection portals. The municipal tax is semi-dynamic in nature and is hence not suited for NACH Debit collection mode.           The volumes and values in Municipal Tax are high are decent when compared to other biller categories.           Kalyan-Dombivli Municipal Corporation is the governing body of the city of Kalyan-Dombivli, located in the Thane district of the Indian state of Maharashtra.       The municipal corporation consists of democratically elected members is headed by a mayor and administers the city's infrastructure, public services and transport. Members from the state's leading various political parties hold elected offices in the corporation.              The Kalyan Dombivli Municipal Corporation provides an online facility to pay property tax online. you need to register yourself to pay property tax online on the officia

     Let me start today with a Quote : “If you are not willing to risk the unusual, you will have to settle for the ordinary. – Jim Rohn           The popularity of BBPS is growing day by day. More and more Bill Payments are taking place every minute.        Indians can now pay to more than 215 billers via the BBPS platform now, 24*7, & Days a week, 365 days a year.   The groundwork for Educational Institutions to onboard the BBPS platform began by issuance of Reserve Bank of India Cir.dt. 16 th September 2019.   The first guidelines on BBPS were issued by RBI vide Circular No.DPSS.CO. PD. No.940/02.27.020/2014-2015 on November 28, 2014.   Initially BBPS offered five segments viz. Direct to Home (DTH), Electricity, Gas, Telecom and Water as an interoperable platform for repetitive bill payments.   In para 3 of the Statement on Developmental and Regulatory Policies released with the Third Bimonthly Monetary Policy Statement 2019-20 of August 07, 2019, the expansion of B

          The full form of K-FON is ‘Kerala Fiber Optic Network’. K-FON is an ambitious project of Kerala’s Chief Minister Pinarayi Vijayan. K-FON is a high-speed broadband service from Kerala Government.           The groundwork is going on full speed and K-FON will go live by December 2020. The Rs 1,000 crore project was announced around two years ago with a December 2020 deadline. As the elections are due in 2021, K-FON has to go live in 2020 to showcase its benefits to the people. Shri Pinarayi Vijayan informed that despite the delay due to the nationwide COVID-19 lockdown, CMD of Consortium leader BEL, MV Gautam has promised that the project will be completed by December 2020.   The project was first mentioned in the Left Front’s manifesto in 2016. The main goal of K-FON is to provide limited free high-speed internet to poor and at affordable rates to others. At the same time, it   will also provide revenue to Kerala State Electricity Board, whose joint venture with