innovationinbanking

  IHMCL has released a RFP on 11 th November for Selection of Service Provider for implementation of closed loop pre-paid card for toll payments. The whole project is divided into two phases o Phase 1 – Implementation in pre-paid closed system o Phase 2 – Upgradation to Semi-closed or Open system (as required in future)   Highlights of the RFP are as under: - The co-branded pre-paid card shall be acceptable only at designated POS by NHAI/IHMCL for toll payments. Card Loading: - o Cash loading through cash, online recharge via UPI, debit, credit card, and net-banking o Provide facility to automate top-up of card from any bank account/credit card in case of card balance goes below a minimum threshold value Important Note:   While selling a card, the card cost to a customer should not exceed Rs. 50/- inclusive of GST, etc. Integrate with the Toll Management System/software deployed at toll plazas: - The pre-paid co-branded card system shall be integrated with the T

    Nayakanti Prashant – Banker by Daytime, Blogger by Night. I believe in the power of ‘LessCashNotCashLess’, economy. Link to my background    Blog post @  https://innovationinbanking.blogspot.com/2020/11/mygovin-portal-open-for-union-budget.html 01) - ‘My Aadhaar Number is my Bank Account Number’. The Aadhaar Number is unique to each individual and there are no duplicates. At present, the recipient can seed his/her in Aadhaar different bank accounts for different bank schemes or can seed Aadhaar only in one bank account. Majority of the recipients tend to seed their Aadhaar number in multiple bank accounts, leading to recon issues both the for the Government and the recipient. Hence, the concept of ‘My Aadhaar Number is my Bank Account Number’.            All Aadhaar Number Holders to have a Bank Account with the same number i.e Aadhaar Number. Nothing more, nothing less. Eligible Credits: A)     Only Notified Credits i.e Direct Benefit Credits(DBT), Wages, Insur

  The Union Budget 2021, likely to be presented on February 1, 2020 will be the third budget of Modi's 2.0 government and Finance Minister Nirmala Sitharaman.           Finance Minister Nirmala Sitharaman, kicked off the Union Budget 2021-22 citizen consultations with a call to the general public to share the budget ideas. Over the years, the Ministry of Finance has been holding pre-budget consultations in North Block with Industry/Commerce Associations, Trade Bodies, and Experts to seek ideas for the Annual Budget. Owing to the pandemic situation, the Ministry has received suggestions from various quarters for holding pre-budget consultations in a different format. Finance Ministry accordingly decided to create a dedicated email to receive suggestions from various Institutions/Experts. A specific communication to this effect will be sent shortly. Finance Ministry also been decided to make the Annual Budget 2021-22 consultations more participatory and democratic by ta

               The full form of RTP in Fintech parlance is “Request to Pay” payment processing mechanism. World over, there are a variety of RTP mechanisms.             The Google Pay Whitepaper counts 54 RTP’s in various countries.             The Whitepaper released in November 2019 was today shared by Steve Klebe on LinkedIn today.             The highlight of the Whitepaper is the stupendous growth of India’s UPI (Unified Payment Interface) system.             The total transactions via UPI in October 2020 was more than 2 billion and the volumes keep on growing.             UPI has become the default payment mechanism for the majority of Indian bank account holders.                           UPI is present everywhere and is accepted by the majority of merchants of all sizes. UPI is also making inroads in the social sector, with religious institutions too accepting donations via UPI.   Source Article: https://static.googleusercontent.com/media/pay.google.com/en

              The traffic has started to crisscross Indian Highways and the usage of FASTag is almost back to Pre-Covid levels.   More and More highway travellers are getting familiar with the advantages of FASTag. In a step to expand the usage of FASTag, Chennai Traffic Police is planning to collect Traffic Fines via the FASTag.   The reasoning is as under: ·          90% of Chennai’s four-wheelers already have FASTag. This would allow the fine to be deducted from the accounts of violators once the cameras capture violations. ·          The Corporation has reportedly installed 500 cameras at important junctions on routes used by buses. More cameras will be installed along the roads. The detailed guidelines will offer more clarity on the following: - 01) What if there is no adequate balance in the FASTag wallet for the respective traffic fine? 02) Will there be any cashback / discount offers for instant payment of traffic fine via FASTag? 03) Can the traffic fine