innovationinbanking

  SEBI - RTA inter-operable Platform for enhancing investors’ experience in Mutual Fund transactions/ service requests              SEBI announced a path-breaking customer initiative for Mutual Fund Investors. An R&T agent is an intermediary who takes care of the back-end processes of a mutual fund, processing all financial and nonfinancial transactions. In this digital era, more and more Mutual Fund Investors are comfortable to transact via Internet Platforms. The physical visits to RTA brick and mortar offices is coming down. Hence, there was a need to enhance the customer service experience to Mutual Fund Investors. In this regard SEBI vide Cir dt.  July 26, 2021 addressed to All Mutual Funds (MFs)/ Asset Management Companies (AMCs)/Trustee Companies/ Board of Trustees of Mutual Funds/ Registrar and Transfer Agents of Mutual Funds (RTAs), Association of Mutual Funds in India (AMFI) Depositories unveiled the roadmap for an inter-operable RTA platform.           The

  Karnataka may be the first State to sponsor UPI PrePaid vouchers             I am praying that this process goes Live very soon. The initial success will encourage other State Governments to roll this out.             In a very positive sign, the Karnataka government is in talks with NPCI for routing State Government Scholarships via UPI Prepaid vouchers.             This development comes just after weeks NPCI announced the rollout of UPI Prepaid vouchers.             The immediate use case for the UPI PrePaid Voucher is the Covid19 Vaccination shots at private hospitals.             Karnataka Government has taken this opportunity to see whether it can issue UPI PrePaid Voucher favoring respective colleges for the student scholarships. Quote Meanwhile, the Centre for e-Governance has proposed to the Karnataka government to implement ‘e-vouchers’ for students receiving scholarship. The UPI pre-paid e-vouchers that will be given to students in lieu of money can be enc

  Aadhaar Payment Bridge – Banks to share the Account Number / Beneficiary Name in the Response file   NACH’s Aadhaar Payment Bridge (APB) System, developed by NPCI has been helping the Government and Government Agencies in making the Direct Benefit Transfer scheme a success. APB System has been successfully channelizing the Government subsidies and benefits to the intended beneficiaries using the Aadhaar numbers. The APB System links the Government Departments and their sponsor banks on one side and beneficiary banks and beneficiary on the other hand. To reduces queries on APB returns, NPCI has mandated Destination Banks to share the Account Number and Account Holder Name to the sponsor bank, for Specific APB Return Reasons vide NPCI Cir No 6, dt.July 16, 2021 The Account Number / Beneficiary Name information will go a long way in reducing the pain points of APB             NPCI Cir No 6, dt.July 16, 2021 is continuation of Cir No 012 dt. August 13, 2019.             V

    Now ICICI FASTag holders can pay for fuel through FASTag at around 3,000+ Indian Oil Corporation petrol bunks   95% + 4 Wheel Vehicle users in India are now familiar with FASTag and its benefits. To increase FASTag usage ICICI Bank and Indian Oil Corporation have tied up for fuel refueling at around 3,000+ Indian Oil Corporation petrol bunks. Minimum Requirements: ·         Vehicle users should have ICICI Bank FASTag ·         The FASTag should have an adequate balance for the transaction to be done. For eg., If the vehicle user desires to buy fuel worth INR1,000/-, the respective FASTag should have a similar balance. If the FASTag is having only a balance of INR900/- then this mode will not work.   ·         The vehicle user should have the mobile phone number registered with ICIC Bank for FASTag transactions on hand to complete the transaction. This is necessary as ICICI Bank will send the OTP to the mobile number registered with it for FASTag transactions. No aut

  Ola eScooter – What ePayment channel did you use to book? It’s official now. Ola eScooter bookings have finally begun. The company chief Bhavish Aggarwal made the announcement via his official Twitter handle. In the tweet, he said, "India’s EV revolution begins today! Bookings now open for the Ola Scooter! India has the potential to become the world leader in EVs and we’re proud to lead this charge! #JoinTheRevolution at http://olaelectric.com @olaelectric" How to book for Ola eScooter : Interested folks have to visit Ola Electric website. Yes, there is a separate website for Ola eScooters. Booking cannot be done via the usual Ola Cab App. On logging onto the Ola Electric website, interested folks have to key in their full name and mobile number. On submitting the same, an OTP will be triggered to the mobile number. Key in the OTP and the payment page opens up. The payment page displays 4 payment channels i.e 01) Net Banking 02) Debit / Credit Card 03) UPI 04) Ola Mone

  Paytm Money announces a brand-new feature for IPOs – Pre-Apply           Paytm Money has upped the game in the IPO Application process. Now apply for IPOs even before they open through Paytm Money           Retail IPO investors holding a Demat Account with Paytm Money have access to a brand-new feature on Paytm Money i.e “Pre-IPO Open application” In In the near future, the same feature may be replicated by other Brokerage houses. However, the first-mover advantage will always go to Paytm Money.           The “Pre-IPO Open application” in brief works as below: ·         A user can now place an IPO order 24x7 on days when the “pre-Open IPO Application” Feature is enabled. ·         The order is recorded on Paytm Money’s system, and sent to the exchange for processing whenever the IPO opens. ·         The user is notified of her application status throughout the journey, to ensure a seamless experience   The pre-Open feature is designed to attract investors who des