innovationinbanking

  Pakistan Short code 9999 for Donation – When will this be replicated in India ? The trigger for this post is: Pakistan floods: Modi reaches out, talks on to extend aid @ https://indianexpress.com/article/india/pakistan-floods-modi-reaches-out-talks-on-to-extend-aid-8119695/           To collect micro donations from Pakistan mobile subscribers, Pakistan Telecommunication Authority (PTA) unveiled an easy to donate option via their mobile phones.           The process is a simple two-way step for the respective mobile subscriber Step 01) The mobile subscriber inputs FUND into his / her mobile phone Step 02) The mobile subscriber sends the SMS message to 9999 Voila, Pakistani Rs10 is donated for the flood relief efforts. The amount is part of the post-paid bill or adjusted from the prepaid balance as per the plan chosen by the mobile subscriber. Advantage 01) Immediate satisfaction of a good deed done Advantage 02) Low cost of donation Advantage 03) No fear of sh

  Mobile Pre-Paid Recharges - BBPS Billers or Not The trigger for this blog post is: Stop charging platform fee on BBPS payments: NPCI directs payment apps @ https://timesofindia.indiatimes.com/business/india-business/npci-directs-apps-not-to-charge-bill-payment-fees/articleshow/93841809.cms The main motivation for this blog post is: Soon, NRIs can pay bills of their families in India using Bharat Bill Payment System: RBI @ https://www.financialexpress.com/money/rbi-policy-today-nri-bill-payment-with-bharat-bill-payment-system-bbps-soon/2618515/ The minor motivation for this blog post is : Reserve Bank of India Cir No : RBI/2021-22/54 CO.DPSS.POLC.No.S188/02-27-020/2021-2022 dt.June 14, 2021 "Bharat Bill Payment System – Addition of Biller Category" Quote With consistent growth in different biller categories and to facilitate mobile prepaid customers with more options to recharge, it has been decided to permit ‘mobile prepaid recharges’ as a biller category

Are you ready for 'UN Principles for Responsible Digital Payments online learning course'   The Introduction: -   'Better Than Cash Alliance' based at United Nations is a partnership of governments, companies, and international organizations that accelerates the transition from cash to responsible digital payments to help achieve the Sustainable Development Goals The Digital Payments is a vast universe and to guide participants in this vast universe 'Better Than Cash Alliance' has unveiled a ‘Responsible Digital Payments Online Learning Course’. The online course explains the 9 overarching principles of ‘UN Principles for Responsible Digital Payments’. The target audience for this online learning course are personnel of governments, companies and international organizations embracing responsible digital payments in their journey to build trust, mitigating risks, and driving inclusive economies. The online course aims to serve as a practical guid

  Sovereign Gold Bond Scheme 2022-23 Series II - Issue Price. ₹5,197/- or ₹5,147/-             So, what is your choice. ₹5,197/- or ₹5,147/- The final decision is yours only. In terms of GoI notification F.No.4(6)-B(W&M)/2022 and RBI press release dated June 16, 2022, the Sovereign Gold Bond Scheme 2022-23 - Series II will be open for subscription for the period from August 22 – August 26, 2022. The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity of the last three working days of the week preceding the subscription period, i.e. August 17, August 18, and August 19, 2022 works out to ₹ 5,197/- (Rupees Five thousand one hundred and ninety seven only) per gram of gold.   Government of India, in consultation with the Reserve Bank of India, has decided to offer a discount of ₹ 50/- per gram less than the nominal value to those investors applying online and the paym

  Bangalore Metro – Looking forward for a WOW Ticketing Experience -Onboard NPCI BHIM             The major encouragement for the blog post is this article - You are in (a pretty long) queue @ https://bangaloremirror.indiatimes.com/bangalore/others/you-are-in-a-pretty-long-queue/articleshow/93623518.cms   The minor encouragement for the blog post is this article is the below announcement: Quote 1. Contract with PhonePe for recharge of BMRCL smart cards is closed. Passengers are requested to use “webtopup.bmrc.co.in” web site (or) Namma Metro App (or) Paytm App (or) Amazon Pay App UnQuote           The popularity of Bangalore Metro is increasing day by day. This is reflected in the long queues for Bangalore Metro Tokens at the ticketing counters.           BANGALORE METRO officials are taking necessary steps to WOW its riders with an enhanced ticketing experience.           Tickets are necessary to travel in the Bangalore Metro.                    BANGALORE METRO p

  SEBI Guidelines on Participation of Depositories and AMCs as FIPs in Account Aggregator framework   SEBI vide SEBI/HO/MRD/DCAP/P/CIR/2022/110 August 19, 2022 addressed to Depositories and Asset Management Companies, released Guidelines on Participation of Depositories and AMCs Asset Management Companies Financial Information Providers in Account Aggregator framework     Depositories and AMCs are only FIPs and not FIUs Under the AA framework, FIPs - Financial Information Providers (FIPs) are institutions that function as stewards of user data. These are the banks, mutual funds, pension funds, etc. that represent the ‘source’ of personal or business data which FIUs can access via requests through an Account Aggregator. FIUs - “Financial Information User’. An FIU consumes the data from an FIP to provide various services to the end consumer. For e.g. a lending Bank wants access to the borrower’s data to determine if a borrower qualifies for a loan. The lending Bank is the

  Income Tax Collection _ Please onboard NPCI BBPS as a Biller           One of the primary requirements of BBPS is a unique identification number to fetch the outstanding bill.           The primary requirement for payment of Income Tax is a CRN i.e Challan Reference Number.           The CRN is the unique identifier in the Income Tax Application for tracking the tax paid by the PAN or TAN holder.           Once the CRN is generated it means, that an indent to pay tax is created.           This indent is one of the key factors in BBPS to fetch outstanding bills from the biller portal.           There are multiple options provided by the Income Tax department for receipt of tax due to it by the tax payers.           The current Payment Mode provided by Income Tax Department are: o    Tax Payment through Net Banking        o    Tax Payment through Debit Card         o    Pay at the Bank Counter   o    Tax Payment through RTGS / NEFT    o    Tax Payment through Pa

  To reduce Pain - MCD in talks with NHAI to link RFID wallet to Fastag wallet   Delhi has 124 border entry points where toll tax is collected by the MCD. Of these 124 border points, the Radio Frequency Identification (RFID) system has been installed at 13 major points which are used by almost 80-85% of commercial vehicle traffic entering the city. “Hand-held devices have been provided at all other border points to facilitate the RFID based collection,” official said. The project, which was earlier monitored by the erstwhile EPCA, now falls under the jurisdiction of the Commission for Air Quality Management in NCR.   This will enable digital collection of various entry fees to Delhi through a single RFID Wallet.           Multiple vehicles entering New Delhi need to pay three types of Toll Taxes           Toll Tax 1 – Belongs to Municipal Corporation of Delhi           Toll Tax 2 – Belongs to NHAI (Highway usage)           Toll Tax 3 – Belongs to Delhi Government (E