innovationinbanking

  UPI Lite goes live with 8 Banks on NPCI BHIM           The wait is finally over. NPCI unveiled UPI Lite to the public on 20 th September 2022.           This was announced by Reserve Bank of India (RBI) Governor, Mr. Shaktikanta Das in the presence of Mr. Nandan Nilekani, Chairman Infosys and Advisor to NPCI, and Mr. Biswamohan Mahapatra, Chairman NPCI at Global Fintech Fest 2022 held in Mumbai on 20 th September 2022.           As on today, one can experience the power of UPI Lite on NPCI BHIM App only.                     The following Eight banks are live with the feature including 01)   Canara Bank, 02) HDFC Bank, 03) Indian Bank, 04) Kotak Mahindra Bank, 05) Punjab National Bank, 06) State Bank of India 07) Union Bank of Indi...

  RBI Retail Payments Regulatory Sandbox – Congrats HDFC Bank (in partnership with Crunchfish AB1) and Precision Biometric India Pvt. Ltd           Reserve Bank of India today i.e50/09/2022 vide Press Release informed to public at large that it has selected to two entities for the Test Phase under ‘Retail Payments’, regulatory sandbox. The process started off in October 08,2021. The press release can be read @ https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54314   Sandbox approved Entry No 1 -          HDFC Bank (in partnership with Crunchfish AB1)         The product ‘Offline Retail Payments’ provides capability for customer and merchants to be able to pay and receive payments in offline mode. The solution aims to boost adoption of digital payments in areas of no or low network by enabling transactions without the need to have ...

  Reserve Bank of India Innovation Hub launches pilot project for Rural Finance Digitalisation           Kisan Credit Card (KCC) has been chosen as the pilot project under Rural Finance Digitalisation           This was announced by Reserve Bank of India vide Press Release dt 02 September, 2022.           The full press release can be read @ https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54306   Partner Banks – Union Bank of India and Federal Bank   Partner States – Madhya Pradesh and Tamil Nadu Go Live Date – September 2022 Union Bank and the State of Madhya Pradesh will work together Federal Bank and State of Tamil Nadu will work together   The pilot will run in selected districts of Madhya Pradesh and Tamil Nadu by Union Bank of India and Federal Bank. Objectives: Objective 01) To reduc...

             Reserve Bank of India today released the Guidelines on Digital Lending           The guidelines are applicable to ·        All Commercial Banks, ·        Primary (Urban) Co-operative Banks, ·        State Co-operative Banks, ·        District Central Co-operative Banks; ·        Non-Banking Financial Companies (including Housing Finance Companies) RBI Regulated Entities   (REs) can have outsourcing arrangements with Lending Service Provider (LSP)/ Digital Lending App (DLA) However, the Res have to ensure that the LSPs engaged by them and the DLAs (either of the RE or of the LSP engaged by the RE) comply with the guidelines contained in this circular.   Go Live Date 01) ‘Existing customers availing fresh loans’ and to ‘new cus...

  Can Wells Fargo ATM DONATE button be replicated at our ATMs The trigger for this post is this below LinkedIn Post :             Ease of convenience will zoom up Micro Donations. The more easier and safer the donation process is, the more micro donations can go up.           New donation channels can be explored within the existing technologies to encourage microdonations.           One such channel can be the DONATE button at ATMs.           This is not a new technology; this is popular at Wells Fargo ATMs.           Wells Fargo has its own inhouse ATM software. This enables Wells Fargo to offer customised solutions for its account holders at its ATMS.           The ‘donate’, option is offered only to its own acc...