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 India 08) Utkarsh Small Finance Bank.           If you are having account with any of the above banks, you can experience the power of UPI Lite.           Other bank account holders will have to wait, before they can experience the

  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 a network connection. Highlight 01) Crunchfish conducted a webinar on 20th May 2022, with the tag line 'Crunchfish Digital

  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 reduce the number of physical visits of borrowers / prospective borrowers to the Bank premises Objective 02) To automate the various processes within the va

             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 customers getting onboarded’, from the date of this circular   02)                   Time till November 30, 2022, to put in place adequate systems and processes to ensure that ‘existing digital loans’ (sanctioned as on the date of the cir

  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 account holders. This means ON US ATM transactions.           The ‘donate’, option is not offered to other bank account holders. If other bank account holders wish to use the ‘donate’ option at Wells Fargo ATM, they have to open an account with Wells Fargo.