Sunday, October 4, 2015

Reserve Bank of India releases the List of entities eligible for DEA Fund

          The Reserve Bank of India on 1st October 2015, released the names of 20 entities that have been approved by the DEA Fund Committee for registration for seeking grant of financial assistance from the Depositor Education and Awareness Fund.

Reserve Bank of India on 9th January 2015, had called for applications from eligible persons for registration.

RBI received 90 applicants and these 20 entities were finally selected.

There was a multiple selection process which involved a scrutiny by an internal team of the Reserve Bank followed by an assessment of the applications by the DEA Fund Committee, which inter alia has three external members.

The applicants have been selected on the basis of their meeting the minimum eligibility criteria, track record and evaluation of the work done by them in the field of depositor education, consumer awareness, consumer protection, etc.

Reserve Bank will shortly issue a notification calling for fresh applications for registration under the scheme.

The names of the 20 entities are:

Sl No. Names of the Registered Entities

1.        Vasantha Lakshmi Charitable Trust & Research Centre, Nellore, Andhra Pradesh
2.        Society for Social Transformation, A.P.
3.        Voluntary Organisation in Interest of Consumer Education Society, New Delhi
4.        Progressive Action for Community Emancipation (PACE), Chittoor, Andhra Pradesh
5.        International Network of Alternative Financial Institutions-India, Madurai
6.        SAMARPIT- Centre for Poverty Alleviation and Social Research, Bilaspur
7.        Voluntary Integrated Development Society, A.P.
8.        Initiatives for Development Foundation, Bengaluru
9.        MOTHER, Bhubaneswar
10.      Genesis Academy of Banking & Finance Education Trust, Mumbai
11.       MONEYLIFE Foundation, Mumbai
12.      ASSLS Organization, A.P.
13.      Consumer Education and Research Society, Ahmedabad
14.      Consumer Unity & Trust Society (CUTS), Jaipur
15.      Indian School of Microfinance for Women, Ahmedabad
16.      Swadhaar Finaccess, Mumbai
17.      Xavier Labour Relations Institute (XLRI), Jamshedpur
18.      Aparajita Mahila Sangh, Indore
19.      Priyasakhi Mahila Sangh, Indore

20.      DHAN Foundation, Madurai

Monday, September 28, 2015

11 wonderful features of Tata Sky+ ‘Transfer’

              This post is inspired by Indiblog contest on Tata Sky+ ‘Transfer’

01)   The Transferkars family will encourage you to switch to Tata Sky DTH Service.

02)   This Tata Sky YouTube advertisement will teach you the values of Team Work.

03)   The ‘seamless SERIES RECORDING’ feature will enable you to see your favourite TV Shows back-to-back

04)   The’ KARAOKE’ feature will enable you to awaken the singer in you.

05)   The HD recording feature will enable you to view your favourite in rich true colours.

06)   The ‘500 GB Hard disk’ capacity ensure that you can store lots of content without fear of space.

07)   The ‘Rewind.Forward.Pause’ enables you to view your favourite scene multiple times from multiple angles.

08)   The ‘1080i High Definition’ feature enables you to enjoy the beauty of nature straight in your home.

09)   The ‘Dolby Digital Surround Sound’, enables you to enjoy the music to the fullest aspect

10)   All this is possible without Mobile Data Charges

What more do you require?

Tuesday, September 15, 2015

Yes!! Selected for #citimobilechallenge Phase II: Prototype of Citi® Mobile Challenge APAC 2015!

The die has been cast. Out of the total 7 phases, cleared the first 3 phases. Looking forward to fine tune my concept and take it forward.

              Open to support/ideas/suggestions. 

Tuesday, September 1, 2015

Full Preparations on for the 2nd and 4th Saturday Banking Holiday

          The customer facing timings in the Indian Banking Industry are for a major change. Adjustments to the new timings have to happen both from Banking Staff and Banking Customers end.

          All Banks in India whether such banks are included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934) will be closed on the Second and Fourth Saturday of every month.

          The effective date of this move is 1st September 2015. The other Saturdays will be full working days.

The key changes envisaged as of now are: -

01)  Real Time Gross Settlement (RTGS) will be closed on 2nd and 4th Saturdays.
02) NEFT transactions will not take place on 2nd and 4th Saturdays.
03) NEFT will have the complete 11 Batches on remaining Saturdays.
04) Cheque Truncation System (CTS) clearing will be closed on 2nd and 4th Saturdays.
05) Locker Operations cannot be executed on 2nd and 4th Saturdays.
06) Cash Deposits and Cash Withdrawals through Bank tellers will not happen on 2nd and 4th Saturdays.
07) There will be pressure on ATMs for cash withdrawals.
08) In the initial couple of months, there will be a surge of customers on Monday’s, when banks open after continuous holidays.
09) There will be pressure on Phone Banking Team to resolve queries, which in the ordinary course, would have been resolved in physical branches.
10)  Banking staff will find time to engage in hobbies.
11)  The spending habits of banking staff will undergo change, as with additional holidays in hand, visits to cinema halls, malls etc will increase.

By now, all bank branches in India have put appropriate notices in the Display Boards. In the coming days, there would be full fledged awareness programs in all kinds of media. SMSs will start to flow in. Industry level advertisements are not yet planned.


Sunday, August 30, 2015

Payment Bank – The Interplay between National Securities Depository Limited (NSDL) and Application Supported by Blocked Amount (ASBA)

The Disruptive inspiration for NSDL:

          The 17,625 and new DP Service Centres can be tapped to open Saving Bank Accounts with the icing on the cake being linked Demat Accounts with minimal service charges.
          As ASBA is mandatory from January 1,2016 the float in the respective saving bank accounts will be higher as compared to float in SB Accounts of other Payment Banks.  
          What is your opinion?

          On 19th August 2015, Reserve Bank of India announced the first set of entities that were issued “in-principle” approval to set up payments banks.

These 11 entities “in-principle” approvals will be valid for a period of 18 months, during which time the applicants have to comply with the requirements under the Guidelines and fulfil the other conditions as may be stipulated by the Reserve Bank.

On being satisfied that the applicants have complied with the requisite conditions laid down by it as part of “in-principle” approval, the Reserve Bank would consider granting to them a licence for commencement of banking business.

Each of the 11 Applicants has their own set of strengths and weaknesses.

Each applicant has already commenced the brainstorming part.
Each applicant in the next six months will unveil roadmaps towards the goal of a full fledged licence to commence Banking.
Numerous articles in print and digital financial publications are trying to unravel of this Reserve Bank of India notification.
Securities Exchange Board of India (SEBI) Press Release on June 23rd 2015 offers some pointers about NSDLs’ path towards a full fledged banking licence.  

The below SEBI Board decision will be keenly analysed by NSDL Strategy Team - Streamlining the Process of Public Issues - Obviating the need to issue cheques

          In order to reduce the post-issue timeline for listing from existing T+12 days to T+6 days, increase the reach of retail investors and reduce the costs involved in public issue of equity shares and convertibles, SEBI Board took the following decision based on ASBA popularity.

Presently more than 99.5 % applications are received from centres where ASBA facility is available. Based on an analysis of a few public issues, in terms of amount, ASBA applications account for 99.90% of the total bid amount received from all investors.

Considering the reach and advantages of ASBA, SEBI has made it mandatory for all investors to make ASBA applications.

Amongst many other significant advantages, ASBA enables investors to give the mandate for payment of application money in the application form itself without suffering loss of interest for the intervening period.

ASBA also obviates the hassle of refund of money by the issuer as per the difference in application amount and the amount for which shares are finally allotted.

In order to substantially enhance the points for submission of applications, Registrar and Share Transfer Agents (RTAs) and Depository Participants (DPs) shall also be allowed to accept application forms (both physical as well as online) and make bids on the stock exchange platform. This will be over and above the stock brokers and banks where such facilities are presently available.

To help intermediaries and banks to modify their existing systems and train their staff and also enable the investors to adapt to the new system, there will be a phase-in period of 6 months. Accordingly, a public issue which opens on or after January 01, 2016 will have to follow the new system.

NSDLs promoters/shareholders are:
  • Industrial Development Bank of India Limited (Now, IDBI Bank Limited)
  • Unit Trust of India (Now, Adminstrator of the Specified Undertaking of the Unit Trust of India)
  • National Stock Exchange of India Limited

Other Shareholders (i.e a captive market share)
  • State Bank of India
  • HDFC Bank Limited
  • Deutsche Bank A.G.
  • Axis Bank Limited
  • Citibank N.A.
  • Standard Chartered Bank

Few Statistics:-
Active Client Accounts -- 1,39,47,307
Depository Participants -- 270
DP Service Centres -- 17,265
DP Geographical Coverage (Cities/Towns) – 1632


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All efforts have been made to make this information as accurate as possible, N Prashant will not be responsible for any loss to any person caused by inaccuracy in the information available on this Website. Relevent Official Gazettes Communications may be consulted for an accurate information. Any discrepancy found may be brought to the notice of N Prashant