Sunday, July 26, 2015

FASTag to boost Safe riding in India


          Today’s Post is inspired by Shri Narendra Modi’s Mann ki Baat Tweet @ Cashless treatment for victims of road accidents.

          The first part of this program will be unveiled in Gurgaon, Jaipur and Vadodara and then to Mumbai, Ranchi, Rungaon and Maurya national highways.

          The broad outlines have been mentioned by Prime Minister Narendra Modi. The same is as under:   Cashless treatment will be given to accident victims, wherein the victim does not have to worry for the first 50 hours as to who pays the money for treatment, will also be launched soon.

          Today at ‘Toll Plaza at KM.37/800 of NH-4, near Sriperumbudur’, the FASTag ‘Interoperable Electronic Toll Collection (ETC) system’, on Chennai-Bangalore Corridor of Golden Quadrilateral has been launched.

          The FASTAG was first launched in April 2012 on the 10-km Himalayan Expressway and Shri Nitin  Gadkari inaugurated the ETC on the Delhi-Mumbai stretch of NH-8 in November 2014.

          The aim of FASTAG is to ensure ‘Cashless’, collection of toll on major 350 toll plazas on Indian  national highways.

The contours of FASTAG are as under:

v  FASTAG is brand name of  Electronic Toll Collection (ETC) program in India.
v  Brand names of similar tags in other countries are known by different names like “Eazee Pass”, “SunPass” in the US, “e-Pass” in Australia, “Salik” in Dubai etc.
v  Under ETC, payment of highway tolls moves from physical mode to the electronic mode.
v  The respective vehicles having FASTAG can zip through the highway tolls gates.
v  The unique number of the RFID Tag affixed on the wind shield of the vehicle will be read by the readers fitted in the dedicated “ETC” lanes of plazas.
v  The appropriate amount as per the class of vehicle will be automatically deducted from the account of the user.
v  The dedicated ETC lanes will have colour coding for distinct identity recognized as “FASTag lanes”.  
v  The float money in the FASTAGs would be held by ICICI Bank and Axis bank as they are providing Central Clearing House (CCH) services.
v  ICICI Bank and Axis Bank will distribute the RFID based “FASTag” through their franchises/agents and at points of sales near the toll plazas.
v  Road users can enrol and get “FASTag” affixed on their vehicles at designated toll plaza locations or Point of Sale (POS) stations of Axis bank and ICICI bank. 

11 ways through FASTAG can advance Safe Riding in India:-
1)     Introduce KYC (Know your customers) norms to Indian vehicle owners.

2)    Alert vehicle owners on their vehicle movement through SMSs’ to their registered mobile numbers.

3)    Reduce fuel wastage due to long waiting times at the toll gates.

4)    Introduce Safe eTransactions channels to FASTAG users.

5)    Boost eTransactions in India.

6)    Introduce the concept of real time data on traffic movement on highways to government officials, to prepare road development plans.

7)    Plug revenues leakages at toll gates.

8)    Introduce ‘moneyback’, concept amongst Highway travellers.

9)    Track vehicles in case of criminal incidences.

10)  Introduce differential pricing i.e penalty of two-times toll from vehicles that enter tag lanes without FASTAG. This is necessary to ensure that vehicles fitted with tags don't get caught behind non-tag vehicles.

11)  Enhanced revenue from advertisements banners at FASTAG toll lanes.

Read ICICI Bank FAQs on FASTAG here
Read Axis Bank FAQs on FASTAG now
  




Thursday, July 16, 2015

Has Safe ePayments Boosted Baahubali Collections? Over INr 215 Cr(39,350,000 USD)



          During the last week, majority of movie-goers all over India flocked to the nearest theatre.  Baahubali-The Beginning was the magnet which attracted the movie-goers.

          Only 1 cinema name resonated amongst movie-goers and dominated the social media too.
Bahubali's Blockbuster Beginning: Over 100 Cr(USD 15,770,000.00)  in Opening Weekend
The movie is now witnessing repeat views in theatres.
11 Safe ePayments Boosters for these phenomenal collections:
01)  Release in 4000 theatres world-wide.
02) Simultaneous release in Telugu and Tamil and dubbed into Hindi, Malayalam and French languages.  
03) Online Booking enabled the movie-lovers to check the tickets availability from the comfort of their homes.
04) Online booking enabled the movie-lovers to book the tickets at normal rates, instead of purchasing in black at the theatres.
05) Online booking enabled the movie-lovers to simultaneously book back-to-back shows.
06) Online booking enabled the movie-lovers to opt for Group Bookings to view the movie along with their Teams/Family members.
07) Online booking enabled a large number of Senior Citizens (Including MY DAD AND MOM) to comfortably book the movie tickets at a theatre of their choice.
08) Online booking tool enabled the Shri S S Rajmouli to take the decision to release the movie simultaneously in India, U.S.A, Canada and Dubai.
09) Online booking safeguarded the movie-goers from Fake Tickets!!
10)  Online booking saved the time and money of movie-goers as they avoided the physical strain of running from theatre to theatre for the cinema tickets.
11)  Online booking enabled the movie-goers to book to opt for advance booking
Extract from Wikepedia:
Box office
Baahubali: The Beginning grossed around 165 crore (US$26 million) in its first weekend from all versions worldwide.
India
Baahubali: The Beginning had a huge opening with 100 per cent occupancy in Andhra Pradesh and close to 70 per cent occupancy in Tamil Nadu, Kerala and Karnataka.
It grossed around 50 crore (US$7.9 million) on its first day of release in India from all four versions (Telugu, Tamil, Malayalam and Hindi).
The Hindi version earned around 4.25 crore (US$670,000) nett which was the second highest opening for any film dubbed into Hindi.
The Hindi version grossed around 19.50 crore (US$3.1 million) nett in the first weekend.
The Telugu version alone earned around 65 crore (US$10 million) nett in first weekend in India. The film, from all its versions, earned almost 100 crore (US$16 million) nett in its first weekend. It had the fourth biggest opening weekend ever in India.
Overseas
The film collected around 20 crore (US$3.2 million) in it's first day from the international markets. In the United States and Canada, it earned US$1.2 million in its opening day from 236 theaters (170 of which were shown in Telugu). The film opened on the ninth spot for its weekend, collecting around US$3.5 million with a per-screen average of $15,148.




Saturday, July 11, 2015

Ramanujan School of Mathematics SUPER 30 Team-We have failed you


          The following Internet Articles describe the trials and tribulations of Super 30 achievers.  


          A bunch of dedicated students have overcome all odds to qualify for admission to Indian IITs

          They have navigated the perils of emotional barriers to reach the final hurdle. The final hurdle of INR45,000/- seems insurmountable to  a many Super 30 2015 class student.

          This NDTV article (@Super 30 Helped Them Clear The IIT Exam. Now, They Need Your Help), underlines how collectively We INDIANS have failed the brightest minds of our country.

Super 30 students short of money for IIT counselling

          RAMANUJAN SCHOOL OF MATHEMATICS  does not take any donations as Mr.Anand believes donations hinder the teaching process at RAMANUJAN SCHOOL OF MATHEMATICS .

          One simple way to support these super achievers is through Education Loans.

          In India Education Loans are provided by Banks and select finance companies.

 One of the key aspects of the IIT Seat counselling process is the ‘Seat Acceptance Fees’. Only after payment of this ‘Seat Acceptance Fees’, the Admission Letter is issued to the student.

This creates a piquant situation Banks can provide education loans only if students have Admission letter. Many RAMANUJAN SCHOOL OF MATHEMATICS  Super 30 students do not have funds to remit the ‘Seat Acceptance Fees’, itself. The struggle has already started.

Extract from IBA’s MODEL EDUCATIONAL LOAN SCHEME FOR PURSUING HIGHER EDUCATION IN INDIA AND ABROAD:

Student eligibility:
·       The student should be an Indian National.
·       Should have secured admission to a higher education course in recognized institutions  in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent)
Expenses considered for loan :
      i.         Fee payable to college++/ school/ hostel*
     ii.         Examination/ Library/ Laboratory fee
   iii.         Travel expenses/ passage money for studies abroad
    iv.         Insurance premium for student borrower, if applicable
     v.         Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts. **
    vi.         Purchase of books/ equipments/ instruments/ uniforms***
  vii.         Purchase of computer at reasonable cost, if required for completion of the course***
 viii.         Any other expense required to complete the course - like study tours, project work, thesis, etc.***
   ix.         While computing loan required, scholarships, fee waiver etc., if any available to the student borrower may be taken into account.

It would be great, if Banks can provide Loans by taking appropriate waivers from top management.

Q: What is the amount at risk?
Ans: INR 18,00,000(Rupess Eighteen lacs)
Seat Admission Fees INR45,000/-
Other expenses INR15,000/-
Total INR60,0008 * 30 = INR 18,00,000(Rupess Eighteen lacs)

Education Loans are far superior to other options i.e Waiver of fees, crowd sourcing etc




Wednesday, July 1, 2015

What sort of Financially Illiterate you are?

           Read this fascinating  Keynote Address delivered by Shri S. S. Mundra, Deputy Governor, Reserve Bank of India at the Conference on Financial Literacy organised by College of Agricultural Banking at Pune on June 15, 2015)


Quote
“Financially Illiterate” can be broadly divided into five categories. Let me explain:

1.     The first form of financial illiteracy, I call ‘Wise Illiteracy’ and people as ‘Wise Illiterates’.

2.     The second category of financially illiterates I call them ‘Greed-driven Illiterates’.

3.     Let me now come to the third category- whom I have named ‘Information- deprived Illiterates’.

4.     The fourth category- I have named ‘Illiterate Illiterates’.

5.     The fifth category of illiterates, I have named as “Kindergarten Illiterates”.

Unquote 

Tuesday, June 30, 2015

IDRBT Banking Application Contest (IBAC) – 2016


          All banking enthusiasts are requested to don their thinking hats.
          IDBRT has announced the first ever Banking App Contest. In short - IDBRT IBAC 2016.

Q: What is IBDRT?
Ans: Institute for Development and Research in Banking Technology (IDRBT) is a premier Institution focused exclusively on Banking Technology.
IDBRT has been established by Reserve Bank of India.

Q: What is the aim of IDBRT?
Ans: The Institute works at the intersection of Banking and Technology, focusing on research and development which is useful for the Indian Banking and Financial Sector.

Q: Where is IDBRT located?
Ans: IDBRT is located in Hyderabad-Telangana State.

Q: What is the purpose of IBAC 2016?
Ans:  The purpose of IDBRT IBAC 2016 is to attract the best talent in India to showcase their understanding of Indian financial systems and deploy the same in Mobile Apps.

The popularity of “App” or “Application Software” has grown tremendously in recent years. These apps should facilitate mobility of the user. With a view to provide a big boost to developing apps for the Indian Banking and Financial Sector, the Institute is organizing national level IDRBT Banking Application Contest (IBAC) in March 2016 at IDRBT, Hyderabad. This competition aims to serve two key purposes:
01)  Indian Banking and Financial Community would get innovative ideas from the best technology talent in the country
02) The Gen Next would get an opportunity to showcase their technology talent through this platform.

Participants' Profile
Participants have to register as a team (maximum of three members in a team) and all members in a team must be either:
a)     Less than 25 years of age as on August 31, 2015
Or
b)    Affiliated to any recognized educational institution as a student as on August 31, 2015
or
c)     A Bank employee as on August 31, 2015.

Scope of the Apps
The scope of the application is limited to the banking sector and is to be developed to facilitate operations in the following areas, but not limited to:
Apps for Customers
Electronic Payment Systems
Mobile Banking
Fake Currency Detection, etc.
Apps for Managing Business
Data Visualization
Customer / Product Analysis
Transaction Analysis, etc.
Apps for Managing Technology
SIEM Tools
IT Infrastructure Management tools, etc.

Registration
Teams have to register on or before 31st August, 2015 and the Registration Fee is Rs 1000/- per team.

Format of the Contest
  • Participating teams are required to submit a write-up on their proposed application (along with theories, results, screenshots) by January 20, 2016.
  • A few teams will be shortlisted based on the applicability and quality of their submission.
  • The shortlisted teams will be asked to demonstrate their Apps in front of an elite panel consisting of senior bankers, IT professionals and Academicians.
  • All members of the shortlisted teams will be reimbursed Third AC to and fro rail fare by the shortest route to attend the event.
Attractive Prizes
1st Prize - Rs. 60,000/-
2nd Prize - Rs. 45,000/-
3rd Prize - Rs. 30,000/-

Important Dates
v  Last date of registration: August 31, 2015
v  Last date of submission of their App: January 20, 2016
v  Results of shortlisting: January 31, 2016
v  Final Event: March, 2016

Call for Sponsorship
IDRBT invites various Organizations/Institutions to be our sponsoring partners, in any one of the following categories:
  • Platinum Sponsors: Rs. 5 Lakh
  • Gold Sponsors: Rs. 2.5 Lakh
  • Silver Sponsors: Rs. 1 Lakh
For contact details, please write to ibac2016@idrbt.ac.in.
          Please keep watching IDBRT webpage for further details.


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