Thursday, August 28, 2014

Participate in India’s Bank Account (PMJDY) Challenge - Target 5,00,000

             Today, on the auspicious launch of Prime Minister Jan Dhan Yojana PMJDY, 1.5 crores +  Bank accounts were opened

Major functions were held at 76 locations all over India, with a host of minor functions contributing their bit to the account pool.

            No doubt, the major responsibility to open the bank accounts under PMJDY would be bank officers.

            However, we other countrymen too have a social responsibility in this grand Financial Inclusion plan.

            You might be wondering as to how you can participate in this noble program.

            It is very simple:-

Just encourage one of your fellow countrymen(women), who is not holding a Bank account, to open a Bank account under PMJDY.

            The process flow is as under: -

01) Identify an acquaintance who is not having a bank account

02)Inform him/her of this scheme

03)Accompany him/her to the nearest bank branch and assist him/her in the account opening process

04)Once the account is opened, take a selfie along with the new account holder and post it on this Facebook page.

05)Challenge 3 of your friends to do the same. The challenge can be announced in your social media network

06)In case, your friends are unwilling to accept the challenge, ask them to contribute INR 101 to Prime Minister's National Relief Fund (PMNRF) online.

 Users can donate to the fund by using the net banking facility. Details such as name, address, city, country, email id, mobile number, amount details, etc. are required to initiate the donation process. PMNRF accepts voluntary contributions from individuals, organisations, trusts, companies, institutions, etc.

I will contribute INR501 to PMNRF for the first selfie. Contributions of INR 101 will be made for the next 99 selfies.

Can we target 5,00,000 accounts by 02/10/2014?

DISCLAIMER: The above is my personal view and my employers may not agree with my views.

Banks in 9 Indian States closed on 29/08/2014

                        Banks in the following 9 states are closed on 29/08/2014. As is the norm, online transactions will not be affected, only physical transactions at bank branches will not happen.

01) Andhra Pradesh
09)Tamil Nadu
            RTGS/NEFT will function as per their scheduled timings. Majority of RTGS/NEFT transactions will be through the online mode, rather than the branch mode.

The other ePayments channels viz IMPS; Card-to-Card Transfer will function 24*7.
 All the 3 CTS Grids (CTS Western Grid, CTS Northern Grid, CTS Southern Grid) will be open. However for all practical purposes, paper clearing volumes will be low, as many Banks have opted for a BLOCK status.

The Holiday under NI Act is on account of  Ganesh Chaturthi Varsidhi Vinayak Varta / Samvantsari

Wednesday, August 27, 2014

Pradhan Mantri Jan Dhan Yojana – The Holy Grail of Safe ePayments in India

            The world of Safe ePayments is set to witness a historic event on 28/08/2014 with the roll-out of Pradhan Mantri Jan Dhan Yojana across India.

            Did you know that PM Narendra Modi has sent an email to all Bank Officers in India urging them to whole-heartedly support the Pradhan Mantri Jan Dhan Yojana roll-out.
            The social media’s has been bombarded with regular Jingles

            This is in line with PM’s announcement in his Independence Day speech.

            On activation of the Bank Account, the account holder will be provided with a RuPay Debit Card.
            The scheme name ‘Jan Dhan’ of the Pradhan Mantri Jan Dhan Yojana  was suggested by 7 individuals amongst 6000 enteries received at  

            The tagline of the logo says ” Mera Khata – Bhagya Vidhaata” which when translated into English means ” My Bank Account – The road to the Good Fortune”.

            HDFC Ergo has won the mandate to provide an insurance cover of Rs 1 lakh to all RuPay cardholders who can be claimed in case of death or permanent disability.

            An overdraft of INR 5000/- will be allowed after satisfactory operation in the account for 6 months.

            The launch is planned at 76 parallel functions all over India, with the main function being at Delhi presided over by PM Narendra Modi.

            Read all articles on PM here



Sunday, August 24, 2014

Gayatri Co-operative Urban Bank (Karimnagar) joins IMPS

      The Gayatri Cooperative Urban Bank with its Head Office in Jagtial-Karimanagar has joined the IMPS (Instant Payment Channel)  ePayments channel.

            The bank has branches at "Jammikunta", "Korutla", "Vemulawada" & Karimnagar", "Mancherial" "Nizamabad" and "Metpally"

            The Bank also provides ATM services and Debit Card services through RuPay Debit Card.

            Vemulwada is best known for  Sri Raja Rajeshwara Swamy Temple complex.

Jammikunta name is derived from the word "Dammekunte", a combination of Sanskrit and kannada word.  "Damme"(Sanskrit word) means Lotus and "kunte" (Kannada word) means pond. Hence the very name of the village meaning is Lotus Pond.

Jagtial town is famous for its fort. The fort was constructed with the help of two French Engineers, namely Mr.Jack & Mr.Tal, so the name of the town  at that time was JACKTAL and gradually it became Jagtial and in Telugu language they write it Jagityala.

Saturday, August 23, 2014

White Label ATMs in India – The march continues

            Slowly and steadily the White Label ATMs are spreading their wings all over the country.
            Indicash has the first mover’s advantage and has over 1,800 ATMs now. The Indicash ATM has got its own website too.
            Prizm Payment with its brand MoneySpot ATMs is in the 2nd spot, with 1,000+ ATMs. However, MoneySpot is yet to have its own website.
            BTI Payments Pvt. Ltd. is slowly stabilizing its operations in Karnataka in the initial phase.
                        Muthoot Finance Ltd.  ATMs brand name is Muthoot ATM. At present, Muthoot is running a campaign to attract transactions to its ATM chain.
              Vakrangee Ltd. has opened its account with the setting up of 2 ATMs in July 2014.


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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