Sunday, April 19, 2015

10 Benefits of Axis Bank Kochi Metro AFC deal

          AFC stands for Automated Fare Collection. AFC’s in India are very familiar to commuters in various Metro’s across our country.

          The main aim of AFC is to convert the physical payments to electronic payments. Commuters prefer a payment mode which has the following attributes:

01) Ease of use.
02)         Safety of the transaction
03)         Speed of the transaction.

In the normal scenario the cost of AFCs are borne by the respective Metro Corporations.  The maintenance of the AFC System is also budgeted under the annual metro corporation finance outlay.

     Kochi Metro has undertaken a new approach for its AFC system.

     Under this system the tender winning consortium undertakes to set up the AFC System and also maintain it. 

Of course, there would be corresponding benefits to the winning consortium too..
Something that promotes or enhances well-being; an advantage

           10 Benefits of Axis Bank Kochi Metro AFC deal

01) India first ‘open loop’, smart card under India’s Ministry of Urban Development’s Common Mobility Card Project.

02)                  This is the first of its type eTransactions model in any Metro Rail system across the world.

03)                  The feel good feeling for this project has already started in the social media.

04)                  The same model can be adapted to the other various Metro Systems in and around Asia.

05)                  The winning Bank can look forward to sizeable float balances in the respective saving bank accounts.

06)                  Pioneer Safe eTransactions to the local population.

07)                  Introduce a new platform for the local commercial establishments.

08)                  Boost visibility across various platforms for the bank as well as the respective metro.

09)                  Introduce new revenue streams for the respective metro and associated commercial establishments.

10)  Lead to new innovative models to reduce the funding cost for public transport projects.

Tuesday, April 14, 2015

10 reasons as to why you should participate in the Net Neutrality debate now!!

          By now all Indian netziens are familiar with the Net Neutrality debating raging all over social media.

          The campaign was so intense that Flipkart dropped its plan to be part of Airtel Zero.

          The number of supporters willing to fight for net neutrality in India is on the increase.

          One major reason for such a huge participation is that the number of tech savvy Indians are very large.

          The creators of the support campaigns did not anticipate the massive reason by netziens.

10 reasons as to why you should participate in the Net Neutrality debate now!!

01) Show to the world that you care for your net freedom.

02)                  Show to yourself that you are capable of mobilising people.

03)                  Show to yourself that you can motivate people to be part of a social campaign.

04)                  Show that every vote counts in this social campaign.

05)                  Show off your other talents viz poems, drawings, not necessarily by voting only.

06)                  Show the power of combined voice against a perceived injustice.

07)                  Show that you can choose what is best for you.

08)                  Show that you can take an informed decision.

09)                  Show to government the power of AAM AADMI

10) Show that we can stand United

#Saveinternet campaign

Flipkart withdraws from Airtel Zero.

Sunday, April 12, 2015

The Infamous 'All Bank Balance Enquiry' App is creating waves in India

          We Indians like to experiment and also are willing to experiment with our finances. The latest experimental financial APP doing the rounds of What's App, is a self-styled 'All Bank Balance Enquiry' App.

          It has become so famous that Reserve Bank of India has issued an advisory on April 11 2015.

          The highlights of the RBI Advisory are:-

01)  RBI has noticed that that an app (application) is doing rounds on What's App purportedly to facilitate checking of balance in customers' bank accounts.

02) That this APP has an RBI logo with the title 'All Bank Balance Enquiry No’.

03) That this APP has listed several banks with either a mobile number or call centre number.

04) RBI has clarified that it has not developed any such application.

05) Hence, members of public are, therefore, advised to use the application, if at all, at their own risk.

So, go ahead and try the experiment now

Saturday, April 11, 2015

8 Safety Tips for ICICI Bank eftCheques APP

          ICICI Bank has introduced an App for Safe eBanking on April 6, 2015. This APP is available on Android PlayStore. Click here to download the APP.

          ICICI Bank has published comprehensive guidelines for comfortable usage by the banking enthusiasts.

          Overview of the eftCheque Tool:-
01) eftCheques  can be described as a virtual cheque/token of specific amount which has a embedded unique id. This is created by ICICI Bank in favour of a beneficiary on the specific request of the User. This is through ‘Write a Cheque’, available on the EFTCheque Application.
02)                  The eftCheque can be issued to a ICICI Bank account holder or non-ICICI Bank account holder.
03)                  The mode of transfer for ICICI Bank accounts is direct fund transfer and RBI’s NEFT in case of non-ICICI Bank account.

Main characteristics of the eftCheque Tool:-

Option 1:- Write a Cheque/Pay a Cheque---
This is a financial service through which User can transfer money to a Beneficiary without knowing beneficiary account details.
Through this Service, User can place a request in format of a cheque for transfer of fund to Beneficiary and this cheque can be accepted by Beneficiary to get the funds credited to his/her account during the validity period of the request by providing his account details and the passcode received by (“Encashment of eftCheques”).

Option 2:- Deposit a Cheque---
Through ‘Deposit a Cheque’ option, User shall be able to scan and send the cheque image to ICICI Bank

The following are Safety Tips for tension free navigation of the eftCheques APP:-

01) Download the APP from Playstore.
02)                  Complete the registration process.
03)                  Decide Write a Cheque/Pay a Cheque or Deposit a Cheque.
04)                  Collect the beneficiary details.
05)                  eftCheque is valid for 3 days from the days of the issuance. Hence, advise the beneficiary to complete the process within 3 days.
06)                  Deposit a cheque is complete only when the physical cheque is deposited in an ICICI Bank branch within the specified TAT.
07)                  Be familiar with the transaction charges.
08)                  If sufficient balance is  not maintained before initiation of the transactions, penal charges might be levied by the Bank

Should eCommerce companies also log onto Cash Delivery Service?

          Way back in 2009, Reserve Bank of India vide this circular allowed cash withdrawal of INR1000/- from Point-of-Sale (POS) Terminals.

          Over the last few years, few Banks have ventured into Cash Withdrawal through POS Terminals. However due to various factors, this has not been much of a success.

          Now, there is a chance for Indian eCommerce Companies to explore the  vast market of physical cash delivery.

          It is not that much complicated and does not require much additional investments by the eCommerce companies.

          The brief process flow is as under:
01)  Delivery persons carry MPos (Mobile POS) terminals along with physical cash of maximum INR25,000/-
02) At the time of delivery of the goods, enquiry is made if they would like to withdraw physical cash through their debit cards.
03) In case where the customer says YES, the Debit Card is swiped in the MPOS terminal and cash handed over.
04) Initially the limits can be set to INR1000/- per transaction.
This is win-win proposition to increase the share of Safe Digital Transactions in our country.

Cash Withdrawal at Point-of-Sale (POS)

Presently cash withdrawal facility using plastic cards is available only at Automatic Teller Machines (ATMs). As on May 31, 2009, number of ATMs and POS terminals in the country stood at 44,857 and 4,70,237 respectively. The use of debit cards at Point-of-Sale (POS) terminals at different merchant establishments has been steadily increasing. As a further step towards enhancing the customer convenience in using the plastic money, it has been decided to permit cash withdrawals at POS terminals. To start with, this facility will be available for all debit cards issued in India, upto Rs.1000/- per day.


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