Sunday, September 28, 2014

PMJDY RuPay Cards – The delivery race has begun


            As per reports appearing in the media, over the last couple of weeks, 1.5crs – 4 crs  banks accounts have been opened under PMJDY scheme in all bank branches in India.

            As the Accidental Insurance of INR 1lac is dependent on usage of RuPay Cards, the account holders are eagerly waiting to receive the RuPay card in their hands.

            The stupendous success of PMJDY in a short time has raised the delivery bar for NPCI as well as the respective Banks.

            To shorten the TAT for delivery of PMJDY RuPay Cards and to ensure that quality of RuPay Cards /  Holograms is maintained throughout the program, NPCI has announced a common RFQ (Request for Quote) covering the major 7 aspects of PMJDY program.

            The chief objective of this common RFP is to enable individual banks to place orders with the chosen vendors by avoiding the tendering process.

            Through this common RFQ, NPCI shall select all such empanelled vendors for supplying Personalised RuPay Debit Cards under uniform card design as prescribed under Pradhan Mantri Jan Dhan Yojna (PMJDY)

It is expected that over 50 million RuPay cards would need to be provided by Banks to the first time account holders under the program. Yes, at present the exact number of required cards is an unknown factor.

This poses unique challenges to the vendors, as they have to bid only on minimal data.  


            

Saturday, September 27, 2014

Rashtrapati Bhavan – India’s first Financially Inclusive Township (FIT)


            Around 500 people reside in India’s President’s Estate i.e Rashtrapati Bhavan. To raise the bar of financial inclusion in our country, Rashtrapati Bhavan today launched a new campaign to turn the RP into a Financially Inclusive Township (FIT)

What are the components of a Financially Inclusive Township (FIT)?

01) All the residents have an operative bank account
02)The residents are aware of the various financial tools
03)The residents are aware of Safe eBanking procedures

The campaign’s target is complete the financial inclusion of all residents and contractual workers of the President’s Estate numbering around 5000 by middle of December.

The campaign will include:-
01) A financial literacy programme and creation of a financial literacy hub at the Dr. Rajendra Prasad Sarvodaya Vidyalaya within Rashtrapati Bhavan for the students, their families as well as all residents of the President’s Estate.
02)Enrolling all residents in UIDAI’s Aadhar scheme.
03)Opening of Saving Bank Accounts for the unbanked under the Pradhanmantri Jan Dhan Yojana.
04)Enrolment of people in ‘Swavalamban’, - a special scheme of the Pension Fund Regulatory and Development Authority for those belonging to the unorganized sector.
05)Issue of RuPay Cards to new as well as existing account holders of the United Bank of India within the Estate.

This pilot project is intended to establish a model of convergence in government programmes and services to ensure that benefits of various schemes accrue to all residents of the President’s Estate.

Special attention will be given to senior citizens, women, and special children in the President’s Estate.

Not only regular residents, but the contractual workers working in the President’s Estate will also be guided to obtain all possible benefits that are due to them.

In the near future, residents of the President’s Estate will also be provided benefits under the Rashtriya Swasthya Bima Yojana (RSBY) and pension benefits to young widows, disabled etc.

A two day financial literacy-cum-inclusion camp for residents of the President’s Estate was inaugurated today (September 27, 2014) by Secretary to the President Mrs. Omita Paul to mark launch of the campaign.

Rashtrapati Bhavan Officials in collaboration with officials of the United Bank of India, National Payment Corporation of India (NPCI), Pension Fund Regulatory and Development Authority (PFRDA) and SBI worked through the day to enrol residents of the President’s Estate in various schemes.

As United Bank of India, has a branch in the President’s Estate, the honor of playing a pivotal role in the FIT plan was bestowed  on them.

The President’s Estate Branch of United Bank of India was established on February 28, 1976 and inaugurated by the then President of India, Late Dr. Fakhruddin Ali Ahmed


The President of India, Shri Pranab Mukherjee inaugurated the President’s Estate Branch of United Bank of India and Rashtrapati Bhavan Post Office in their new buildings on July 24, 2014.

Friday, September 26, 2014

State Bank of India IRATA – The safest way to activate an Online Beneficiary

            To minimize internet banking frauds, majority of the Banks have a cooling period before funds can be remitted to a new beneficiary through net banking.
            A balance between safety and customer delight can increase the inte
rnet banking volumes.
            Towards this end, State Bank of India has introduced the IRATA mode.

            The IRATA mode was introduced in April 2014, however at present it is being marketed extensively.

The full form of IRATA is “Internet Banking Request Approval Through ATM”.


The full limits of INR5.00lacs can be enjoyed instantly, if the newly added third party beneficiary is approved through the IRATA mode.

This facility can be availed through a very simple process. Just select the option Approval through ATM (IRATA) at the time of approval of beneficiary in the online sbi module and proceed accordingly.

The principles of 3 factor authentication are applied in IRATA:-
Factor 1 – What you have (ATM Card)
Factor 2 – What you know (ATM Password)
Factor 3 – What you know (10-digit INB reference number)
Another beneficiary for the SBI group is the higher utilization rate for its ATMs.


            

Thursday, September 25, 2014

Give a Missed Call and know it all – UCO Bank


            UCO Bank has noticed that majority of the time spent by its Call Centre/Customer Executives is dedicated to inform customers regarding their account balances or last few transations.

            To reduce the response TAT and also to free up their staff time, UCO Bank introduced the ‘Missed Call’, feature.

            There are dedicated numbers for Account Balance and Mini Statement. As this is a Missed Call facility, no charges are debited to the customer phone account or bank account.

            So, UCO Bank customers go ahead and bank in peace.


UCO Bank was founded in 1943, and was first conceived of by Mr. G.D Birla, the doyen of Indian Industrial renaissance, after the historic "Quit India" movement in 1942. Soon this nascent idea came into reality and, on the 6th of January 1943, The United Commercial Bank Ltd. was born with its Registered and Head Office at Kolkata.

In the first phase of Bank nationalization, the Bank was nationalized by the Government of India on the 19th July 1969 whereupon 100 per cent ownership was taken over by the government in UNITED COMMERCIAL BANK.

            In 1985, the name was changed from ‘The United Commercial Bank Ltd.,’ to ‘UCO Bank’.

            To take advantage of the Durga Puja shopping spree, UCO Bank,signed a net-banking agreement with “CCAvenue” – one of the largest payment gateway providers.

            The major benefit of this tie-up is the facility to UCO Bank customers to shop online across various websites that are powered by “CCAvenue.com”.


Payments can be made directly through the bank’s debit card.

Wednesday, September 24, 2014

Applications invited for Chief Learning Officers for Indian Commercial Banks


            On 23/04/2014, RBI released the ‘Report of the Committee on Capacity Building in Banks and non-Banks’

            The report was placed on Reserve Bank of India’s website and the public have the option to submit their suggestions/comments on or before October 31, 2014.

Snailmail @ the Chief General Manager In-Charge, Reserve Bank of India, Department of Banking Operations and Development, Central Office, Mumbai

Email @ cgmicdbod@rbi.org.in

The above Committee was constituted by the Reserve Bank with the objective of implementing non-legislative recommendations of the Financial Sector Legislative Reforms Commission (FSLRC) relating to capacity building in banks and non-banks, streamlining training intervention and suggesting changes thereto in view of ever increasing challenges in banking and non-banking sectors.

The ambit of the Committee’s report is essentially human resource intervention that would be required for improving the efficacy and efficiency of personnel employed at various levels by banks and non-banking financial companies regulated by the Reserve Bank.

The most interesting recommendations of the Report are: -
  1. Creation of position of “Chief Learning Officer” in banks and concept of return on learning
  2. Entry point qualifications at recruitment stage, development of competency standards and certification/accreditation in various areas of training
  3. Conducting a common Banking Aptitude Test (BAT) at entry levels.
  4. eLearning as an important constituent for building capacity and imparting training

The Chief Learning Officer will be responsible for:-

  • Leadership Development,
  • Collaborative Learning across the organization,
  • developing learning pedagogies tailored to the organization,
  • measuring the quantum and quality of learning across the organization through various indicators,
  • develop a Learnability Index for all personnel (i.e. a measure of the ability to learn of an individual) and apply that as an input into promotability,
  • disseminate knowledge throughout the organization
  • and continuously monitor and augment learning and sharing across the organization

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