Friday, October 24, 2014

United States of America to embrace Real Time Payment Systems


            40 years ago, the first step towards electronic payment transactions was taken by USA Financial Sector.

            Over the years, the USA’s ePayment system known as ACH (Automated Clearing House) has grown to handle a huge number of transactions.

             Through the ACH Network funds can be electronically credited or debited to a checking (Current account in India), savings accounts, financial institution general ledger account (Inter-Bank transaction in Indian terminology) or credit to a loan account.

            The ACH Network is a batch processing, store-and-forward system. Transactions are stored by financial institutions throughout the day and processed at specified times in a batch mode.

            The main disadvantage of Batch Mode is that the transactions are not done in real-time but done with a lag in time.

            Yes, USA Citizens have not yet enjoyed the joy of Real-Time Payment Systems.

At present, real-time payment systems are present in 35 countries, and some of those real-time systems are more than 40 years old.

            Realizing the benefits of real-time payemnts system, the USA Fed has embarked on a mission to introduce real-time financial transactions to the USA citizens.

            The exercise is expected to last for a few years, as it is a complicated task to introduce real-time financial transactions to Americans.

            A basic version of Real-Time Payment System functions in USA, under the brand name FEDWIRE.

            

Thursday, October 23, 2014

The essentials about Phantom Company Credit Cards



            Finance enthusiasts have recently added Phantom Company Credit Cards to their dictionary

Ø  The interest around Phantom Company Credit Cards has aroused after Spain’s two struggling Banks - Caja Madrid and Bankia used innovative methods to use them

Ø  The above two Spanish Banks used the Phantom Company Credit Cards to enable high level executives to spend at their whim

Ø  In theory the Company credit cards were for business purposes only

Ø  In real life, actuality, executive took a generous view of what constituted a professional expenditure.  Many of the uses seem to be connected to private or weekend trips

Ø  The earliest set of Phantom Company Credit Cards were issued way back in 1996

Ø  The Phantom Company Credit Cards were handed out and managed separately from the other routine corporate credit cards

Ø  Investigation is still going in the depth of the Phantom Company Credit Cards scandal. As is the norm, the involved executives have pleaded non-guilty

Ø  The term Phantom is used here as the Phantom Company Credit Cards were issued to chauffeurs at Caja Madrid and Bankia in their own name so they could make purchases on behalf of executives and board members






Wednesday, October 22, 2014

11 reasons why you should register for ePost


            Introduction: -
a)    ePost is the online version of India’s post offices.
b)   As it is online version, the ePost portal can be accessed from any part of the world, at any time.

11 grounds to register yourself for the ePost

01) 3 types of services can be availed on ePost


02)The 3 types of services are: a) philately (purchase of stamps), b) PLI/RPLI(payment of premium) and c) eIPO (purchase of postal order for RTI)

03)Only one time registration is required

04)User can register through the portal https://www.epostoffice.gov.in

05)The registration requirements are quite simple. The user needs to have a valid email id and mobile No. for registration in ePostoffice

06)The security features are reasonably good. Email id is mandatory because ecode will be received on email which user will need at the time of user verification

07)Mobile No. is mandatory because mCode will be sent on the mobile number, which user will need at the time of user verification

08)eCode is a six digit code/number that user will receive on registered email id

09)mCode is a six digit code/number that user will receive on registered mobile no

10) The best part  is that there is no time limit for user verification


11)  Normally the eCode and mCode are received with 4-5 minutes of registration. In case, there is some problem in the server, user can wait for couple of hours or more or can try resending the codes in that duration

Saturday, October 18, 2014

Indian Cooperative Banks to join the PMJDY cluster

            Buoyed by the success of PMJDY, a number of cooperative banks have sought clarification from Reserve Bank of India, as to whether the cooperative banks can open PMJDY Accounts.

            Dr.Alok Pande Director in Department of Financial Services, has issued a circular stating the minimum requirements cooperative banks should have to open PMJDY Accounts.

            As per the circular, Cooperative Banks (Urban/Rural) which are on CBS (Core Banking Solution) and are having arrangement with NPCI for issuance of RuPay Debit Cards are eligible to open accounts under PMJDY.

            This is one more step towards 100% banking coverage to all Indian households by 26th January, 2015.   

As on date 200+ cooperative and gramin banks can issue RuPay Debit Cards. The banks are spread over all over India.  


In one of the biggest initiatives towards institution capacity building, NABARD is facilitating the process of bringing the Co-operative Sector onto Core Banking Solution (CBS) platform.

A total of 201 State and Central Co-operative Banks with 6,940 branches from 16 states & 03 UTs of the country, viz. Punjab, Haryana, Gujarat, Maharashtra, UP, Chhattisgarh, MP, Bihar, Karnataka, Tamil Nadu, Kerala, Uttarakhand, Sikkim, Himachal Pradesh, Jammu & Kashmir, Arunachal Pradesh, Chandigarh, Puducherry and Andaman & Nicobar have joined “NABARD initiated Project for CBS in Co-operatives”.

Two vendors, viz. TCS and Wipro, are implementing the ambitious project across the country.

Of the 201 banks with 6 ,940 branches under NABARD Project, 200 banks and 6,939 branches are fully on CBS as on 31st August 2014. This includes 114 new branches which were directly opened on CBS platform.


Key Takeaways from Andhra Banks’ MDs' walkathon



            Readers must have read this article-offline or online on Andhra Banks MD’s walkathon to gauge the pulse of his prospective customers

            The Andhra Bank walkathon is not aimed at fundraising but raising awareness about the various banking products on offer.

            The following are the key takeaways:-

01) Walkathon is a great tool to gather information about the target audience

02)The target audience gets an opportunity to interact with the decision makers

03)The decision makers get neutral feedback

04)The feedback so obtained can be the foundations for a focused campaign

05)Majority of the target audience are familiar with LessCash modes

06)The preferred LessCash mode is POS (Point of Sales) Terminals

07) Cash Deposit Machines too are preferred but not over POS (Point of Sales) Terminals

08)In the near future, Andhra Bank will focus on rolling out a large number of POS (Point of Sales) Terminals


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