Sunday, August 31, 2014

PMJDY - Overdraft of INR 5000. 5 reasons for success

    

The contours of Prime Minister Jan Dhan Yojana (PMJDY) Overdraft of INR 5000/- will be unveiled in the next couple of weeks.
As per the present thinking, the OD can be availed by account holders who have seeded their Aadhaar Number in the Banks account database and have satisfactory operations for 6 months.
Similar guidelines as applicable instant credit of outstation cheques may apply to OD requests too.
The guidelines for quantifying satisfactory operations are not laid down in black and white, but based on banker’s experience.
The following points are considered while assessing a customer account for satisfactory operations: -
a)    No cheque bounce
b)   No decline of eTransaction due to financial reasons
c)    Average balance
d)   Credits in the account at regular intervals.
There are many apprehensions that the due to OD facility a large number of accounts will slip into NPA mode and banking industry will face huge losses.
            Assuming out of the 7.5crs accounts, 20% (1,50,00,000) of accounts will be eligible to avail OD facility, funds to the tune of INR 7,500 crores would be required.
5 reasons why the NPA level will be LOW in the OD Accounts

01)  The accounts have already cleared the first step of credit appraisal i.e the satisfactory operations test.

02)Inflow of subsidy credits at regular intervals.

03)Inflow of other Government payouts

04)The Indian Jugaad ability to ensure credits and debits are always equal


05)The poor are always trustworthy, Yes, the poor always trustworthy


Saturday, August 30, 2014

PMJDY – The INR 1 Lac Insurance Program


            As on date, the following is the information available on the Prime Minister Jan Dhan Yojana (PMJDY) –  INR 1 Lac Insurance Program: -



01) The insurance coverage of INR 1 lac is for accidental death or permanent disablement for eligible RuPay Debit card holders.  

02)The RuPay card issuing agency is National Payments Corporation of India (NPCI)

03)NPCI has entered into an agreement with HDFC ERGO general insurance company (HDFC Ergo) to provide an insurance program to all RuPay card holders.RuPay Card Insurance Program

04)The same agreement would continue to RuPay card holders under the PMJDY program too.

05)The insurance cover is for cardholders between 18-65 years of age

06)Eligible RuPay Debit cards holders means who have performed at least one financial or non-financial transaction  at any one channel i.e ATM/MicroATM/POS/eCom in the last 45 days prior to the incident. For eg for accident occurred on September 1, 2014, transaction by RuPay card must have been done or after July 15,2014

07)Negotiations are on with HDFC ERGO General Insurance to increase the 45 day limit to 90 days.


08)The approved claim payment will be done through NEFT to the card holder beneficiary along with a covering letter. 

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
02)Telangana
03)Goa
04)Gujarat
05)Karnataka
06)Maharashtra
07)Orissa
08)Puducherry
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 mygov.nic.in  

            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



           
           


            

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The thoughts in this BLOG are personal, and reflect only my view on the subject.
This are not the views of my Employers.
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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