Sunday, November 23, 2014

PMJDY Overdraft – Preference to women borrowers

            PMJDY accounts are an important tool in our country’s Safe ePayments journey. PMJDY accounts encourage the account holders to move from cash based transactions to electronic based transactions.

            One of smart features of PMJDY accounts is the Overdraft of INR 5000/- for accounts with good behaviour.

            The cooing period for accounts to be eligible for Overdraft facility is 6 months. This means that the first set of accounts will eligible after March 2015.

            In the near future, more clarity is expected on the calculation mode for 6 months i.e A) 6 months from date of account opening or B) 6 months from the date of the first transaction.

The second option is preferred, as this will encourage the PMJDY Account Holders to execute quality transactions in their accounts.

            In an informal chat with presspersons at a PMJDY mega camp organised by Corporation Bank at Vamanjoor village in Mangalore taluk on November 22, 2014, Snehlata Shrivastava, Additional Secretary, Department of Financial Services, Union Ministry of Finance,  said that the overdraft of 5,000 will be given to head of the family, preferably women, under the scheme.

This is because women have the habit of saving and prudent in their spending, she said.

Saturday, November 22, 2014

Riddhi Siddhi Bullion Ltd launches ATMs


             Riddhi Siddhi Bullion Ltd is the 7th WLAO to operationalise White Label ATMs in India. RSD is basically a bullion operator and was incorporated in 1994.

            Riddhi Siddhi Bullion Ltd has RBIs’ approval to deploy 50,000 ATMs across the country in next 3 years.

            The rollout is in a very primary stage. Over the next couple of months Riddhi Siddhi Bullion Ltd will announce a brand name for its ATMs, launch a dedicated help-line, and launch a dedicated web portal.

            As of now there are no plans for any innovative offerings at Riddhi Siddhi Bullion Ltd ATMs



NPCI partners with Indusind Bank and Western Union for International funds transfer

                        Majority of Western Unions SEND customers to India reside in U.S., U.K., France, Germany and Australia.

 The major options for Western Union RECEIVE customers are a) across the counter at a Western Union Agent Location or b) Bank account credit.

For Bank account credit, Western Union piggybacked on the NEFT platform. However, NEFT has its own limitations as compared to IMPS.

Way back in September 2013, Western Union innovation team closely looked at NPCIs’ Immediate Payment Service (IMPS) to enhance its customer’s experience.

Due to the time difference between India and other countries there was a lag between the SEND time and the RECEIPT time, even when the RECEIVE option was a Bank Account.

NPCI’s IMPS with its feature of instant money transfer was a very attractive proposition. Reserve Bank of India recently approved IMPS to facilitate cross-border money transfer within minutes to select banks.

This led to Western Union to offer funds transfer through NPCIs’ IMPS to its SEND customers. The service has been launched in collaboration with IndusInd Bank.

The process flow is as under
01) The SENDER opts to transfer through cash and debit cards at participating Agent locations, or debit and credit cards at www.westernunion.com.com at this time.
02)The funds move to the Western Union settlement account at Indusind Bank.
03)Finally through NPCIs IMPS channel the RECEIVER the funds in his/her bank account.

Benefits of this Channel:-
01) 24*7 service
02)Facility available on Holidays too
03)Quick reversal of funds in case of invalid account number or any other reasons if credit is not possible




Friday, November 21, 2014

No, Reserve Bank of India does not issue Credit Cards


            A small selected Indians have received credit cards stating that the same were issued by Reserve Bank of India.

            The gullible people were advised to withdraw money up to a certain limit, naturally a small amount. Once the amount was withdrawn, the fraudster encouraged the respective gullible victim to deposit a large amount into the said bank account.

            And, after that, the credit card would stop working and also be the last time the victim would hear from the fraudster.

            Yes, the large amount of money deposited by the victim would be gobbled up by the fraudster.

            To prevent such future frauds, Reserve Bank of India on November 21, 2014 issued one more alert to the public about the newest form of fraud perpetrated in its name.

            The alert is in continuation of earlier alerts issued by Reserve Bank of India, on the various modus operandi adopted by fraudsters to dupe Indians of their hard earned money.

            The first such alert was issued way back December 2007.


            

Sunday, November 9, 2014

Zip Zoom Zap through Indian Toll Plazas


            The major irritation on India’s Expressways is the waiting time at the numerous toll gates dotting the India’s Expressways.
            The waiting time translates into higher fuel bill for the automobiles travelling on the expressways. Individually the loss will be less, but when added for the whole number of vehicles waiting the Toll Plazas, the number runs into crores.

            Abroad the concept of RFID Tags for Toll Plaza collection is common. A similar concept has been introduced in India too.

            The CashLess option works on RFID-based smart tags — Fastags — for cashless transaction at toll plazas.

Vehicles fitted with the inter-operable tags don't need to wait in queue at plazas. In India the technology was first launched in April 2012 on the 10-km Himalayan Expressway,

On October 31st 2014, Road transport minister Nitin  Gadkari inaugurated the ETC on the Delhi-Mumbai stretch of NH-8 on Friday. This is the longest stretch where ETC is being implemented in a big scale.

Mumbaikars can experience the benefits of CashLess Toll collections on the Bandra Worli Sea Link.

The ETC system will work on Radio Frequency Identification (RFID) technology, with a tag called FASTag plastered on the vehicle which will contain the unique identification number associated with the vehicle.

A separate lane, called FASTag lane, equipped with sensors is being designed on all toll plazas by the respective concessionaires. Users of the tag, once enrolled in the system, will have an online account which they can charge in advance.

When they pass the toll plaza, the tag will be read by the sensors without the vehicle needing to stop.

The sensors will then transmit the unique vehicle code to the central servers of the bank that issued the FASTag.

The appropriate toll charge would be deducted from the user’s online account. In order to prevent theft of the tag, it has been designed in a manner such that, once attached to the vehicle, it will suffer damage and be rendered unusable if removed.

The customers can get Fastags recharged online and can also get instant alerts about usage and balance amount.

There would be a challenge to ensure that Non-tagged vehicles do not enter the Tag Lanes.

In this regard, the road transport ministry will soon notify penalty of charging two-times toll from vehicles that enter tag lanes without Fastag. This is necessary to ensure that vehicles fitted with tags don't get caught behind non-tag vehicles.


The major benefits of CashLess Toll Plaza Collections are:
·         Plug revenue leakages from toll collection
·         Track vehicles in case of criminal incidences.
·         The real time data on traffic movement on highways will help government to prepare road development plans.

·         The road side vendors will see a spurt in their income, as the motorists would now spend more time at their shops, rather than at the toll plazas

LinkWithin

Related Posts with Thumbnails

Disclaimer

The thoughts in this BLOG are personal, and reflect only my view on the subject.
This are not the views of my Employers.
All images, logos rights rest with the Original TitleHolders

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