Sunday, January 18, 2015

India’s first Smart City-Infosys Mysore Campus

            It takes time to develop a Smart City from scratch. PM Modi has announced the development of 100 Smart Cities in India.

            Greenfield projects are few. The focus is to upgrade existing cities to Smart Cities.

Types of Smart Cities in India can be divided into the major categories:
a)    Greenfield Projects: The size of such projects will vary from 100 acres to 2000+ acres. Strictly speaking these do not fall under the term City. At best these can fall under Smart Enclaves, as all the Greenfield projects are planned within an enclosed area.
b)   Up gradation of existing towns: 

MOUD has recently released a concept paper of the approach for India’s Smart Cities.
      Across India, there are a number of players planning their contribution to the Smart Cities.
      Infosys has taken the first step towards this. Infosys has decided to upgrade their Mysore Campus into the Smart City mode by April 2015.
      Read the full news press release here. The campus will be a demonstrable model as to how a Smart City in India will look like.

      5  main advantages of this demo city:

a)    Immediate scalable.

b)   Minimal investment.

c)    Perfect model for other stakeholders.

d)   Excellent branding tool.

e) The complete suite of a Smart City i.e Energy conversation, Electronic Transactions, Waste Management, Security  etc can be showcased in one model.

Should Indians get a free Credit Report every year??

                A credit report is essential for prospective borrowers to obtain credit quickly. 

                Reserve Bank of India vide its Notification No:-RBI/2014-2015/405 DBR.No.CID.BC.60/20.16.056/2014-15 dt.January 15, 2015, has advised all:
  • All Scheduled Commercial Banks (including RRBs & LABs),
  • All India Notified Financial Institutions, and
  • All Credit Information Companies
i.e  all Credit Institutions (CIs) to  become members of all CICs and submit data (including historical data) to them.

At present there are  four CICs, viz. Credit Information Bureau (India) Limited, Equifax Credit Information Services Private Limited, Experian Credit Information Company of India Private Limited and CRIF High Mark Credit Information Services Private Limited have been granted Certificate of Registration by RBI.

In terms of Section 15 of the Credit Information Companies (Regulation) Act, 2005 (CICRA), every Credit Institution shall become member of at least one CIC. Further, Section 17 of CICRA stipulates that a CIC may seek and obtain credit information from its members (Credit Institution / CIC) only.

As a result, when a Specified User, as defined in CICRA and Credit Information Companies Regulations, 2006, obtains credit information on a particular borrower/client from a CIC, it gets only such information that has been provided to the CIC by its members.

This does not include credit history related to those non-member Credit Institutions with which the borrower/client has/had a current or a past exposure.

To overcome this problem of incomplete/inaccurate credit information, pros and cons of certain possible alternatives have been discussed in the Report. These alternatives along with suggestions/comments obtained from IBA and the CICs have been examined by RBI.

 It has been decided that the best option would be to mandate all Credit Institutions to become members of all CICs and moderate the membership and annual fees suitably.

                Hence, RBI has advised that  All Credit Institutions (CIs) shall become members of all CICs and submit data (including historical data) to them.

Further, CICs and CIs shall keep the credit information collected/maintained by them, updated regularly on a monthly basis or at such shorter intervals as may be mutually agreed upon between the CI and the CIC.

                RBI has also fixed the upper cap of membership fees that the CICs can charge CIS to become their members and the annual fees. Accordingly, the one-time membership fee charged by the CICs, for CIs to become their members, shall not exceed Rs.10,000 each. The annual fees charged by the CICs to CIs shall not exceed Rs.5000 each.

                The ground reality for the prospective borrowers will drastically change. Each CIC has its own format for scoring and reporting. In case of any aberration in any one CIC report, the prospective buyer has to satisfactorily reply to the Credit Institution queries. This will increase the TAT to obtain credit.

                One option to reduce such aberrations is to mandate by law to provide   consumers to  one free comprehensive disclosure of all of the information in their credit file from each of the four national credit reporting companies once every 12 months through a Central Source.

                Trust RBI will shortly issue guidelines in this regard. This can be similar to USAs Fair Credit Reporting Act

Friday, January 16, 2015

For the next 200 hours, this website will be Bangaloreans’ favorite site



              The Republic Day and Independence Day week is welcomed by majority of Bangaloreans by a visit to the famous LalBagh Gardens.

            The garden spread over 240 acres is decked with ornamental flower shows during the Republic Day and Independence Day week.

            Each year a special theme is chosen and the Lalbagh Glass House houses a magnificent   replica of the chosen theme.

            The theme for the first 2015 show is replica of Delhi’s Red Fort. The replica is made of 3 lac Dutch roses.

            In honor of US President Barack Obama’s visit to New Delhi, the Statue of Liberty will be recreated using a variety of flowers.

            The entry to the flower show is through tickets. In all the previous flower shows, the tickets were available only at the venue.

            With eCommerce picking up all over the nation, for the first time, the tickets of Lalbagh Flower Show can be brought online at this site.

            Bookings have opened on 16/01/2015 and already the tickets are flying off fast.

            The flower show is open from 9.00pm to 6.00pm and the tickets are valid only for the day.

            No carry forward is owned.

            10 Benefits of this Safe eTransaction initiative:

01) Cash handling of INR80,00,000/- reduced

02)Saving of 500 hours of manpower at various parts of the cash handling chain

03)Accurate count of expected visitors

04)Crowd Management

05)Visitors traffic management

06)Cross-sell opportunities

07)Increase in footfalls

08)Calculation of time-spent by the visitors at  the flower show

09)Conversion of Cash transactions to Cashless transactions

10) Spread the joy of Safe eTransactions


Ideas to transform Nasik Kumbh Mela into LessCash Mela

What is a Mela?

In India, Mela denotes gathering of mankind to celebrate an auspicious occasion.

The largest gathering of mankind happens at the Kumbh Melas’.
This year a dedicated group of people have come together to change the face of Kumbh Mela.

The focus is on technology to make Nasik Kumbh Mela 2015 a safer, invigorating experience for the visitors as well as the Government.

The local administration with assistance by State Government plays a major role in setting up the infrastructure.

Broadly the following is the thought processes to encourage the migration from Cash Transactions to LessCash Transactions.

The aim is LessCash Transactions, as the CashLess mode is a distant dream.
Sr No
Brief Approach
Mobile Wallet – Aggregator mode
a)    Merchants are on boarded onto  a Mobile Wallet
b)   Buyers complete the electronic transaction through a OTP (One Time Password)
Prerequisite: Smart Phone, Balance in the mobile wallet
Mobile Wallet funding: Online or through cash at designated outlets
Reverse sweep facility is preferred 
POS Mode
All mela visitors will not have smartphones, however a majority are expected to have Debit Cards.
Hence, the mela visitors should have a choice of electronic payment modes.
Low transaction costs
There should be minimal/nil transactions costs for the merchants as well as the buyers.
The visitors profile will be skewed towards middle-class and lower middle class people,
The transaction value will range will be between INR1 to INR10,000/-
The average transaction value will be INR2000/-
Any transaction cost will discourage merchants as well as buyers to opt for the electronic payment model.

Increase the pool of Merchants
Success of Electronic Transactions depends on a large pool of Merchants willing to accept electronic payments.
The types of merchants in the Mela area will be Pujaris, shopkeepers selling puja items, food stalls, lodges, transport operators, parking operators etc
Atleast 50% of the merchants in the Mela Area should be willing to adopt electronic payments.
This would encourage the buyers to opt for electronic payments.

Shift in Mindset
Electronic payments means the credits will reflect in the merchants bank accounts.
The current mindset is FOR cash transactions rather than CashLess transactions, as the benefits of cash transactions for merchants are more compared with CashLess transactions.
As the nature of the mela is temporary in nature, the majority of the merchants would not prefer to either open bank accounts or accounts with bill aggregators.
Strategies must be in place to convert merchants to the Electronic Payment channel.

Vehicle tracker
Mela Insurance-Group Insurance model
Water ATMs
Loyalty points
10 seconds advertisements on smartphones
Person tracker

Credits to Nitin Gaikwad and Gnana Sudhakar

Thursday, January 15, 2015

The Cash Warriors – WhatsApp Group

            A new group known the The Cash Warriors is being launched on WhatsApp.

            The objective of the Group is to explore new avenues to increase CashLess transactions in their sphere of influence.

            The shared best practices can be adopted by other group members.

            Group members can also share one link every 24 hours on stories related to migration of transactions from Cash mode to Electronic mode.

Prospective group members can leave their phone number in the Linkedin comments box, with a 2 line statement supporting their request.

At present this will be only a WhatsApp group.

In future, if there is demand, a similar LI group/Facebook Page too will be created.

This group is not for advertising own products, rather it’s focus is on executable concepts.

Go ahead, share your phone number in the LI comments box.

Admission is restricted to 45 members only.



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