Tuesday, July 22, 2014

Mann Deshi Mahila Bank – India’s first women bank

            The honor of India’s full fledged women bank goes to Mann Deshi Mahila Bank. It is older to the Bharitya Mahila Bank, the official recognition from Reserve Bank of India was received in 1997.

            Since than it has increased its customers base to 1,85,000 + women. The bank’s offers the full range of banking products i.e Deposits, Loans and also added Insurance too its kitty. Its shareholder base of 12,000+ decide the future course of action, every year at the Bank’s annual meeting.

            As the demand for its services grow, the bank’s team started 2 more affiliate units. The affiliate units are 01) Mann Deshi Foundation and 02) Mann Deshi Mahila Bachat Gat Federation (Self-Help Group Federation)
All its bank branches are situated in Maharas htra’s Satara district. Satara District is famous for its Sainik School. The Satara Sainik School was the first of the series in our country.  

            The main tourist attraction in the district is the Koyna Dam.

Saturday, July 19, 2014

UIDAI-Aadhaar 2015 Calendars/Diaries – Collector’s Item

            UIDAI established in 2009 with the mandate to generate and assign unique identity numbers for residents in India, started off the activity in 18 States/Union Territories. In February 2014, it was given the mandate for four additional states i.e  Uttar Pradesh, Bihar, Chhattisgarh and Uttarakhand

            To enhance the visibility of its Brand (Aadhaar) UIDAI will unleash a multi-media campaign in the near future.

            The corner-stone of the campaign would be exceptional quality Diary and Annual Calendar. The first set of the Calendar and Diary will be released for Year 2015.

            As these are expected to unique, the Calendar and Diary will be Collector Items.

            In case you want to be mailing list to receive the Calendars, please inform your email id in the comments section. On receipt of 1000 requests, the list would be forwarded to UIDAI’s logistics division.

            Go ahead now.

INR 30,00,00,000 - Budget for UIDAI facelift

            UIDAI is back in action, after Prime Minister Narendra Modi mandated UIDAI to enroll more Indians beyond its existing mandate of 65 crores enrolment.

            A RFP (Request For Proposal) has been floated for hiring of Advertising and Creative Agency for Multi-Media Campaign.

            Ironically, the processing fee of INR 1000/- has to be deposited in the form of Bank Demand Draft, no electronic transfer is allowed.

            The focus of the campaign is to position UIDAI as the world’s most sophisticated identification service provider.

            The selected agency has to focus on implementing a national level communication strategy so that customised messages such as Aadhaar’s benefits, its utility, applications, reach different segments of the ecosystem.

            The messages have to spread via TV advertisements/ radio jingles / short films / documentaries, Print/Display advertisements and also Social media/Web marketing.

The budget laid down by UIDAI for this activity is between INR20-30 crore per annum on the campaign.  However, there is a caveat that this is an illustrative amount only and no commitment is being made by the UIDAI to do so.

The first set of UIDAI communications are expected to be released by mid-November 2014. Just wait and watch.

Thursday, July 17, 2014

Indian Bank Licenses on Tap - RBI releases Draft Guidelines for Licensing of Payments Banks and Small Banks

            To encourage more types of banks in India, Reserve Bank of India released the today, the Draft Guidelines for “Licensing of Payments Banks” and Draft Guidelines for “Licensing of Small Banks”.

            All interested parties and general public can go through the guidelines and views can be shared by emailing to cgmicdbodco@rbi.org.in. The views can be shared till August 28, 2014. After August 28, 2014, Reserve Bank will consolidate the feedback; comments and suggestions review them and issue the final guidelines.

The final guidelines will also lay down the process to submit the Applications for setting up Payment Banks or Small Banks.

            As the name indicate, payments banks and small banks are “niche” or “differentiated” banks; with the common objective of furthering financial inclusion.

The Small Banks will provide a whole suite of basic banking products, such as, deposits and supply of credit, but in a limited area of operation.

On the other hand, Payment Banks  will provide a limited range of products, such as, acceptance of demand deposits and remittances of funds, but will have a widespread network of access points particularly to remote areas, either through their own branch network or through Business Correspondents (BCs) or through networks provided by others. They will add value by adapting technological solutions to lower costs.

The entities eligible to set up a Payments Bank include existing non-bank Pre-paid Instrument Issuers (PPIs), Non-Banking Finance Companies (NBFCs), corporate BCs, mobile telephone companies, super-market chains, companies, real sector cooperatives, and public sector entities.

The entities eligible to set up a small bank include resident individuals with ten years of experience in banking and finance, companies and societies, NBFCs, Micro Finance Institutions and Local Area Banks.

The eligible entities should be “fit and proper” in order to be eligible to promote payments banks and small banks. The Reserve Bank would assess the ‘fit and proper’ status of the applicants on the basis of their past record of sound credentials and integrity; financial soundness and successful track record of at least five years in running their businesses.

The minimum paid up capital requirement of both payments banks and small banks is kept at Rs. 100 crore, of which the promoters’ initial minimum contribution will be at least 40 per cent, to be locked in for a period of five years.

Reserve Bank of India, will provide the ‘In principle approval’, for setting up Small Banks and Payment Banks within 90 days, from receipt of report from the Independent External Advisory Committee.

Saturday, June 28, 2014

July 01, 2014 – India’s Cheque Truncation System open as usual

            As Reserve Bank of India’s accounting year is July to June, every July 1, Reserve Bank of India remains closed for public transactions.

            Under CTS the settlements take place in the respective banks account maintained with Reserve Bank of India, in its eKuber CBS.

            Till last year, the CTS Grids were closed in tandem with RBI closure on July 1. However, this year, Reserve Bank of India has decided that it will remain open even for public transactions on July 1, 2014.

            This means RTGS system will also work which in turn facilitates CTS Grids to be open.

            More than 400 lac cheques are being routed monthly in the 3 CTS Grids across India i.e 15 lacs cheques per working day.


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