Dhanlaxmi Bank - Credit Card - Payment through NEFT

Dhanlaxmi Bank has recently launched its Credit Cards.

The detials to pay the Dhanlaxmi Bank's Credit Card dues through NEFT are

with IFS Code - DLXB0000999 and Transaction Code: 52

NEFT Network Banks – 99 now.

NEFT Network Banks – 99 now.
NEFT is for a major break-through. As on July 13th, 2010, 99 Banks were on the NEFT Network.
Just 1 short of 100. And, I am sure that the number 100 will be crossed by this month end only.

The List of Banks on NEFT network is as under:-
The next step I am looking is the crossing of 75,000 + branches.
This step should be scaled by this year end, or even earlier.

One most significant factor to be noticed is that more and more Co-operative Sector Banks are joining the NEFT bandwagon.

Almost all the Mumbai based co-operative banks are part of the NEFT network now.

Co-operative banks have few branches, but as a large number of local prefer additional accounts, these banks have an important role to play in the rapid acceleration of ePayments



Sr. No. Bank Name No. of branches as on July 13, 2010
1. ABHYUDAYA COOP BANK - NEFT Participant Bank 88
2. ABU DHABI COMMERCIAL BANK - NEFT Participant Bank 2
3. AHMEDABAD MERC COOP BANK - NEFT Participant Bank 22
4. ALLAHABAD BANK - NEFT Participant Bank 1009
5. ANDHRA BANK - NEFT Participant Bank 1558
6. AXIS BANK - NEFT Participant Bank 1007
7. B N PARIBAS BANK - NEFT Participant Bank 8
8. BANK OF AMERICA - NEFT Participant Bank 5
9. BANK OF BAHREIN & KUWAIT - NEFT Participant Bank 1
10. BANK OF BARODA - NEFT Participant Bank 3099
11. BANK OF CEYLON - NEFT Participant Bank 1
12. BANK OF INDIA - NEFT Participant Bank 3214
13. BANK OF MAHARASHTRA - NEFT Participant Bank 1456
14. BANK OF NOVA SCOTIA - NEFT Participant Bank 5
15. BANK OF RAJASTHAN - NEFT Participant Bank 463
16 BANK OF TOKYO-MITSUBISHI - NEFT Participant Bank 3
17. BARCLAYS BANK - NEFT Participant Bank 1
18. BASSEIN CATHOLIC CO-OP BANK* - NEFT Participant Bank 27
19. BHARAT COOPERATIVE BANK - NEFT Participant Bank 34
20. CREDIT AGRICOLE CORPORATE AND INVESTEMENT BANK 6
21. CANARA BANK - NEFT Participant Bank 3120
22. CATHOLIC SYRIAN BANK - NEFT Participant Bank 362
23. CENTRAL BANK OF INDIA - NEFT Participant Bank 2599
24. CHINATRUST COMMERCIAL BANK - NEFT Participant Bank 1
25. CITI BANK - NEFT Participant Bank 42
26. CITIZEN CREDIT COOP BANK - NEFT Participant Bank 28
27. CITY UNION BANK - NEFT Participant Bank 224
28. CORPORATION BANK - NEFT Participant Bank 1139
29. COSMOS CO-OP. BANK - NEFT Participant Bank 101
30. DENA BANK - NEFT Participant Bank 1133
31. DEUTSCHE BANK - NEFT Participant Bank 16
32. DEVELOPMENT BANK OF SINGAPORE - NEFT Participant Bank 6
33. DEVELOPMENT CREDIT BANK - NEFT Participant Bank 84
34. DHANALAKSHMI BANK - NEFT Participant Bank 271
35. DICGC - NEFT Participant Bank 1
36. DOMBIVLI NAGARI SAHAKARI BANK LTD - NEFT Participant Bank 29
37. FEDERAL BANK - NEFT Participant Bank 679
38. GREATER BOMBAY CO-OP. BANK LTD - NEFT Participant Bank 18
39. HDFC BANK LTD. - NEFT Participant Bank 1741
40. HONG KONG & SHANGHAI BANK - NEFT Participant Bank 51
41. ICICI BANK LTD. - NEFT Participant Bank 1821
42. IDBI BANK - NEFT Participant Bank 777
43. INDIAN BANK - NEFT Participant Bank 1710
44. INDIAN OVERSEAS BANK - NEFT Participant Bank 2012
45. INDUS-IND BANK - NEFT Participant Bank 215
46. ING VYSYA BANK - NEFT Participant Bank 503
47. JAMMU & KASHMIR BANK - NEFT Participant Bank 388
48. JANKALYAN SHAKARI BANK - NEFT Participant Bank 26
49. JP MORGAN CHASE BANK - NEFT Participant Bank 1
50. KALUPUR COMM COOP BANK - NEFT Participant Bank 36
51. KALYAN JANATA SAHAKARI BANK - NEFT Participant Bank 16
52. KAPOLE BANK - NEFT Participant Bank 1
53. KARNATAKA BANK - NEFT Participant Bank 476
54. KARNATAKA STATE COOP APEX BANK - NEFT Participant Bank 1
55. KARUR VYSYA BANK - NEFT Participant Bank 365
56. KOTAK MAHINDRA BANK - NEFT Participant Bank 259
57. LAKSHMI VILAS BANK - NEFT Participant Bank 293
58. MAHANAGAR COOP BANK - NEFT Participant Bank 28
59. MASHREQ BANK - NEFT Participant Bank 1
60. MEHSANA URBAN COOPERATIVE BANK LTD - NEFT Participant Bank 25
61. MIZUHO CORPORATE BANK LTD - NEFT Participant Bank 1
62. MSCB - NEFT Participant Bank 35
63. NAINITAL BANK LTD - NEFT Participant Bank 101
64. NEW INDIA CO-OPERATIVE BANK - NEFT Participant Bank 19
65. NKGSB BANK - NEFT Participant Bank 38
66. NUTAN NAGARIK SAHAKARI BANK - NEFT Participant Bank 20
67. OMAN INTERNATIONAL BANK - NEFT Participant Bank 1
68. ORIENTAL BANK OF COMMERCE - NEFT Participant Bank 1570
69. PARSIK JANATA SAHAKARI BANK - NEFT Participant Bank 25
70. PUNJAB AND MAHARASHTRA BANK COOP LTD - NEFT Participant Bank 34
71. PUNJAB AND SIND BANK - NEFT Participant Bank 371
72. PUNJAB NATIONAL BANK - NEFT Participant Bank 4855
73. RATNAKAR BANK - NEFT Participant Bank 88
74. RESERVE BANK OF INDIA - NEFT Participant Bank 4
75. SARASWAT CO-OPERATIVE BANK - NEFT Participant Bank 216
76. SHAMRAO VITHAL COOP BANK - NEFT Participant Bank 90
77. SHINHAN BANK - NEFT Participant Bank 2
78. SOCIETE GENERALE - NEFT Participant Bank 2
79. SOUTH INDIAN BANK - NEFT Participant Bank 581
80. STANDARD CHARTERED BANK - NEFT Participant Bank 95
81. STATE BANK OF BIKANER AND JAIPUR - NEFT Participant Bank 866
82. STATE BANK OF HYDERABAD - NEFT Participant Bank 1206
83. STATE BANK OF INDIA - NEFT Participant Bank 13090
84. STATE BANK OF INDORE - NEFT Participant Bank 480
85. STATE BANK OF MAURITIUS - NEFT Participant Bank 1
86. STATE BANK OF MYSORE - NEFT Participant Bank 689
87. STATE BANK OF PATIALA - NEFT Participant Bank 869
88. STATE BANK OF TRAVANCORE - NEFT Participant Bank 751
89. SURAT PEOPLE’S CO-OP BANK** - NEFT Participant Bank 23
90. SYNDICATE BANK - NEFT Participant Bank 2362
91. TAMILDADU STATE APEX COOP BANK - NEFT Participant Bank 1
92. TAMILNADU MERC. BANK - NEFT Participant Bank 218
93. THANE JANATA SAHAKARI BANK - NEFT Participant Bank 54
94. THE ROYAL BANK OF SCOTLAND - NEFT Participant Bank 31
95. UCO BANK - NEFT Participant Bank 2153
96. UNION BANK OF INDIA - NEFT Participant Bank 2895
97. UNITED BANK OF INDIA - NEFT Participant Bank 1556
98. VIJAYA BANK - NEFT Participant Bank 1244
99. YES BANK - NEFT Participant Bank 150
Total 69395

ECS Debit – Return Reasons

ECS Debit – Return Reasons

It is observed that the number of ECS Transactions being RETURNED by the Destination Banks are  on the increase.

Your ECS Debit transaction can be rejected by your Banker for the following reasons

As per RBI’s Electronic Clearing Service (Debit Clearing) Procedural Guidelines, the following are the Standard Return Reasons.

Code No.        Reasons for Return

1.                    Account since closed / transferred

Explanation: - Account since closed – The destination account has been closed. Obviously, this has to be returned.

Account Transferred: This reason was valid in a de-centralised environment, when the ECs transactions were being routed to the base branch.

However, under CBS this is a very sparingly used Return Reason.

2.                    No such account:

Explanation: The account number in the ECS Transaction is not in the Destination bank’s books.

Potential causes: The customer’s account has been migrated to the CBS domain, and a new number allotted. However, the ECS transaction is still coming with the old Account number.

3.                    Account description does not tally

Explanation: The account holder’s name in the destination bank and the account holders name in the ECs transaction do not match.

This is a very rare reason, as the Account description is tallied at the time of the Mandate Acceptance by the Destination bank.

4.                    Balance insufficient

Explanation: Simple, inadequate balance to debit the ECS transaction amount. It is to be noted, that there should be sufficient balance at the time of the debit, and not during the business day. For eg: When the destination account is debited with the ECS transaction at 11.30am, 14/07/2010, sufficient balance should be there. It is of no use, if there was sufficient balance at 10.00am or 2.00pm on the same day.

5.         Not arranged for / exceeds arrangements

Explanation: This reason is used for Overdraft Accounts, where the drawn balance exceeds the available balance.

6.         Payment stopped by drawer

Explanation: The destination account holder has instructed his/her banks for  Stop Payments of the Particular ECS Transaction.

Potential causes: Dispute between the account holder and the Beneficiary. Loan account is closed, but still the ECS transactions are being routed.

7.         Payment stopped under court orders

Explanation: The message is clear, Payment stopped under court orders

8.         ECS mandate not received

Explanation: The Destination bank has not received the ECS Mandate.

ECS Mandate is the Debit Authorisation by the customer to the bank.

9.                    Miscellaneous (to be specified)

Explanation: Ah, this is the most exciting or treacherous Return Reason

Will explain in detail in tomorrow’s post

ECS Credit Mandate - Are they necessary now?

As per the ECS Credit Procedural Guidelines, a Mandate Form is required for ECS credits.

A Mandate for a ECS Debit transaction is understandable, but in today’s scenario, is a Mandate required for ECS Credits?

What are the transactions routed through the ECS Credit mechanism?

01)   Dividend payouts

02)   Salary payouts

03)   Government department payouts.

What does an ECS Credit Mandate contain?

The Model Mandate Form is quoted here from the Reserve Bank of India, ECS Cr procedural guidelines.

FORM NO.E-5

Appendix – VIII

Electronic Clearing Service (Credit Clearing)

Model Mandate Form

(Investor/customer’s option to receive payments through Credit Clearing Mechanism)

Name of the Scheme and the periodicity of payment

No.

1)    Investor/customer’s name:

2)    Particulars of Bank account

A          Name of the Bank     :

B          Name of the branch   :

            Address                     :

            Telephone No.           :

C         9-Digit code number of the bank and branch

appearing on the MICR cheque issued by the bank:

            D         Type of the account (S.B., Current or Cash Credit )

 with code (10/11/13)

            E          Ledger and Ledger folio number:

            F          Account number (as appearing on the cheque book)

(In lieu of the bank certificate to be obtained as under, please attach a blank cancelled cheque or photocopy of a cheque or front page of your savings bank passbook issued by your bank for verification of the above particulars)

3              Date of effect:

I hereby declare that the particulars given above are correct and complete. If the transaction is delayed or not effected at all for reasons of incomplete or incorrect information, I would not hold the user institution responsible. I have read the option invitation letter and agree to discharge the responsibility expected of me as a participant under the scheme.

(.....................................)

Signature of the Investor/Customer

Date

            Certified that the particulars furnished above are correct as per our records.

Bank’s Stamp

Date:                                                                                       (.................................)

Signature of the authorised

official of the Bank

In my view, the need for ECS Credit Mandates was required in the era of Physical Holding of Shares.

Once the shares moved into dematerialized mode, a Bank Account is compulsory.

And the bank account details are fed into the Demat Account screen. This screen captures all the data required for a successful ECS Credit transaction.    

Hence, in the present scenario there is no need for a ECS Credit Mandate form.

Interesting Trends in ATM Withdrawals

Interesting Trends in ATM Withdrawals in India.

The Document can be accessed at
http://www.npci.org.in/documents/Publications.pdf

The Highlights are:
01) The average Withdrawal size in NPCI managed ATM's is growing.
         In November 2009, it was Rs2,766/- whereas in May 10 it increased to Rs2,982/-

02) 37% of the withdrawals are below Rs.1000/-, though this share is coming down slowly.
         This 37% of the transactions can be shifted to the POS route, as already announced by Reserve Bank of India.         
                My earlier post on this is @
http://prashantnepayments.blogspot.com/2009/08/cash-withdrawal-from-pos-terminals.html


One recent trend which I have come across, is bank customers are not eager to withdraw small amounts through ATM's, especially in the Rs2,000/- to Rs4,000/- range. This is because the ATM's dispense a majority of Rs.500/- notes, whereas folks prefer Rs100/- notes.
This is pushing back the such customers from ATM's to Bank counters!!