Western Union Money Launch of Outward Remittance from India

            Readers are familiar with the Western Union Inward remittance facility.

This week, Western Union Business Solutions – Indian Office has announced a new service i.e Outward Remittance. Wait, don’t jump the gun, the new service is to l allow foreign universities and higher education institutions to accept tuition payments from Indian students in Indian rupees.

            The estimated market is 2lacs+ each year. This is the 2^nd largest market in the world after China.

            The process flow is simple: -

01) The fees can be remitted only by prospective students of participating schools and universities.

02)It will be offered by Weizmann Forex and Paul Merchants Ltd, the two largest Western Union agents in India. ,

03) Weizmann Forex and Paul Merchants Ltd have presence at over 500 locations across the country.

04)Students need to call a toll-free number and after updating the required information, request a for a house visit.

05)A trained representative of Western Union Agents i.e Paul Merchants or Weizmann Forex, will visit to complete the documentation.

06)On completion of the documentation, the INR will be collected and outward remittance to the student’s educational institution will be done.

Western Union Money Launch of Outward Remittance from India

            Readers are familiar with the Western Union Inward remittance facility.

This week, Western Union Business Solutions – Indian Office has announced a new service i.e Outward Remittance. Wait, don’t jump the gun, the new service is to l allow foreign universities and higher education institutions to accept tuition payments from Indian students in Indian rupees.

            The estimated market is 2lacs+ each year. This is the 2^nd largest market in the world after China.

            The process flow is simple: -

01) The fees can be remitted only by prospective students of participating schools and universities.

02)It will be offered by Weizmann Forex and Paul Merchants Ltd, the two largest Western Union agents in India. ,

03) Weizmann Forex and Paul Merchants Ltd have presence at over 500 locations across the country.

04)Students need to call a toll-free number and after updating the required information, request a for a house visit.

05)A trained representative of Western Union Agents i.e Paul Merchants or Weizmann Forex, will visit to complete the documentation.

06)On completion of the documentation, the INR will be collected and outward remittance to the student’s educational institution will be done.

Western Union Money Launch of Outward Remittance from India

            Readers are familiar with the Western Union Inward remittance facility.

This week, Western Union Business Solutions – Indian Office has announced a new service i.e Outward Remittance. Wait, don’t jump the gun, the new service is to l allow foreign universities and higher education institutions to accept tuition payments from Indian students in Indian rupees.

            The estimated market is 2lacs+ each year. This is the 2^nd largest market in the world after China.

            The process flow is simple: -

01) The fees can be remitted only by prospective students of participating schools and universities.

02)It will be offered by Weizmann Forex and Paul Merchants Ltd, the two largest Western Union agents in India. ,

03) Weizmann Forex and Paul Merchants Ltd have presence at over 500 locations across the country.

04)Students need to call a toll-free number and after updating the required information, request a for a house visit.

05)A trained representative of Western Union Agents i.e Paul Merchants or Weizmann Forex, will visit to complete the documentation.

06)On completion of the documentation, the INR will be collected and outward remittance to the student’s educational institution will be done.

A new eProduct – Receive funds to your ICICI Bank Visa Debit Card

            If you are holding an ICICI Bank Saving Bank account, you must have received an email from Shri Kusal Roy, regarding the launch of a new eProduct.

            The ICICI Bank Visa Debit Card is all the information the overseas sender requires to remit money to the associated ICICI Bank Visa Debit Card.

The highlights are:

01) Completely cashless transaction.

02)Amount is credited without minutes

03)Works 24*7, as there is no human intervention once the Sender remits the money.

04)NIL charges for the beneficiary, as all the charges are paid by the sender.

The above Product is built around 'Visa Fast Funds’, product.

The following are the Terms and Conditions

01) This service is regulated by the RBI and the following rules apply:

02)Remittance can only be received for purpose of personal maintenance. Business and investment transactions cannot be routed using this service.

03)A single transaction cannot exceed the Indian Rupee equivalent of USD 2,500.

04)Not more than 30 transactions can be received in a calendar year. As an added measure of safety, ICICI Bank will restrict the service to 2 transactions per month per beneficiary.

05)ICICI Bank additionally maintains its own risk and security profiling systems and reserves the right to decline suspicious transactions.

Go ahead and unlock the potential of your power-packed ICICI Bank Visa Debit Card!

The product should attract many takers, as the funds move from the Sender to the Beneficiary very fast and the Beneficiary no additional authentication to withdraw the funds from his/her accounts.

Re-disseminated by Prashant N. Banker by daytime, Blogger by night.

‘Go India’ Rail Smart Card to be finally live. A competitor to eRail Wallet!!

Will the ‘Go India’ Rail Smart Card, be a competitor for IRCTC eRail Wallet. Well, only time will tell.

            The ‘Go India’ smart card ticket project was announced in the Railway Budget 2011-12 by Ms.Mamta Banerjee.

            Railways are in the final stages of launching a pilot run, hopefully by this year end. A pilot run is necessary to stabilize the operational part and to minimize customer complaints  in the final rollout.

The IT arm of the Indian Railways i.e ‘The Centre for Railway Information System (CRIS)’, is in the process of fine-tuning the software for the Smart Card.

In the pilot run, the Smart Cards can be used to buy tickets on the busy Delhi-Howrah and Delhi-Mumbai routes. Naturally, the Smart Cards can also be used on the Kolkata Metro, as the Railway minister belongs to West Bengal. However, Kolkata Metro will be covered in the second phase.

The pilot run is scheduled for one year, and depending on the response, this can be rolled-out Pan India.

As per the current thought process, through the ‘Go India’ Rail Smart Card, one can book reserved and unreserved tickets rail ticket booking counters, automatic ticketing vending machines (ATVM) and also through the Internet.

            All major stations like Kanpur, Allahabad and Dhanbad in Delhi-Howrah route and Baroda and Surat in Delhi-Mumbai sector will have facilities for using Go-India card.

            The agreement with a nationalized bank will be shortly signed, to make ‘Go India’ Rail Smart Card operational. Which nationalized bank will have the tie-up with Indian railways? My choice is State Bank of India or Union Bank of India.

            The ‘Go India’ Rail Smart Card, will be a semi-closed eWallet.

            As of now, the major difference visible between ‘Go India’ Rail Smart Card and IRCTC eRail Wallet, is that the eRail Wallet can only be used on IRCTC website, whereas the ‘Go India’ Rail Smart Card can be used offline as well as online.

            The more the merrier, as the customers will be ultimate beneficiaries.

            Re-disseminated by Prashant N. Banker by daytime, Blogger by night.

Tamilnad Mercantile Bank live on IMPS using Account No and IFS Code

                Way back in January 2012, Tamilnad Mercantile Bank had gone live on IMPS, with a public launch. 

                On 17/08/2012, in another customer-friendly initiative, Tamilnad Mercantile Bank has launched another IMPS sub-product i.e IMPS using Account No and IFS Code.

                With this feature, now TMB customers can receive funds via IMPS without the sender not knowing the MMID also.

                      Mr A.K. Jagannathan, Ex-Managing Director had a vision to change the Bank Logo. The new ‘logo’, was unveiled on May 3 2012, at the Banks AGM. Mr A.K. Jagannathan stepped down office on May 5 2012.

               Tamilnad Mercantile Bank is part of the old generation private sector Bank network with its Headquarters in  Tuticorin, Tamilnadu.

                One more step in Safe ePayments. Cheers TMB.

Axis Bank-India deploys 200 cash deposit machines. Try it now and provide your feedback.

8 points about Axis Banks' move to deploy 200 Cash Deposit Machines.

1. Axis Bank, is India's third largest private Bank, with a physical presence of 1300+branches and 7600+ ATM's.
2. To reduce the manual processing of Cash, it has announced deployment of 200 cash deposit machines.
3. The CDMs' have been installed in various branches across 90 cities in the country.
4. The CDMs' provide to its customers a 24 x 7 convenience of cash deposit with instant credit of all successful transactions.
5. The CDMs' will separate the notes denomination-wise, count and displays it for the customer’s confirmation before crediting the account.
6. A receipt slip is issued after each deposit made confirming the transaction.
7. The target is to add another 350 more such machines in the next 6 months.
8. The deployment of CDMs' will mean that the manual cash deposit transactions at the branch will be diverted to the automated environment.

What is a Cash Deposit Machine ?

In simple terms, the Cash Deposit Machine (CDM) is a self-service terminal that lets bank customers to make cash deposits.

Naturally, all successful transactions are immediately credited and customers will be issued an advice slip confirming the transaction.

3 safety tips for transacting at CDMs'

a) Do not publicize that you are making a Cash Deposit.

b) Do deposit only during day-time.

c) Preserve the Receipt, take a xerox or scan and store it.