Corporation Bank joins the IMPS wagon

 Corporation Bank joins the IMPS wagon

On 05/01/2011, Corporation Bank joined the IMPS wagon. A soft launch has been done, and in the near future the Corporation Bank customers can experience the magic of IMPS.

Incidentally, Corporation Bank was the first and only bank to offer NEFT through its ATM’s.

Corporation Bank is having a Pan-India presence, and is a pioneer in the Cash Management Services in our country.

As this is just a soft launch, no details of IMPS have been updated on its website. 

Product Launch-Corporation Bank-Green Money Transfer

  

Product Launch-Corporation Bank-Green Money Transfer

 On 5^th November, 2009, Corporation Bank in partnership with On 5^th November, 2009, Corporation Bank in partnership with Tata Indicom and Paymate   launched an industry first by making person-to-person mobile money transfer a reality(Titlled GREEN MONEY TRANSFER).

This is one step closer to financial inclusion of its  un-banked population. With this service, called Green Money Transfer, any mobile phone user can send or receive money almost instantly via their mobile phone

More details can be obtained at

http://www.paymate.co.in/green/

http://www.tata.com/article.aspx?artid=48AbTWkt4WI=

The Service has launched initially in Kerala. Basing on the responses, the product will be fine-tuned, and rolled nationally.

Kerala is a good choice, as the Rate of Literacy is high, combined with the high Migrant Population.

At present, Tata PCO’s have a presence in 20 circles and more than 200 town. Source- Tata Indicom website.

Rs5,000/- is the limit fixed, this is in accordance with Reserve Bank of India guidelines.

A post on this subject can be accessed @

http://prashantnepayments.blogspot.com/search/label/Mobile%20Banking

The Process Flow is as under

Customers can register for this service at a Green TATA PCO, TVS(True Value Shop (TVS) network) or with Corporation Bank.

Upon registration, they will receive an mPIN to enable them to authorise the transaction.

1. A sender in Mumbai goes to a Green Tata PCO or TVS and places a request of transferring Rs. 5000 to his parents in Pune
2. The sender hands over the cash to the Green Tata PCO or TVS. The PCO or TVS triggers an IVR call to the sender
3. The sender enters his mPIN to authorize the transaction and gets a Transaction code on his mobile to be conveyed to the recipient.
4. The recipient goes to the nearest registered Tata PCO or TVS and shares the transaction code.
5. The PCO or TVS triggers an IVR call to the receiver who enters his/her mPIN to verify the transaction
6. Once the verification is done the cash is handed over to recipient.

The Product seems good, but the following need more clarity:-

01) Charges for the transactions.

02)                       Is this transaction restricted only to TATA Mobile customers, or is it open to anyone with a mobile phone.

03)                       Is the mPin Valid for all transactions or is mPin valid only for single transactions.

04)                       Is the Product available on Public Holidays.

05)                       What happens if the receiver TATA PCO/True Value Shop does not have cash at that moment, when the receiver walks in!
06)         How long will the transaction be valid?

As this is only a Pilot Launch, trust things will be clear in a couple of months.

The success of this product will depend on the marketing and MOW(Mouth of Word) Publicity. However, Tata and Corporation Bank are trustworthy names.

Coporation Bank launches Gift Card.

Corporation Bank launches Gift Card.

Corporation Bank too has plunged into the Gift Card Segment.

Just before Diwali, the bank has launched the Gift Card.

The Highlights of this Card are:-

01)  The Bank has tied up with Visa Cards.

02)  The minimum value of the Card is  Rs1000/-, and the maximum value is Rs5000/-

03)  The card is valid for 1 year, from the date of issue.

04)  There is no PIN Associated with this card. Hence, the card has to be kept in a secure place.

05)  There is a dedicated website for the Gift Card Holders.

06)  There is a dedicated Toll-Free Number for Gift Card Holders.

07)  There is no dedicated Email ID for Gift Card Holders.

08)  The Card is not valid for Internet Transactions.

09)  The Internet Brochure does not mention about its acceptance at Railway POS Terminals.

10)  The Internet Brochure does not mention, whether non-customers can buy this card.

More information can be accessed @

https://www.corpprepaidcards.co.in/corpcustomer/html/faq.html

http://corpbank.com/asp/0100text.asp?presentID=1527&headID=18

Payment of Income Tax through CorpBank ATM

 Payment of Income Tax through CorpBank ATM.

Corporation Bank, has taken a giant leap in ePayments.

Today, i.e 18^th August, 2009, Corporation Bank, has laucned a new scheme, wherein Income Tax can be paid through the Bank’s ATM’s.

This first of its kind, in our country, has been approved with Central Board of Direct Taxes(CBDT)

At present, it is mandatory for firms and individuals having an annual income of more than Rs 10 lakh to file taxes online.

CorpBank customers, to avail this facility, first need to register at their branch. In case the tax amount could not be credited due to any reason, transaction amount will be re-credited to customers account immediately. In all cases, the customer will get an SMS. The taxpayer will receive email with the tax paid details and the receipt on payment of his tax in the ATM..

The complete brouchure can be accessed at

http://corpbank.com/uploadedfiles/custom/12_53_480_6392786.pdf

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Incidentally, Corporation Bank, was the first bank in India, to launch NEFT Payments through ATM’s, a year back.

And,now another first, Payment of Incometax through Corpbank ATM.

However, I wish Corporation Bank, introduces Internet Banking Kiosks.

Certain branches may have internet kiosks, or off-site internet kiosks, where customers can do their banking online, using the computer provided, with 100% security

Of course, in one of future posts, I will deal in detail about Kiosks for internet banking.

Till than, pay your Taxes, through Corporation Bank’s ATM.