Kudos to Union Bank of India for the unique Recurring Deposit Scheme

        Union Bank of India recently unveiled the ‘UNION MILLIONAIRE SCHEME’

         The aim of the scheme is very simple – to make the deposit holders via pre-defined Recurring Deposits Instalments ‘Millionaires’.

         Million means 10,00,000/-

         So, the ‘UNION MILLIONAIRE SCHEME’  is designed for individuals who aspire to become Millionaire, by providing maturity amount of Rs.10,00,000/- (nearest amount) with pre-defined instalment of Recurring Deposit.

A passbook will be provided to the depositor.

         Scheme’s Awesome  Feature : The UNION MILLIONAIRE RD scheme is devised to provide a minimum maturity value Rs.10,00,000 and above.  

         The 4 Benefits of ‘UNION MILLIONAIRE SCHEME’

Benefit 01) Opportunity for account holders to choose from 1 year to 10 years plan

Benefit 02) Opportunity for Union Bank of India to source new customers

Benefit 03) Opportunity for Union Bank of India ‘UNION MILLIONAIRE SCHEME’ to benefit from locked interest rate for the whole duration of their chosen period.

Benefit 04) Opportunity for Union Bank of India account holders to benefit from the power of compounding.

 

Why Kudos to Union Bank of India

Kudo 01) Unique campaign to attract deposits, without many changes in their Core Banking Solution.

Kudo 02) Opportunity  for Union Bank of India to acquire long term customers at minimal acquiring cost.

Kudo 03) One of its kind scheme, which may motivate its peers to offer to their customers.

Kudo 04) Minimal effort, maximum benefits!!

 

Read more about  - UNION MILLIONAIRE SCHEME @ https://tinyurl.com/59sp6t7w

Read more about Union Bank of India @ https://www.unionbankofindia.co.in/english/home.aspx

Brief introduction of meaning of Recurring Deposits Account

 

**Definition:** - A bank or post office account where a fixed amount is deposited monthly for a predefined period (1-5 years). - Ideal for individuals aiming to accumulate a lump sum through regular savings.

 

**How it Works:** - Similar to Fixed Deposits, but with monthly deposits instead of a lump sum. - Interest is calculated quarterly on a compounded basis.

 

**Opening an RD Account:** - Visit a financial institution and complete the application. - Submit required documents (e.g., PAN card, proof of residence). - Deposit the first month's payment.

**Key Features:** - Minimum term of 6 months, multiples of 3 months, up to 10 years. - Interest rates comparable to Fixed Deposits. - Additional 0.5% interest for senior citizens – This can change from time to time. - Grace period of up to 5 days for missed deposits (at some institutions).

 

**Early Withdrawal:** - Possible but may result in loss of accrued interest.

**Advantages:** - Fixed monthly investment. - Fixed duration and interest rate.

**Disadvantages:** - Limited withdrawal flexibility. - Fixed monthly contribution amount. - Comparatively lower interest rates than some other investment options.

As a Safe ePayments Motivator, I am excited with the opportunity this present to new banking sector customers.

 

Disclaimer: My close relative is associated with Union Bank of India. The bottom line is Spreading the Joy of Safe ePayments. Nothing More -  Nothing Less.

Copyrights if any, are with the original Copyrights owners only. 

Google Wallet's India’s Arrival: Redefining Commuting on Kochi Metro

 Google Wallet Integration: Transforming Kochi Metro Commuting Experience

         A wonderful move by Kochi Metro to take the initiative and onboard Google Wallet. I am sure this will pave the way for other transport agencies to quickly onboard Google Wallet.

         In a move set to revolutionize the commuting experience for metro users, Google has forged a partnership with Kochi Metro Rail Limited (KMRL) to introduce digital ticketing options.

This collaborative effort between Google Wallet and KMRL promises a seamless and convenient way for commuters to access tickets and navigate the transit network.

The integration of services between Google Wallet and KMRL is made possible by Prudent Technologies, a leading player in communication services.

This partnership signifies a significant leap forward in enhancing the travel experience for metro users, as articulated by KMRL Managing Director, Loknath Behra.

Ram Papatla, GM & India Engineering Lead, Android at Google, highlighted the importance of this collaboration, marking a milestone in Android's journey in India.

The introduction of Google Wallet in India brings forth innovative and convenient experiences aimed at simplifying daily lives.

Geejo George, Director of Prudent Technologies, expressed enthusiasm about the integration, emphasizing its role in shaping the future of digital experiences. The collaboration between Google Wallet and KMRL represents a pivotal step towards revolutionizing digital interactions and fostering trust and convenience for consumers worldwide.

The launch event, held in Kochi, witnessed the unveiling of the new digital ticketing option for metro commuters. Mr.Loknath Behra, Managing Director – Kochi Metro underscored the significance of this integration, positioning Kochi Metro as a pioneer in adopting advanced digital solutions for commuter convenience.

The initiative reflects KMRL's commitment to providing a seamless and integrated public transport system for Kochi and its metropolitan region.

Looking ahead, the partnership aims to extend the digital ticketing solution to Kochi Water Metro, further enhancing the commuting experience for residents and visitors alike.

Digital Transformation: Kochi Metro Welcomes Google Wallet for Effortless Travel

 

*Kochi Metro: Pioneering Seamless Integration*

 

Kochi Metro's vision extends beyond providing efficient metro services; it aspires to integrate various modes of public transport seamlessly. With a common timetable, ticketing system, and centralized control, Kochi aims to become the first city in India with a fully integrated public transport network.

The Kochi Metro, inaugurated within four years of commencement, stands as a testament to rapid infrastructure development in India. Its commitment to innovation and efficiency is evident in partnerships like the one with Google, aiming to enhance the commuter experience and redefine urban mobility.

4 Benefits of the Google Wallet and Kochi Metro Collaboration

As Google Wallet joins forces with Kochi Metro Rail Limited (KMRL), commuters can anticipate a multitude of benefits that promise to elevate their travel experience.

Next-Level Commuting: Google Wallet Partners with Kochi Metro for Easy Travel

Here are four key advantages of this innovative tie-up:

Benefit 01: Diverse Ticketing Options

The integration of Google Wallet adds yet another layer of convenience to the ticketing process for Kochi Metro commuters. In addition to existing ticketing avenues such as Ticket Counters, ONDC Channel, Kochi Metro App, and WhatsApp, commuters now have the opportunity to choose from multiple options without the fear of system failures. This diverse range of ticketing avenues ensures a seamless and hassle-free experience for passengers, enhancing accessibility and convenience.

 

Benefit 02: Cashback Incentives

With Google Wallet's presence in the mix, Kochi Metro commuters stand to benefit from potential cashback offers. As Google Wallet introduces cashback options in India, commuters can seize the opportunity to earn rewards while utilizing the metro services. This incentivized approach not only adds value to the commuter experience but also encourages greater engagement with digital payment platforms, fostering a culture of convenience and rewards.

 

Benefit 03: Early Access to Google Wallet

Kochi Metro commuters have the exclusive privilege of being among the first to experience Google Wallet's debut in India. As Google Wallet makes its initial rollout in the country, commuters in Kochi have the opportunity to explore and familiarize themselves with the platform's features and functionalities. This early access not only enhances the commuter experience but also positions Kochi as a trailblazer in adopting cutting-edge digital solutions for urban mobility.

 

Benefit 04: Voice in Enhancing User Experience

By leveraging Google Wallet for their metro journeys, Kochi commuters have a platform to provide valuable feedback on usage. This feedback mechanism serves as a valuable resource for enhancing the overall user experience, not only for Kochi Metro users but also for Google Wallet users across India. Commuters' insights and suggestions play a crucial role in shaping future developments and improvements, ensuring that the digital ticketing experience continues to evolve in line with user needs and preferences.

In summary, the collaboration between Google Wallet and Kochi Metro presents commuters with a host of benefits ranging from enhanced convenience and rewards to early access to innovative digital solutions. As commuters embrace these advantages, they contribute to the ongoing evolution and refinement of the digital commuting landscape, setting the stage for a more seamless and enjoyable travel experience for all.

 

*About Geejo George and Prudent Technologies*

 

Geejo George, Founder Director of Prudent Technologies, boasts an impressive track record of developing and deploying groundbreaking projects. From pioneering e-governance initiatives to life-saving projects during natural disasters, Prudent Technologies continues to drive innovation and positive change in society.

 

As Kochi Metro continues its journey towards seamless integration and enhanced commuter experiences, partnerships like these pave the way for a more connected and convenient urban future.

Disclaimer: These are my personal thoughts only. The bottom line is Spreading the Joy of Safe ePayments.

 

Safe and Stylish: Unveiling ‘World Safe ePay Day’ and ‘Blouse Day’ Delights

 

The need for observing World SafeePay Day and World Blouse Day arises from the absence of dedicated global celebrations for these concepts.

World SafeePay Day aims to celebrate the joy of safe electronic payments in all financial transactions, representing an abstract celebration that highlights the significance of secure and efficient digital financial interactions.

As the world increasingly relies on electronic payment systems, having a designated day for SafeePay emphasizes the importance of secure and reliable digital financial transactions.

 

On the other hand, World Blouse Day seeks to celebrate the joys of wearing blouses in a more lively and visually impactful manner.

The concept involves a powerful display of togetherness, with millions of people stepping out wearing blouses based on a chosen theme.

This display celebration not only promotes a sense of unity but also serves as a unique and creative expression of shared identity through clothing.

 

The introduction of these days aligns with the United Nations' approach to designating specific days to raise awareness, promote action, and celebrate achievements related to various global issues.

While international days often focus on serious matters, World SafeePay Day and World Blouse Day offer a mix of abstract and lively celebrations, catering to the diverse interests and aspects of modern life.

In a world where electronic transactions and cultural expressions are integral parts of daily living, these designated days would contribute to fostering awareness and appreciation for safe ePayments and the joy of wearing blouses.

 

 

SafeePay's joy, transactions secure,

World Blouse Day, colors allure.

Digits dance, a digital delight,

Blouse themes bloom, in unity's light.

 

Enhancing UPI Experience: Razorpay and Airtel Payments Bank Introduce Instant Refunds

 

Razorpay and Airtel Payments Bank have come together to enhance your UPI experience.

         The major benefit as a front-end user is the promise of Instant Refund in case of technical failures.

         In brief technical failures mean where is no fault of either the sender or the receiver, but the receiver has not received the funds.

In such circumstances, both the receiver and sender will be eagerly waiting for the final status of the funds, either it should be in the receivers account or in the sender's account.

It is a painful feeling, if the funds are not in the receivers account or senders account and stuck elsewhere, and account holders frantically trying to retrieve them.

         Razorpay and Airtel Payments Bank highlight other technical features of the new UPI Switch.

         As an end user, what I am interested. Simple, the receiver should receive the funds within seconds. Or at the most, in case of any technical failures, the money should come back to my source accounts. That is all, nothing more, nothing much.

         All other features are not of important as an end user.

         In the ever-evolving landscape of digital payments in India, Razorpay and Airtel Payments Bank have joined forces to revolutionize the Unified Payments Interface (UPI) experience.

The introduction of instant refunds stands out as a significant enhancement for users, promising swift resolution in case of technical failures.

 

Imagine sending money through UPI, only to find it stuck in limbo due to unforeseen technical glitches. It's a scenario familiar to many, where neither the sender nor the receiver is at fault, yet the funds remain in transit.

With instant refunds, this frustration becomes a thing of the past. In the event of such technical hiccups, users can expect a prompt return of their funds to the source account, ensuring peace of mind and seamless transactions.

 

The collaboration between Razorpay and Airtel Payments Bank doesn't stop at instant refunds. Their new UPI Switch brings forth a myriad of technical features aimed at enhancing the overall payment experience.

However, what truly matters to end-users is simplicity and efficiency. The core expectation is clear: funds should reach the intended recipient within seconds, and if not, they should swiftly revert to the sender's account.

This emphasis on user-centric solutions underscores the commitment of both companies to prioritize customer satisfaction above all else.

 

Razorpay's UPI Switch represents a leap forward in payment infrastructure, boasting cloud-based innovation capable of handling up to 10,000 transactions per second. By partnering with Airtel Payments Bank, Razorpay aims to empower businesses with faster access to UPI innovations, thereby driving success rates up by 4-5%. The strategic alliance aligns with India's digital transformation journey, where UPI has emerged as the preferred payment method, constituting 70% of digital transactions.

         Ganesh Ananthanarayanan, COO of Airtel Payments Bank, emphasizes the collaboration's role in setting a new standard for business payments. As UPI transactions continue to surge, the partnership between Razorpay and Airtel Payments Bank embodies the vision of a digital India, where seamless, secure, and scalable payment solutions drive economic growth and inclusivity.

 

In conclusion, the synergy between Razorpay and Airtel Payments Bank heralds a new era of convenience and reliability in the realm of digital payments.

With instant refunds and a robust UPI infrastructure, users can navigate the digital landscape with confidence, knowing that their transactions are in safe hands.   

As India marches towards a cashless future, partnerships like this pave the way for innovation and progress in the fintech ecosystem.

              Read more details at @ https://razorpay.com/newsroom/razorpay-forays-into-building-upi-infrastructure-unveils-upi-switch-in-partnership-with-airtel-payments-bank-set-to-power-10000-transactions-per-second/

              Unable to locate Airtel Payment Bank Press Release on this subject

 

Disclaimer: These are my personal thoughts only. The bottom line is Spreading the Joy of Safe ePayments.

 

Safe and Stylish: Unveiling World SafeePay and Blouse Day Delights

 

The need for observing World SafeePay Day and World Blouse Day arises from the absence of dedicated global celebrations for these concepts.

World SafeePay Day aims to celebrate the joy of safe electronic payments in all financial transactions, representing an abstract celebration that highlights the significance of secure and efficient digital financial interactions.

As the world increasingly relies on electronic payment systems, having a designated day for SafeePay emphasizes the importance of secure and reliable digital financial transactions.

 

On the other hand, World Blouse Day seeks to celebrate the joys of wearing blouses in a more lively and visually impactful manner.

The concept involves a powerful display of togetherness, with millions of people stepping out wearing blouses based on a chosen theme.

This display celebration not only promotes a sense of unity but also serves as a unique and creative expression of shared identity through clothing.

 

The introduction of these days aligns with the United Nations' approach to designating specific days to raise awareness, promote action, and celebrate achievements related to various global issues.

While international days often focus on serious matters, World SafeePay Day and World Blouse Day offer a mix of abstract and lively celebrations, catering to the diverse interests and aspects of modern life.

In a world where electronic transactions and cultural expressions are integral parts of daily living, these designated days would contribute to fostering awareness and appreciation for safe ePayments and the joy of wearing blouses.

 

 

SafeePay's joy, transactions secure,

World Blouse Day, colors allure.

Digits dance, a digital delight,

Blouse themes bloom, in unity's light.

 

 

Full Preparations on for the 2nd and 4th Saturday Banking Holiday

          The customer facing timings in the Indian Banking Industry are for a major change. Adjustments to the new timings have to happen both from Banking Staff and Banking Customers end.

          All Banks in India whether such banks are included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934) will be closed on the Second and Fourth Saturday of every month.

          The effective date of this move is 1^st September 2015. The other Saturdays will be full working days.

The key changes envisaged as of now are: -

01)  Real Time Gross Settlement (RTGS) will be closed on 2^nd and 4^th Saturdays.

02) NEFT transactions will not take place on 2^nd and 4^th Saturdays.

03) NEFT will have the complete 11 Batches on remaining Saturdays.

04) Cheque Truncation System (CTS) clearing will be closed on 2^nd and 4^th Saturdays.

05) Locker Operations cannot be executed on 2^nd and 4^th Saturdays.

06) Cash Deposits and Cash Withdrawals through Bank tellers will not happen on 2^nd and 4^th Saturdays.

07) There will be pressure on ATMs for cash withdrawals.

08) In the initial couple of months, there will be a surge of customers on Monday’s, when banks open after continuous holidays.

09) There will be pressure on Phone Banking Team to resolve queries, which in the ordinary course, would have been resolved in physical branches.

10)  Banking staff will find time to engage in hobbies.

11)  The spending habits of banking staff will undergo change, as with additional holidays in hand, visits to cinema halls, malls etc will increase.

By now, all bank branches in India have put appropriate notices in the Display Boards. In the coming days, there would be full fledged awareness programs in all kinds of media. SMSs will start to flow in. Industry level advertisements are not yet planned.

         

D+AB=R

            If you are residing in a major Indian city, you might have noticed Andhra Banks’ new Outdoor Advertisement campaign.

            The catchy line says D+AB=R, wherein D means (Dreams)+AB means (Andhra Bank)=R means (Reality).

            The print campaign is to promote Andhra Banks personal loans especially Vehicle and Home Loans.

With all Banks and Financial Institutions running Advertisement campaigns to attract quality clientele into its fold, Andhra Banks advertisement is a differentiator.

            In the recent past, Andhra Bank has won ‘Four Awards in a Row’, i.e

1. Best Bank (Mid-size) awarded by Business World
2. Best Bank under CAMEL Ratings awarded by The Analyst-Magazine
3. Best Bank for Quality of Assets awarded by Business Today
4. Banking Excellence Award – awarded by Bankers Club, Kerala

            The Managing Director’s position was vacant for a while and Mr.Rangarajan, took charge as Chairman and Managing Director on 13/12/2013

Aadhaar Numbers – 2 crores allotted in July 2013

            UIDAI has an internal target to issue 60 crore Aadhaar numbers by 2014 end. It is steadily racing towards its target, and till date UIDAI has issued 40 crs 19lacs (40,19,00,000) numbers.

            A record 2 crore Aadhaar numbers have alone been allotted in July 2013. The pace is picking up, as more and more departments are realizing the benefits of storing residents Aadhaar numbers in their data-bases.

            Aadhaar Enabled Service Delivery is linked to various government schemes such as scholarship, pension scheme, dhanalaxmi, janani suraksha yojana, payment of social security benefits such as old-age payments, distribution of LPG subsidy etc

            Enrolment drives are being  popularized in many parts of the country to raise the awareness levels. Radio jingles seem to be the most effective way.

            In Kerala, Akshaya Kiosks are the preferred mode for Aadhaar enrollments.

            The main challenge for residents is in case of delayed receipt of Aadhaar numbers, whom to contact and how.

            How long a resident should wait for his/her Aadhaar number after the enrolment date. The average waiting period is 30 days to 90 days. In case, the resident does not receive his Aadhaar number within 90 days, it is better to start inquiring with UIDAI on the allotments status.

            

Incometax refund to be completely through emode

            Indian Finance ministry is preparing a detailed plan to migrate the income tax refunds complete to the eMode.

            If the Indian Finance ministry has its way, each IT PAN (Permanent Account Number), will be linked to a bank account. Such a linkage will be helpful for eRefund of the Income Tax.

            However as on date, the above idea has not received RBI clearance. , RBI is not comfortable with the idea of making PAN linkage mandatory for electronic transfer of all income tax refunds.

 100 per cent ECS (electronic clearance service) is possible only when IT Department has both the PAN and the Bank Account Number.

            The tax department was not asking RBI to make PAN mandatory for all bank accounts, said an official, "We are concerned with only those 35 million bank account holders who have a PAN card. So it should not be a problem."

 Refunds of Rs.70,000 crore have been given so far this year. Last year, refunds stood at Rs.95,000 crore. In 2009-10 and 2010-11, refunds of about Rs.57,000 crore and Rs.73,000 crore, respectively, were issued.

 In the present mode, IT refunds are provided through the refund banker scheme, launched in 2007, to non-corporate taxpayers assessed all over India. The State Bank of India (SBI) is the refund banker to the I-T department.

            Refunds are generated in two modes - ECS and paper. If the taxpayer has selected mode of refund as ECS at the time of submission of income return, his / her bank account number and MICR (magnetic ink character recognition) code of bank branch and communication address are mandatory.

            For taxpayers who have not opted for ECS, refund will be disbursed by cheque or demand draft. For generation of refund through paper cheque, correct address is mandatory. In the ECS mode, refunds are credited to the taxpayer's bank account within 24 hours of receiving intimation from the tax department, while for paper refunds the cheque is dispatched within three days.

            In Budget 2013-14, Finance Minister P Chidambaram extended the refund banker system to refunds of more than Rs.50,000.

eASBA Apply through your Banks internet banking module

           

eASBA - the facility of applying for Stock Market Issues through Bank’s internet banking module, is fast picking up.

eASBA is for Online Subscription of IPO/FPO by blocking one’s CASA account.

It’s a Safe, Secure and Convenient way

            The main advantage of eASBA over the physical ASBA is that the Bank customers can enjoy the benefits of ASBA without visiting any bank branch, to submit the physical application.

            The main advantage of eASBA for SCS Banks is that a part of Broker compensation can flow back to the bank, as payback charges.

ASBA eforms can be downloaded from the NSE site. However, in case of eASBA, the application form is already part of the internet banking module, and the bank customers have to click on the ‘I agree to the terms and conditions’, to proceed further.

The e-ASBA facility is user-friendly, simple, instant, secure and available 24x7. Normally, it is a self-service facility eligible for all net banking customers having transaction rights.

Majority of the banks allow applying online up to 4.00 PM on the issue closure day.

                        The main disadvantage of eASBA is that Rights Issues cannot be applied, as physical application issued by the company containing CAF number must be submitted to Bank.

            I am sure in the near future, a way will be found out, to apply for Rights Issues through eASBA.

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.

Canara Bank to launch its eLounge services in Bangalore and Delhi

            One more public sector banks, has joined the eLounge bandwagon. The latest public sector bank is Canara Bank.

            Like all other PSB’s the eLounge is targeted at Metro customers only. Somewhere Indian Bankers think that only the Metro customers are only interested for eLounge facilities, and there is no demand in Semi-Urban, Tier I and Tier II cities.

            Banks would be surprised at the latent demand in non-metro cities. In metro cities, majority of the bank customers have access to secure computer access, through which they prefer to carry out their banking needs via the Banks net modules.

            Canara Bank’s  e-Lounge is one stop facility targeted at corporate, IT and business professionals depending on their needs.

Like other eLounges, Canara Bank eLounge also offers similar services viz

01) Services of ATM,

02)cash deposit kiosk,

03)check deposit kiosk,

04) pass book update,

05)internet banking terminal,

06)online trading terminal,

07)corporate web site terminal to offer latest information of bank’s services.

            The first e-Lounge facility will be inaugurated by bank’s Chairman and Managing Director R K Dubey, at Koramangala Branch, Bangalore.

            Yes, even in Metros if the facility is properly publicized, there is a fair chance that Bank Customers would make use of the varied facilities. Otherwise, it will be just another revenue guzzler. 

West Bengal State Cooperative Bank joins the RuPay Debit Card network.

             The account holders of cooperative banks are eager to embrace the latest banking technology in their routine banking activities.  Absence of an ATM Cards was a major drawback for the cooperative banks.

            With the launch of RuPay Card by NPCI, the cooperative banks had a chance to attract more SB accounts into their fold.

            In this regard, West Bengal State Cooperative Bank has taken the initiative to join the RuPay network,  as the first State Co-operative  Bank to take join the National level ATM (NFS) network of the country.

Dr Prakash Bakshi, Chairman of NABARD was in Kolkota to inaugurate this technology project during the last week of December.

            The major benefit will be to the customers of 17 District Central Cooperative Banks under their ambit, as the RuPay card can be issued by the respective district central cooperative banks to their customers.

            The bank was originally registered in 1918 as ‘The Bengal Provincial Co-op. Federation Ltd.’ It was renamed as the ‘The West Bengal State Cooperative Bank Limited’ in 1967.

As it is the number of ATM’s being opened in Tier II and Tier III towns is on the increase. The ATM’s should have a minimum of transactions to break-even. Hence the more the ATM Cards, the more chances of high transactions on  ATMs’.