2015 – 10 Trends to look out in Safe eTransactions

            In another couple of days, 2014 will move out of our lives, and 2015 will enter our lives.

            The following are the Trends which will dominate Safe eTransactions in India.

Rising Trends

01) Cash Transactions will continue to grow. The channel mode will shift from ATMs to Branch Banking channel

02)eWallets will see a spike. The trend will be on Semi-Closed eWallets and Open eWallets

03)IMPS (Instant Mobile Payment Services) will witness  far-reaching transactions jump

04) Biometric Authentication services will witness new transaction modes being added

05)eTransactions frauds. The law enforcement agencies/customers/banks will be baffled with new strains of eTransactions frauds

06)The rise of Chota ATMs

07)NACH (National Automated Clearing House) will see new corporates as Participants

Declining Trends

01) The average number of ATM financial transactions will fall as the customers try out alternate payment channels

02) ECS (Electronic Clearing Services) volumes  will reduce rapidly by 3^rd quarter

03)Physical cheques volumes will see a fall as bank branches too prefer eTransactions

Gayatri Co-operative Urban Bank (Karimnagar) joins IMPS

      

      The Gayatri Cooperative Urban Bank with its Head Office in Jagtial-Karimanagar has joined the IMPS (Instant Payment Channel)  ePayments channel.

            The bank has branches at "Jammikunta", "Korutla", "Vemulawada" & Karimnagar", "Mancherial" "Nizamabad" and "Metpally"

            The Bank also provides ATM services and Debit Card services through RuPay Debit Card.

            Vemulwada is best known for  Sri Raja Rajeshwara Swamy Temple complex.

Jammikunta name is derived from the word "Dammekunte", a combination of Sanskrit and kannada word.  "Damme"(Sanskrit word) means Lotus and "kunte" (Kannada word) means pond. Hence the very name of the village meaning is Lotus Pond.

Jagtial town is famous for its fort. The fort was constructed with the help of two French Engineers, namely Mr.Jack & Mr.Tal, so the name of the town  at that time was JACKTAL and gradually it became Jagtial and in Telugu language they write it Jagityala.

Immediate payment service

Immediate Payment Service (IMPS) – 3 banks offer Sub-Product

          In the 2^nd week of May 2013, 3 Banks viz Vijaya Bank, Axis Bank and Dena Bank have offered the IMPS sub-product i.e IMPS using Account No and IFS Code.

          A quick launch by IMPS member banks of all the IMPS sub-products would enable their customers to try out a sample IMPS transaction. Based on the sample, the bank customers would be more than willing to continue with IMPS transactions.

          The quick adoption by the bank customers would depend on the publicity efforts made by the Banks to popularize the IMPS. Mouth-of-word advertising helps but as of now, it is not that much effective.

          As of now, the concentration of the Banks and NPCI is to ensure that all the banks have all the IMPS sub-products in their portfolio. Once the systems and process stabilize, a publicity campaign might be in order.   

Mehsana Urban Co operative Bank joins IMPS

            Immediate Payment Service (IMPS) welcomed Mehsana Urban Co-operative Bank into its fold on March 21, 2013

The bank was established on 23rd October, 1983, registered under Co Operative Society Act, 1961. The Bank started with one branch at Mehsana and today it has 25 branches plus one extension counter.  The Bank was given status of Scheduled Bank by Reserve Bank of India in the year 2000.

At present The Bank is providing better customer service through its 25 & one extension counters at Ganpat University, Kherva and Branches at various centers in the state of Gujarat.

IMPS will increase the reach of the bank customers, and sitting in their homes, they can receive and send funds to their loved ones all over India.

            The Service Area Plan of Mehsana district can be viewed here.

            Mehsaji Chavda, a Rajput and a heir of Chawda dynasty, established Mehsana. Gaekwads conquered Vadodara and established Patan as the administrative head quarter of North Gujarat. Later it was moved to Kadi and subsequently to Mehsana in 1902. They merged it with India after independence in 1947. It was included in Bombay state. Later became part of Gujarat in 1960 after divison of Bombay state into Gujarat and Maharashtra. At present,  Mehsana is a separate district in north Gujarat.

One of the main attractions of  Mehsana, is its local Mehsani breed of buffalos.

Oil & Natural Gas (ONGC) came into Mehsana in 1967, and  the Mehsana fields are one of the highest onshore-producing asset of the ONGC.  Kendriya Vidyalaya ONGC Mehsana was established in the year 1980 under the project sector of ONGC.

Cosmos Cooperative Bank on IMPS

            On 14/03/2013, Cosmos Co-operative Bank has joined the Immediate Payment Service (IMPS) Network. On the same day, the bank has gone live with MMID and Account Number/IFS Code IMPS sub-products.

            This will enable Cosmos Bank customers to enjoy double benefits of IMPS, as two new payment modes have been activated on a single day.

Cosmos Bank operates through 110 branches and 9 Extension Counters in India spread across 6 States and in 28 Major Cities.

The bank was founded in 1906 in Pune by India's famous Freedom fighter, Lokmanya Bal Gangadhar Tilak. He allocated the bank's managing responsibility to his friend, Namdar (Solicitor) Gokhale, an economist and freedom fighter. During that period, the British- East India Company had their own banks in India. Following the ideals of "Swarajya" and "Swadeshi", Lokmanya Tilak thought of starting this bank so that Indians could save money. Tilak himself recommended the name "COSMOS BANK". The word "COSMOS" means "UNIVERSE" and also a "FLOWER".

It also received an Authorised Dealer License from the Reserve Bank of India to become the third co-operative bank in India to acquire such a license in thirty years. The bank is headquartered in Pune.

           

Union Bank of India live on IMPS using Account Number and IFS Code

          Union Bank of India customers can now receive funds through IMPS (Immediate Payment Service) just by letting the remitter know their Account Number and IFS Code.

          This eliminates the need for MMID. Of course, MMID has its own advantages.  The main advantage of MMID is that the remitter need not know the account number of the beneficiary.

          Union Bank of India, to encourage its customers to utilize the Debit Cards or credit cards to the maximum has launched a Debit Card Rewards program.

          This new campaign by Union Bank in the final month of the financial year is sure to increase the transaction numbers of its debit cards.

          The program has been named as Union Rewardz. Yes, very similar to SBI Rewardz program.

          The highlights are:-

Automatic pre-enrolled as a member, as long you have a valid Debit or Credit Card of Union Bank of India.

01) Reward points  accrue on all transactions made through your Debit & Credit Cards at POS and E-Commerce outlets.

02)                These reward points can be redeemed against thousands of merchandise items, movie, bus & air tickets, gift vouchers & more.

03)                With every purchase perRs. 100, the card holder can earn Union Points.

04)                A minimum of Rs100/- has to spend every time to earn 1point.

05)                Once you get 100 Union Points, than you can start the redemption process.

So Union Bank Credit/Debit Card holders register now  at www.UnionRewardz.com or by calling 18001088000.

JK Bank adds one more feather to its portfolio

         JK Bank, the youngest member of IMPS (Immediate Payment Service) is already live on another IMPS sub-product.

         On 07/03/2013, JK Bank has gone live on IMPS using Account No and IFS Code. It should be noted, that JK Bank had gone live on IMPS only as recently as 21/02/2013. And in a span of less than 2 weeks, it has gone live with IMPS-IFS Code. Commendable, indeed.

        I am sure, that this will be well appreciated by JK Bank customers and will execute large number of transactions on the IMPS channel.

Jammu & Kashmir Bank joins IMPS

            Jammu and Kashmir Bank has joined the Immediate Payment Service (IMPS) network on 21/02/2013.

            Jammu & Kashmir Bank or shortly known as JK Bank, is a Bank with main focus on Kashmir.

            JK Bank has a history of over 75 years. The Jammu & Kashmir Bank was founded on October 1, 1938 under letters patent issued by the Maharaja of Jammu and Kashmir, Hari Singh.

J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialized bank in the rest of the country. It is also the only private sector bank designated as RBI’s agent for banking business, and carries out the banking business of the Central Government, besides collecting central taxes for CBDT.

            With JK Bank being part of the IMPS network, its customers would be able to transfer money and also receive money, in a fraction of a minute.

            Welcome JK Bank to India’s  newest  ePayment Product.

           

The new identity for J&K Bank is a visual representation of the Bank’s philosophy and business strategy. The three coloured squares represent the regions of Jammu, Kashmir and Ladakh. The counter-form created by the interaction of the squares is a falcon with outstretched wings – a symbol of power and empowerment. The synergy between the three regions propels the bank towards new horizons.Green signifies growth and renewal, blue conveys stability and unity, and red represents energy and power. All these attributes are integrated and assimilated in the white counter-form.

Bassein Catholic Co-op.Bank Ltd – Immediate Payments Service’s newest member

Bassein Catholic Cooperative Bank has gone live on IMPS using Account No and IFS Code                             

The Co-operative bank was set up in 1918 @ the Mumbai Suburb-Vasai. Vasai has a large Christian population, hence over the years, the bank has business of Rs3500 crs +.

 The Bank has 34 branches with 24 Onsite and 2 Off site ATMs and shortly opening another 5 branches.  All the branches operate on CBS.

                The Bank has recently joined the RuPay ATM network too, which combined with IMPS will help the Bank to shore up its CASA balances.

The Vasai Area over the years has an influence of local Marathi, English and Portuguese cultures.

The name "Bassein" is the English version of the Portuguese "Baçaim" (with the "ç" spoken as "s" and with the "m" silent), itself a version of an apparently native name that may have a connection to the Vasa Konkani tribals of the North Konkan region, extending from Mumbai into "South Gujarat." The Marathi name of the place is Vasai.

The complete form of the Portuguese name is "Fortaleza de São Sebastião de Baçaim" or the Fort of St. Sebastian of Vasai.

The fort and the village are accessible most easily through the Vasai Road Railway Station, which itself is in Manikpur-Navghar, a part of the newly raised City of Vasai-Virar