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.

Annual Report of Banking Ombudsman Scheme-2008-2009

Annual Report of Banking Ombudsman Scheme-2008-2009.

Today Reserve Bank of India has placed on its website the Annual Report of Banking Ombudsman Scheme-2008-2009.

The Link to access the complete report is

http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22103

A reading of the complete document highlights the increased awareness amongst Bank Customers regarding the Banking Ombudsman Scheme.

I see this report as an opportunity for Banks to improve the Service Quality.

I believe that the front-end Banking Staff are providing superb customer service, in Banking Ombudsman Scheme in spite of the various barrier’s at their end.

It is a good sign that the highest number of complaints are in the ATM/Credit Card arena. This is applicable to all Banks across the industry.

This means the industry has a whole has to address this issue.

The best part is with the increase in the number of complaints, the average cost per complaint is coming down.

This is good for all the parties.

An ombudsman is someone who handles complaints and attempts to find mutually satisfactory solutions.

Abroad Ombudsmen can be found in government, corporations, hospitals, universities and other institutions.

The first ombudsman was appointed in 1809 in Sweden to handle citizens' complaints about the government. The word is pronounced "om-BUDS-man" and is Scandinavian in origin.

In India, apart from Banking, the Insurance Industry too has an Ombudsman.

Maybe, with the Banking Ombudsman being a success, it is time, that Ombudsman Scheme in other sectors also are  introduced.

Freedom Rewardz-State Bank Group’s Debit Card Rewards Program

Freedom Rewardz-State Bank Group’s Debit Card Rewards Program

Please refer my post, http://prashantnepayments.blogspot.com/2009_04_01_archive.html, wherein I had, forecasted that the new marketing mantra, for banks, will be Debit Card Incentives.

Well, State Bank Group, today kicked off the same, under the Brand Name-Freedom Rewardz.

State Bank of Group has released large advertisements, in leading newspapers.

However, as of now, i.e 7.37 IST, 31/05/2009, no message regarding Freedom Rewardz, is visible on the main page of State Bank of India website.

Trust State Bank Group will also advertise the -Freedom Rewardz Program, through Electronic Media also.

FreedomRewardz is a Rewards Program launched for State Bank Group Debit Card customers. FreedomRewardz, will help you to earn points whenever you choose to buy a product or pay for a service using your State Bank Group Debit Card.

I was expecting, a foreign to launch India’s first Debit Card Incentive Program. However, State Bank Group, has taken the lead, and no doubt, will reap the benefits of the first move.

Kudos to State Bank Group for daring to test new methods to attract and retain customers.