All about Real Time Gross Settlement(RTGS) and National Electronics Funds Transfer(NEFT)
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Monday, November 23, 2009
Topice of the Week - eVoting for Corporates
Tuesday, October 20, 2009
Topic of the Week-Champions League t20 viewership
Topic of the Week-Champions League t20 viewership
Too much of anything is bad, and the best example of this statement, is the current viewership interest in the ongoing Champions League t20 .
As per Media reports, the Spectators presence in the Stadiums is negligible, and the TV ratings are also low. I am wondering who are benefits in this whole show.
I feel only the Champions League t20 organizing committee is the real winner, no one else, including the spectators, crickters, sponsors or the TV Channels.
Too much of cricket is keeping away the spectators. Too much of cricket is tiring the cricket players.
Think it is time for moderation in Cricket to be brought in. Otherwise, there is danger in spectators losing interest in Cricket itself!!!!!!!!
Thursday, September 24, 2009
Topic of the Week-Chandrayaan1, has hit the Water JACKPOT.
Sunday, August 30, 2009
Topic of the Week- Chandrayaan-1
Saturday, August 1, 2009
Topic of the Week - ePayments-An Alternate to Forged Notes
Sunday, July 19, 2009
Topic of the Week - 40th Anniversary of Bank’s Nationalization in our Country.
40th Anniversary of Bank’s Nationalization in our Country.
Today(
02) Bank of
03) Dena Bank
04) Punjab National Bank
05) Syndicate Bank
06) Canara Bank
07) Indian Bank
08) Indian Overseas Bank
09) Bank of
10) Union Bank
11) Allahabad Bank
12) United Bank of
13) UCO Bank
14) Bank of
Before 1969, State Bank of India (SBI) was the only public sector bank in
The second phase of nationalisation of Indian banks took place in the year 1980. Seven more banks were nationalised with deposits over 200 crores.
The above nationalization has had profound impact for our economy. As with every decision, there are pros and cons of nationlisation. But, in my view, the pros are more than the cons.
The early 90’s, with the advent of liberalization, private sector banks entered the banking scene.
ePayments as on date, are dominated by private/foreign banks, though the nationalized banks, are catching up.
ePayments-Easy and Efficient.
Friday, May 1, 2009
New Pension Scheme from 1st May,2009-Not ePayments friendly.TOPIC OF THE WEEK
All citizens of the country will be able to avail of pension facility from tomorrow, with the interim pension regulator Pension Fund Regulatory and Development Authority (PFRDA) confirming the scheduled launch of the mega pension plan in a statement today.
"The necessary infrastructure for the rollout of New Pension System (NPS) is now ready and it will be available to all citizens of India from May 1, 2009 ," PFRDA said.
This is a big step towards financial security, in the twilight years. The Offer Document can be accessed at
http://pfrda.org.in/writereaddata/linkimages/Offer%20Document957798914.pdf
The offer document is comprehensive, user-friendly and all the participants should stabilize in the next six months. To access the Scheme, PFRDA has appointed 22 Points Of Presence(POP’S), whose network i.e Service Points, will support this scheme. This 22 POP’s are mainly Banks and other financial intermediaries.
Bank of India is the trustee Bank, and detailed Service Level Agreement, between PFRDA and Bank of India is in place.
The contributions will be accepted in Cash/Pay-Order and Demand Draft, and also through ECS. Out Station Cheques will not be accepted.
The TAT for the first contribution to be credited is 15 days,and subsequent contributions is 7 days.
As the scheme is just rolled out, PFRDA should also welcome contributions through NEFT. This will increase the comfort level for the subscribers, as well as reduce the TAT for the credit to the respective pension accounts.
With a professional central record-keeping agency in place, National Pension Scheme, will be preferred choice for private sector. The IT industry has already a preliminary meeting with PFRDA, to finalize the modalities. In fact, it would be a good idea, to insist a NPS Account, at the time of match-making!!
Tuesday, April 14, 2009
India pull off a spectacular win at the 18th Edition of Sultan Azlan Shah Cup at Ipoh, Malaysia.
Making a superb display of speed and execution of planning on the field, the Indian hockey team on Sunday beat the host
With a display that underlined the efficacy and elegance of frontline forays,
This was
India, on a redemption journey after last year's Olympic debacle, is presently on a high after a recent run of success at home and Down Under, including the runners-up finish at the Punjab Gold Cup in Chandigarh.
This victory, should prove to be stepping stone to greater success, and take Indian Hockey, to its glorious place.
Sunday, April 5, 2009
Topic of the Week-Bravo SV Sunil – A Superlative Hockey Player.
Topic of the Week-Bravo SV Sunil – A Superlative Hockey Player.
Today morning, was going through the Bangalore Edition of today’s i.e5th April, 2009, Deccan Chronicle, and a small article on the last page attraced me.
It stated ‘SUNIL BRAVES PERSONAL TRAGEDY’.
A closer look at it, stated that SV Sunil’s( a star performer of the current Indian Hockey Team), father had expired in Kodagu, Karnatka. And, SV Sunil, preferred to stay back with the Indian Hockey Team, currently in
BRAVO SUNIL, YOUR DAD WILL BE PROUD OF YOU, and I too Salute, your commitment to Indian Hockey.
Indian Hockey fans, will be thankful, for your sacrifice.
The clan of Kodavas in the Indian state of Karnataka have a long history of association with the game of field hockey. The district of Kodagu which is the land of the Kodavas is considered as the cradle ofIndian hockey. More than 50 Kodavas have represented
Tuesday, March 31, 2009
Topic of the Week-All ATM Transactions Pan-India to be free from April 1st, 2009
All ATM Transactions Pan-India to be free from April 1st, 2009
A revolution in ePayments is waiting to be unleashed from April 1st, 2009
Come April 1 and you need not have to sweat it out looking for an ATM of your own bank as you can use ATMs of your choice without shelling out any extra money.
Thanks to an RBI directive, much to the relief of common man, banks have been prevented from charging any fee for cash withdrawals using ATM and debit cards issued by other banks from April 1 onwards.
The relevant circular of Reserve Bank of
http://www.rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=4076
However, banks can still charge extra for services like cash withdrawal with the use of credit cards and at ATMs located outside
As the services will be free, customers will be tempted to make more small value transactions, rather than big-value transactions.
For Banks with a smaller ATM Network, this will directly impact their bottom-line, as the Interconnect Charges might be increased by Banks with a huge ATM Network.
Interconnect Charges are charges levied by banks when ATM Cards of other Banks are used on their network.
As the free services, will affect the bank’s bottom line, one way of shoring up revenue, will be the increase in Annual Maintenance Charge, levied on ATM cum Debit Cards.
The other way for Banks to minimize the outflow, due to interconnect charges, is to encourage customers to make use of the Debit Swipe facility, rather the cash withdrawal facility.
60% of the cash drawn from ATM’s, is used to transact at locations where Debit Card Swipe facility is obtainable. A 20% shift also, will benefit the banks. Maybe Banks, can think of a Reward Point Scheme, if the Debit Swipe facility, is preferred over Cash Withdrawal Facility.
However, it is yet to be seen, as to how Banks will respond to this free service.
Monday, March 9, 2009
Topic of the Week-YELLOW IS THE NEW GREEN
Monday, March 2, 2009
Topic of the Week-Gujarat to set up Asia's first Deparment for Climate Change
Climate Change is for real, though there are many versions, as to its causes and its impact on mankind. I believe that Climate Change, is effecting us, for the simple reasons, that the Average temperatures this summer, in our country, are expected to be 3degrees more.
In this connection, the step of Gujarat Government to set up
Sunday, February 22, 2009
RBI staff stir hits Rs 50 lakh crore deals
Today’s Topic of Week, sheds some light on the effect of strike/mass casual leave, by Reserve Bank of India Officials, on Indian Settlement Systems.
In the last 3 months, Reserve Bank of
RBI employees had gone on strike for the same issue on October 21, 2008 and February 20, 2009.
As NEFT Settlement is dependant on RTGS-(Real Time Gross Settlement) , NEFT too got affected.
Due to the strike/mass casual leave on Friday, Saturday –half day, Sunday-Holiday, Monday-Mahasivarathri Holiday, there was a very heavy load on the RTGS Network on Saturday i.e February 21, 2009.
Transactions amounting to almost Rs 50,00,000 crore were stalled by the all-India strike by over 2,500 employees and officers of the Reserve Bank of India (RBI) On Friday, demanding update of the pension scheme.
Employees have proposed to approach Finance Minister Pranab Mukherjee for an early resolution of the matter, which has been a point of contention for five months now.
The strike affected real time settlement (RTGS) of transactions worth Rs 3,00,000 crore and clearing of around 18,00,000 cheques all over
There were no settlements in the domestic money market, foreign exchange market and stock exchanges.
RTGS-(Real Time Gross Settlement) was launched in March 2004, and since than has made rapid strides. The country’s economic capability is linked to the successful functioning of the RTGS, and there have been very few full-day failures in RTGS, either technical or man-made. Hence, it puts on an onerous responsibility, on all the stake-holders for the smooth functioning of RTGS - (Real Time Gross Settlement)
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