DigiHuman approach to reduce stress levels of YES Bank Retail Customers

YES Bank customers have had a roller-coaster ride in the last few days. 

As YES Bank customers can withdraw up-to INR 50,000 through ATMs, the physical rush at its branches is thinning down.

Now, the next challenge for customers, to withdraw more than INR50,000 but less than INR5,00,000 or available balance, which ever is less.

Disclaimer: These are my personal views only and do not reflect the any other’s views.  

I Pray to God that the need for RBI to activate this clause never arises.

Ref: MINISTRY OF FINANCE (Department of Financial Services) (BANKING DIVISION)

NOTIFICATION New Delhi, the 5th March, 2020

QUOTE

Without prejudice to the conditions stipulated in paragraph 2(a) of this Order in relation to payment to any depositor of the said banking company, the Reserve Bank may by a general or special order, permit the said banking company to allow payment to its depositors an amount in excess of Rs. 50,000/- (Rupees fifty thousand only) to meet unforeseen expenses, as under:

(i) in connection with the medical treatment of the depositor or any person actually dependent on him;

(ii) towards the cost of higher education of the depositor or any person actually dependent on him for education in India or outside India;

(iii) to pay obligatory expenses in connection with marriage or other ceremonies of the depositor or his children or of any other person actually dependent upon him;

(iv) in connection with any other unavoidable emergency:

Provided that the amount so allowed to be paid out of the balance lying to the credit of the depositor—

(a) shall be reckoned towards the payment due to him under any scheme of reconstruction or amalgamation as may be sanctioned by any competent authority in relation to the said banking company and subject to such conditions as may be provided under such scheme about appropriation of any payment made to a depositor of the said banking company before or on the coming into force of the scheme; and

(b) shall not exceed the sum of Rs. 5,00,000/- (Rupees five lakh only) or the actual balance lying to the credit of the account of such depositor, whichever is less.

UNQUOTE

Indicative approach to reduce the stress levels:

Maximum paperless, minimal human intervention, Dash Board

SEBI is already following ‘Digital Claim Process’ to process PACL Refunds.

More details can be read at the below links:

https://www.sebipaclrefund.co.in/

FAQs to enable PACL investors submit their claims @ https://www.sebipaclrefund.co.in/Pdf/en/FAQs.pdf

FORMAT OF BANKER’S VERIFICATION LETTER @ https://www.sebipaclrefund.co.in/Home/BankLetter

Cancelled Cheque Leaf @ https://www.sebipaclrefund.co.in/Home/CancelCheque

The main differentiator between PACL Refunds and YES Bank additional withdrawal is the various purposes for which withdrawals are permitted in YES Bank.

Hence the necessary documents will vary from one ‘unforeseen expense’, to another ‘unforeseen expense’,

Sr No	Scenario	Proposed Application flow
01)	Customers with Mobile Banking / Net Banking Access	Application process in case of above scenarios can be via Mobile Banking / Net Banking
02	Customers without Net Banking / Mobile Banking Acess	Application process in case of above scenarios can be via Mobile Banking / Net Banking Micro Site at www.yesbank.in
03	Senior citizens who are not tech savvy	Physically carry documents to YES Bank designated branches, and YES Bank will upload the documents in the dedicated website.

As the process flow can be like ‘PACL Refunds’, I am not elaborating much on the same.

The supporting documents required under each ‘unforeseen expenses’, should be arrived at and be part of the FAQs

All pay-outs to be other bank accounts only. Cash Pay-out is for Senior Citizens only. 

Rush to this Bank ATM now – Rush

            Innovative ideas are important to stand above the crowd. Indian bank customers have plenty of ATMs to complete their banking transactions.

            The more the number of customers transact at an ATM, the less is the operating cost.

            Here are 8 compelling reasons to visit your nearest Yes Bank ATM

01) Network of 1,000 + ATMs

02)First of its kind rewards program in India - Discounts and deals are offered to anyone who transacts at the Bank’s ATMs.

03)Do not believe, okay visit the Press Release section on Yes Bank website

04)The discounts and deals at Yes Bank ATMs are available for Yes Bank customers as well as Non-Yes Bank customers

05)YES BANK account holders get the rewards on cash withdrawal and funds transfer transactions

06)Non-YES BANK accountholders get the rewards on only cash withdrawal transactions.

07)Booking of Fixed Deposits at Yes Bank ATMs is quick and easy

08)NPCIs  Card to Card Transfer mode at its ATMs is another welcome feature

Live your comments on Yes Bank’s FB Page

Who will be the major client of Yes Bank IMPS-MPS?

IMPS-Merchant Payment Service pilot launch with Yes Bank

            Yes Bank was one of the banks who were in the Pilot Launch of IMPS in November 2010. Taking this tradition forward, Yes Bank has also joined the Pioneer Club for the IMPS Merchant Payment Service.

            Yes Bank joined the IMPS Merchant Payment Service last month i.e August 2012. With this, Yes Bank would now be able to offer this new ePayment mode to their ‘Cash Management Services’ clients.

IMPS-MPS will be beneficial for Accounts Receivables more than Accounts Payables teams.

            HSBC, State Bank of India, Canara Bank, ICICI Bank, Kotak Mahindra Bank, Union Bank of India are the banks which are already online with IMPS-MPS.

            State Bank of India’s’ major client is IRCTC. HSBC’s major client is Reliance Mutual Fund. With reference to other banks, at present, no information is available in the public domain.  

            

The sudden demise of Nokia Money. Utilize it or Donate it. Customer Care No: 18003001122

By 15/04/2012, the 2 lacs+ subscribers of Nokia Money have to utilize their ‘Nokia Money balance’, or the same would be deemed as donation to Nokia Corporation.

3 Possible Scenarios in the near future: -

1. Yes Bank and Union Bank jointly take over this platform.
2. Customers migrate to other Mobile Payment Providers. As of now, the other players are Airtel Money or SBI’s MobiCash.
3. Customers migrate to other Closed/Semi-Closed Wallet Players

4 partners involved in this activity:-

Partner 1 – Nokia made a strategic investment in Obopay ($70 Million) back in 2009 and launched the service in India quite recently. After a year long pilot program, the company announced the launch of Nokia Money across India in December, last year.

Partner 2 – Obopay

Partner 3 – Union Bank of India

Partner 4 – Yes Bank

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Nokia made a strategic investment in Obopay ($70 Million) back in 2009 and launched the service in India quite recently. After a year long pilot program, the company announced the launch of Nokia Money across India in December, last year.

6 important dates in the Nokia Money Timeline:-

1. August 27th, 2009: Announced: Nokia Money – Your Mobile will turn into a Wallet
2. Feb 15th, 2010: Nokia to Launch Mobile Money in India – In Partnership with Obopay/Yes Bank
3. April 30th, 2010: Nokia Mobile Money Project gets approval from RBI
4. July 2nd, 2010: Nokia Launches Mobile Money Service in Chandigarh
5. December 14th, 2011: Nokia Money goes pan-India.
6. April 15^th, 2012: Nokia Money laid to rest.

2 quick tips to utilize your Nokia Money : -

1. All transactions – Bill Payment, Prepaid Recharge and DTH Recharge are now FREE of Charge
2. Registration amount can be sought via SMS or by calling at the customer care on or before 25^th March, 2012

5 motivators for Nokia to have commenced Nokia Money:-

1. The belief that financial services are one of the major business opportunities in the wireless industry.
2. An attractive feature of Nokia Life Tools suite.
3. An opportunity to lock in customers from migrating to other mobile handsets.
4. USP of retaining Nokia Money, even if customers shift their mobile operators.
5. Access to interest free short term funds, as no interest is paid on monies parked in the mobile wallets.