Banking industry- 2 day Strike on 06th August 2009 and 7th August 2009

UFBU to go ahead with two days continuous strike on 6th and 7th August, 2009

As per News Reports, Employees governed by IBA rules, in the Banking Industry, are likely to go on strike on two days i.e 06th August 2009 and 07th August 2009.

In the event of this strike materializing, there will be major disruption in the trade settlement cycle, and also to Saving Bank Account Holders.

ePayments will be affected, at the same time, the Cheque Clearing Operations too will be effected.
In my opinion, ePayments users can follow the below mentioned tips, for their peace of mind.

01)    Execute only critical, unavoidable ePayment transfers
02)    Execute RTGS Transactions before 4.00pm, to ensure 100% funds are credited to the beneficiary on the same day, or returned back, in case of any discrepancy.
03)    Execute NEFT Transactions before 12 noon, to ensure 100% funds are credited to the beneficiary on the same day, or returned back, in case of any discrepancy.
04)    For any expected ECS Debit Transaction, note to fund the respective account on 05th August 2009
05)    ATM’s might run out of cash. Therefore, withdraw adequate cash for the next couple of days.
06)    Cheque Clearing Operations too will be disrupted. The point to be noted here, that majority of the Post Dated Cheques(PDC’S), for Loan Credits in our country are presented on 7th of every month. Thus, adequate balance has tobe maintained by the PDC’s issued account holders, for the next couple of days. Otherwise,   there will be heavy cheque return charges!!!!!

The spill-over might last on 9th August 2009 and 11th August 2009 also. Hence, expect the ePayments Network, to be over-burdened on this two days also.
It has been a long time, since the Banking Industry has witnessed a two-day strike. This experience might help the ePayments Participants to be prepared for such future disruptions.

NOTE:- I am not in favor or  against this two-day strike. I am only interested in ePayments, and the impact of various factors on ePayments.

RTGS JUne 2009 Customer Outward

Today's post is regarding RTGS June 2009 Customer Outward transactions. 

A Comparative volume between May 2009 and June 2009, is enclosed herewith.

NIL outwards that the respective Banks/Financial Institutions had only Inwards.

The list of the Top 10 Ten Banks are as under

It is interesting to note that the Top 10 Banks, accounted for more than 57% of the overall transactions.

Punjab National Bank, seems to be doing well.

State Bank of India, is the dominant player with 14.28% of the transactions.

It will be interesting to see the Statistics for July 2009

Let the ePayments increase every month

RTGS Volumes January 09 to June 2009.

RTGS Volumes January  09 to June 2009.
Today’s post is regarding the Customer Volumes in RTGS from January 2009 to June 2009. 

 

The data is only Customer Transactions only, as for the layman only customer transactions are important, and not inter-bank transactions.

A basic analysis of the data leads to some interesting observations 

01)The volumes are increasing rapidly. 

 02)As the financial year, closes in Mar, there were heavy transactions in Mar 09.
03)The decrease in April 09, was compensated in May 09.
04)As compared to Feb 09 transactions, the Mar 09 transactions improved by 30%
05)No of transactions in June 09, as compared to Jan 09, increased by 20%.

The increase in the transactions is a positive indicator for ePayments in our country.
However, these transactions are only a fraction of the payments pie, and ePayments, have a long way to go.

Small steps lead to the GOAL

Topic of the Week - ePayments-An Alternate to Forged Notes

ePayments-An Alternate to Forged Notes

For the last couple of days, some newspapers have published articles on circulation of forged currency notes in India. The same news was picked up by other media providers viz: TV Channels, Net Sites, Blogs.

Hence, Reserve Bank of India, immediately issued a clarification vide a Press Release.

The Press Release can be accessed at

http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21124

The same Media Providers, have published articles saying that consumers Rs500/- notes are being subjected to intense scrutiny by shop-owners/staff

My question to all of you is why you don’t use your credit/debit card, instead of a 500 /- Rupee Note.

In my view, Rs500/- is used most, at the following locations

01) Petrol Station

02) Restaurants

03) Hotels

04) Super Markets

05) Cloth Show rooms

06) Education Fees

07) Hospitals

Majority of the above locations, are equipped with POS for Credit/Debit Card Transactions. Hence using your Credit/Debit Cards, will save you the embarrassment of the shop-attendant closely, scrutinizing your Rs.500/- Note.

At the same time, you can experience the magic of ePayments.

However, the following are to be kept in mind

01) Always let the Credit/Debit Card be in your view.

02) Never reveal the Pin Number to anyone.

03) Preserve the Transaction Slip, till your Statement of Account arrives.

Folks, enter the thrilling world of ePayments