CIBIL - ePayments friendly

CIBIL – ePayments friendly.

Since last year, CIBIL is providing individual Credit Information Reports.

The fees is Rs142/- and Address Proof/Identity Proof documents are required.

Please refer to my earlier post on CIBIL, wherein I had mentioned that CIBIL is not ePayments friendly

http://prashantnepayments.blogspot.com/search/label/CIBIL

Well, I take back my words now.

Currently, CIBIL supports ePayments viz Net Banking/Credit Card/Debit Card.

The process is simple, and fast. I have tried it out, and as promised by CIBIL, it is customer-friendly.

So, all those, who want to access their Credit Information, can do so, from the comfort of their homes

THANKS CIBIL.

http://www.cibil.com/accesscredit.htm 

Syndicate Bank – SMS Alerts - Charges

Syndicate Bank – SMS Alerts - Charges

Syndicate Bank has decided to charge its customers for SMS alerts, w.e.f 01/07/2010.

The charges are applicable both to the new customers as well as the existing customers.

The relevant link is accessible @ http://www.syndicatebank.in/scripts/editnews.aspx?id=101

Syndicate Bank via its web notice has requested the existing customers, to contact their Base Branch for full details.

Hence customers would not be able to know the details vide Phone Banking or Web or any other medium.

Of course, it would have been nice, if the charges were displayed on Syndicate Bank’s website.

This would have facilitated its customers to take a informed decision, and also reduced the TAT at the Branch level.

Snippets of Syndicate Bank:

The one major contributor of Syndicate Bank to Indian Banking is the launch of Pigmy Deposit Scheme in 1928. This scheme still continues, and Syndicate Bank collects on an average Rs2crs per day.

Of course, large strides in technology have enabled the Syndicate Bank, to minimize the frauds in the Pigmy Deposit Scheme.

RTGS / NEFT Return Transactions – Information in Account Statement

RTGS / NEFT Return Transactions – Information in Account Statement

With the exponential growth in the RTGS/NEFT Transactions, RBI, DPSs, is making all efforts to ensure that the RTGS/NEFT experience for the end-users is excellent.

In this connection, today, (13/08/2010), Reserve Bank of India, Department of Payments and Settlement Systems, has issued new guidelines.

The RBI Notification number is RBI/ 2010-11/169 DPSS (CO) RTGS No. 341 / 04.04.002 / 2010-2011 dt.August 13, 2010, addressed to Chairman and Managing Director/ Chief Executive Officer of all banks participating in RTGS and NEFT.

The circular can be accessed @

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5945&Mode=0

The Highlights are:

1.      Uniform information for RTGS/NEFT Returns in the customer’s account statement.

2.      The following are the description to be provided

a) RTGS Return transactions

 -- RTGS-RETURN---

b) NEFT Return transactions

-- NEFT-RETURN—

3. The instructions will be live from 01/10/2010

Why was this Notification required?

Ø  With the growth of the RTGS/NEFT transactions, the customers were finding it difficult to reconcile transactions.

Ø  The non-uniformity of narration of Return Transactions, only added to the confusion.

Ø  The confusion was creating issues in Service Delivery at the customer’s point of touch i.e Bank Branches, Phone Banking.

What will this Notification achieve?

v  Introduce a uniform Return Description

v  Reduce the opportunities for customer complaints

v  Enhance the customer confidence in RTGS/NEFT System

v  Encourage new entrants to ePayments

Yes, obviously System changes as well as process changes in the Banks will be essential.

FootPoint: DPSS is one of the few department’s  which issues simultaneous instructions to Commercial Banks, Co-operative Banks.

RTGS / NEFT / NECS / ECS - Delays in affording credits and / or return of transactions by member banks

 RTGS / NEFT / NECS / ECS - Delays in affording credits and / or return of transactions by member banks

Today, RBI, DPSS has issued a follow-up Notification, emphasizing the need for Banks to adhere to the procedural guidelines, with respect to Credits through

1)   RTGS 

2)   NEFT 

3)   ECS 

4)   NECS

AND also

1) Return of transactions by member banks

The circular no is RBI/2010-11/155 DPSS (CO) EEPD No. 282 / 04.03.01 / 2010-11 dt.  August 5, 2010, addressed to The Chairman and Managing Director / Chief Executive Officer of member banks participating in RTGS / NEFT / NECS / ECS

The full Notification is @

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5927&Mode=0

Why was this Notification required?

a)      Increase in number of complaints by the Bank’s customers to Reserve Bank of India.

b)    The need to maintain credibility of RTGS / NEFT / NECS / ECS Schemes

Is any action required by the Bank customers, to ensure that the credit reaches the Beneficiary in time.

Yes, the remitting customers need to ascertain the complete details of the Beneficiaries’, before they request their bankers to execute the RTGS/NEFT transactions.

a)      Beneficiary Account No

b)      Beneficiary Account Holder Name

c)      Beneficiary Bank

d)     Beneficiary IFSC

Nothing more, nothing less.

IndiaPay-The Brand Name for the Cards Network to be launched by NPCI

NPCI has chosen INDIAPAY as the Brand name of the new Cards Network to be launched by it.

But a Google search shows that INDIAPAY is already registered as a company name, with presence in Electronic Payment Processing.

Hence, it would be nice if NPCI launches a public competition, for a new Brand Name for the Pan-Indian Cards Network.

This would aid as a public relations campaign for the proposed network, and also create a buzz around it.