Oriental Bank of Commerce - IMPS

Oriental Bank of Commerce - IMPS

Oriental Bank of Commerce joins IMPS with soft launch

On 10/02/2011, Oriental Bank of Commerce walked into the IMPS club, with a soft launch

As this is a soft launch, Oriental Bank of Commerce has not yet updated the details on its website.

The normal time lag between Soft Launch and Commercial Launch is a month. So, by this month, Oriental Bank of Commerce should be able to all its mobile banking customer’s the IMPS facility.

OBC came into existence in the erstwhile Undivided India on 19th Feb' 1943 in Lahore.

The partition saw the closure of its Branches in Pakistan. However, it’s than chairman Late Lala Karam Chand Thapar honored the commitments made to the depositors from Pakistan and paid every rupee to its departing customers.

Like all Institutions, OBC had its challenging phases. The period of 1970-76 is said to be the most challenging phase in the history of the Bank.  This was because, at one time profit plummeted to Rs.175, and the owner of the bank, the Thapar House, decided to sell / close the bank.

But, the employees and leaders of the Bank came forward to rescue the Bank. The owners were moved and had to change their decision of selling the bank and in turn they decided to improve the position of the bank with the active cooperation and support of all the employees. 

The turnaround happened and OBC was back to normal.

Another turning point was the merger of Global Trust Bank with itself. This enabled the Bank to expand its footprints  

02/03/2011 - RTGS/NEFT working

Lakshmi Vilas Bank - IMPS

Lakshmi Vilas Bank joins IMPS with soft launch on 19/01/2011

Lakshmi Vilas Bank now is part of the IMPS.

LVB has 237 + branches, and the major advantage of joining IMPS is LVB customers will be able to transfer funds to other IMPS Bank account holders.

LVB has presence in 105 semi-urban locations in Tamil Nadu. These locations are yet untapped by large banks. LVB will have an edge in the said locations.

The Lakshmi Vilas Bank Limited (LVB) was founded eight decades ago ( in 1926) by seven people of Karur under the leadership of Shri V.S.N. Ramalinga Chettiar, mainly to cater to the financial needs of varied customer segments.

Incidentally Karur Vysya Bank too has its founding roots in Karur.

Mahesh Bank – Direct RTGS Member

Mahesh Bank – Direct RTGS Member

Today Mahesh Bank, headquartered in Hyderabad, Andhra Pradesh, announced the launch of RTGS Services for its customers.

The Bank has 33 branches primarily in Andhra Pradesh. It has also has a branch each in Jaipur and Mumbai.

The Bank was accorded SCHEDULED STATUS by Reserve Bank of India from 26th October, 1996 - the first Co-operative Bank to be accorded this status in the entire South India.

RTGS is only a path to join the ATM Network, by becoming a member of the Shared ATM Network.

http://thehindubusinessline.com/2011/01/25/stories/2011012550702100.htm

Kudos to Mahesh Bank for joining the Safe ePayments train.

I am sure; it will reap the benefits of this action.

Electronic Funds Transfer (EFT) System is dead.

Electronic Funds Transfer (EFT) System is dead.

Reserve Bank of India, has decided to wind-up the Electronics Funds Transfer procedure.

This was required as the number of transactions in the EFT cycle were declining due to the popularity of National Electronics Funds Transfer (NEFT)

Brief History of EFT : -

01)                      This was set up in 1997, by Reserve Bank of India.

02)                      Initially, the The System  covered centres viz. Ahmedabad, Bangalore, Bhubneshwar, Kolkata, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Mumbai, Nagpur, New Delhi, Patna and Thiruvanantpuram.

Brief Objectives of EFT : -

 (1) Establishment of an Electronic Funds Transfer System to facilitate an efficient, secure, economical, reliable and expeditious system of funds transfer and clearing in the banking sector throughout India,

2) To relieve the stress on the existing paper based funds transfer and clearing system.

The major users of EFT were the Government Departments. Railways and Defence supplier payments were all routed through EFT.

In fact, EFT could have been discontinued a long time back, but as modifications were required in the Government Deparment’s IT, EFT was still being continued.

However, from 2011, EFT is no longer live.

QUOTE

Important announcement: Since the number of transactions being put through EFT has reduced drastically and the usage of NEFT has picked up and number of transations under NEFT is going up every day, it has been decided to discontinue EFT with immediate effect. The payments being made through EFT may be routed either through NEFT (wherever available) or through ECS/Regional ECS. If none of these is feasible, DDs may be issued in the interregnum.

UNQUOTE