Development Credit Bank joins IMPS with soft launch

The history of DCB is worth knowing. It is actually an amalgamation of few Co-operation Banks, which finally resulted in into a joint stock banking company, the Development Credit Bank Limited on May  31, 1995.

In the 1990s there were about 1400 co-operative banks in India and a few of these co-operative banks were given permission by RBI to convert into scheduled commercial banks. Development Co-operative Bank was one of   11 such banks that converted themselves into scheduled commercial banks. 

The Chief promoter of DCB is The Aga Khan Fund for Economic Development (AKFED) holds over 23% stake.  

I see immense potential for DCB customers via the IMPS module, as this will open up a new channel for funds transfer.

Kotak Mahindra Bank – IMPS

Kotak Mahindra Bank – IMPS

Kotak Mahindra Bank which joined IMPS with a soft launch on 07/01/2011 has gone for the commercial launch on 04/03/2011.

At present, there is no any exclusive feature of the Kotak – IMPS Product, which acts as a differentiator. The basic features of NPCI-IMPS are offered. Of course, in the feature, some unique feature might be introduced.

The Link is @

http://www.kotak.com/bank/personal-banking/convenience-banking/imps.html

The current charges are NIL i.e free to Kotak’s customers.

Express Cheque Clearing System - ECCS

Express Cheque Clearing System - ECCS

Reserve Bank of India, DPSS has decided to take the Bulls by its horns, to upgrade the Clearing Infrastructure in our country.

DPSS, vide its Notification No. RBI/2010-11/423, DPSS (CO) CHD No. 2099/03.02.03/2010-11 dt.March 14, 2011 has launched a program for Automation of non-MICR Clearing Houses – Implementation of a new Clearing Software – Express Cheque Clearing System

The relevant circular can be obtained @ http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6282&Mode=0

It might be noted that the testing of the new package is over and is now ready for commercial launch.

The high lights of the Circular are: -

a)     The package is named as ‘Express Cheque Clearing System’ (ECCS)

b)     ECCS has been developed by M/s Image InfoSystems Pvt. Ltd. (vendor), http://www.imageinfo.in/main.html

c)      

State Bank of India, led the initiative to fine time the package.

d)     

NPCI – National Payments Council of India, has been vested with the roll-out plan, Pan-India.

e)     

The package will be rolled-out in  1,093 non-MICR centers as on date

f)       

The roll-out will commence from 01/04/2011 and be over by 30/09/2011

g)     

Speed Clearing facility to be operationalised and enabled right from day one of implementation of the package.

h)     

As multiple organizations, viz NPCI, NCCs, clearing locations and the member banks, RBI, DPSS will be closely monitoring the progress and will intervene if the project is behind the time-schedule.

Welcome ECCS. By the year end, the Bank customer’s should be able to experience the benefits of ECCS

As this is a standard package, with a committed timeframe for roll-out Banks should not face any difficulties in rolling out at their end.

Indian Bank joins IMPS with soft launch

Indian Bank joins IMPS with soft launch

The punch line of Indian Bank is ‘Taking Banking Technology to the common man’, and keeping this in mind, Indian Bank embraced IMPS on 22/02/2011.

Like most Indian Banks, Indian Bank too has its roots in the pre-independence era.

Indian bank was founded by Annamalai and Ramaswami Chettiar in 1907. This was in response to the financial crash faced by two leading trading companies in Madras, Arbuthnot's and Binny's.

One important nugget of Indian Bank is that Mrs.Ranjana Kumar was the first woman to become head of a public sector bank in India. At the time of her appointment, the Indian Bank was saddled with huge losses, and during her tenure she ensured the turnaround of the Indian Bank. 

She took up the challenge of leading Indian Bank, when other prospective candidates dithered.

Federal Bank joins IMPS with soft launch

Federal Bank joins IMPS with soft launch

One more South Indian Based Bank, Federal Bank, plunged into IMPS. Federal Bank joined IMPS with a soft launch on 15/02/2011.

So, in the next financial year, Federal Bank customer’s would be enjoy the power of IMPS

As usual, this being only a soft launch, no details yet is updated on its website.

The Origins of the Bank can be traced back to the pre-independence era. Initially known as Travancore Federal Bank, it’s existing name ‘Federal Bank’, was adopted in 1947. It’s  headquarters is nestled on the banks on the river Periyar. S