ECCS - Live in 99% Indian Clearing Houses

The total number of Non-MICR Clearing Houses in India is 1131. Out of 1131 Clearing Houses, ECCS is live in 1123 Clearing Houses. 

This is a staggering 99% of the Clearing Houses.

ECCS
Live in	Nos
Apr2009	1
Jun2009	1
Jun2010	1
Jul2010	1
Aug2010	1
Sep2010	1
May2011	1
Jun2011	2
Jul2011	26
Aug2011	118
Sep2011	290
Oct2011	260
Nov2011	239
Dec2011	122
Jan2012	47
Feb2012	9
Mar2012	3
Total	1123
CLG Hsg	1131
	99.00%

The above numbers show the month wise migration of Clearing Houses.

Testing commenced in April 2009 and went up to June 2011.

By 2011, the teething problems were overcome, and the migration sped up.

80% of the installations were done in a five  month period i.e August 2011 to December 2011.

The success was due to the co-ordination between NPCI, Local Clearing House and Image Infosystems Pvt Ltd officials.

The knowledge gained at previous installation  centres was shared at the new installation centres. This knowledge sharing ensured smooth adaption with minimal glitches. 

23 Mar 2012 – RTGS/NEFT/IMPS are working.

Banks in the following States will be closed for UGADI / 1st NAVRATRA / GUDI PADVA / TELUGU NEW YEAR'S DAY on 23/03/2012.

The States are : Andhra Pradesh, Karnataka, Tamilnadu, Goa.

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.

Indian Union Budget 2012 – A Safe ePayments Motivator view

10 boosters for Safe ePayments in Union Budget 2012.

1. Kisan Credit Card (KCC ) being turned into a smart card to be used at ATMs. The genesis of this idea can be traced back to 2005, when State Bank of India, was planning to launch ATM linked Kisan Card
   
   
2. 02) Central 'Know Your Customer (KYC) depository' will be rolled out in 2012-13, to minimize customer inconvenience in opening Bank Accounts and possible reduction in fraudulent documents being part of the Banking System.
   
   
3. National Population Register (NPR) will be live in the next two years. The NPR will have the AADHAAR numbers, as the Unique Identifier which will drive Government's e-governance initiatives.
   
   
4. 04) UID-Aadhaar enrollments will cross 60 crs+ and majority of MG-NREGA; old age, widow and disability pensions; and scholarships will move directly to the beneficiary accounts in selected areas.
   
   
5. 05) National rollout of mobile- based Fertiliser Management System (mFMS) . The system is live, and the is being rolled out across the country. The basic aim of mFMS is to track the movement of fertilizers along the supply chain I.e from Manufacturer to Retailer. Once, this is stablised,the next hase would be Direct transfer of subsidy to the retailer, and eventually to the farmer.
   
   
6. As the data in the transparency portals of the three public sector Oil Marketing Companies stablise, the project for selling LPG at market price and reimbursement would be rolled out. Already a pilot project is being conducted in Mysore.
   
   
7. Another project is for the direct transfer of subsidy on Kerosene. This has commenced in Alwar district of Rajasthan.
   
   
8. Similarly, the Aadhaar platform has also been successfully used to validate PDS ration cards in Jharkhand. This is forerunner to roll out Aadhaar enabled payments in atleast 50 selected districts in the next six months.
   
   
9. All IPO's of above Rs10 crs, will be in the in electronic form through nationwide broker network of stock exchanges; This will substantially reduce the Paper cheques in the Banking industry.
   
   
10. Another electronic platform in the Stock Market is the through electronic voting facilities, besides existing process for shareholder voting, which will be made mandatory initially for top listed companies;

Axis Bank - Mohur Sliver Bars-- Extension of the Mohur Brand

7 bits of info on the Mohur Brand.

1. The first launch was the Gold coins with Assay certification of being 24 carat and 99.99% purity.
   
   
2. The Mohur Gold Bars are offered at the counter at its 1,400 plus branches located across the country.
   
   
3. In March 2012, the Mohur Brand was extended to Silver Bars, with the launch of Mohur Silver Bars.
   
   
4. The Mohur Silver Bars are 24 carat, imported from PAMP (Produits Artistiques Metaux Precieux) Switzerland, carry a 99.99% purity Assay certification and are packaged in a tamper proof cover.
   
   
5. During the stabilization phase, the Mohur Silver Bars in 100gm denomination will be available for sales at its branches in major cities of Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad and Ahmedabad.
   
   
6. In the near future, other cities will also be covered.
   
   
7. The rectangular Silver Bars can be purchased by all Axis Bank /non-Axis Bank customers either by Cash, Credit/Debit Card or through Account debit.

The rate of Silver in India of the last 10 years can be read at this Blog