Union Bank of India live on IMPS using Account Number and IFS Code

          Union Bank of India customers can now receive funds through IMPS (Immediate Payment Service) just by letting the remitter know their Account Number and IFS Code.

          This eliminates the need for MMID. Of course, MMID has its own advantages.  The main advantage of MMID is that the remitter need not know the account number of the beneficiary.

          Union Bank of India, to encourage its customers to utilize the Debit Cards or credit cards to the maximum has launched a Debit Card Rewards program.

          This new campaign by Union Bank in the final month of the financial year is sure to increase the transaction numbers of its debit cards.

          The program has been named as Union Rewardz. Yes, very similar to SBI Rewardz program.

          The highlights are:-

Automatic pre-enrolled as a member, as long you have a valid Debit or Credit Card of Union Bank of India.

01) Reward points  accrue on all transactions made through your Debit & Credit Cards at POS and E-Commerce outlets.

02)                These reward points can be redeemed against thousands of merchandise items, movie, bus & air tickets, gift vouchers & more.

03)                With every purchase perRs. 100, the card holder can earn Union Points.

04)                A minimum of Rs100/- has to spend every time to earn 1point.

05)                Once you get 100 Union Points, than you can start the redemption process.

So Union Bank Credit/Debit Card holders register now  at www.UnionRewardz.com or by calling 18001088000.

JK Bank adds one more feather to its portfolio

         JK Bank, the youngest member of IMPS (Immediate Payment Service) is already live on another IMPS sub-product.

         On 07/03/2013, JK Bank has gone live on IMPS using Account No and IFS Code. It should be noted, that JK Bank had gone live on IMPS only as recently as 21/02/2013. And in a span of less than 2 weeks, it has gone live with IMPS-IFS Code. Commendable, indeed.

        I am sure, that this will be well appreciated by JK Bank customers and will execute large number of transactions on the IMPS channel.

Jammu & Kashmir Bank joins IMPS

            Jammu and Kashmir Bank has joined the Immediate Payment Service (IMPS) network on 21/02/2013.

            Jammu & Kashmir Bank or shortly known as JK Bank, is a Bank with main focus on Kashmir.

            JK Bank has a history of over 75 years. The Jammu & Kashmir Bank was founded on October 1, 1938 under letters patent issued by the Maharaja of Jammu and Kashmir, Hari Singh.

J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialized bank in the rest of the country. It is also the only private sector bank designated as RBI’s agent for banking business, and carries out the banking business of the Central Government, besides collecting central taxes for CBDT.

            With JK Bank being part of the IMPS network, its customers would be able to transfer money and also receive money, in a fraction of a minute.

            Welcome JK Bank to India’s  newest  ePayment Product.

           

The new identity for J&K Bank is a visual representation of the Bank’s philosophy and business strategy. The three coloured squares represent the regions of Jammu, Kashmir and Ladakh. The counter-form created by the interaction of the squares is a falcon with outstretched wings – a symbol of power and empowerment. The synergy between the three regions propels the bank towards new horizons.Green signifies growth and renewal, blue conveys stability and unity, and red represents energy and power. All these attributes are integrated and assimilated in the white counter-form.

eASBA Apply through your Banks internet banking module

           

eASBA - the facility of applying for Stock Market Issues through Bank’s internet banking module, is fast picking up.

eASBA is for Online Subscription of IPO/FPO by blocking one’s CASA account.

It’s a Safe, Secure and Convenient way

            The main advantage of eASBA over the physical ASBA is that the Bank customers can enjoy the benefits of ASBA without visiting any bank branch, to submit the physical application.

            The main advantage of eASBA for SCS Banks is that a part of Broker compensation can flow back to the bank, as payback charges.

ASBA eforms can be downloaded from the NSE site. However, in case of eASBA, the application form is already part of the internet banking module, and the bank customers have to click on the ‘I agree to the terms and conditions’, to proceed further.

The e-ASBA facility is user-friendly, simple, instant, secure and available 24x7. Normally, it is a self-service facility eligible for all net banking customers having transaction rights.

Majority of the banks allow applying online up to 4.00 PM on the issue closure day.

                        The main disadvantage of eASBA is that Rights Issues cannot be applied, as physical application issued by the company containing CAF number must be submitted to Bank.

            I am sure in the near future, a way will be found out, to apply for Rights Issues through eASBA.

Budget 2013-14 – Benefits for Safe ePayments

            The following points are of great interest to Safe ePayments Motivators.

            In the medium run, these new initiatives announced by Mr.P.Chidambaram, Finance Minister, will encourage Indian industry and bank customers to adopt more and more ePayments modes in their daily routine.

01) 11 lakh beneficiaries have received benefit under Direct Benefit Transfer scheme. Direct Benefit Transfer (DBT) Scheme to be rolled out throughout the country during the term of UPA Government: - The more beneficiaries experience the joy of Safe ePayments, the more they will spread the word of Safe ePayments.

02)Rs 532 crore to make post offices part of core banking: - At present, Post Office Saving Bank is not part of electronic payment channels viz ATMs,NEFT,RTGS,IMPS etc. The core banking solution is the first step to integrate Post Office Saving Bank into mainstream eBanking Channel.

03)Tax credit of Rs. 2,000 for income upto Rs. 5 lakh: - This will encourage people to file their tax-returns irrespective of whether their tax liability. This is a step to ensure more and more countrymen obtain PAN.

04)First home loan from a bank or housing finance corporation upto Rs. 25 lakh entitled to additional deduction of interest upto Rs. 1 lakh: The disbursements to real-industry should be via eMode only.

05)Insurance companies can now open branches in Tier 2 cities and below without prior approval. All towns of India with a population of 10000 or more will have an LIC branch and one other public sector insurance company:- All Insurance companies have adopted ePayments in their daily routine. The above initiative will deepen the reach of ePayments.

06)All public-sector banks have assured the Finance Minister that they will all have ATMs in their branch areas by 2014.

07)India's first women's bank as a PSU proposed, Rs. 1,000 crore working capital announced

08)The country has moved a step towards uniform know-your-customer (KYC) norms for different investments. The Union Budget has proposed the use of bank KYC for buying insurance as well. This will make the process for purchase of insurance simpler