FINPro – Program for Commerce Students in India. Please recommend to your friends

                WiproBPO and Firstnaukri.com have joined hands to unveil a Finance Program targeted at Commerce students. The program is christened as FinPro.

                The main aim of the program is enhance the employability prospects of the commerce students in the finance/accounting departments.

                Firstnaukri.com is the online partner and details can be accessed here.

                The course is spread over 24 hours online sessions peppered with quizzes and online assessments and in the pilot run, college students in Chennai, Bangalore and Hyderabad can take part.

                 The preferred students are undergraduate students pursuing the final year of Bachelors in Commerce (B.Com) or Business Administration (BBA) in India as well as graduates in these streams.

                As the course is offered by WiproBPO, WiproBPO has the first right to interview these students and offer them placement opportunities.

                The course concentrates on corporate readiness modules with a sprinkling of Finance and Accounts.

WiproBPO recruits a substantial number of fresher’s from its partner colleges and this initiative will enable to reduce the on-job training cost as well enhance its brand amongst students.

Do you know that a Bank Debt Recovery Agent has to pass an IIBF Examination?

            

Debt Recovery Agents are part of the financial space all over the world. The Lenders turn too specialized teams for recovery of their Non-Performing Assets.

            Over the years, due to various factors, Indian Debt Recovery Agents become very aggressive. Reserve Bank of India was flooded with customer complaints on the rude behavior by the Debt Recovery Agents.

            To bring in professionalism into the Debt Recovery process, Reserve Bank of India, in paragraph 172 and 173 of the mid-term review of the Annual Policy for the year 2007-08, announced the guidelines for Debt Recovery Agents engaged by Banks.

            Reserve Bank of India has advised the Indian Banks' Association to formulate, in consultation with Indian Institute of Banking and Finance (IIBF), a certificate course for Debt Recovery Agents who have undergone 100 / 50 hours of training.

The existing recovery agents had to within a period of one year had to undergo the above training and obtain the certificate from IIBF.

Going ahead, the service providers engaged by Banks / NBFCs should employ only such personnel who have undergone the above training and obtained the certificate for the purpose of recovery from IIBF.

The course has been designed through a consultative process with senior executives of Indian Banks Association (IBA) and banks.

Despite RBI guidelines, significant number of banks’ recovery agents harasses defaulters the age-old way.

Adhikrut Jabti Evam Vasuli Managed by TEAM OF YOUNG WOMENS came into operation in the year 1998

Aadhaar Numbers – 2 crores allotted in July 2013

            UIDAI has an internal target to issue 60 crore Aadhaar numbers by 2014 end. It is steadily racing towards its target, and till date UIDAI has issued 40 crs 19lacs (40,19,00,000) numbers.

            A record 2 crore Aadhaar numbers have alone been allotted in July 2013. The pace is picking up, as more and more departments are realizing the benefits of storing residents Aadhaar numbers in their data-bases.

            Aadhaar Enabled Service Delivery is linked to various government schemes such as scholarship, pension scheme, dhanalaxmi, janani suraksha yojana, payment of social security benefits such as old-age payments, distribution of LPG subsidy etc

            Enrolment drives are being  popularized in many parts of the country to raise the awareness levels. Radio jingles seem to be the most effective way.

            In Kerala, Akshaya Kiosks are the preferred mode for Aadhaar enrollments.

            The main challenge for residents is in case of delayed receipt of Aadhaar numbers, whom to contact and how.

            How long a resident should wait for his/her Aadhaar number after the enrolment date. The average waiting period is 30 days to 90 days. In case, the resident does not receive his Aadhaar number within 90 days, it is better to start inquiring with UIDAI on the allotments status.

            

24/08/2013 – IOB Branches full day working

            On 19/08/2013, i.e just after Sunday, Indian Overseas Bank customers experienced a major disruption in service. This disruption was due to a severe technical glitch in its CBS (Core Banking Software).

            The customers were allowed withdrawals based on 17/08/2013 i.e Saturday day-end balances.

            In the recent past, this was the first instance wherein a major Banks CBS was down for a full working day.

            The present IOB CBS has been developed in-house, and very recently, it has appointed Ernst & Young, as consultants to freeze a new CBS software.

             At the same time, it is also looking to monetize its investments in the stand-alone CBS.

            Reserve Bank of India had advised IOB to shift to Oracle based CBS, as that would have helped in RBIs Automated Data flow system.  

            By 20/08/2013, IOB customers could withdraw monies based on their latest balance. However, it had a cascading effect on clearing operations.  It took another 2 days to stabilize clearing operations.

            In today’s eBanking era, disruption of CBS in any medium/major bank even for an hour creates havoc in the schedules of its customers.

The Hindu

Indian Clearing System – Introduction of new Return Reason 88

            With the adoption of Uniform Holiday Calendar under Cheque Truncation System (CTS), a new Return Reason has been introduced.

Under CTS, inward clearing is generally processed in a centralised manner by banks at the CTS location.

However, in exceptional cases, where the reference to base branch is required and the base branch is closed on account of local holiday, the drawee bank at the grid location may return the instrument to the presenting bank under return reason code 88 as enumerated in annexure D of Uniform Regulations and Rules for Bankers' Clearing Houses with the description “need reference to the drawee branch which is closed on account of local holidays/issues”.

Return Reason 88 will be a technical return reason, and will have to re-present by the Presenting Bank, without the physical cheque being returned to the customers.

Drawee Banks have to be very careful while choosing this return reason as the onus will be on them, to prove that there was a holiday in the Base Branch state, in case of any dispute.