31 Bharatiya Mahila Bank Branches opened, 50 Plus on the way

            The BMB has signaled its presence in 31 Indian locations. In the next 12 months or so, 50+ Branches are scheduled to be opened. Customers can also transact through its 30 ATMs.

            The citizens of the following locations can expect to see the physical presence of BMB branch very soon.

            Mysore, Madurai, Mangalore, Bhopal, Haridwar, Cuttack, Model Town-New Delhi, Vadodara, Ghatkopark-Mumbai, Pune, Coimbatore, Calicut, Mahububnagar, Nawanshahar, Jalandhar, Solan, Trichy, Vijaywada, Kakinada, the list goes on …………….

           Adding a feather in its cap, Bharatiya Mahila Bank Ltd  bagged the Core Banking System Initiative Award of the year 2014 by the Asian Banking and Finance - Retail Banking Awards 2014, Singapore.

The Bank has automated almost all the processes and will soon be launching internet banking and mobile banking services. The internet banking of the Bank, will be offering certain first of its kind, value added services.

            

KayPay – The new ePayment tool on the Block

            We Indians are getting spoilt for choice with new ePayment Tools being introduced every week.

            The latest ePayment Tool for ePayment users is Kotak Mahindra Bank’s KayPay

            KayPay was launched just before the Diwali season. KayPay rides on NPCIs’ IMPS (Instant Payment Service) to bridge the gap between the receiver and the sender.

            The other major component ot KayPay is Facebook. The receiver should have a Facebook account and also authorize KayPay tool to access the complete details of the receivers Facebook account.

            Well, yes this is a social harvesting technique but this is the price for free transactions.

            To secure the transactions,  KayPay’s mechanism involves a two-step authentication process — the Facebook user ID and a one-time password. Notification of transfer will be sent through Facebook messages and SMS.

            Before the funds can be transferred, a one-time registration of your existing bank account on Facebook or at www.kaypay.com is required

            If your bank is not on list of KayPay participating banks, do inform them through Facebook, customer service line, mail to customer service. Yes, you should demand

United States of America to embrace Real Time Payment Systems

            40 years ago, the first step towards electronic payment transactions was taken by USA Financial Sector.

            Over the years, the USA’s ePayment system known as ACH (Automated Clearing House) has grown to handle a huge number of transactions.

             Through the ACH Network funds can be electronically credited or debited to a checking (Current account in India), savings accounts, financial institution general ledger account (Inter-Bank transaction in Indian terminology) or credit to a loan account.

            The ACH Network is a batch processing, store-and-forward system. Transactions are stored by financial institutions throughout the day and processed at specified times in a batch mode.

            The main disadvantage of Batch Mode is that the transactions are not done in real-time but done with a lag in time.

            Yes, USA Citizens have not yet enjoyed the joy of Real-Time Payment Systems.

At present, real-time payment systems are present in 35 countries, and some of those real-time systems are more than 40 years old.

            Realizing the benefits of real-time payemnts system, the USA Fed has embarked on a mission to introduce real-time financial transactions to the USA citizens.

            The exercise is expected to last for a few years, as it is a complicated task to introduce real-time financial transactions to Americans.

            A basic version of Real-Time Payment System functions in USA, under the brand name FEDWIRE.

            

The essentials about Phantom Company Credit Cards

            Finance enthusiasts have recently added Phantom Company Credit Cards to their dictionary

Ø  The interest around Phantom Company Credit Cards has aroused after Spain’s two struggling Banks - Caja Madrid and Bankia used innovative methods to use them

Ø  The above two Spanish Banks used the Phantom Company Credit Cards to enable high level executives to spend at their whim

Ø  In theory the Company credit cards were for business purposes only

Ø  In real life, actuality, executive took a generous view of what constituted a professional expenditure.  Many of the uses seem to be connected to private or weekend trips

Ø  The earliest set of Phantom Company Credit Cards were issued way back in 1996

Ø  The Phantom Company Credit Cards were handed out and managed separately from the other routine corporate credit cards

Ø  Investigation is still going in the depth of the Phantom Company Credit Cards scandal. As is the norm, the involved executives have pleaded non-guilty

Ø  The term Phantom is used here as the Phantom Company Credit Cards were issued to chauffeurs at Caja Madrid and Bankia in their own name so they could make purchases on behalf of executives and board members

11 reasons why you should register for ePost

            Introduction: -

a)    ePost is the online version of India’s post offices.

b)   As it is online version, the ePost portal can be accessed from any part of the world, at any time.

11 grounds to register yourself for the ePost

01) 3 types of services can be availed on ePost

02)The 3 types of services are: a) philately (purchase of stamps), b) PLI/RPLI(payment of premium) and c) eIPO (purchase of postal order for RTI)

03)Only one time registration is required

04)User can register through the portal https://www.epostoffice.gov.in

05)The registration requirements are quite simple. The user needs to have a valid email id and mobile No. for registration in ePostoffice

06)The security features are reasonably good. Email id is mandatory because ecode will be received on email which user will need at the time of user verification

07)Mobile No. is mandatory because mCode will be sent on the mobile number, which user will need at the time of user verification

08)eCode is a six digit code/number that user will receive on registered email id

09)mCode is a six digit code/number that user will receive on registered mobile no

10) The best part  is that there is no time limit for user verification

11)  Normally the eCode and mCode are received with 4-5 minutes of registration. In case, there is some problem in the server, user can wait for couple of hours or more or can try resending the codes in that duration