IIBF Clarification on Classroom coaching

            In the recent past, IIBF has introduced blended courses for the benefit of banking community. Blended courses comprise an Online Examination and a Classroom Learning workshop.

            The Classroom workshop can be taken only after the successful completion of the Online examination.

            To encourage the learners to complete the Classroom learning, IIBF has clarified that the same has to be completed within 15 months from the date of declaration of the results of the respective blended certification course.

            At present, the following are the Advanced Blended Certificate Courses:

1) Certified Bank Trainer

2) Certified Banking Compliance Professional

3) Certified Credit Officer

4) Certified Treasury Dealer

Well, in  case a candidate fails to complete the prescribed classroom learning within the stipulated period, in order to complete the course, the candidate would be required to RE-ENROLL himself/herself for the online examination foregoing the credit for the subject/s passed in the earlier online examination/s.

The rules are clear, so go ahead and plan your studies.

             

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