RBIQ 2014 Curtains down – RBIQ 2015 Curtains Up

            The third edition of the Annual Reserve Bank of India Quiz came to an end with the finals held on November 14,2014 in Mumbai.

            10,000 students directly participated in the RBI Quiz 2014 with an equal number participating indirectly.

            The 10,000 students were spread over 5,000 schools-62 different Pan-India locations.

            Students of Classes 9th, 10th, 11th and 12^th are eligible to participate in the RBI Quizzes.

Shri  Giri 'Pickbrain' Balasubramaniam was the quizmaster and Doordarshan was the media partner for 2014.

As compared to the previous edition, there has been an marked increase in the participating students and institutions.

The level of questions that the students had to tackle were of a very high order, with RBI Governor Dr.Raghuram Rajan saying  that  he was thoroughly impressed about how much they knew. "We have been at the Reserve Bank for a while now. But I must say we did not know many of the answers," Dr. Rajan confessed.

RBIQ 2015-Curtains for the fourth edition will rise in early 2015

IDRBT Banking Technology Excellence Awards-An Introduction

            Apart from banking professionals in our country, IT Companies having banking products and IITian’s are familiar with IDBRT contribution to Safe eBanking in our country.

            It has been observed that competition brings out the best amongst peers.  Towards this end, IDRBT instituted the Annual Banking Technology Awards in the year 2001. This was just after IDRBT came into existence i.e 1996

            The year 2001 is a watershed year in the technology calendar. This was just after the world overcame the Y2K pangs.

            Apart from the spirit of healthy competition, the IDRBT Awards act as a catalyst for Banks to speed up the Technology Absorption process.

            The category of awards is not stagnant and keeps changing in tune with the current technology awards.

            The focus of the award categories is to recognize the efforts of banks aimed at improving customer service, customer convenience and Bank's productivity by leveraging technology.        

            Once the award categories for the particular year are announced, Banks are expected to nominate themselves in those categories best suited to them.

            Over the last 14 years, there have been few years in which the Awards were not announced. However, for the last six years the years have been continuously been awarded.

            The crème de la crème of Indian Banking industry and finance technological companies grace the Award Functions.

            The Award Function is held in November or December every year.

1^st IDRBT Banking Technology Excellence Awards – Year 2001

2^nd  IDRBT Banking Technology Excellence Awards – Year 2002

3^rd  IDRBT Banking Technology Excellence Awards – Year 2003

 4^th  IDRBT Banking Technology Excellence Awards – Year 2006

5^th  IDRBT Banking Technology Excellence Awards – Year 2008

6^th  IDRBT Banking Technology Excellence Awards – Year 2009

7^th  IDRBT Banking Technology Excellence Awards – Year 2010

8^th  IDRBT Banking Technology Excellence Awards – Year 2011

9^th  IDRBT Banking Technology Excellence Awards – Year 2012

 10^th IDRBT Banking Technology Excellence Awards – Year 2013

In the coming months, each year’s IDBRT Awards will be analyzed in detial

RBI extends the time limit for completely withdrawal from circulation all banknotes issued prior to 2005

            For the benefit of a large number of Indians, Reserve Bank of India (RBI) has decided to completely withdraw from circulation all bank notes issued prior to 2005.

However RBI has clarified that the notes issued before 2005 will continue to be legal tender. Accordingly all banks have been instructed by Reserve Bank of India to facilitate the exchange of old notes (issued prior to 2005) whenever requested by both customer and non -customers.

            Previously the deadline for exchanging of these notes was January 01 2015, after which banks would exchange the notes only for their customers and non-customers had to furnish proof of identity and residence. But subsequently this deadline has been extended to June 30, 2015.

 In order to implement withdrawal norms, RBI has issued guidelines on exchange of pre-2005 bank notes.

 Q: -What is the requirement from Bank branches   in implementing RBI guidelines on withdrawal from circulation all banknotes issued prior to 2005?

Ans:  Bank Branches to continue to accept all older series bank notes (issued prior to 2005) deposited by the customers into the accounts and for non customers as when they turn up at the branch for exchanging of these notes.

Q: How to identify pre-2005 notes?

Ans:    Identification of pre-2005 notes: On these bank notes, the year of issue is not printed on the back-side and these bank notes are not meant to be re- issued to general public

Bank note on which the year of printing is not indicated and not to be reissued to general public

Bank branches to continue to perform the existing validation on geniuness of banknotes (through UV/Fake note detector verification). .

The respective bank branches sort the currency notes into issuable and non-issuable bank notes. All notes issued prior to 2005 to be treated and bundled as part of non issuable.

            In course of time, the pre-2005 bank notes will be part of collector’s treasure.

Another Simple tip to identify pre-2005 Bank Notes:

All the Indian currency bank notes printed before the year 2005 do not have the year of printing marked on it.

All the Indian bank currency notes printed post 2005 have is year of printing clearly printed in the middle of the bottom row on the backside of the note.

So check all your Indian bank currency notes bank now.

If it has no year of printing on the back, it means the note is printed before 2005 and needs to be exchanged with the bank as per the RBI deadline.

Cheers-5,000+ White Label ATMs now in our country

            An important milestone has been crossed in India’s White Label ATMs journey. In November 2014, the number of LIVE White Label ATMs has crossed 5,000+

            As on date there are 7 WLAO’s live in India. As the operators gain experience they are rapidly expanding their foot-prints all over the country.

            The number of transactions executed by the White Label ATMs is not in public domain. However, a fair idea of the number of present transactions can be ascertained from this article.

            At present the focus is on creating a fair sized network of ATMs. The next focus would be on ways and means to increase the foot-falls at these ATMs.

            There are concerns that the average number of transactions at ATMs is slowly decreasing and is also cause of worry for WLAOs. The next target of 10,000+ White Label ATMs is expected to be crossed by the end of this financial year. 

            

ICICI Bank – Hike in ATM Charges-LessCash Transactions Motivational Tip

            As per press reports, ICICI Bank from 01 January 2015, is rolling out a LessCash motivation tip to its account holders.

            ICICI Bank has decided to levy charges on its own customers for accessing their Automated Teller Machines (ATMs) after five transactions.

After exceeding the five free transaction limits, customers will have to pay Rs 20 per financial transaction excluding service tax and Rs 8.50 for every non-financial transaction for using own bank's ATM.

These charges will also be applicable at non-ICICI Bank ATMs in six metros after three free transactions--Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad.

In case if the card is used in non-metro areas then customers can enjoy five free transactions per month at non-ICICI Bank ATMs, after which the same charges will apply.

            As a minor concession, customers maintaining an average monthly balance of more than INR 25,000, will not be charged for using the bank's ATM even beyond five transactions.

            This is in line with RBI Circular dt October 10, 2014 on Usage of ATMs –Rationalization of number of free transactions.

            Through this step the respective Banks are encouraging their customers to migrate from Cash Transactions to Electronic Transactions.

            The pressure will be more on commercial establishments and organizations to offer alternate payment channels to their customers.

            Yes, this is the way to go ahead for LessCash Transactions in our country.