Reserve Bank of India penalises 16 Central Co-operative Banks (CCBs)

          As per the latest available statistics, there are 372+ District Central Cooperative Banks in India.  The DCCBs have a number of cooperative societies and cooperative banks under their umbrella.

          This publication has a number of useful information on DCCBs in India.

          A brief history of DCCBs in India can be read here

          On 31^st March 2015, Reserve bank of India announced an imposition of a monetary penalty of  INR 5.00 lakh (Rupees five lakh only) each on 16 Central Co-operative Banks listed below.

          The penalties have been imposed in exercise of powers vested in it under the provisions of Section 47(A) read with Section 46 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for non-adherence to Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards.

Sr.No. Name of the Bank

1. The Dumka Central Co-operative Bank Ltd., Dumka (Jharkhand)

2. The Gumla Simdega Central Co-operative Bank Ltd., (Jharkhand)

3. The Dhanbad Central Co-operative Bank Ltd., (Jharkhand)

4. The Rewari Central Co-operative Bank Ltd., Rewari (Haryana)

5. The Mansa Central Co-operative Bank Ltd., Mansa (Punjab)

6. The Jind Central Co-operative Bank Ltd., (Haryana)

7. The Gopalganj Central Co-operative Bank Ltd., Gopalganj (Bihar)

8. Ajmer Central Co-operative Bank Ltd., Ajmer (Rajasthan)

9. Hanumangarh Kendriya Sahakari Bank Ltd., (Rajasthan)

10. The Central Co-operative Bank Ltd., Bikaner (Rajasthan)

11. The Sirohi Central Co-operative Bank Ltd., Sirohi (Rajasthan)

12. The Bundi Central Co-operative Bank Ltd., Bundi (Rajasthan)

13. The Boudh Co-operative Central Bank Ltd., (Odisha)

14. Bhawanipatna Central Co-operative Bank, (Odisha)

15. Cuttack Central Co-operative Bank Ltd., (Odisha)

16. The Sambalpur District Co-operative Central Bank Ltd., (Odisha)

As per Standard Operating Practice, Reserve Bank of India had issued a show cause notice to the banks in response to which the banks submitted a written reply.

After considering the facts of the cases, the banks’ replies and personal submissions in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of the penalty.

         

Extended NEFT and RTGS timings on March 30 & 31, 2015

Reserve Bank of India has advised All Scheduled Commercial Banks including Regional Rural Banks/Urban Co-operative Banks / State Co-operative Banks /District Central Co-operative Banks/Local Area Banks vide Lr.dt.March 26, 2015 to be in readiness to participate in the Centralised Payment Systems (RTGS and NEFT) on March 30-31, 2015 during the extended timings on March 30-31, 2015.

A separate broadcast message in this regard will be issued through the respective system indicating the extended time window.

The extended timings for RTGS on March 30-31,2015 is 8.00 am to 10.30 pm.

The extended timings for NEFT on March 30-31,2015 is 8.00 am to 10.45 pm.

The extended timings are mainly to facilitate accounting of all the Government transactions for the current financial year (2014-2015) by March 31, 2015.

However as the type of transactions cannot be controlled in the NEFT and RTGS channel, normal customer transactions will also flow.

As wide publicity is being given for the extended timings, it is expected that a large number of high value transactions will flow in this time slot.

This extended window will put pressure on banks operations teams and treasury teams. Operations team as they be continuously monitoring the transactions flow.

Treasury teams as they have to constantly monitor the liquidity management to minimize last minute surprises. 

Dynamic Platform Tickets – Should one Platform ticket be given free?

 

          One of the most loved words’ by Logistics companies is the word DYNAMIC PRICING.  Most of travellers in India be it bus mode or train mode or aeroplane mode are familiar with the Law of Dynamic Pricing.

          Read this IRCTC document  for Salient features of Premium Special Train on Dynamic Pricing and also this document for Salient features of Premium Tatkal(PT) Quota on Dynamic Pricing.

 

          Readers are familiar with the vagaries of dynamic pricing. In view of the fantastic response to these dynamic fare options, Railways has decided to bring in one more ticket service under the dynamic fare ambit.

          The ticket service is Platform Ticket cost. The railway platform ticket has been hiked from INR5 to INR10 and the new rate will be from 01/04/2015.

Railway Ministry have issued the necessary directions to all Zonal Railways to print the revised tickets on top priority and ensure supply to all stations well in time. However as it will take time for the new tickets reach the respective railway stations, the existing stock of tickets may be used with the rate corrected with a stamp.

Apart from the physical sale of platform tickets at ticket counters, platform tickets are also issued through SPTM & UTS or other machines, and such  software will be modified to collect the revised rate.

          And, here is where the dynamic concept kicks in. The Ministry of Railways has delegated the power to Divisional Railway Managers (DRMs) to increase the rate of platform tickets beyond Rs.10/- to regulate rush at platforms during specific requirements like mela, rally etc.

          As a customer friendly initiative, Railways can explore the following options to maximise customer happiness.

a)    One free platform ticket with every IRCTC reservation slip.

b)     SMS based platform ticket booking. This was supposed to be introduced way back in 2006 but never took off.

c)    SMS alerts to the registered mobile numbers, in case the respective DRMs decide to increase the rate beyond INR10/- on any day.

d)    Introduction of Platform ticket booking on www.irctc.co.in

e)    Displaying the current day’s platform ticket rates on the railways ministry website.

f)    Exclusive Mobile App to ascertain the current’s day’s platform ticket rate.

g)    Discount on booking platform ticket in advance.

h)    Random 50 free platform tickets to passengers’ relatives and friends booked via IRCTC.

Union Bank of India IRCTC RuPay Prepaid Card

          Union Bank of India in association with NPCI, partnering with IRCTC has unveiled “IRCTC UBI PREPAID CARD”.

          Union Bank of India has always been in forefront in introduction of new digital payments tools in our country.  Union Bank of India Product team has a knack for analysing customer needs and designing specific Safe Digital products for their customers.

          The latest addition to the Safe Digital products is Union Bank of India IRCTC RuPay Prepaid Card.

          The card was launched very recently and the volumes are expected to scale up as the rail passengers appreciate the benefits of Union Bank of India IRCTC RuPay Prepaid Card.

          This is the sample of the Union Bank of India IRCTC RuPay Prepaid Card

Advantage of Union Bank of India IRCTC RuPay Prepaid Card  to Railways:

01) Alternate to their own IRCTC eWallet.

02)                  Increase the success rate of IRCTC transactions.

03)                  Decrease the unhappiness amongst IRCTC users.

04)                  Showcase their versatile payment options to the world.

05)                   Help in faster conversion rate from physical transactions to digital transactions.

Benefits of Union Bank of India IRCTC RuPay Prepaid Card to Rail Passengers:

01) Reap the joys of Safe eTransactions.

02)                  Reduce the transaction time.

03)                  Minimise transaction costs.

04)                  The PP can also be used as Gift Cards.

05)                  Reduce stress levels.

Benefits of Union Bank of India IRCTC RuPay Prepaid Card to Union Bank of India:

01) Showcase the latest technology products to the world.

02)                  Increase the float funds, as no interest is paid on amount loaded in the prepaid cards.

03)                  Expand the bank’s customer base.

04)                  Increase the banks visibility across both physical and digital media.

05)                  A prominent partner in PM Modi’s Digital India drive.

          

10 Benefits of Char Dham Biometric Registration Tool

01) At the biometric registration counter the picture of Yatris is captured and the information like Name, address, phone number, registration of vehicle number (If any) and place of pilgrimage are saved in the system which generates a bar code.

02)         Every pilgrim is given a card on which a bar code is pasted.

03)         No fees are charged by the company providing this service. The company uses the space available at the back of registration card for commercial advertisement.

04)         Real-time tracking of the pilgrims at various locations in the command area.

05)         Link concept possible to locate lost pilgrims.

06)         Reliable database in case of any untoward incidents.

07)         Possible to provide Group Accident insurance.

08)         Effective crowd control.

09)         Minimise crowding of pilgrims in any particular area.

10) Authenticate count of pilgrims visiting the pilgrimage towns.

 

 

          Hindus all over the world aim to complete atleast one Cha Dham darshan in their life time.

Char means ‘four’, Dham means ‘abode’. Hence Char Dham can be translated to “Four Abodes”.

The Chardham circuit includes visiting to four glorious shrines of Yamunotri, Gangotri, Kedarnath and lastly the Badrinath Dham. Traditionally, the yatra is done from the west to the east - starting from Yamunotri, then proceeding to Gangotri and finally to Kedarnath and Badrinath

All these 4 abodes, are located in the astonishing Himalayan foothills of Uttarakhand at distinct districts.

Adi Shankaracharya, the great reformer and philosopher is credited with taking the first steps towards the Char Dham Yatra in the 8^th century.

Over the years, the popularity of the yatra has soared. As these places are situated in snow areas, the temples are opened only during a specified period, normally during summer.

This glorified expedition starts from Haridwar, the perfect gateway to God and can be reached to Uttarkashi for Gangotri and Yamunotri shrine and be completed at Chamoli by visiting the Badrinath Temple.

A very brief description of the four temples is below;

Gangotri Temple: - The holy river Ganga is known to be originated from Gangotri itself, through the prayer made by king Bhagirath.

Yamunotri Temple:-Located at Uttarkashi at an elevation of 3164 meters from the sea level, Yamunotri Dham temple sanctifies thousands of moods and spirits bringing the origin of River Yamuna.  It is the only place where the devotees can find both the amalgamation of hot and cold environment.

Kedarnath Temple:-Kedarnath Temple in Rudraprayag district of Uttarakhand state is elevated at an altitude of 3584 m above the sea level flanking around the river Mandakini. It is considered as the most pious abode of Lord Shiva and is believed that one of the 12 forms of Lord Shiva in the shape of “Jyotirlingas” was dropped at the hills of Mandar where the main temple is located. 

Badrinath Temple:-A perfect example of devotion for humanity and mankind, the Badrinath Temple is elevated at an altitude of 3415 meters in the Garhwal Hills on the bank of Alaknanada River.

In 2013 Uttarakhand was devastated by the flash floods which resulted in huge  catastrophe both in terms of human life and infrastructure loss.

During the last two years, Uttarkhand Government has taken numerous steps to enhance the safety levels of both the pilgrims and the associated pilgrim infrastructure.

One of the most important safety tools is the Biometric registration of the Pilgrims.

Biometric registration counters are already in place at entry points to the state and on yatra routes.  Additionally five base camps, 48 wayside amenities, seven ghats and 12 night shelters for the 2015 Chardham yatra have been set up.

 

Since 2014, Uttarakhand state authorities have plans to limit the number of visitors at any given point of time. Hence, government has made arrangements for mandatory biometric registration of the all the visitors. This will enable tracking of visitors with a GPS-based monitoring system so that tourist flow can be checked for a particular Dham/Temple.

Q: Who will man the Biometric registration booths?

Ans: The booths will be manned by staff of  Trilok Security System India Private Limited (TSSIPL).

TSSIPL operates such services of a) TTD DEVASTHANAMS b) SHRI MATA VAISHNO DEVI SHRINE BOARD  c) UTTARAKHAND TOURISM d)AJMER SHARIF DARGAH  e) BABA BAIDYANATH DHAM

 The State Government decided to have the biometric registration of the Yatris after the disaster of last year when the hundreds of pilgrims were reported missing in absence of any registration mechanism.