Bank of Baroda mPassbook – 11 New features please

Bank of Baroda mPassbook – 11 New features please

          The objective of any Banking App is to increase the DIY (Do It Yourself) transactions / resolve queries.

          The more bank account holders are comfortable with their Banks Mobile Apps / Net Banking Module, the less will be the burden on physical touch points.

          Towards this end, mPassbook offered by most Public Sector Banks is a good APP showcasing all the customers financial transactions in their bank accounts.

          Banks have the choice to customise a bit, though the overall features are common across the public sector banks.

          In the recent years, banking has undergone a massive transformation with UPI / Fastag / NACH.

          Now it is a good opportunity to relook the features of mPassbook.

          In this regard, Bank of Baroda can take the lead.

          Bank of Baroda has grown in size with the merger of Vijaya Bank and Dena Bank with itself.

           

New Features Please: -

New Feature 01) UPI – Transactions search based on VPA / mobile numbers

New Feature 02) Report suspicious transactions

New Feature 03) NACH Debit Mandates – View

More @ https://www.bankofbaroda.in/personal-banking/digital-products/instant-banking/e-mandate-registration

New Feature 04) NACH Debit Mandates – Transactions view on UMRN Number

New Feature 05) UPI Debit Mandates - View

New Feature 06) UPI Debit Mandates – Transactions view on UMRN Number

New Feature 07) Debit Card Mandates – View

More @ https://www.bankofbaroda.in/personal-banking/digital-products/debit-card-e-mandate

New Feature 08) Debit Card Mandates – Transactions view on Debit Card Number

New Feature 09) Card Tokenisation – List of Merchants where cards have been tokenised.

More @ https://www.bankofbaroda.in/personal-banking/digital-products/tokenisation

New Feature 10) Average Balance by month / Quarter/

New Feature 11) Rewards Points based on usage

 

7 Opportunities:

Opportunity to boost traffic to the BOB mPassbook

Opportunity to reduce traffic at physical branches by account holders for their routine banking enquires.

Opportunity to reduce traffic at call centre by account holders for their routine banking enquires

Opportunity for feedback from account holders to fine-tune the BOB mPassbook features

Opportunity to replicate the new features in BOB overseas subsidiaries ADD COUNTRIES NAMES.

Opportunity to reduce traffic to the BOB main banking app

Opportunity to rollout BOB mPassbook to its RRBs (Regional Rural Banks) Baroda-UP Gramin Bank / Baroda Rajasthan Kshetriya Gramin Bank / Baroda Gujarat Gramin Bank

Opportunity to visualise a Dashboard on its webpage

Simple Dashboard – Daily Statistics viz Number of New Logins / Number of Logins

Advanced Dashboard – Drill down model i.e Module wise

 

Bank of Baroda is an Indian state-owned International banking and financial services company headquartered in Vadodara (earlier known as Baroda) in Gujarat, India. The bank was founded by the Maharaja of Baroda, Maharaja Sayajirao Gaekwad III on 20 July 1908

  

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More – Nothing Less.

 

Central Bank of India mPassbook - new features please

Central Bank of India mPassbook - new features please

          The Cent m-passbook App offered by Central Bank of India is a favorite with its account holders.

          Account holders have the opportunity to view all their accounts linked to their customer ID in a single window.

          Account holders can view their Loan /Saving / Current /Overdraft /PPF transactions linked to their customer ID.

          One unique feature of Cent m-passbook is the facility to append comments to the transactions.

          Read more about Cent mPassbook @ https://www.centralbankofindia.co.in/en/m-passbook

 Now, in line with the new digital banking products, Central Bank of India IT Team may think of introducing new features.

These new features will encourage more view transactions on Cent mPassbook.

Based on feedback, Central Bank of India IT Team can fine-tune the same.

The new features will reduce traffic at Branches / Call Centre and the main Central Bank of India Mobile banking app.

Please introduce New Features: -

Feature 01) UPI – Transactions search based on VPA / mobile numbers

Feature 02) Report suspicious transactions

Feature 03) NACH Debit Mandates - View

Feature 04) NACH Debit Mandates – Transactions view on UMRN Number

Feature 05) UPI Debit Mandates - View

Feature 06) UPI Debit Mandates – Transactions view on UMRN Number

 

 

Benefits: -

01)  Only view facility, financial transactions cannot be executed. So, no fear of unknown debits.

02)                  Simple layout,

03)                  Easy to navigate

 

 

Established in 1911, Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians.

Among the Public Sector Banks, Central Bank of India can be truly described as an All India Bank, due to distribution of its large network in all 28 States and also in 7 out of 8 Union Territories in India

 

 

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More - Nothing Less. 

Google removes over 2000 Loan Apps in 2022

 

Google removes over 2000 Loan Apps in 2022

          The preferred way to borrow money digitally is through the APPS available on the Google Play Store.

          Google Play Store or Google Play is Google’s digital distribution service.

          Google launched Play Store in 2008 and over the years is the most preferred platform for a wide variety of Android Apps

          Google Play Store has three major categories i.e Games, Apps and Books.

          There are various sub-categories under the main categories.

          Few Examples are:

Games --- Action / Adventure / Arcade and so on

Apps --- Watch Apps / Beauty / Finance and so on

Books --- Ebooks / Audio books / Comics and so on

          Saikat Mitra, Senior Director and Head of Trust and Safety, Google APAC (Asia Pacific region) said the company is committed to complying with regulations in all jurisdictions it operates in, and termed online harm as a "global phenomenon".

          The nature of ‘loan app’, varies from geography to geography.

          The US market, for instance, has a problem of predatory loans, while in India it is a combination of misrepresentation, non-compliance with policies and regulations, and improper offline or "real world" behaviour of such apps on recovery and other actions.

Extract from support.google.com page

Additional requirements for personal loan apps in India, Indonesia, and the Philippines

Personal loan apps in India, Indonesia, and the Philippines must complete the additional proof of eligibility requirements below.

India

Complete the Personal Loan App Declaration for India, and provide necessary documentation to support your declaration.

For example:

If you are licensed by the Reserve Bank of India (RBI) to provide personal loans, you must submit a copy of your license for our review.

 

If you are not directly engaged in money lending activities and are only providing a platform to facilitate money lending by registered Non-Banking Financial Companies (NBFCs) or banks to users, you will need to accurately reflect this in the declaration.

In addition, the names of all registered NBFCs and banks must be prominently disclosed in your app’s description.

Ensure that the developer account name matches the name of the associated registered business name provided through your declaration.

Personal loans: -

We define personal loans as lending money from one individual, organization, or entity to an individual consumer on a nonrecurring basis, not for the purpose of financing purchase of a fixed asset or education. Personal loan consumers require information about the quality, features, fees, repayment schedule, risks, and benefits of loan products in order to make informed decisions about whether to undertake the loan.

**

In May 2022, Google announced that it has updated its developer policy for Google Play.

 

The tech giant has announced that it now requires personal loan apps in India to complete the additional proof of eligibility requirements. The updated policy comes into effect from May 11.

 

According to Google Play Store policies, a personal loan app is defined as one which "lends money from one individual, organization, or entity to an individual consumer on a nonrecurring basis, not for the purpose of financing the purchase of a fixed asset or education."

 

These additional proof requirements are applicable to India, Indonesia, and the Philippines

 

Additional Reading:

https://www.indiatvnews.com/technology/news/google-play-got-rid-of-2k-controversial-personal-loan-apps-know-more-2022-08-25-802979

 

Copyrights rest with the original copyright holders only.

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More - Nothing Less.

UPI Lite – Go Live Date comes closer

 

UPI Lite – Go Live Date comes closer

          The Go Live for UPI Lite is coming closer.

          The below image says it all.

          I hold accounts with Kotak Mahindra Bank, Union Bank of India and Paytm Payments Bank.

          As soon as the above Banks roll-out UPI Lite, I will be the first of the adopters of UPI Lite.

          UPI Lite – Let the magic begun.

        Thank You NPCI. 

My earlier Blog posts on UPI Lite

01) UPI Lite – UPI without Internet – 21 FAQs dt.- January 25, 2022 @ https://innovationinbanking.blogspot.com/2022/01/upi-lite-upi-without-internet-21-faqs.html

 

02)                  Railways and UPI Lite – 1,00,00,000 UPI Lite Transactions per day - Let the Magic begun dt.- February 04, 2022 @ https://innovationinbanking.blogspot.com/2022/02/railways-and-upi-lite-10000000-upi-lite.html

 

Additional Reading - 

All you need to know about UPI Lite @ https://www.thehindubusinessline.com/blexplainer/spotlight-on-upi-lite/article65298634.ece

RBI Discussion Paper on Charges in Payment Systems - Sample feedback for RTGS Questions

 RBI Discussion Paper on Charges in Payment Systems - Sample feedback for RTGS Questions

          The window to provide feedback to Reserve Bank of India for its ‘Discussion Paper on Charges in Payment Systems’, has started.

          The last date to provide feedback is 3^rd October 2022.

          Today’s blog talks about Sample feedback for RTGS Questions.   

          There are 3 specific questions regarding RTGS.

 

Para No 8.2 Real Time Gross Settlement (RTGS) System

Page No 8 and 9

8.2.6. Questions for Feedback

 

i.(S1) Should RBI review the policy of not levying charges on members for RTGS transactions?

Sample Feedback __ i.(S1)

Yes, RBI should review the policy of not levying charges on members for RTGS transactions.

Option 1 – Fixed – EX: INR 3/- per customer outward transaction

Option 2 – Variable – Ex INR 4/- per customer outward transaction up to 25,000/- customer outward transactions per day

INR 2/- per customer outward transaction above 25,000 and up to 50,000/- customer outward transactions per day

INR 1/- per customer outward transaction above 50,000 and up to 75,000/- customer outward transactions per day

Nil for transactions above 75,000 transactions per day

As all banks may not high RTGS outward customer transactions, Banks can choose between Option 1 and Option 2

 

 

ii.(S2) Should the time-variable charges be re-introduced?

Sample Feedback __ ii.(S2)

Yes, the time-variable charges should be re-introduced but in a reverse method

EG: All Days

12:01 to 13:00 Hours - INR 20/- per transaction credited to customer

13:01 to 18:00 Hours - INR 10/- per transaction credited to customer

18:01 to 23:59 Hours - Nil

The exceptions not exceeding 5 may be approved by the respective Bank’s Board.

 

iii.(S3) For RTGS transactions, should RBI prescribe the charges that can be levied on

customers by members, or should they be market driven?

 

Sample Feedback __ iii.(S3)  A) RBI should prescribe the charges that can be levied on customers by members. There can be a maximum gap with an auto-increase of the same say by 5% with rounding off to the next rupee

EG: Year 1 – INR25/-

Year 2 – Increase of 5% 25 + 1.25 = 26/-

Year 3 – Increase of 5% 26 + 1.30 = 27/-

And so on,

B) The credit window for Inward customers transactions may be reduced to 15 minutes from the present 30 minutes, with minimum exceptions. The exceptions not exceeding 5 may be approved by the respective Bank’s Board.

C) The maximum transmission time for outward customer transactions from the debit moment, may be introduced. If this transmission time is crossed, banks may be required to compensate the customers. The exceptions not exceeding 5 may be approved by the respective Bank’s Board.

EG: Customers Account, by whatever mode is debited at 11.30am on 17/08/2022. The beneficiary should receive the funds with 13.30pm on 17/08/2022. The window between the actual debit and the actual credit may be finalised by mutual consent of all RTGS participants.

 

D) As on today, in case, it is not possible to credit the funds to the beneficiary’s account for any reason e.g. account does not exist, account frozen, etc., funds shall be returned to the originating member within one hour of receipt of the payment at the Member Interface of the recipient member, subject to availability of RTGS.

The 'One Hour' window may reduced to '30 Minutes'

E) The minimum amount for RTGS Customer Transactions may be increased from the present INR2lacs to INR2.50lacs, with auto increase of say INR25,000/- every calendar year

 

Additional Reading

RBI seeks responses to its 40 Questions - Discussion Paper on Charges in Payment Systems @ https://prashantnepayments.blogspot.com/2022/08/rbi-seeks-responses-to-its-40-questions.html

RBI FAQs on RTGS @ https://m.rbi.org.in/scripts/FAQView.aspx?Id=65

Time-varying charges for transactions in RTGS @ https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11564&Mode=0

 

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More – Nothing Less.

As of now this is only sample feedback. The actual feedback will be provided to Reserve Bank of India via email.