Reserve Bank of India focuses on Mahindra & Mahindra Financial Services Ltd Physical Repossession process

 

Reserve Bank of India focuses on Mahindra & Mahindra Financial Services Ltd Physical Repossession process

          The trigger for this blog post is Reserve Bank of India’s Press Release dt Sept22, 2022 @ https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54414

          The title of the above press release is: Action against Mahindra & Mahindra Financial Services Ltd., under Section 45L(1)(b) of the Reserve Bank of India Act, 1934

          The press release gist is:

The Reserve Bank of India has today, in exercise of its powers under section 45L(1)(b) of the Reserve Bank of India Act, 1934, directed Mahindra & Mahindra Financial Services Ltd. (MMFSL), Mumbai, to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders.

At the same time, Reserve Bank of India made it clear that the said NBFC may continue to carry out recovery or repossession activities, through its own employees.

Reserve Bank of India action is based on certain material supervisory concerns observed by RBI in the said NBFC, with regard to the management of its outsourcing activities.

          My only wish is that ‘Mahindra & Mahindra Financial Services Ltd’ onboards BBPS with live connectivity to it’s borrower accounts.

          Q: What is meant by live connectivity?

          Ans: Live connectivity means the EMI’s due amount in the borrowers accounts in the company’s IT Systems should be picked up and displayed in the BBPS “pay Emi” field.  

          There are a number of tools available in the Indian market for recovery of overdue loans.

          My focus is only on BBPS as a tool to reassure borrowers of their overdue amount, and collection transparency.

          The borrowers should be able to see their pending EMIs amount in any BBPS enabled Application and be able to pay digitally or via Cash at any BBPS Collection Point.

          No physical cash should be collected by the finance company’s employees or agents towards EMI repayments.

           

 

Additional Reading:

RBI directs Mahindra Finance to stop outsourcing its recovery activity through agents @  https://www.livemint.com/companies/news/rbi-directs-mahindra-finance-to-stop-outsourcing-its-recovery-activity-through-agents-11663854933869.html

Pregnant woman crushed to death under tractor wheels by recovery agents, RBI bars Mahindra Finance from loan recovery through 3rd party agents @ https://zeenews.india.com/personal-finance/pregnant-woman-crushed-to-death-under-wheels-of-tractor-by-recovery-agents-rbi-bars-mahindra-finance-from-loan-recovery-through-3rd-party-agents-2513327.html

Mahindra Finance share price tanks 10% after RBI action - what investors should know @ https://www.zeebiz.com/market-news/news-mahindra-finance-share-price-tanks-10-following-rbi-action-what-investors-should-know-200254

Mahindra Finance says number of repossessed vehicles will go down after RBI order @  https://www.businesstoday.in/latest/corporate/story/mahindra-finance-expects-number-of-repossessed-vehicles-to-go-down-after-rbi-order-347997-2022-09-23

 

Why RBI Directed Mahindra & Mahindra Finance To Stop Recoveries Through Third-Party Agents @

https://www.outlookindia.com/business/why-rbi-directed-mahindra-mahindra-finance-to-stop-recoveries-through-third-party-agents-news-225324

 

 

 

 

 

Copyrights if any belong to the original copyright holders only

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

Finance Minister Smt. Nirmala Sitharaman unveils Seven Steps to fight “Illegal Loan Apps”

 

Finance Minister Smt. Nirmala Sitharaman unveils Seven Steps to fight “Illegal Loan Apps”

          India’s Ministry of Finance today i.e09/09/2022 released a Press Release on “Illegal Loan Apps”

          As per the Press Release; - Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired a meeting on 08/09/2022 to discuss the various issues related to “Illegal Loan Apps” outside the regular banking channels.

In Attendance: -

·       Finance Secretary, Ministry of Finance; Secretary, Economic Affairs;

·       Secretary, Revenue, & Corporate Affairs (Addl. Charge);

·       Secretary, Financial Services;

·       Secretary, Electronics & Information technology;

·       Deputy Governor, RBI;

·       Executive Director, RBI.

 

The following 7 steps are the proposed approach to minimise the impact of “Illegal Loan Apps” in India.

Step 01) RBI will prepare a “Whitelist” of all the legal Apps and MeitY will ensure that only these “Whitelist” Apps are hosted on App Stores.

Step 02) RBI will monitor the ‘mule/rented’ accounts that may be used for money laundering

Step 03) RBI to review/cancel dormant NBFCs to avoid their misuse.

Step 04) RBI will ensure that registration of payment aggregators be completed within a timeframe and no un-registered payment aggregator be allowed to function after that.

Step 05) MCA will identify shell companies and de-register them to prevent their misuse.

Step 06) Steps should be taken to increase cyber awareness for customers, bank employees, law enforcement agencies and other stakeholders.

Step 07) All Ministries/Agencies to take all possible actions to prevent operations of such Illegal Loan Apps.

Read the full press release @ https://pib.gov.in/PressReleseDetail.aspx?PRID=1857998

 

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

 

Bengaluru Metro – Please onboard NPCI BBPS as a Biller

 

Bengaluru Metro – Please onboard NPCI BBPS as a Biller

          The major trigger for this blog post is

Quote

1. Contract with PhonePe for recharge of BMRCL smart cards is closed. Passengers are requested to use “webtopup.bmrc.co.in” web site (or) Namma Metro App (or) Paytm App (or) Amazon Pay App

Unquote

          The minor trigger for this blog post is:

Tender No 4AFC-PPI --- Providing B2C APP Services for QR Code mobile ticketing and Recharge of Contactless Smart Cards (CSCs) in BANGALORE METRO RCL AFC System.

          The popularity of Bangalore Metro can be seen with the ever-increasing passengers waiting to board metro trains across all Bangalore metro stations.

          It will be great if the waiting time at the ticket counter for physical tokens.

          These tokens are necessary for 1 way travel between metro stations.

          Another option for metro passengers is the Smart Cards.

          The Smart Cards have to be loaded with digital currency.

          These smart cards have to swiped at the entry gates of metro alighting stations and again swiped at metro destination stations.

          The stored amount is reduced by the fare between the two metro stations. The main advantage of the smart cards is the speed of the entry to the metro stations. The card holders need not stand in queues to obtain the physical tokens.

         

          In the recent past, Bangalore metro smart card holders have faced challenges to top up their smart cards.

          The tender for BMRCL passenger App is under evaluation .

          Benefits of BMRCL onboarding NPCI BBPS as a Biller

Benefit 01) BMRCL Smart card top-up is equivalent of Mobile Prepaid Top Up / Electricity Meter Prepaid Top up / Cable TV Prepaid Top up / FASTag Top Up.

Each Smart Card has a unique number, which is the key to load digital currency.

Benefit 02) Top of 1 Day / 3 Day Pass can also be thought of. No need of handing over the physical cards at the ticket counters for refund of the security deposit.

Benefit 03) Reduce the physical cash collection at ticket counters and associated risks in physical cash handling

Benefit 04) Increase TAT of passengers travelling in BMRCL trains

Benefit 05) Reduce the tension of passengers waiting at the physical ticket counters of metro trains travelling to their destination, while the queue moves slowly.

Benefit 06) Minimal approvals required as NPCI BBPS exclusively focuses on Billers only.

Benefit 07) Elevate ticketing experience to WOW

Yes, minor technical integration between BMRCL Ticketing software and NPCI BBPS platform. However, this is not a show stopper.

As a nation, we have the nation to provide a better travelling experience to BMRCL passengers

 

Looking forward to seamless ticketing experience

Additional reading material: You are in (a pretty long) queue @ https://bangaloremirror.indiatimes.com/bangalore/others/you-are-in-a-pretty-long-queue/articleshow/93623518.cms

 

Bangalore Metro – Looking forward for a WOW Ticketing Experience -Onboard NPCI BHIM @ https://innovationinbanking.blogspot.com/2022/08/bangalore-metro-looking-forward-for-wow.html

 

 

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

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.