UPI Crosses 1,00,000 lacs Volumes on 30-08-2023
A new landmark. Congratulations to all the stakeholders
Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More - Nothing Less
#DiabetesCareMotivator
Wednesday, August 30, 2023
Sunday, November 6, 2022
Twitter Blue Tick - UPI AutoPay or NACH Debit or Card Auto Debit
Twitter Blue Tick - UPI AutoPay or NACH Debit or Card Auto Debit
$8 Twitter Blue with verification in
India in less than a month: Elon Musk
Twitter can choose from multiple
collection channels for its Blue Tick subscription service.
Below are some of the options, Twitter
can choose from
01) UPI Auto Pay
02) NACH Debit
03) Card Auto Debit
04) Standing Instructions
05) Bill Pay – Yes, you read it right, Twitter
can raise a monthly invoice and Twitter users can pay via NPCI BBPS (Bharat
Bill Payment Service)
Each
channel has its own positives and negatives and processing cost and lead time.
Q:
What is Twitter Blue Tick?
Ans:
Twitter Blue is a status marks formerly used to validate VIP accounts
Q:
What is subscription service?
Ans:
A paid service for which the charges have to paid as per the contract terms.
Q:
What is one major difference between the Old Twitter Blue Tick and the New
Twitter Blue Tick?
Ans:
The one major difference is that:
Old
Model - No Services Charges
New
Model – Service Charges.
Q:
When will the New Twitter Blue Tick be available to users in India?
Ans:
Hopefully by the end of 2022 calendar year
More
Reading Materials:
Our
plans to relaunch verification and what’s next dt.Thursday, 17 December 2020 @ Our
plans to relaunch verification and what’s next (twitter.com)
Twitter Verified (@verified) / Twitter
Twitter
rolls out $7.99 blue tick verification - November 06, 2022 - Updated 09:53 am
IST | San Francisco @ https://www.thehindubusinessline.com/info-tech/social-media/twitter-rolls-out-799-blue-tick-verification/article66102841.ece
Disclaimer:
These are my personal thoughts only. The bottom line is Safe ePayments. Nothing
More-Nothing Less.
Wednesday, September 28, 2022
Axis Bank leverages the Account Aggregator Framework to grow its Loan Book
Axis Bank leverages the Account
Aggregator Framework to grow its Loan Book
The
Account Aggregator (AA) framework is gathering speed in India. In the last
couple of months, almost all major Banks in India have onboarded the AA platform.
The
AA platform enables financial institutions as FIUs to seek banking account information
of FIPs via the AA channel.
Please
note Financial Institutions are expected to be FIPs and FIUs
The
full form of FIP is Financial Information Providers
The
full form of FIU is Financial Information User
In
AA terminology, FIPs are the institutions having customer financial data and
can share it to FIU or customer through Account Aggregators (AA). Ex – Banks,
NBFC, Mutual Fund depository, Insurance Repository etc. As on date Banks, a couple of NBFCs have onboarded AA as FIPs
In
AA terminology, FIUs are institutions that consume the data from a FIP to
provide various services to the end consumer.
For e.g. a lending Bank wants
access to the borrower’s data to determine if a borrower qualifies for a loan.
The lending Bank is the FIU. Banks play a dual role – both as a FIP and an
FIU. Ex – Lending firms, personal finance, wealth management companies
The 4 major benefits of this are:
-
Benefit 01) In a strategic move, Axis
Bank has onboarded multiple AA Apps as FIPs. These enable Axis Bank to leverage
the FIUs features to grow its loan book.
Benefit 02) As the Bank Account Statement
is retrieved through a secure channel, there are NIL chances of data
manipulation. This removes the numerous steps associated with Bank Account
Verification process
Benefit 03) The FIU features can
be leveraged by any Financial Institution if it is already a FIP on the respective
AA App. It is a Give and Take feature
Benefit 04) The sourcing teams
can focus on quick disbursement of the Loan rather than focus on the Bank
Account verification process.
As an example, Axis Bank is a FIP
in one of the AA Apps.
On the same app, apart from Axis
Bank, the following banks are also live: -
Karnataka Bank Ltd
Punjab & Sind Bank,
AU Bank
UCO Bank
YES Bank
HDFC Bank,
Canara Bank
Federal Bank
IDFC First Bank
Indian Overseas Bank
Karur Vysya Bank
IndusInd Bank
Union Bank of India
Bank of India
ICICI Bank
These means any of the above Banks
can request account holders of other banks to share their account details via
the FIU module.
These opens up endless possibilities
to speed up the Loan sanctioning process
Brilliant, isn’t?
As
the Joy of AAs spreads around, more and more bank account holders will see a reduction
in TAT for their Loan applications. This in turn will encourage more folks to route
their transactions via formal banking channels.
Copyrights,
if any belong to the original copyright holder only.
Additional
Reading:
Axis Bank - 24x7 Personal Loans
made easy with Account Aggregator dt.April 18, 2022 @ https://www.axisbank.com/progress-with-us/money-matters/borrow/how-account-aggregators-make-24x7-personal-loan-applications-easier
Axis Bank starts digital lending
through Account Aggregator Framework dt September 22, 2022 @ https://www.axisbank.com/about-us/press-releases/axis-bank-starts-digital-lending-through-account-aggregator-framework#:~:text=Account%20Aggregators%20are%20entities%20licensed,in%20democratizing%20access%20to%20credit.%E2%80%9D
Disclaimer: These are my personal
views only. The bottom line is Safe ePayments. Nothing More – Nothing Less.
Saturday, September 24, 2022
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 @
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.
Friday, September 9, 2022
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.
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