IBA - Conferences

IBA  - Conferences

Indian Bank Association – IBA regularly organizes conferences on various banking issues.

The conferences are paid events and the participants have to remit the conference fees.

Till 2010, IBA used to collect the same through Demand Drafts/Pay Orders

However, in 2011, it has introduced an ePayments option too i.e. SWIFT and NEFT mode.

A sample registration form can be accessed @

http://www.iba.org.in/events/2011Registration.pdf

This is a great way to popularize ePayments.

The ePayments option can be adopted by other Conference Organizers too.

Cheers to IBA.

Kotak Mahindra Bank joins IMPS on 07/01/2011

Kotak Mahindra Bank joins IMPS on 07/01/2011

It is only a soft launch. In a couple of months, all the Kotak Mahindra Bank customers would be able to fully utilize the network of IMPS.

As already few Banks are part of the IMPS, Kotak Mahindra Bank, will be able to commercial launch IMPS soon, ironing out the glitches if any.

This is the non-banking finace company which was given a Licence by Reserve Bank of India, to convert into a Bank.

At present, the Bank has 245 brick and mortar branches and 75 ATM’s

Of course, the number of ATM’s is irrelevant, as customers can access any Bank ATM.

Corporation Bank joins the IMPS wagon

 Corporation Bank joins the IMPS wagon

On 05/01/2011, Corporation Bank joined the IMPS wagon. A soft launch has been done, and in the near future the Corporation Bank customers can experience the magic of IMPS.

Incidentally, Corporation Bank was the first and only bank to offer NEFT through its ATM’s.

Corporation Bank is having a Pan-India presence, and is a pioneer in the Cash Management Services in our country.

As this is just a soft launch, no details of IMPS have been updated on its website. 

15/01/2011 – RTGS/NEFT is working

15/01/2011 – RTGS/NEFT is working

Andhra Pradesh, Assam, Karnataka, Pondicherry, Tamil Nadu are closed, but other states are working.

However, customers in the above locations can transact online, if sufficient funds are available in their account

NPCI-IMPS-IMPS Volumes.

NPCI has updated the December 2010, IMPS Statistics on its website. The same can be accessed @

http://www.npci.org.in/impsVolumes.aspx

Top 5 Interpretations of the Statistics

01)  Seven Banks have joined the IMPS Network and an additional 7 Banks are in the testing stage.

02)  Membership of NFS (National Financial Switch) is a pre-requisite for Banks to be part of the IMPS Network. Hence as on date 52 Banks can be part of the IMPS Network.

03)  Volume wise there is not much growth in Dec 10, as compared to Nov 10.

04)  However, there has been a fantastic jump in the average transactions size. In Nov 10, the average transaction was for Rs552. Whereas in Dec 10, the average transaction has jumped to Rs2600/-

05)  One unexplainable point is that the remittances in paisa are also happening. It can be assumed, that this are test transactions.