Punjab national bank has gone live on imps using account no and ifs Code

          The link to Business Responsibility Report on the banks website makes for an interesting read.  I am not sure, what motivated PNB to publish this report. It would be great, if all Banks publish similar reports on a yearly basis.

          Another only one of its kind initiative by PNB has the foresight to nurture PNBIIT (Punjab National Bank institute of information technology), a premier institute of information technology in the area of banking, finance and insurance.

          Through its ADBT Program, has created a pool of competent techno-bankers for Banking & IT Sector by imparting in-depth knowledge and expertise to the students.

          One important announcement on PNB’s website is a notice on charges for SMS Alerts.

The charges will commence for transactions w.e.f.01.07.2013 and the charges are Rs15/- per quarter

 However, following categories of accounts have been exempted for SMS Alerts charges:

1 Senior Citizen accounts

2 Staff accounts

3 Retired staff accounts

4 Vidyarthi accounts

5 Mitra accounts

Kotak mahindra bank has gone live on imps using account no and ifs Code

            One unique feature of Kotak Mahindra Bank, is that it does not have an independent internet site. Rather, Kotak Mahindra Bank website is a part of Kotak.com

The dedicated internet page tells us more about Kotak Bank’s IMPS offering.  

The special offers internet page is a very useful tool for Kotaks’ customers to enjoy the best of Kotaks’ offers on its debit cards, credit cards and netc@rd. Netc@rd  is a single use limited validity online card created by Kotak customer, from his/her  bank account, at the time of online shopping and cannot be used after your first payment.

Ah, you might be interested in Subbus’ tv advertisements, on the theme, ‘lets money simple’. View them to lift your blues.

Bank of india has gone live on imps using account no and ifs Code

  

            Bank of India was one of the founder members of IMPS in November, 2010. In June, 2013, it has decided to go live on IMPS – IFS Code sub-product too.

            With this new payment channel, Bank of India customers can expect to receive funds in their accounts in real time.

            Of course, it would be advantageous for Bank of India, if debit does not happen immediately in the respective accounts.

For any General Query on IMPS, after BOI customers’ can call on our call center no. 022-40919191

            A major announcement on Bank of India is with reference to blocking of International Card transactions for a temporary period. The blockage was due to some fraudulent transactions reported on the international internet sites.

            Another interesting tidbit, is that there is a whole section devoted to BOI alumni. WOW. This is first time, I am seeing an alumni association of a Bank.

            As BOYD is the norm now-a-days, BOI Safe is mandatory, for all BOI staff,  to access bank applications on a Smart Mobile Device

Cheers - NPCIs’ Immediate Payment Service has the PayExpo 2013 Awards

          The winners were announced recently at the PayExpo 2013 conference.

Most Successful Payment Partnership of 2013: Nominations:

• National Payments Corporation of India (NPCI)

• Rizal Commercial Banking Corporation (RCBC) Philippines
• Sconti BancoPosta and PostePay Fun

Winner: National Payments Corporation of India (NPCI) for their Immediate Payment Service

          

There was stiff competition from the other two nominees, but India IMPS could take away the honors. This is a great moment for ePayments movement in India.

RCBC has a devoted section on its website, only on Electronic Banking.

Postepay is an electronic prepaid card which is specifically designed to help Italian buyers to effectively and securely shop online

          

National electronic funds transfer (NEFT) transaction code 50

            In NEFT there are specific codes for special type of transactions. For eg: Transaction Code 52 denotes Credit Card Transactions.

            Like wise, Transaction Code 50 denotes Cash Transactions. Yes, you might be surprised as to how Cash and ePayment can co-exist.

            A couple of years ago, Reserve Bank of India, introduced a new Transaction Code 50. This was aimed at Indians who desired to remit money through banking channels, but did not have a Bank Account, at least with the NEFT originating bank.  However, the beneficiary had a bank account.        

    

            The remitters could walk into any bank branch and request for a NEFT transaction through cash deposit.  

            The upper limit per transaction is Rs50, 000/-

Process in brief:

• In order to facilitate cash remittances through NEFT up to Rs 50,000/- for persons who are not having account with the originating bank, the originating banks are required to collect the full details of remitters, including complete address and telephone number, etc., in order to comply with the Wire Transfer Guidelines.

• These details need to be keyed in the Sender's details field provided in NEFT outward debit message with transaction code 50 for identification.

• A Special Account may need to be opened for this purpose at the originating branches to route the cash transactions and that Special Account Number should be given while originating a Cash Transaction.

• This account would also facilitate the handling of returned NEFT transactions.

• The returns would automatically be credited to the Special Account in a Straight through Processing (STP) environment.

The AML (Anti-Money Laundering) Cell of the remitting bank is expected to closely monitor this account to ensure that only legitimate transactions are being routed through. Over a period of time, it is expected, each bank will develop their processes to make sure that no regulations are violated.

            The main challenge would be in ‘return’ of funds of returned NEFT transactions. Of course, we Indians are smart enough to mention the correct details to ensure 100% successful transactions.