3 lacs’+ SBI Group employees encouraged to transact at their own ATMs

Every organization encourages its employees and their immediate family members to try out its own services.

The major benefit is the feedback, which will guide the organization to fine-tune its offerings to the general public.

Another advantage is the savings in cost, in case the Organization has to reimburse other Organizations for the services used by its employees.

This is exactly what State Bank of India is motivating its employees in its internal communications.

SBI including its associates has 3lac employees. Assuming that apart from the employee, there are 2 family numbers, the numbers swell to 9lacs+.

On an average, SBIs employees transact about 280,000 ATM card-swipes in other banks’ cash machines per month.

The current ATM interchanges fees in India Rs15/- per transaction. This means, SBI has to shell out Rs42lacs month-on-month to other banks for its employee’s acts of withdrawing cash at other banks ATMs.

SBI hopes to substantially save the Rs5crores Interchange fees by motivating employees to swipe at their own ATMs.

There are 21,000 + SBI Group ATMs spread all over the country which ATMs of State Bank of India as well as the Associate Banks namely, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore, using the State Bank Cash Plus card.

NACH – Exclusive Session for Punjab Government Transactions

 

NPCI run National Automated Clearing House ePayment system is running special sessions from 8.00am to 11.00am every day from April 03, 2014.

During this special session, transactions pertaining to Punjab Government will flow into the NACH system.

The return transactions pertaining to this special session have to be submitted on the same day without any time-lag.

The special session is being conducted with Reserve Bank of India approval.

So Punjab Government beneficiaries can except credits in their accounts in the first half of the day.

ePramaan – India’s own National e-Authentication service

Pramaan in Hindi means validation. This word has been adopted by DeitY to christen its eAuthentication service as ePramaan.

ePramaan is a National e-Authentication service offered by Department of Electronics and Information Technology (DeitY).

ePramaan provides a simple, convenient and secure way for the users to access government services via internet/mobile as well as for the government to assess the authenticity of the users.

ePramaan offers authentication as a service by verifying the credentials of a person who is wishing to access any e-Governance service.

Q: What is e-Authentication?

Ans:   Electronic Authentication (or e-Authentication) is the process of electronic verification of the identity of a user. e-Authentication provides a simple, convenient and secure way for the users to access government services via internet/mobile as well as for the government to assess the authenticity of the users.

e- Authentication helps to build up confidence and trust in online transactions and encourages the use of the electronic environment as a channel for service delivery.

The next question is than Why e-Pramaan?

The answer is e-Pramaan provides guidelines that will help in the selection and implementation of the appropriate e-authentication approaches. Having a standardised e-Authentication framework has the following benefits:

  1. Transparency- E-authentication decisions will be made in an open and transparent manner
  2. Cost-effectiveness Government departments and agencies will not have to implement cumbersome and expensive e-authentication processes for simple or low-risk transactions
  3. Risk management: The selection of e-authentication mechanisms will be guided by the likelihood and impact of identified risks
  4. Consistency: Government departments and agencies will apply a consistent approach to selecting the appropriate e-authentication mechanism
  5. Trust: The mechanisms used will support online and mobile based services and enhance security, safety, and trust in such transactions
  6. Improved privacy: Personally identifiable information will be collected only where necessary as per the sensitivity level of the application or service
  7. Efficiency: The time to deploy an e-Authentication capability for any government application will be greatly reduced

The framework provides various levels of authentication based on the sensitivity requirement of an e-Governance service.

  • Level 0: No Authentication required for publicly available information.
  • Level 1: User Id and Password based authentication. This is meant for basic public services with low sensitivity service.
  • Level 2: Two factor authentication (User Id and Password AND OTP). Meant for personally identifiable information and services with moderate levels of security.
  • Level 3: User Id and password PLUS Digital Certificate (soft/hard). Meant for services which requires high security and any or all of PAIN properties.
  • Level 4: User Id and password PLUS Biometric based authentication. Meant for services requiring the highest levels of security.

The level 4 of Authentication in e-Pramaan supports UIDAI biometric authentication in which Aadhaar holders can get authenticated by giving their fingerprint which will be verified in the background through Aadhaar Authentication Server.

The services of e-Pramaan will be provided through NSDG, SSDG. Central government department or state government department services registered with various service delivery gateways will call e-Pramaan services for authentication before the actual service is invoked.

Read the FAQs now or see the video.  The choice is yours.  The project is the development stage now, and will be ready for Beta launch in another three months.

Pretty Mom Credit Card – Launch by The Agricultural Bank of China (ABC)

 

In China, the full form of ABC is ‘The Agricultural Bank of China (ABC)’.  ABC has 24,000 + branches spread across mainland China. It also has branches at Hong Kong, London, Tokyo, New York, Frankfurt, Sydney, Seoul, and Singapore .

To encourage a large number of Chinese to experience the joy of Credit Cards, the Bank periodically launches theme based credit cards.

The latest theme based card is the ‘Pretty Mom Credit Card’.

The cards focus on the needs of new mothers with children up to the age of six by offering discounts on major baby product brands and early education institutions.

The new services will focus on consumer experience to nudge its existing lady customers to opt for the ‘Pretty Mom Credit Card’.

The card reflects the changing nature of Chinese families. In traditional Chinese families, couples once set up combined accounts, instead of managing finances individually, and men controlled most major affairs, ranging from money to big decisions.

But in the last few years, the situation has started to change due to the higher education and economic position of modern women.

Which Indian Bank will be first to launch a similar card?

 

April 24, 2014 – RTGS and NEFT Closed

 

On April 24, 2014 Thursday, due to General Parliamentary Election 2014 in Mumbai, RTGS and NEFT ePayments systems will remain closed.

As this holiday is in the middle of the week, there should not be a major impact on RTGs/NEFT transactions.

As IMPS (Immediate Payment Services) channel will remain open, the volumes in IMPS will see a surge.

Differential Rate of Interest for Micro and Small Enterprises (MSEs) – Loan Insurance

Banks receive incentives for advances to MSEs in the form of the credit guarantee cover of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) and also the benefit of zero risk weight for capital adequacy purpose for the portion of the loan guaranteed by the CGTMSE.

The cover provided by CGTMSE helps banks to protect risk arising out of default as the loans are insured by the guarantee fund trust.

To provide bank credit at competitive rates to MSE Borrowers,  Reserve Bank of India, vide Notification No RBI/2013-14/564 DBOD.Dir.BC.No.106/13.03.00/2013-14, has advised banks to appropriately price the loans after taking into consideration the benefits to the banks on account of the above incentives.

However, banks should note that such differential rate of interest is not below the Base Rate of the bank.

Micro and Small Enterprises (MSEs)– Definition of Micro, Small and Medium Enterprise Manufacturing and Service Segments.

Manufacturing Sector Services Sector
Micro Enterprise The investment in Plant and machinery ( Original Cost) does not exceed Rs 25 lakhs The investment in Equipment does not exceed Rs 10 lakhs
Small Enterprise The investment in Plant and machinery ( Original Cost)is more than Rs 25 lakhs but does not exceed Rs 500 lakhs The investment in Equipment is more than 10 lakhs but does not exceed Rs 200 lakhs
Medium Enterprise The investment in Plant and machinery ( Original Cost) is more than 500 lakhs but does not exceed Rs 1000 lakhs The investment in Equipment is more than Rs 200 lakhs but does not exceed Rs 500 lakhs

 

 

CGTMSE covers  Any collateral / third party guarantee free credit facility (both fund as well as non fund based) extended by eligible institutions, to new as well as existing Micro and Small Enterprise, including Service Enterprises, with a maximum credit cap of Rs.100 lakh (Rupees Hundred lakh only).

CGTMSE takes two types of fees i.e Guarantee Fee and Annual Service Fee.  It is left to the credit institutions to pass the incidence of Guarantee Fee and Annual Service Fee to the borrower or alternatively they may decide to bear it themselves.

Fortune favors the brave –  apnaatmsite.com  - Door for Indian Property owners

 

Prizm Payments with 10,000+ ATMs under its belt is continuously on the lookout for excellent sites to deploy ATMs.

Prizm Payments has dedicated physical teams to finalize the best sites for its own ATMs as well as for its partner banks.

To reduce the TAT in ATM site selection, it decided to set up a dedicated website to obtain leads on possible ATM sites

The site is aptly named   Apnaatmsite.com .

The goal of the website is to enable property owners and partner banks to refer sites for ATM deployment and to reduce the number of layers between property owners and the end-users.

The website has 3 different logins for Landlords, Partner Banks employees and Real Estate Agents.

In all the three channels, the prospective site’s details and couple of photographs are mandatory.

One more channel for the general public can also be added. The general public can give leads on as to where ATMs can be located.