Category Archives: AADHAAR

Issue of Prepaid Forex Cards- Due Diligence and Adherence to KYC norms


            In the recent past many banks have entered the arena of ‘prepaid foreign currency cards’. To increase the reach of their offerings, these cards are also made available through the network of Authorised Dealers/Full-fledged money changers.

             It has been brought to Reserve Bank of India  notice that some authorised dealers / full-fledged money changers may neither be exercising due diligence nor adhering to KYC norms while selling prepaid foreign currency cards (issued by a few select banks) to their customers.

Hence, Reserve Bank of India, vide Notification No RBI/2014-15/147 A.P. (DIR Series) Circular No.14, dtJuly 25, 2014 has larified that prepaid foreign currency cards are a form of foreign currency, similar to foreign currency notes or travellers cheques.

As such, the authorised dealers/FFMCs selling pre-paid foreign currency cards for travel purposes are required to comply with the same rigorous standards of due diligence and KYC as they would in case they were selling foreign currency notes/ travellers cheques to their customers.

It is expected after this clarification that the KYC norms will be strictly complied while selling pre-paid foreign currency cards.


Mission Bengaluru Midnight Marathon 2014 activated


After the resounding success of Bangalore Midnight Marathon 2013, the organizers are going to be back for the 2014 edition.

The preparations have begun, with the activation of the event on it’s website.

The top 10 facts of Bangalore Midnight Marathon 2014 are as under:

01)The title sponsor is State Bank of India

02)The event will be held on 13th December  2014

03)The organizers are Rotary Bangalore IT Corridor (RBITC).

04)The venue is at KTPO (Karnataka Trade Promotion Organization), Whitefield.

05)Milkha Singh is the Brand Ambassador

06) The online registrations open on 1st September 2014

07)The website has a fully functional help guide with chapters for Diet and Nutrition, Expert Advice, Join Workshop, Training Tips, Optional Hotel Packages

08)On registration, each runner will be allotted a Chest Number. This Chest Number has to be displayed while participation in the event.

09)Families and friends are encouraged to be part of the event day.

10)So register to run for a greater cause… Run for those who can’t.

The following are the exciting Race-day Events

  • COMMUNITY RELAY: Team of 5 members running 1km each, as a relay.
  • FUN RUN: The IT City Run, a flagship event of BMM is a 5 Km run packed with run.
  • 10K RUN: The 10k run is branded the dream run where the runners rub shoulders with the other enthusiasts and fitness ambassadors of the events.
  • HALF MARATHON: As the name suggests, this is half the distance of the full marathon.
  • FULL MARATHON: The marathon is a 42.195 kilometer race in the heart of the city’s famed IT section.
  • CORPORATE RELAY: Team of 8 (Men and/or Women) represent their companies by running 5kms each, as a relay.
  • WOMENS RELAY: Team of 8 Women members only running 5kms each, as a relay.

In India soon Bank Licenses will be ‘ON TAP’ basis

After NaMo Government swearing in ceremony, the thought process on differentiated banking licenses for the Indian populace is gaining ground.

The voice for more variety in Indian Banks is growing stronger day by day. Hence, Reserve Bank of India (RBI) in the near future will come out with policy guidelines for differentiated banking licences.

The new licences for banking operations including differentiated ones would be given “on tap” basis, R Gandhi, Deputy Governor of the Central bank said.

“We are currently working on the guidelines. Once we are done, we’ll take feedback and then the final announcement will be made,” Gandhi said on the sidelines of ICC Banking Summit.

“The new guidelines on different types of banks – universal, differentiated, etc – will be issued shortly. After these guidelines are issued…we intend to offer licences on tap,” he added.

Differentiated licences are those that come with restrictions on geographical reach or products offered by a new bank; and these include niche ones like retail banks or payments banks.

Once the guidelines are announced, there will be more clarity on the type of specialized banks Indians can look forward too.


Bharatiya Mahila Bank sets foot in Bhubaneswar


It was turn of Bhubaneswar to welcome BMB into its fold. In the first week of June 2014, the first branch in Odisha was inaugurated in Bhubaneswar. A galaxy of women achievers graced the occasion.

The inauguration was done by Dr.Pratibha Satpathy.

The branch is located at: 778, Maharishi College Road, Sahid Nagar, Bhubaneshwar-751007

The Sahid Nagar layout was planned in the late 60’s as an upscale residential area. Over the decades the face of Sahid Nagar has changed from a residential to a commercial area.