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.
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.
Mumbai Metro was inaugurated as per schedule on 08/06/2014 by Shri Ashok Chavan, Chief Minister of Maharashtra along with Shri Anil Ambani, Chairman- ADAG.
The first train was flagged at 10.10am, and was thrown to Mumbaikars at 1.00pm.
The fare issue has been referred to the Court and it would come to hearing on June 9, 2014.
As of now, for the next 30 days the fare is pegged at INR 10 irrespective of the distance as a promotional measure.
A quick comparison with the Delhi Metro fares show that the fare between Dwarka Sector 5, New Delhi, Delhi, India to Barakhamba, New Delhi, Delhi, India, a distance of 23kms is INR 25
A comparison with the Kolkata Metro fares show that the fare for Kolkotta metro is pegged between INR 5 and iNR 25 for distances between 0 Kms to 25.01 and above Kms
Mumbaikars would be able to enjoy of Mumbai Metro when the Smart Card is integrated as a single pass across Mumbai Metro, Mumbai Monorail, Mumbai Suburban and BEST Buses.
As a promotional activity, for the first 30 days of launch of Mumbai Metro, the tickets would be pegged at INR10 irrespective of the distance.
From the 31st day, the ticket rates would be between INR 10 and INR 40. As per the tender schedule issued in 2006, the winner had to fix the rates between INR 9 and INR 13.
As the project went over budget the Reliance Group, the main shareholder the in Metro SPV has sought enhancement of the fare.
At the time of posting this update to my Blog, the fare rate has not yet been finalized.
Irrespective of the final fare, Mumbai Metro customers will have 2 contactless ticketing options i.e Contactless Smart Token for a single journey (CST) OR Contactless Smart Card for multiple journeys (CSC).
The recharge options and other features of the Contactless Smart Card will be announced in due course to the media and also updated in the Metro’s website.