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.
In India, the large number of Regional Rural Banks spread across the country play a vital role in economic system.
Majority of the RRBs have migrated to CBS (Core Banking System). To leverage the full benefits of CBS, RRBs have to roll out Safe ePayment modules.
RRB customers are willing to migrate from paper based transactions to electronic based transactions provided that they are assured the safety of their account balances.
As a steps toward Safe ePayment Modules, NPCI (National Payments Corporation of India) and NABARD (National Agricultural Bank for Rural Development) are conducting two day workshops, with a focus on procedural guidelines for various electronic payment products available in our country.
It might be noted that as a result of amalgamation, number of the RRBs has been reduced from 196 to 64 as on 31 March 2013. However the number of branches of RRBs increased to 17856 as on 31 March 2013 covering 635 districts throughout the country. The amalgamation exercise is expected to enhance the operational efficiencies of the RRBs.
Out of the present 56 RRBs present in our country, 47 RRBs are part of the NPCIs NFS (National Financial Switch) network. A NFS member can access the NPCIs ATM network, as well as other electronic payment products viz CTS, NACH, IMPS.
On 27/06/2014, RBI has announced that the rate of interest on the Floating Rate Bonds, 2015 (FRB, 2015) applicable for the year (July 2, 2014 to July 01, 2015) will be 8.83 percent per annum.
Dated Government securities are long term securities and carry a fixed or floating coupon (interest rate) which is paid on the face value, payable at fixed time periods (usually half-yearly). The tenor of dated securities can be up to 30 years.
Floating Rate Bonds – Floating Rate Bonds are securities which do not have a fixed coupon rate. The coupon is re-set at pre-announced intervals (say, every six months or one year) by adding a spread over a base rate. In the case of most floating rate bonds issued by the Government of India so far,the base rate is the weighted average cut-off yield of the last three 364- day Treasury Bill auctions preceding the coupon re-set date and the spread is decided through the auction. Floating Rate Bonds were first issued in September 1995 in India.
The rate of interest on the FRB, 2015 was set at a mark-up (as decided in the auction held on July 1, 2004) over and above the variable base rate. The variable base rate for payment of interest shall be the average rate (rounded off up to two decimal places) of the implicit yields at cut-off prices emerging in the three auctions of Government of India 364 day Treasury Bills immediately preceding the relative annual coupon reset date which worked out to be 8.64 per cent. The mark-up decided in the auction held on July 1, 2004 was (+) 0.19 (plus 0.19) percent. The coupon rate has been fixed at 8.83 per cent per annum accordingly.
Yes, Department of Post has launched Online Banking for its CBS account holders.
Apart from the basics viz ‘My Profile’, the following are the high level of India Post’s Internet Banking portal
1. Accounts Summary.
2. Savings accounts details.
3. RD account details.
4. PPF accounts details.
5. TD accounts details.
6. NSC Account details.
7. Loan on RD details.
8. Loan on PPF details.
9. Tax deducted at source details.
1. Manage Payee.
2. Manage Billers.
3. Initiate funds Transfer with in DOP.
4. Funds transfer outside DOP.
5. PPF account withdrawal.
6. View scheduled transactions.
7. Pay PPF Account/Repay Loan on PPF.
8. View recurring instructions.
9. Pay RD account instalment.
10. View All Transactions.
11. Repay Loan on RD.
Under General Services:
2. Inquiry Facility.
3. Service Requests.
The basic requirement to access the DoP internet banking is to have an account at a CBS enabled Post Office. After that registration for internet banking service has to be done, and on the application being processed, visit your Base Post Office to collect the login credentials.
Simple, is it not?