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.
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.
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?
Reserve Bank of India vide. Lr.Dt. 26 May 2014 informed to the public at large that it has issued a Certificate of Authorization to BTI Payments Pvt.Ltd., Bangalore to set up and operate White Label ATMs in India.
The first set of guidelines for setting up WLAs in India was issued by RBI on June 20, 2012.
In June 2031, BTI Payments received the clearance from Foreign Investment Promotion Board (FIBP) for capital infusion of Rs108.50 from its parent company, through the Foreign Direct Investment (FDI) mode. The funds were to roll out the White Label ATMs in India.
Another INR140 crores was invested by ICICI Venture, the alternative asset management arm of ICICI Bank in BTI Payments.
In the next three years, BTI Payments has to roll out 9000 ATMs across India. The first ATM has been installed at Gubbi in Tumkur district of Karnataka. The company has launched two such ATMs (ATM in a shop) in Tiptur and Arsikere in Tumkur district.
The marketing strategy of BTI Payments is ‘ATM IN A SHOP’. It plans to locate its ATMs in or nearby kirana shops. Kriana shops are Mom & Pop stores which dot India.