RBI has issued specific directions on The Choundeshwari Sahakari Bank Ltd., Ichalkaranji, Kolhapur, Maharashtra.
As per the directions a copy of which is displayed on the bank’s premises for perusal by interested members of the public, the bank, from the close of business on August 30, 2014, cannot, without prior approval in writing from the Reserve Bank of India –
- i) grant or renew any loans and advances,
- ii) make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits,
iii) disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise,
- iv) enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Directions dated August 28, 2014.
In particular, depositors of the bank will be able to withdraw a sum not exceeding INR 1,000/- (Rupees one thousand only) of the total balance held in every savings bank or current account or any other deposit account by whatever name called, subject to the conditions stipulated in the RBI Directions.
The issue of the Directions should not per se be construed as cancellation of banking licence by the Reserve Bank. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.
Ichalkaranji is known as the Manchester of Maharashtra. The name ‘Ichalkaranji’ is a compilation of three different words i.e. Ichy, Uchi and Karanji – these were the three small villages which existed during the 18th century.
As per Press reports, in the near future, all new credit card swipe machines and automated teller machines (ATMs) will be required to have a mechanism for Aadhaar authentication using biometrics. There is nothing official about this, and Reserve Bank of India (RBI) is understood to be preparing such a directive to improve security and promote financial inclusion. However, as on date, i.e 28/09/2013, there is no public document.
Rajeev Chandrasekhar, the founder of BPL Mobile and currently a Rajya Sabha, has raised the first public awareness initiative on the costs of Aadhaar Based Biometric Authentication, that India has to bear.
He has written a letter to Dr.Manmohan Singh, Prime Minister of India.
The letter amongst issues, lays emphasis on the high cost associated with building a new Digital infrastructure from scratch.
This letter should spur more debate in the coming months on the Pros and Cons of Aadhaar Based Biometric authentication for pure financial transactions.
Biometric values that are captured for authentication and transmitted to remote locations for verification must be protected in transit. Yes, otherwise they are vulnerable to being intercepted and replayed just like your normal static passwords.
Read my earlier Post 1 and Post 2 on eKYC here.
To familiarize eKYC process flow amongst Bankers, Insurance Companies, Securities Market and Telecom Sector, UIDAI held a workshop on August 19, 2013.
The workshop was followed by a media brief, and UIDAI Chairman Shri Nandan Nilekani was taking questions from the media personnel, on doubts on eKYC implementation and the legal backing for eKYC.
The highlight of the Media brief was:
“If a certain authority feels that the beneficiaries of a particular scheme need to possess Aadhar cards, they can make it mandatory for them for that particular scheme,” said Nandan Nilekani, Chairman, Unique Identification Authority of India, on Monday here.
The workshop was done to demonstrate the practical implementations and to specify some of the salient features and the benefits of its implementation.
Residents have to authorize UIDAI to release the information available in the CIDR.
Authorization can be done via two channels:
01) In person (through biometric authentication),
02)Online (through OTP authentication).
Upon successful authentication and consent of the resident, the UIDAI will provide the resident’s name, address, date of birth, gender, photograph, mobile number (if available), and email address (if available) to the service provider electronically.
One of the foremost advantages of Online Authentication is that the latest details of the resident can be viewed by the service provider and stored as proof of KYC being done.
Online authentication also costs less as compared to biometric authentication. No additional investment needs to be done for Online Authentication.
01) The ‘Fulfilled by Amazon’, tool through which the shipping is directly initiated by Amazon India distribution centre
02) The 30 days Return period for most of the items purchased at Amazon
03) The 100% purchase protection with A-to-Z Guarantee program
04) The wide range of products in Amazon India market place
05) The price advantage over other India’s eCommerce sites
06) The wide range of products that will be soon available on the Amazon India market place
07) The 24*7*365 days customer support teams
Any other views?