uidai
08:16
Showing posts with label Airtel. Show all posts
Showing posts with label Airtel. Show all posts
Thursday, 7 December 2017
Saturday, 27 May 2017
Paytm
06:53
Payment Banks:Free Services &Charges
Payment Banks:Free Services &Charges
MUMBAI, MAY 24:
With three players launching their payments bank services, consumers now have more choice for their banking needs.
Going by the rate of interest being offered for deposits, Airtel seems to be the most aggressive. The telecom operator’s payments bank provides the highest interest raṭe on deposits at 7.2 per cent, followed by India Post at 5.5 per cent and Paytm at 4 per cent. Most of traditional banks offer about 4-5 per cent interest on deposits.
However, there are other differentiators and benefits that make each player’s offerings unique. Paytm, the latest to enter the payments bank space, is the first to offer zero balance-zero digital transaction charge accounts. It is also offering cashbacks to woo customers to open an account. On cash withdrawal, Paytm offers five free transactions in non-metro cities and three in the metros. It will chaṛge about ₹20 each on every subsequent transaction.
Compared to this, Airtel charges about 0.65 per cent of the amount withdrawn everytime. India Post currently does not charge for withdrawals made at its own ATMs. Meanwhile, for other services like online banking and other services such as IMPS, UPI and NEFT, Paytm offers free online fund transfer services. India Post charges ₹2.5-5 per NEFT transaction and ₹5 for IMPS, which is at par with traditional banks.
For mobile banking, NEFT is free but IMPS is charged at ₹4 per transaction. Airtel charges 0.5 per cent of the amount if funds are transferred to another bank account through internet banking or mobile banking. Airtel-to-Airtel fund transfers are free.
Ashok Pal Singh, CEO of India Post Payment Bank, Department of Posts, told BusinessLine that customers will be drawn not by offers or cashbacks but the further simplification of existing services.
“Every player (payment bank) will have a differentiating factor. It is a sunrise sector and will take maṅy players to broaden the sector in the next 10 years,” he said. India Post, which operates four banks in Jharkhand and four in Chhattisgarh, said it plans to reach every district by September and would have two crore accounts in the first operating year (2017-18).
As per the RBI’s guidelines, a payment bank is a new concept of banks that can only take deposits but cannot issue loans or credit cards. The deposit is restricted to about ₹1 lakh per customer, in both current and savings accounts. Payments banks can issue ATM cards, debit cards and offer net-banking and mobile-banking.
Source:Business LIne
Wednesday, 12 April 2017
payment banks
07:36
General Terms and Conditions for Airtel Payments Bank Limited
General Terms and Conditions for Airtel Payments Bank Limited
(erstwhile known as Airtel MCommerce Services Ltd.)
As an Account holder of Airtel Payments Bank Ltd (hereinafter referred to as the “Bank”), the Customer is subject to the below Terms and Conditions (T&C). Any changes to the T&C will be available on the website www.airtel.in/bank the use of Bank services by the Customer is subject to the acceptance of the Terms and Conditions. By enrolling for the Bank services, the Customer acknowledges that the Customer has read, understood and agrees to be bound by these Terms and Conditions.
1. DEFINITIONS
“Account” refers to the Customer’s savings account or Airtel money wallet or any other type of account so designated by the Bank to be eligible account(s) for the operations
"Airtel Payments Bank Limited" is a company incorporated under the Companies Act, 2013 with its registered office at Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi - 110070, India.
“Banking Points” shall mean and include business correspondent agents.
"Charge(s)" or "Service Charge" shall mean the charges which the Bank may levy upon the Customer in consideration for the Bank services.
"Customer" shall mean an individual person who has registered with the Bank for availing its services and has accepted all applicable terms and conditions of the Bank and owns a compatible mobile phone that supports Bank services.
“Customer ID”/ “Mobile number” shall be the ten digit mobile phone number of the Customer to be used for Account login.
"Enrollment Form" shall mean the form to be completed by the Customer along with necessary supporting documents, as required by the Bank.
"KYC" stands for Know Your Customer and refers to the various norms, rules, laws and statutes issued by RBI from time to time under which Bank is required to procure personal identification details and proof of address documents from the Customer as may be required from time to time for availing and / or continuation of the Bank services.
"mPIN" shall mean the 4 digit secret numeric password used to secure Bank Account, without knowledge of which the Bank Account may not be operable.
"“Instruction”/ “Instruction(s)” means any request or instruction that is received from the Customer by the Bank through any Banking access channel.
“SMS Password (OTP)” refers to one time 6 digit pass code that would be sent to a Customer’s mobile number registered with the Bank.
"USSD" means Unstructured Supplementary Services Data and refers to a method of accessing and using the Bank Account, i.e. by dialing a specified short code from the mobile number registered with the Bank.
2. INTERPRETATION
All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".
Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force.
All headings, bold typing and italics (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these Terms & Conditions.
3. DOCUMENTATION
The collection, verification, audit and maintenance of correct and updated Customer information is a continuous process and Bank reserves the right, at any time, to take steps necessary to ensure compliance with all relevant and applicable KYC requirements. Bank reserves the right to discontinue services/ reject applications for Bank services at any time if there are discrepancies in information and/or documentation provided by the Customer at the time of Bank Account opening.
Any information, provided to the Bank with the intention of taking its services, shall vest with the Bank, and may be used by the Bank, for any purpose consistent with any applicable law or regulation, at its discretion.
If the particulars provided by the Customer in the KYC documents do not match with details mentioned in the Enrollment Form, then Bank has the right to call for additional documents to the satisfaction of the Bank as per the extant KYC guidelines.
4. GENERAL CONDITIONS OF BANK SERVICE
For an Airtel customer his/her mobile number shall be his/her Bank account number. For non Airtel customers his/her account number shall be a ten digit sequential number provided by the Bank. Notwithstanding anything, once Bank allots a mobile number as an account number to a Customer it is not subject to change in any case including a customer availing mobile number portability services or changing his mobile number and the same shall not be reassigned to any other Customer even if he/she possess the same mobile number.
The Customer may avail Bank services by approaching Banking Points and through Internet Banking as well. The list of Banking Points, any limits pertaining to the Account and methods of crediting Bank Account are subject to change as per discretion of Bank without any prior intimation to the Customer.
The savings account balance shall not exceed INR 1,00,000/-(Rupees One Lakh) at any given time.
Bank reserves the right to take appropriate actions in relation to such Customers who maintain balance of more than Rs.1,00,000 for a continuous period as determined by the Bank from time to time. Bank shall endeavor to inform the Customer in case his/her Account balance exceeds Rs. 1,00,000. Any transaction leading to Account balance exceeding Rs. 1,00,000 shall fail in its entirety.
The Bank would consider acceding to the fund transfers requests of the Customer within or external to the Bank, preferably through immediate payment service (IMPS) and resort to other modes only when IMPS is unavailable on best efforts basis.
The Bank shall reserve the right to close / temporarily block the Account of any Customer if:
The Customer is violating the AML and PMLA guidelines
The Customer does not furnish necessary re-KYC documents when required to do so based on the risk assessment made by the Bank
The Customer fails to adhere to any of the terms & conditions of the Bank and / or any of the regulatory requirements.
The Bank Account is being used for any unlawful or suspicious activity which is inconsistent with any of the Banking practice.
Directions to the effect is received from the law enforcement authorities, regulatory authorities, etc.
Bank shall provide its services on best effort basis. Further Bank reserves the right to suspend/discontinue any of the Bank services at any time, for any cause, including, but not limited, to the following:
To combat potential fraud, sabotage, willful destruction, threat to national security or for any other force majeure reasons ;
For any suspected violation of the rules, regulations, orders, directions, notifications issued by RBI from time to time or for any violation of the Terms and Conditions mentioned herein.
The Customer is permitted to maintain and operate only one Bank Account.
Bank does not sponsor any particular product or any business unrelated to banking and any payment for purchase of goods and services by using the Bank’s services will be confined to payment arrangement with such entities or its subsidiaries/associates/principal.
5. BANK CHARGES
The Customer shall pay the Service Charges prescribed by the Bank that may be changed, amended, increased, modified or reduced at the Bank’s discretion, from time to time with prior intimation to the Customer in an upfront manner. For schedule of Service Charges please refer company website (www.airtel.in/bank).
Thursday, 5 May 2016
payment banks
08:20
Airtel Payments Bank to start services between July and September
Airtel Payments Bank to start services between July and September
Airtel Payments Bank will start services in the second quarter of the current fiscal year, parent Bharti Airtel Ltd said. Kotak Mahindra Bank holds 19.9% in the payments bank, which is currently called Airtel M-Commerce Services Ltd.
Airtel M-Commerce Services is one of the 10 payments bank licencees due to launch services by early next year. In August 2015, the Reserve Bank of India (RBI) had granted an in-principle nod to 11 entities to offer payment banking services.
Apart from Airtel, Aditya Birla Nuvo Ltd, Cholamandalam Distribution Services Ltd, Department of Posts, FINO PayTech Ltd, National Securities Depository Ltd (NSDL), Reliance Industries Ltd (RIL), Tech Mahindra Ltd, Vodafone m-pesa Ltd (a unit of telco Vodafone India Ltd), Dilip Shantilal Shanghvi (founder of Sun Pharmaceutical Industries Ltd) and Vijay Shekhar Sharma (CEO of One97 Communications that runs Paytm) were also granted licences. Cholamandalam, however, has withdrawn its application.
Announcing the launch plans and the new brand identity of Airtel Payments Bank, Gopal Vittal, managing director and chief executive (India and South Asia) for Bharti Airtel said, “The new identity reflects our strong focus on the payments bank segment and our commitment to the Government’s vision of financial inclusion and banking services for every citizen..”
“With Airtel’s deep distribution network that touches every corner of the country, we believe that Airtel Payments Bank is uniquely placed to deliver quality banking services to customers by leveraging the power of mobile telephony,” he added.
Airtel M-Commerce Services currently provides money transfer services and semi-closed wallet services across more than 800 towns in India, the company said, while adding that it plans to leverage Bharti Airtel’s national distribution network to deliver banking services to the last mile.
Source:BankingUpdates
Source:BankingUpdates
Tuesday, 12 April 2016
Reserve Bank of India
09:04
Bharti Airtel, Kotak joint venture gets payment bank licence
Bharti Airtel, Kotak joint venture gets payment bank licence
New Delhi, April 11 (IANS) The apex bank, Reserve Bank of India, on Monday granted payments bank licence to telecom service provider Bharti Airtel, for which it had applied in partnership with Kotak Mahindra Bank, a company statement said here.
"We are pleased to inform you that Airtel M Commerce Services Limited (AMSL), a subsidiary of Bharti Airtel Limited, has been granted payments bank licence from Reserve Bank of India on April 11, 2016," the statement said.
Bharti Airtel and Kotak Mahindra had applied for the payment bank licence through AMSL, which launched Airtel Money in 2011.
Airtel Money was the first mobile based pre-paid payment instrument service in the country and it empowers millions across India to leverage their mobile phones as a secure way for making payments and transferring money.
Kotak had picked up 19.9 percent stake in Airtel M Commerce, for Rs.98.4 crore in February.
The payment banks will cater to the needs of small savings accounts, remittance services, low income households, small businesses and other unorganised sector entities.
The Reseve Bank of India (RBI) on August 19, 2015, granted 'in principle' approval to 11 applicants, including Reliance Industries, Aditya Birla Nuvo, Department of Posts, and Cholamandalam Distribtuion Services, to set up payment banks.
The others who got the approval are Airtel M Commerce Services Limited, Fino PayTech Limited, National Securities Depository Limited, Dilip Shantilal Shanghvi, Vijay Shekhar Sharma, Tech Mahindra Limited and Vodafone m-pesa Limited.
According to the RBI, the in-principle approval will be valid for 18 months, during which the applicants have to comply with guidelines and fulfil other conditions as may be stipulated by it.
Until regular licences are issued, the applicants cannot undertake any banking business, it added.
Source:TOI
Monday, 11 April 2016
Reserve Bank of India
21:55
Airtel M Commerce receives RBI licence to start payments bank
Airtel M Commerce receives RBI licence to start payments bank
MUMBAI: The Reserve Bank of India has granted payments bank licence to Airtel M Commerce Services, a subsidiary of Bharti Airtel BSE 4.20 % on Monday. Bharti Airtel was among the 11 applicants that received in-principle approval from the RBI to start payments bank.
Friday, 18 September 2015
wallet business
07:45
Paytm to invest up to Rs.1500 cr for payment bank
Paytm to invest up to Rs.1500 cr for payment bank
Mobile commerce firm Paytm, which is backed by China’s Alibaba Group, plans to invest up to Rs.1,500 crore in the next two years for rolling out its payment bank services.
A new unit — Paytm Payment Bank Ltd. — will handle all of the company’s payments businesses, including wallet services, while the e-commerce business will remain under the parent firm, One97 Communications.
In an interview with The Hindu, Amit Lakhotia, Vice President (Payments) at Paytm said, “While as per RBI guidelines, the minimum paid-up equity capital for payments banks should be Rs.100 crore, from our point of view, the number will be higher…It would be anywhere between Rs.700 crore to Rs.1,500 crore to be invested over the period of next two years.” The funds will mainly be used to set up the new company, roll out services, migrate consumers from wallet to payment bank platform and for building the merchant infrastructure, Mr. Lakhotia added.
The new entity will have a separate leadership team and plans are to hire about 2,000-2,500 people for the unit. The search for a chief executive officer to run the payments subsidiary is underway.
Last month, Paytm, along with 10 other entities, including Reliance Industries, India Post, Bharti Airtel and Vodafone, got the Reserve Bank’s nod to set up non-lending payments banks as part of the financial inclusion drive.
Mr. Lakhotia said the company is also exploring tie ups with multiple banks to expand services and the product portfolio.
Source :BankingUpdates.
Sunday, 6 September 2015
Tech Mahindra
17:08
Big opportunity in small & payment banks for IT cos: Nasscom
Big opportunity in small & payment banks for IT cos: Nasscom
Industry lobby Nasscom sees a "massive opportunity" for the domestic tech companies in payments banks and small finance banks, but warned the industry that they need to find out innovative solutions to help these lenders ensure cost-effective delivery of services.
"It is a massive opportunity in a country like ours. It is not only a massive opportunity, it is also one with incredible scope for innovation and creation of new kinds of products which are relevant for our development," Nasscom president R Chandrashekhar told PTI here over the weekend.
He was quick to add that this is also a "big challenge" as the tech companies have to come up with solutions which are relevant to a developing country like India and make "economic sense".
Reducing the cost of transaction to a level where people are able to make low value transactions on mobile with more convenience and security is one such challenge, he said.
In a first for the flourishing technology space, the country's fifth largest IT exporter Tech Mahindra has successfully bagged a payments bank licence, along with 10 others from a diverse set which includes telecom majors and large corporates.
After being given the in-principle nod by the RBI last month, Tech Mahindra had said it would support similar efforts in other developing markets and would be creating a digital plus physical bank.
As many of the selected names include deep-pocket entities like the Reliance Industries, Aditya Birla Group and Bharti Airtel, among others, analysts are of the view that this is a bonanza for the tech vendors.
Companies like Infosys have already come out with dedicated offerings for the new kind of lenders.
Reserve Bank Governor Raghuram Rajan has said it would come out with the list of selected applicants to start small finance banks by the end of this month.
The payments banks are intended to house transactional accounts for individuals, focusing on payments and remittances.
Having a strong network across the country is a primary necessity for the success of the idea.
The small finance banks will operate in local areas, with an intimate knowledge of the communities they serve, and will undertake both deposit taking and lending functions.
Both the new set of banks, with which the RBI is kick-starting the process of introducing differentiated banking, are intended to deepen financial inclusion.
"This is going to be the most important enabler for the goal of moving towards a cashless economy," Chandrashekhar said.
Source :http://www.business-standard.com/article/pti-stories/big-opportunity-in-small-payment-banks-for-it-cos-nasscom-115090600370_1.html
Thursday, 27 August 2015
Vodafone
23:51
Dos and Don'ts of payments banks
Dos and Don'ts of payments banks
Payments banks will be able to take deposits and remittances but will not be allowed to lend
India's leading mobile carriers Bharti Airtel Ltd and Vodafone India were among the 11 companies selected by the country's central bank to set up payments banks aimed at granting millions of citizens access to formal banking.
Energy-to-telecoms conglomerate Reliance Industries Ltd, a joint venture of Aditya Birla Nuvo Ltd and Idea Cellular Ltd, and the country's postal office were also among successful applicants, the Reserve Bank of India said on Wednesday.
Dos of payments banks
* Has to use the word ‘Payments Bank’ in its name to differentiate from other banks
* Accept demand deposits, i.e., current deposits, and savings bank deposits from individuals, small businesses and other entities
* To hold a maximum balance of Rs one lakh per individual customer.
* Will be allowed to set up branches, ATMs, BCs
* Allowed to issue debit cards also offer internet banking
* Can accept a large pool of money to be remitted but at the end of the day the balance should not exceed Rs one lakh
* Can accept remittances to be sent to or receive remittances from multiple banks
* Permitted to handle cross border remittance transactions in the nature of personal payments / remittances on the current account
* Allowed to distribute mutual fund products, insurance products and pension products
* Bank can also undertake utility bill payments
Don’ts of payments banks
* No NRI deposits should be accepted
* Cannot issue credit card
* Not allowed to set up subsidiaries to undertake non-banking financial services activities
* Other financial and non-financial services activities of the promoters should not be mingled with the working of payment banks
Source :http://www.business-standard.com/article/finance/dos-and-don-ts-of-payments-banks-115081900854_1.html
Source :http://www.business-standard.com/article/finance/dos-and-don-ts-of-payments-banks-115081900854_1.html
