RTGS
20:19
24X7 Availability of Real Time Gross Settlement (RTGS)System
24X7 Availability of Real Time Gross Settlement (RTGS)System
Showing posts with label RTGS. Show all posts
Showing posts with label RTGS. Show all posts
Friday, 4 December 2020
Saturday, 15 June 2019
Monday, 12 February 2018
RTGS
18:35
India Post Payments Bank (IPPB) to enable Digital Payments in Post Offices by April 2018
India Post Payments Bank (IPPB) to enable Digital Payments in Post Offices by April 2018
India Post Payments Bank (IPPB) Expansion Programme continues to make brisk progress and a nation-wide roll-out is scheduled beginning April 2018. No decision has been taken to revise the timelines as reported in some sections of the media on Tuesday, 06th February 2018. Once the proposed expansion is completed, IPPB will be providing the largest financial inclusion network in the country, covering both urban as well as rural hinterland with ability to provide digital payment services at the doorstep with the help of Postmen and GraminDakSewaks (GDS). IPPB will also enable more than 17 crore active account-holders of Post Office Savings Bank to make interoperable digital payments including the benefit of NEFT, RTGS, UPI and bill payment services. Additionally, the IPPB will enable acceptance of digital payments across post offices in the country in line with the digital payments initiative of the government.
Source:PIBNEWS
Friday, 18 November 2016
RTGS
12:38
In the aftermath of the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes -..certain operational aspects of this scheme have been taken:
In the aftermath of the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes -..certain operational aspects of this scheme have been taken:
New Delhi, November 17, 2016
Kartika 26, 1938
In the aftermath of the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes, the Government of India has been receiving several suggestions including thosefrom the State Governments. The Government has considered various suggestions and the following decisions relating to certain operational aspects of this scheme have been taken:
i. We are now at the beginning of the Rabi season. The farmers need various inputs for their agricultural activities. While the Government is keen on promoting payment through the banking or digital system, it is felt necessary to make some quantum of cash available with farmers to meet various expenses in connection with agricultural operations. It has, therefore, been decided that farmers would be permitted to draw upto Rs. 25000/- per week in cash from their KYC compliant accounts only. These cash withdrawals would be subject to the normal loan limits and conditions. This facility will also apply to the Kisan Credit Cards (KCC).
ii. Farmers are currently selling their produce from the Kharif season in the APMC markets/mandis. The farmers who receive such payments in their bank accounts through
cheque/ RTGS will be permitted to draw up to Rs. 25000/- per week in cash. These accounts will have to be KYC compliant. This facility will enable the farmers to meet
their various expenses connected with agriculture. This will also infuse lot of liquidity into the rural sector.
iii. Traders registered with APMC markets/mandis will be permitted to draw up to Rs. 50,000/- per week in cash from their KYC compliant accounts as in the case of business entities. This will enable these traders to pay wages and facilitate easy loading, unloading and other activities at the mandis.
iv. For payment of crop insurance premium, States fix time limits depending on their local requirements and conditions. Consequently, the last date for payment expires on different dates. It has now been decided to extend the last date for payment of crop insurance premium by 15 days.
v. While encouraging families to incur wedding expenses through cheques or digital means, it has been decided to permit families celebrating weddings to draw up to Rs. 2,50,000/- in cash from their own bank accounts. These accounts have to be necessarily KYC compliant. The amounts can be drawn only by either of the parents or the person getting married. Only one of them will be permitted to draw this amount. This limit of Rs. 2,50,000/- will apply separately to the girl’s family and the boy’s family. The person drawing such amount has to furnish the PAN details. Further, a self-declaration will have
to be submitted by the person to the effect that only one person from his/her family is drawing the amount. It is expected that members of the public will fully cooperate to
ensure that the above guidelines are adhered to. Any misuse of this facility will invite appropriate action based on the self-declaration and other details.
vi. At present, over the counter exchange of old Rs. 500/- and Rs. 1000/- notes is limited up to maximum of Rs. 4500/- per person. Reports have been received that the same persons are going back to the counter again and again, thereby cornering the facility and depriving many other people from exchanging old notes. There are also reports oforganized groups indulging in such practices to convert their black money into white. It is now expected and desirable that people put their old notes into their bank accounts.However, for convenience of the people who may be on temporary visit either for work or otherwise, it has been decided to reduce this limit of exchange of old Rs. 500/- and Rs.1000/- notes across the counter in banks from Rs. 4500/- to Rs. 2000/-. This facility will be available only once per person. The reduced limit of Rs. 2000/- will take effect from18th November, 2016.
vii. Central Government employees up to Group `C’ including equivalent levels in the Defence and Para Military Forces, Railways and Central Public Sector Enterprises will be
given an option to draw salary advance up to Rs. 10,000/- in cash. This amount will be adjusted in their salary for November, 2016. It is expected that this decision will ease the
pressure on the banks.
Source:Finmin
Wednesday, 9 November 2016
volume of transactions
15:53
NO BANK ACCOUNT HOW CAN I CHANGE MY 500 AND 1000 RUPEES NOTES
NO BANK ACCOUNT HOW CAN I CHANGE MY 500 AND 1000 RUPEES NOTES
FREQUENTLY ASKED QUESTIONS
FAQs
on Withdrawal of Legal Tender Character of the existing Bank Notes in the
denominations of ₹ 500/- and ₹ 1000/-
1.
Why is this scheme introduced?
The incidence of fake Indian currency notes in higher
denomination has increased. For ordinary persons, the fake notes look similar
to genuine notes, even though no security feature has been copied. The fake
notes are used for antinational and illegal activities. High denomination notes
have been misused by terrorists and for hoarding black money. India remains a
cash based economy hence the circulation of Fake Indian Currency Notes
continues to be a menace. In order to contain the rising incidence of fake notes
and black money, the scheme to withdraw has been introduced.
2. What is this scheme?
The legal tender character of the existing bank notes in
denominations of ₹500 and ₹1000 issued by the Reserve bank of India till November 8,
2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In
consequence thereof these Bank Notes cannot be used for transacting business
and/or store of value for future usage. These Bank Notes can be exchanged for
value at any of the 19 offices of the Reserve Bank of India or at any of the
bank branches or at any Head Post Office or Sub-Post Office.
3. How much value will I get?
You will get value for the entire volume of notes tendered
at the bank branches / RBI offices.
4. Can I get all in cash?
No. You will get upto ₹4000 per person in cash irrespective of the size of tender and
anything over and above that will be receivable by way of credit to bank
account.
5. Why I cannot get the entire amount
in cash when I have surrendered everything in cash?
The Scheme does not provide for it, given its objectives.
6. ₹4000 cash is insufficient for my need. What to do?
You can use balances in bank accounts to pay for other
requirements by cheque or through electronic means of payments such as Internet
banking, mobile wallets, IMPS, credit/debit cards etc.
7. What if I don’t have any bank
account?
You can always open a bank account by approaching a bank
branch with necessary documents required for fulfilling the KYC requirements.
8. What if, if I have only JDY account?
A JDY account holder can avail the exchange facility subject
to the caps and other laid down limits in accord with norms and procedures.
9. Where can I go to exchange the
notes?
The exchange facility is available at all Issue Offices of
RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head
Post Office or Sub-Post Office.
10. Need I go to my bank branch only?
For exchange upto 4000 in cash you may go to any bank branch
with valid identity proof.
For exchange over 4000, which will be accorded through
credit to Bank account only, you may go to the branch where you have an account
or to any other branch of the same bank.
In case you want to go to a branch of any other bank where
you are not maintaining an account, you will have to furnish valid identity
proof and bank account details required for electronic fund transfer to your account.
11. Can I go to any branch of my bank?
Yes you can go to any branch of your bank.
12. Can I go to any branch of any other
bank?
Yes, you can go to any branch of any other bank. In that
case you have to furnish valid identity proof for exchange in cash; both valid
identity proof and bank account details will be required for electronic fund
transfer in case the amount to be exchanged exceeds ₹4000.
13. I have no account but my relative /
friend has an account, can I get my notes exchanged into that account?
Yes, you can do that if the account holder relative/friend
etc. gives you permission in writing. While exchanging, you should provide to
the bank, evidence of permission given by the account holder and your valid
identity proof.
14. Should I go to bank personally or
can I send the notes through my representative?
Personal visit to the branch is preferable. In case it is
not possible for you to visit the branch you may send your representative with
an express mandate i.e. a written authorisation. The representative should
produce authority letter and his / her valid identity proof while tendering the
notes.
15. Can I withdraw from ATM?
It may take a while for the banks to recalibrate their ATMs.
Once the ATMs are functional, you can withdraw from ATMs upto a maximum of ₹2,000/- per card per day upto 18th November, 2016. The limit
will be raised to ₹4000/- per day per card from 19th November
2016 onwards.
16. Can I withdraw cash against cheque?
Yes, you can withdraw cash against withdrawal slip or cheque
subject to ceiling of ₹10,000/- in a day within an overall
limit of ₹20,000/- in a week (including
withdrawals from ATMs) upto 24th November 2016, after which these limits shall
be reviewed.
17. Can I deposit Specified Bank Notes
through ATMs, Cash Deposit Machine or cash Recycler?
Yes, Specified Bank Notes can be deposited in Cash Deposits
machines / Cash Recyclers.
18. Can I make use of electronic
(NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?
You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking
or any other electronic/ non-cash mode of payment.
19. How much time do I have to exchange
the notes?
The scheme closes on 30th December 2016. The Specified
banknotes can be exchanged at branches of commercial banks, Regional Rural
Banks, Urban Cooperative banks, State Cooperative Banks and RBI till 30th
December 2016.
For those who are unable to exchange their Specified Bank Notes
on or before December 30, 2016, an opportunity will be given to them to do so
at specified offices of the RBI, along with necessary documentation as may be
specified by the Reserve Bank of India.
20. I am right now not in India, what
should I do?
If you have Specified banknotes in India, you may authorise
in writing enabling another person in India to deposit the notes into your bank
account. The person so authorised has to come to the bank branch with the
Specified banknotes, the authority letter given by you and a valid identity
proof (Valid Identity proof is any of the following: Aadhaar Card, Driving
License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued
by Government Department, Public Sector Unit to its Staff)
21. I am an NRI and hold NRO account,
can the exchange value be deposited in my account?
Yes, you can deposit the Specified banknotes to your NRO
account.
22. I am a foreign tourist, I have
these notes. What should I do?
You can purchase foreign exchange equivalent to ₹5000 using these Specified Bank Notes at airport exchange
counters within 72 hours after the notification, provided you present proof of
purchasing the Specified Bank Notes.
23. I have emergency needs of cash
(hospitalisation, travel, life saving medicines) then what I should do?
You can use the Specified Bank Notes for paying for your
hospitalisation charges at government hospitals, for purchasing bus tickets at
government bus stands for travel by state government or state PSU buses, train
tickets at railway stations, and air tickets at airports, within 72 hours after
the notification.
24. What is proof of identity?
Valid Identity proof is any of the following: Aadhaar Card,
Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card
Issued by Government Department, Public Sector Unit to its Staff.
25. Where can I get more information on
this scheme?
Further information is available on our website (www.rbi.org.in) and
the website of the Government of India (www.finmin.nic.in)
26. If I have a problem, whom should I
approach?
You may approach the control room of RBI by email or
on Telephone Nos 022 22602201/022 22602944
Source:RBI
Tuesday, 16 February 2016
Scam
07:22
Bank of Baroda forex scam: RBI finds irregularities in bank's transactions
Bank of Baroda forex scam: RBI finds irregularities in bank's transactions
Various irregularities by banks such as non-submission and inordinate delays in filing of Suspicious Transaction Reports (STRs), besides opening of accounts by several entities without fulfilling KYC norms, have been noticed by Reserve Bank of India.
The observation came as part of inspection done by the central bank after last year's Bank of Baroda case in which Rs 6,100-crore import remittances were effected by its Ashok Vihar branch here.
Both CBI and the Enforcement Directorate are probing the huge remittances to Hong Kong from the bank. The amount was allegedly transferred in the garb of payments for imports that never took place, investigators say.
After the BoB case, RBI wrote a confidential letter to chairmen and chief executives of all commercial banks asking them to review existing policies and effect necessary improvements where warranted to avoid recurrence of such irregularities.
"While some banks have filed Cash Transaction Reports (CTRs) and STRs with Financial Intelligence Unit in time, in several cases either the CTRs or STRs were not filed or filed with inordinate delay or closed at the bank level without proper verification and regard to frequency of reporting in such accounts.
"Current accounts have been opened by several entities with banks, often even without fulfilling the KYC requirements. Several instances of banks not exercising proper due diligence have come to our notice," it said in the letter, copy of which was received in reply to an RTI query filed by PTI.
After observing some of the transactions of select banks, RBI found that risk categorisation of accounts as well as transaction processes was not done in a proper way.
"Advance import remittances have been permitted without verifying the bonafide of transactions and without carrying out proper due diligence of both the Indian clients as well as overseas suppliers, despite clear instructions in this regard from Foreign Exchange Department, RBI," it said.
Several structured remittances in the range of USD 80,000 -99,900 have been made by the same account holder very frequently from select authorised dealer branches, the central bank said.
It added: "In many banks neither the concurrent auditors nor the internal auditors could find out irregularities in such a large scale, raising questions about the scope, coverage and capability of the internal control mechanisms.
"What was more disquieting was the fact that the abnormal spurt in import transactions in these branches vis-a-vis the performance in previous periods has not caught the attention of the controlling or head office of the bank."
Considering the "scale and spread of such transactions", banks were advised to immediately initiate a detailed internal audit of Authorised Dealers branches where such remittances have gone up significantly during the past two to three years.
"The scope of audit also may cover the current accounts with huge number of inward or outward Real-time gross settlement (RTGS) and National Electronic Funds Transfer (NEFT) transactions, not in sync with the declared turnover or business, KYC processes followed etc," it said.
In reply to the RTI application, RBI has said that it is in the process of receiving the internal audit report from various banks.
Source:BankingUpdates
Thursday, 5 November 2015
SBI
08:06
Corporation Bank makes salary account attractive to compete with private banks
Corporation Bank makes salary account attractive to compete with private banks
State-run banks are rarely aggressive, especially when it comes to wooing customers away from private sector rivals which are known for pampering corporate clients with extraordinary services. But Corporation Bank is trying to change this perception, and is taking the battle right up to the doorstep of ICICI Bank and Bank by signing with Reliance Industries for its salary account. What's more, Essar Steel and JK Industries are next in line.
Top officials from the bank said that the move is aimed at improving the share of low cost deposits and margins. SR Bansal, chairman and managing director of Corporation Bank, said, "The bank plans to increase the low cost deposits to 25%. Therefore, we are in talks with corporates like Reliance, JK Industries and Essars to get their salary account."
At present, the share of low cost deposits is 20% as against 40% in case of commercial banks such as State Bank of India (SBI), ICICI Bank and HDFC Bank. Low cost deposits comprise current and savings account where banks offer just 4% on savings account, and no interest on current account.
The bank, currently under pressure due to rising bad loans and poor demand for loans, aims to improve its share of low cost deposits to 25% from 20% and improve its margins by 25 basis points to 2.25% by the end of this fiscal year.
Among the various benefits that the bank plans on deposits of Rs 1 lakh is Rs 10 lakh accidental cover, Rs 50 lakh of air insurance cover and a 50% discount on lockers. Besides, the customer will have free access to airport lounge, no fee on debit and credit card, no charges on NEFT and RTGS transactions, cash withdrawal limit of Rs 1 lakh from ATM at one go, 50% waiver of processing fee on housing, auto and personal loans.
"Bank is taking various other measures to improve the margins such as reduce expenses, deploy more point of sale (PoS) machines and lower the share of high cost deposits," said Bansal. In the last six months, the bank has doubled the PoS machines to 60501 which helped it garner attract account deposits of Rs 195 crore.
Meanwhile, the bank appointed IT company Wipro for replacing its core banking solutions (CBS) for a consideration of Rs 400 crore. So far, the bank had been operating on Cobol-based software which was developed in-house but had become outdated, according to Bansal.
The new CBS will run on Finacle software and the first rollout of 50 branches would happen in December. "On implementing CBS, the ease of doing banking with Corporation Bank will improve which in turn will enable us to attract more customers," said Bansal.
The bank has 2375 branches and about 3000 ATMs. As on June 2015, the company had posted a net profit of Rs 204 crore for June 2015 against Rs 231 crore in June last.
Monday, 26 October 2015
RTGS
11:42
Red Flag Multiple Forex Transactions: CVC To RBI, IBA
Red Flag Multiple Forex Transactions: CVC To RBI, IBA
The CVC has asked RBI and Indian Banks' Association (IBA) to red flag multiple transactions of smaller amounts from a single account and ensure compliance of KYC norms to check fraudulent forex transactions in the wake of alleged Rs 6,100 crore foreign remittance scam through Bank of Baroda, a top official said on Friday (23 October).
"We have written to Reserve Bank of India (RBI) to say that if smaller forex transactions of less than one lakh dollars are being made than it should come to your notice," Vigilance Commissioner T M Bhasin told reporters here.
He said similar communication has been sent to IBA chief, saying there may be "attempts to camouflage generation of alerts by sending small amount of money through multiple transactions of foreign exchange abroad. We have told RBI and IBA that they should tell banks to red flag transactions of smaller amount from one account."
At present, an alert is generated only when foreign exchange (forex) remittance is over one lakh dollars.
"IBA has also been asked to tell all member banks that they follow Know Your Customer (KYC) and Anti-Money laundering (AML) guidelines so as to check reoccurence of such (Bank of Baroda case) incidents," he said.
On the recent forex scam in which about Rs 6,100 crore were remitted to Hong Kong allegedly misusing Bank of Baroda, Bhasin said Enforcement Directorate (ED) has been asked to look into the matter and if these were not genuine transactions then they should work on repatriation of the money.
Bhasin said as soon as the BoB incident was reported to the Central Vigilance Commission, requests for probe was made to the CBI and ED.
"Commission personally spoke to CBI and ED Directors.
Very next day of the CVC's communication, Bank of Baroda's Ashok Vihar branch was raided by the CBI. They also conducted raids at 59 places and arrests were made. Today also investigation in the case is going on 24x7 basis," he said.
The bank has not lost any money, said Bhasin, former Chairman and Managing Director of Indian Bank.
The transactions were made in about a period of about 14 months and 90 per cent of them were through Real-Time Gross Settlement (RTGS) system, in which transactions are settled on real-time, he said.
"Wherever loopholes are found, they are being plugged," the Vigilance Commissioner claimed.
Both the Central Bureau of Investigation (CBI) and ED are probing transactions of Rs 6,100 crore to Hong Kong from a Bank of Baroda's Ashok Vihar branch here.
The huge transaction is believed to be trade-based money laundering as the amount was transferred in the garb of payments for imports, that never took place.
As per CBI probe so far, Rs 6,100 crore were transferred through nearly 8,000 transactions done between July, 2014 and July, this year.
The Commission has sought a report from BoB and CBI in this regard.
Friday, 16 October 2015
Scam
08:09
Forex scam traced to HDFC Bank Accounts
Forex scam traced to HDFC Bank Accounts
Investigative agencies have traced the Rs.6,000-crore money laundering scam involving Bank of Baroda (BoB) to 11 accounts of HDFC Bank, where the fraud might have actually commenced. More arrests of those involved in the case, besides six made by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), are expected in the coming days. The investigative agencies have found that the transactions through the 11 HDFC Bank accounts started way back in January, 2014, while those from BoB began sometime in August that year.
The amounts were transferred from HDFC Bank to BoB for making advanced remittances for imports that never took place. Meanwhile, ED is also investigating whether HDFC Bank accounts were used to make foreign transfers. "This is just one chain involving 26 accounts of HDFC Bank and Bank of Baroda. There are three or four more such chains, but the game is the same of over-claiming duty drawback and evading customs duty. More searches will take place in the coming days," said a finance ministry official
.
ED is expected to investigate the employees of HDFC bank's Netaji Subhash Place branch in New Delhi and has already arrested its employee Kamal Kalra, who worked at the bank's forex department and facilitated illegal transactions. Real-time gross settlement (RTGS) transfers were, however, made through many other banks as well. "Banks would per se not be involved in case of RTGS, but it has brought to light how weak the Know Your Customer (KYC) norms are," said the finance ministry official.
The department of financial services is expected to instruct banks to tighten the implementation of KYC norms. Bank of Baroda has contended that only 6.7 per cent (Rs 343 crore) of the Rs 6,000 crore was deposited in cash in the bank, while the remaining Rs 4,808 crore came through other banking channels. "The question is not how money has come, but is sending money abroad illegally, from where import has not taken place and advance remittances were done," the official added.
The 11 bank accounts of HDFC bank in question were of Sanjay Aggarwal and Chandan Bhatia, who acted as middlemen for such transactions having shell companies in Hong Kong and Dubai. While five of the 11 accounts were of Bhatia, six belonged to Aggarwal, sources said. The two have already been arrested along with Kalra.
ED investigations under the Prevention of Money Laundering Act claimed that the HDFC Bank employee was allegedly helping Bhatia and Aggarwal in remitting the amount through Bank of Baroda against a commission of 30-50 paise per dollar remitted abroad. The agency is also probing a case for forex contraventions under the Foreign Exchange Management Act.
Both CBI and ED pursued the case after an internal investigation by BoB showed Rs 6,172 crore was sent from India to Hong Kong for import of cashew nuts, pulses and rice, but nothing was imported and the money was deposited in 59 bank accounts of several companies.
Bhatia was a middleman and also an exporter who had shell companies in India that used to remit money to the companies based in Hong Kong. He also formed companies in Hong Kong. He has so far revealed that he had sent foreign remittances to the tune of Rs 420 crore.
Aggarwal was working in tandem with importers and had formed many firms in India from where he used to send foreign remittance in advance from BoB in lieu of the imports that never happened. He had formed companies in Hong Kong and Dubai to transfer the difference in import value to save customs duty in the bank account of the importers. During this period, he had sent foreign remittances to the tune of Rs 430 crore.
source:Bankingupdates
source:Bankingupdates
Sunday, 30 August 2015
Saturday Leave
11:16
No payment systems to work on 2nd, 4th Saturdays from Sept 1: RBI
No payment systems to work on 2nd, 4th Saturdays from Sept 1: RBI
With effect from Thursday, payment systems would not work on the second and fourth Saturdays of a month, but would operate the full day on working Saturdays, the Reserve Bank of India (RBI) said.
The payment systems that would not work include Real Time Gross Settlement (RTGS), National Electronic Fund Transfer and Electronic Clearing Service (ECS).
This is because all scheduled and non-scheduled banks, public, private, foreign, cooperative, regional rural and local area banks, will have a holiday on the second and fourth Saturdays from September.
The other payment systems that would not work on these days include cheque clearing including the grid-based Cheque Truncation System, Regional Electronic Clearing Service and National Electronic Clearing Service.
RBI said the processing of future value dated transactions with a value date falling on the second and fourth Saturdays will not be undertaken under RTGS and ECS.
Following a pact between public sector bank employees and officers with the management, it was decided that all branches in the country would remain closed on all the second and fourth Saturdays from July. Subsequently, the government issued a notification enabling the same for all banks. RBI has clarified it will continue to operate fixed rate reverse repos as well as the marginal standing facility windows on all working Saturdays. It will also operate a fixed rate liquidity adjustment facility repo window on all working Saturdays.
The central bank also said that as a regulator of banks, financial markets and payment and settlement systems, it had made supporting changes in the working of some of its operational areas. The arrangements would be reviewed after six months.