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Showing posts with label funds transfer. Show all posts
Showing posts with label funds transfer. Show all posts

Saturday, 8 April 2017

19:20

NEFT transfers to be faster as RBI cuts clearance time

NEFT transfers to be faster as RBI cuts clearance time

The RBI cuts clearance time for NEFT in an attempt to enhance efficiency of the electronic payment system and add to customer convenience

Mumbai: The Reserve Bank of India (RBI) has decided to slash clearance time for National Electronic Funds Transfer (NEFT) in an attempt to enhance efficiency of the electronic payment system and add to customer convenience.

In line with the document on Vision-2018 for Payment and Settlement Systems, the NEFT settlement cycle will be reduced from hourly batches to half hourly batches, the RBI said in the first bi-monthly monetary policy for 2017-18.

“Consequently, 11 additional settlement batches will be introduced at 8.30am onwards, taking the total number of half hourly settlement batches during the day to 23,” the newly appointed deputy governor B.P. Kanungo said. This will enhance the efficiency of the NEFT system and add to customer convenience, he said.

The starting batch at 8am and closing batch at 7pm shall remain the same and the return discipline will also remain the same, that is B+2 hours (settlement batch time plus two hours) as per the existing practice, it said.

On promoting financial inclusion and literacy, it said the RBI is initiating a pilot project on financial literacy at the block level to explore innovative and participatory approaches to financial literacy.

The pilot project will be commissioned in nine states across 80 blocks by non-government organisations (NGOs) in collaboration with sponsor banks, it said.

Six NGOs registered with the Depositor Education and Awareness Fund, viz. CRISIL Foundation, Mumbai; Dhan Foundation; Swadhaar Fin Access, Mumbai; Indian School of Micro Finance for Women (ISMW); Samarpit, Chhattisgarh and the PACE Foundation have been selected to execute the pilot project in collaboration with banks, it said.

The pilot project will be executed with the following broad objectives — active saving and good borrowing; financial planning and goal setting and going digital and consumer protection.

The Centres for Financial Literacy (CFL) will be set up under a common name and logo, Money-wise Centre for Financial Literacy.

“The sponsor banks will enter into contracts with the identified NGOs within three months, that is, by June 30, 2017. Thereafter, the NGOs will start operating the CFLs within three months of entering into contracts with banks,” it said.

Source:Livemint
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Saturday, 4 February 2017

06:42

BANK EMPLOYEES SUSPENDED LIST FOR IRREGULAR EXCHANGE TRANSACTION

BANK EMPLOYEES SUSPENDED LIST FOR IRREGULAR EXCHANGE TRANSACTION
Money Credited in Bank Accounts 
Reserve Bank of India (RBI) has advised the banks vide in circular Ref. No.DBS.CO.PPD / 4220/11.01.005/2016-17 dated November 29, 2016 to take action to prevent / detect / contain the malpractices or wrongdoing by staff in branches exchange / deposit of Specified Bank Notes (SBN). The banks were also advised vide the same circular to strengthen the internal / concurrent audit process in the bank including random visits / scrutinies so as to detect and avoid any malpractice in the exchange / deposit of SBNs in the branches. Further, on December 8, 2016 the banks were advised vide RBI DBS circular Ref. No.DBS.CO.PPD / 4480/11.01.005/2016-17 dated December 8, 2016 to track the complete trail of cash movements in large quantities so as to ensure that the extant instructions of Reserve Bank of India are followed both in letter and spirit. Further a list of 22 action points (illustrative)also was forwarded to banks with an advice to utilise their internal audit resources to monitor the position and bring any anomalies noticed to their Audit Committee of the Board so as to ensure that necessary action is taken in all such cases, apart from reporting the summary of findings to RBI.

Banks have reported 14 cases (branches) where bank employees have been found involved in ‘irregular exchange transaction’ of Specified Bank Note (SBN) during the phase of Demonetisation,

Bank wise details are as follows:

Sl.
No.
Bank Name
No. of branches (cases) reported
No. of employees suspended
Amount involved in Lakh
1
State Bank of Mysore
2
4
190.00
2
Bank of Maharashtra
2
5
54.90
3
Dhanlaxmi Bank Ltd
6
8
2267.00
4
Axis Bank
3
3
4629.20
5
Syndicate Bank
1
Not mentioned
6.00

Action against the staff for malpractices are taken by the respective banks as per their Staff Accountability policy.

This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha .

Source:PIBNEWS
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Monday, 30 January 2017

07:33

State Bank Of India Mobile Wallet App -"Buddy" FAQ

State Bank Of India Mobile Wallet App -"Buddy" FAQ

What is Buddy Mobile Wallet?

State Bank Buddy is State Bank of India's mobile wallet on your smartphone. It is a semi-closed prepaid wallet which can be used to transfer money to other wallet users and bank accounts, anytime, anywhere.

What are the features on the State Bank Buddy mobile app?

The following services will be available on State Bank Buddy mobile app.

Send Money
View Your Statements
Personalize your Buddy
Prepaid Mobile Recharge & DTH
Pay Your Bills
Book Movie Tickets
Online Merchant Payments

How do I download the mobile wallet app?

You can visit the Apple App store or Google Play store depending on your phone and search for State Bank Buddy by using the keyword "State Bank". You can click on install and download the app.You can also,give missed call on 09021122222 and will receive a link via sms to download State Bank Buddy

How do I access my app after downloading it from the app store?

You will need an active internet service (2G / 3G / 4G / Wi-Fi) to use State Bank Buddy.

Do I need a minimum eligibility to register for the services?

If you are an Indian national having a mobile number and above the age of 10 Years, then you are eligible to download and use the State Bank Buddy services

How do I register for Buddy?

You can sign up/register with following options -

a) Facebook (Username & Password)

b) Sign Up (Mobile Number (mandatory), email ID (optional) & PIN/Password)

To sign up, you need to do the following -

a) If you select Facebook Sign Up option, then you will be directed to the authentication page of Facebook Connect service. You will have to enter your Facebook username and password or if Facebook account is pre-integrated then you will be asked to allow permission to access the credentials to proceed with sign up for the mWallet service.

b) If you select sign up option, then you will have to enter mobile number (mandatory) and email (mandatory)

c) After successful validation by Facebook Connect service or sign up, you will be displayed the mobile number or you will have to enter mobile number (for Facebook Connect option).

d) You have to set up PIN for accessing mWallet service & authenticating transactions going forward.

e) Simultaneously, you will get a welcome message with OTP on mobile as SMS and to the email ID, if provided.

f) You have to enter the OTP, select a Security Question from the dropdown and type your answer as prompted & submit the request.

g) g.You will be allowed 3 attempt to enter the correct OTP. After every wrong attempt, a message will be shown 'Incorrect OTP. Please enter the correct OTP.' Post 3 wrong attempt, message will be shown 'Please regenerate OTP using ‘Resend OTP’ option.'

h) If OTP is not received by you, then use the 'Resend OTP' link to resend the OTP to your mobile number.

i) Upon successful registration, you will be registered for State Bank Buddy. A success message will be sent on your mobile and/or email.

Is there any charge for registering on Buddy?

Currently, Buddy is a free app, there are no charge for registration of the app. However, since the app uses internet services, the charges for internet data as charged by your mobile operator will apply.

Is OTP mandatory for registering for State Bank Buddy?

OTP is a mandatory requirement for registration of State Bank Buddy.

I didn't receive any OTP, how do I create my account?

Click on "Resend OTP" on the screen where you have to enter the OTP.

I have entered wrong OTP. What do I do now?

You will be allowed 3 attempt to enter the correct OTP. After that you will have to regenerate OTP using 'Resend OTP' option.

I downloaded the app and registered successfully, but I could not login to the app and was given an error.

Please re-try logging in after some time. You can login with the same user id & password which you created by tapping on the 'Login' in the app.

The app allows to login using Facebook. Is this safe?

By using the Facebook credentials, we are only prefilling your details in the State Bank Buddy wallet creation form as per your Facebook profile. The application is hosted on the secure environment of SBI and is extremely safe.

I am trying to launch the app after downloading it from the Play Store / Apple App Store, however the app is not launching or crashes frequently. What do I do now?

If your app unexpectedly quits, stops responding or won't open, then try the following:

Close the app and restart it again
Kill all running apps and try restarting again
Turn off your device and switch it on. Then try to launch the app
Make sure you are using the latest version of the app
Delete and reinstall the app
Make sure you have a working data plan on your carrier's network or Wi-Fi connection

I am trying to create my Pin, however the app is not allowing me to do the same. What do I do now?

If the PIN is not being accepted by the system, please check for the following and try again
Sequential number: For e.g. 1234 or 6789 are not allowed
Repetitive: For e.g. 1111 or 7777 are not allowed

The app says invalid password. How do I login now?

If you're seeing an error saying your password is incorrect and you're sure you're entering the right password:

Make sure that your caps lock key is turned off
Try upgrading your browser and reset your password
Try a different web browser

Source:SBI

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Sunday, 29 January 2017

17:25

BSNL launches M-wallet

BSNL launches M-wallet

The Bharat Sanchar Nigam Limited in association with the State Bank of India has launched a ‘M-wallet’ for its mobile phone customers.

The facility enables users to carry out transactions from their mobile phones with ease without any bank account, according to a BSNL press release.

BSNL customers can download the app, SBI Mobicash, on their smart phones and those who do not have smart phones can use the facility through SMS (short message service).

The M-wallet users can deposit money into the wallet through payments made at any BSNL retailer.

They can then use the wallet for various purposes such as recharging their pre-paid connections and paying landline or post paid bills.

Facilities for payment of electricity bills and water charges through the facility would be introduced shortly.

Transfer of money from wallet to wallet and from wallet to the SBI account or other bank accounts could also be done through M-wallet.

The facility would be available to BSNL customers in Tiruchi, Karur, Pudukottai, Perambalur and Ariyalur districts progressively within a month as retailers are being covered, the release added.

Source:The Hindu


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Sunday, 11 December 2016

08:24

HOW TO SEND MONEY BY USING 99

HOW TO SEND MONEY BY USING 99

After the announcement of demonetization by PM Modi, need for going cashless and digital has increased. Today, there are various methods available for transacting cashless such as Credit/ Debit Cards, e-wallets, Prepaid Cards, UPI app besides the traditional banking methods, cheque/ DD/ NEFT/ RTGS etc.

One of the option is sending money through USSD. Best of the USSD is that it doesn’t require a smartphone and internet connection. USSD can be used on any basic phone. USSD stands for Unstructured Supplementary Service Data which is built by National Unified USSD Platform (NUUP).

in this article we have explained, how to use USSD and transfer money through USSD.

You must have linked your mobile number to your bank account to use USSD
Dial *99# from your mobile.
USSD can also be used in regional languages, for example to use in hindi dial *99*22#.
Type 3 letters of your Bank Short Name (for example SBI for State Bank of India, HDF for HDFC Bank) or first 4 letters of Bank IFSC code (for example SBIN for State Bank of India).
Once you enter Bank short name or IFSC, it will display 7 option on the next screen, which will answer your following questions.
  • How to check account Balance through USSD?
  • How to get mini statement showing your latest 5 transactions through USSD?
  • How to send money through USSD using MMID
  • How to send money through USSD using IFSC Code
  • You to get your MMID (to use it to receive money from others)
  • How to change your MPIN.
How to transfer money through USSD? The process is given here:
  • After dialing *99# and choosing your bank (as explained above), reply with 3.
  • Enter Mobile Number of the recipient
  • Enter MMID of the recipient (which he can get through option 5)
  • Enter the amount you want to transfer
  • Enter your MPIN and the amount will be transferred.
  • If you want to send money using Account Number and IFSC Code, use option 4 and enter account number, IFSC and amount.
  • Daily transaction limit for USSD banking
USSD payment method can be used for sending money from Re 1, to Rs 5,000 per transaction.

Charges for USSD transactions

Rs 0.50 per transaction are charged for USSD transactions, which are added in mobile bill, which are waived off till December 31.

Using USSD is easy but sometimes, it is irritating, when it throws errors ‘No connection message’ and ‘External application down’.

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Saturday, 3 December 2016

05:27

MODE OF PAYMENT SYSTEM WITHOUT CASH

MODE OF PAYMENT SYSTEM WITHOUT CASH


Are you one of the many lakhs of people in the country who have just received their monthly salaries, but don’t have the cash in hand to spend it? The good news is that you can move around with lakhs of rupees of purchasing power in your pocket – the only thing is, it won’t be cash. But, it will be as good, if not better. Credit cards, debit cards, meal cards all carry a certain purchase limit and can be used easily at many shopping centres and stores. With the Modi government demonetising old Rs 500 & Rs 1000 banknotes, more people are being compelled to move towards cashless transactions. So, how does one go cashless? Here are some options for you to consider:
1) Net banking: It allows you to use your banking services from any place across the country. All you need is an internet connection, a username and a password to log in to your net banking website – and voila – ou are ready to use net banking. With the help of net banking, you can check your account balance, statements, you can pay your credit cards bills, electricity bills, do a wi-fi recharge…you can even recharge a mobile or any prepaid connections. It allows you to do third party payment transfer. From net banking, you can also apply for a loan. Purchase of mutual funds, insurance can also be executed through net banking. It is a very secure mode of carrying out multiple transactions. It comes with a range of transaction options such as IMPS, NEFT, RTGS.
2) Credit Card: Suppose you went to a shop and purchased grocery for Rs 5000 and on an agreed future date of payment in good faith, you made the payment on that particular day. Extending the same logic, why should you carry cash when you can simply use a credit card which serves the same purpose? The credit card saves your time as there is no need to go to banks or ATMs. You only need to swipe your card through a machine which shopkeepers and grocery stores normally keep these days. On every purchase made through credit cards, you get reward points which again can be used for the purchase of other products.
There is a misconception about credit cards that you will have to pay hefty charges, but if you are paying your bills within the time frame (due date) then there’s no credit involved. Credit is the grace period given by the banks for paying up the bill. You normally get a credit limit based on your income level, but that also depends on certain factors such as your past credit score, stable job, liabilities against any loan taken and various other payment dues. Some merchant outlets may charge up to 2.5% extra if credit card is used, so do watch out for that.
3) Debit Cards: They are just like credit cards, without the ‘credit’ element. Whenever you are in need of money, this card will provide you cash 24×7 through any ATM machine. There is no need to worry about bank timings, stand in queues for withdrawing cash – leaving out special circumstances like the one we are seeing right now. These are bank account-linked ATM cards, that are mainly used for withdrawing cash. As soon as the cash is taken out from an ATM machine, by swiping your card, the amount gets deducted from your bank account. An instant message is sent to your registered mobile phone providing you the details of cash withdrawal. These are widely accepted cards. Debit cards can be used for online transactions and at merchant outlets.
4) Gift/Forex Cards: These are prepaid cards which have certain cash limit assigned to them. These are readily accepted cards and can be used at any shop and can also be used for online purchase of products. Most of these cards are reloadable but they are reloaded only when the amount is either consumed or gets expired. You can request for this prepaid card through your net banking by going into the card section and selecting the option of ‘request for prepaid cards’ and with few verifications, you will get your card at your doorstep.
5) Digital Wallets: Instead of keeping money in your pocket, purse or physical wallet, you can keep money in e-wallets. These e-wallets are similar to your physical wallets which you keep in your pocket. It is a mobile based application which can be downloaded from any app store and can be accessed through your mobile phone. Transaction or transfer of funds through these wallets can be done across the country between person to person (usage of e-wallet app should be same between the end users). The only thing you need to do is to reload your wallet eacy time by transferring money into it through your bank account. These wallets are highly encrypted, so, there is no need to worry about security. Currently, e-wallets are offered by PayTm, Mobikwik, Freecharge, Oxigen, Reliance Money, etc. Even banks like SBI, HDFC Bank, AXIS, ICICI Bank, etc. have launched their e-wallets app viz a viz Buddy, Payzapp, Lime, Pocket respectively.
6) UPI (Unified Payment Interface): Simply put, it enables you to transfer money from one bank account to another. It is an infrastructure provided by NPCI’s (National payment Corporation of India) to all the public, private & cooperative banks where they can build their own interface and help the common man easily make micropayments with a maximum cap of Rs 1 lakh through various modes like virtual address (a single identifier code), account no with IFSC code, mobile number or adhar number. It will ease the e-commerce payment gateway where we do not have to share account number or any sensitive information between person to person. Moreover, UPI works 24×7 on real-time fund transfer system.
7) E- Coupons: These electronic coupons are offered by various online mega stores. They are very helpful in taking discounts on purchase done through online shopping. We only need to enter the e-code and get the discount automatically. They do not require any printing or clipping. They carry unique identification code which can be accessed through the internet at particular sites. Some of the coupons which are available online are groupons, nearby coupons, shopping site coupons, etc.
8) Physical coupons: These are paper coupons which come in small denominations of Rs 10 to Rs 50 with a validity of 6 months to 18 months. These are used by corporates to reward their employees. The best use of these coupons can be done in buying meals from places such as Pizza Hut, Dominoes, KFC, Big Bazaar, etc. Out of many, two big giants that are providing these coupons are Sodexo and Ticket Restaurants.
9) AEPS (Aadhaar Enabled Payment System): Going ahead, you can use Aadhaar cards as a debit card in various merchant stores. These cards have been already linked to your bank accounts. You will be provided with a finger scanner at the merchant’s store to do your payments. Aadhaar-cum debit cards will allow you to do micro-payments for not more than Rs 4000. However, there are several questions like which bank account will be taken into consideration for making payments.
10) Med Health Cards: These are discount cards specially designed to avail benefit from the healthcare sector. These cards provide various health care savings programs. These cards provide free OPD consultation service. You can use this card and get a health check up done.

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Saturday, 29 October 2016

18:13

ICICI bank launches Money2India Europe scheme

ICICI bank launches Money2India Europe scheme

The British branch of ICICI Bank, ICICI Bank UK Plc. today announced the launch of online money transfer services to facilitate transaction from any bank accounts in Sweden, Norway and Denmark to any recipient account based in India. The service called ‘Money2India Europe’ verifies the credentials of the customers over video call from Money2India Europe website. The website is owned by ICICI Bank UK Plc. “Using this service, anyone residing in these countries can initiate money transfer round-the-clock for 365 days from their local bank account to any bank account in India in a quick and convenient manner,” ICICI Bank’s spokesperson said. “Money2India Europe service is now available in twenty countries in Europe”, he added. The service is completely online and can be completed within fifteen minutes.

It eliminates the need to courier the Know Your Customer (KYC) documents. ICICI Bank UK Plc. has partnered with Inpay A/S, a global payments service provider, to bring this service to consumers in Sweden, Norway and Denmark. “With NRIs being away from the country, digital channel becomes a very powerful tool for them to connect with India. With the expansion of Money2India Europe, we intend to comprehensively fulfill the money transfer needs of the NRI diaspora in Sweden, Norway and Denmark,” Vijay Chandok, Executive Director, ICICI Bank said.

Jacob Tackmann Thomsen, CEO and founder of Inpay A/S said, “Sweden, Denmark, and Norway are three of the most innovative markets in Europe, where digital payment innovation is ahead of the global developments. At Inpay we are very pleased to support one of the leading global banking brands and its proprietary remittance platform by providing bank account collections.” Euro (EUR), Swedish Krona (SEK), Norwegian Krone (NOK) and Danish Krone (DKK) are the currencies allowed for money transfer service by the Bank. Registered users can also track the status of their online transfers. It takes one working day for ICICI bank customers in Europe to transfer their money to any ICICI bank account in India and two working days to transfer their money in Europe to any other bank account in India.  

Connectivity is one of the key requirements of the modern world. There are many Indians living and working abroad, who need to transfer money to their family’s bank accounts in India. Money2India Europe provides a fast, easy and accurate platform to do so. This site is relatively popular among users in the Germany.

It gets 49.2% of its traffic from Germany. This site is estimated to be worth €11927 and is ranked ahead of its competitors like Moneytransfer.ie, Exchange4free.com, Sendingmoneytoindia.com and Westernunionmoneytransfer.com. It is a promising and a highly useful venture by ICICI bank’s UK branch, launched in a continent where online money transfer technologies are ahead of global advancements. 

Source:IndianCEO
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Wednesday, 15 June 2016

08:02

Chargesheet filed by CBI in 1000 crore Syndicate bank fraud

Chargesheet filed by CBI in 1000 crore Syndicate bank fraud

CBI filed the chargesheet on the basis of a complaint received from Syndicate bank against its General Manager and others at the bank's branch in Delhi and Jaipur.

Central Bureau of Investigation has filed a chargesheet against the chief manager of Syndicate Bank at Udaipur in Rajasthan Santosh Kumar Gupta, his wife Usha Gupta and CA Bharat Kumar Bamb,under several sections of cheating and forgery.

This case was registered on 7 March 2016 on the basis of complaint received from Syndicate Bank U/s 120-B r/w 409, 420, 467, 468, 471 of IPC and Sec. 13(2) r/w 13(1)(c) & (d) of Prevention of Corruption Act against its general manager and others at New Delhi and Jaipur Syndicate Bank branch. This complaint was filed for causing an alleged loss of Rs 1000 crore (approx.) to Syndicate Bank.

WHAT IS THE FRAUD ABOUT?
As per allegations, accused persons in connivance with the bank officials committed the said fraud by resorting to discounting of fake cheques, fake bills against fake LC's and arranging overdraft limit against non-existent LIC Policies at two Jaipur Branches - Malviya Nagar and MI Road and one Udaipur Branch of Syndicate Bank. Searches were conducted on March 8, 2016 at 10 locations including Jaipur, Udaipur and New Delhi which led to recovery of incriminating documents. On March 18 2016, CBI arrested a chartered accountant of Udaipur and a businessman/real estate developer of Jaipur, in the on-going investigation of the case.

CASH RECOVERED 
During further searches, cash approximately worth Rs 66 lakh, certain electronic hard drives etc. and incriminating documents were recovered from the CA's house. Around Rs 20.98 lakh was also recovered on April 26 this year from another CA employee.

PREVIOUS ARRESTS
During the investigation, CBI arrested the chief manager of Syndicate Bank, Udaipur Branch and a private person on June 6 this year. The said private person had allegedly conspired with the chartered accountant and others by providing forged and false cheques which were used to siphon off the bank funds. The then chief manager of Udaipur Branch allegedly discounted the forged cheques presented by accused persons and exceeded his sanctioned powers while discounting the forged cheques.

It was also found that the wife of the then chief manager was allegedly involved in the conspiracy as she had received approximately Rs 5.7 crores out of the defrauded bank funds as beneficiary and co-conspirator with her husband and others. It was also found during investigation that LIC policies pledged against loans were allegedly fake. LIC policies were allegedly issued in the name of different persons for different terms and sum assured and, therefore, were found to be forged and false. After thorough investigation, CBI has filed the first chargesheet. Investigation is on to unearth the role of other accused persons in the said case.

Source:India Today


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Thursday, 26 May 2016

08:22

SBI-BSNL launch Speedpay: How mobile wallets can change your life

SBI-BSNL launch Speedpay: How mobile wallets can change your life

Remember the time you stood in a long queue in banks, (Mondays and Saturdays being the worst) and spend almost half a day to get your passbook updated or funds transferred to your parents. Soon that became part of lore with the era of internet banking, which made it possible to transact online. With mobile banking using the mobile handset, transferring money at the click of a button anywhere made it even quicker.
Mobile wallets and major players in the genre are bywords for most people in Tier 1 and Tier 2 cities who use them to transact everything from paying their water bills, buying clothes, ordering food, recharging your phone, amongst a host of other needs.
The latest to enter the mobile wallet space is the country's largest bank State Bank of India with BSNL and launch Speedpay. However, BSNL had launched Speedpay card service linked mobile wallet in July 2015. It allows its customers to transfer money, pay for services as well as withdraw cash of up to Rs 1 lakh. SBI has on its part launched its mobile wallet service, Buddy in 13 languages in August 2015. The wallet was launched with Accenture as technology partner and MasterCard as service providers.
What is a mobile wallet?
A mobile wallet is a digital equivalent of a digital wallet. It carries primarily what a consumer would carry in his wallet such as credit and debit cards with an additional card, which is a ID card. For instance, if you want to send money to your relative or friend, you would earlier call up your friend and ask for his account and ISFC details. In mobile banking, you release the payment through your mobile to his/her mobile number. Your friend does not have to know your banking details.
When you go in to a store and buy a product, there is no need to whip out your wallet and use various plastic cards. Just punch the CVV (card verification value) – an anti fraud security feature behind your credit and debit card, and OTP details – a one-time password that is valid for only one login session.
How to use M-wallet?
A consumer has to first download a mobile wallet service provider on his phone through Google Play store or Apple App store. An active internet service is needed to use the app. You can use any of the options such as Facebook, mobile number, email id etc to sign up. After that, upload any amount you want to on the mobile wallet through net banking, debit card or IMPS (Immediate Payment Services) via MMID (Mobile Money Identifier is a 7 digit number issued by a bank against an account linked to a mobile number) . He can use the funds to buy things online or even offline. However, the merchant with whom he/she is dealing with has to have the same mobile wallet service provider.
Mobile wallet is not interoperable – both the sender and receiver must have the same service provider.
India's mobile phone users crossed the one billion mark in 2015. The number of mobile phone users in India is expected to rise to 730.7 million in 2017 the number of mobile phone users in India is expected to rise to 730.7 million.
The current market size in India for mobile wallet (m-wallet) stands at about Rs 350 crore and is expected to rise to Rs 1,210 crore.
SBI-BSNL tie up
The SBI-BSNL partnership though is eliciting mixed reactions from analysts with some seeing the development as a positive step while others wondering aloud on the necessity for it. Some feel that since SBI and BSNL are government entities, they could bring in a degree of `comfort' and `security' for consumers.
Some experts opine that Speedpay is a smaller version of Unified Payment Interface (UPI) loaded on to BSNL. "Why would the SBI do something similar when UPI will be launched in a year or 18 months time,” asked an analyst. The UPI scores over Speedpay as it is bank agnostic unlike Speedpay which requires the consumer to be a SBI account holder to access it or a BSNL consumer.
The UPI is a secure, reliable, mobile-first, interoperable platform. Unlike m-wallet which does not allow for transactions over Rs 10,000, the UPI platform allows for money transfers up to Rs 1 lakh.
"The digital payment market size in India is less than 10 percent against total money movements. When large players like SBI and BSNL that have a huge reach enter the market, it will help expand the market," says Asutosh Upadhyay, Chief Product and Marketing Officer, Udio, a social mobile wallet from Transerv, a digital payments company. With Udio, a consumer can split bills, send and request money and also make group payments.
Sanjay Khan Nagra, senior associate, Khaitan & Co, feels that this tie-up will open up rural and remote markets to the Speedpay service. He reasons that the local grocer in a remote place would now be able to go cashless by asking the consumer to load the money on to Speedpay. "There are areas in India where traditional consumers have no reach to banking system. Just like most of us in the urban areas use a Paytm to pay while using a black and yellow cab, similarly the rural populace can access Speedpay and not worry about, Bhaiyya, paisa kab transfer karoge?”
Customer loyalty is an unheard of currency in mobile wallet usage. If the service provider does not provide incentives, the mobile wallet may remain a mere app among a host of other apps that the consumer has downloaded.

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Monday, 25 April 2016

08:48

Sending money to the wrong bank account ?

Sending money to the wrong bank account ?
If you've sent money to the wrong bank account, whether it's 10p or £10,000, unfortunately the payment can't simply be reversed. Here's what to do if you accidentally make this mistake plus how to avoid doing it in the first place.
OK, so what exactly do you mean by 'sending money to the wrong bank account'? In the world of internet banking millions of electronic payments are made every day, but a slip of the finger and the wrong sort code or account number keyed in and you could end up sending a payment to the wrong account.
That's because the only information banks use to identify payees is the sort code and account number, and not the recipient's name, meaning if these details are wrongly entered the cash could end up in a stranger's bank account. And the worst thing about it is that erroneous payments cannot be automatically reversed.
So what can I do if this happens to me? You need to contact your bank straight away to let it know about the mistake. While banks can't stop payments that have already been made, contacting it as soon as possible will help speed up the process of sorting it out. It’s a good idea to keep a note of all correspondence you have with the bank and also to make note of exactly when the error was made. If you know the mistake you made (eg, you used the wrong sort code), then make a note of that too.
But what if I don't realise straight away that I've made a mistake? Before April 2014 there was nothing in place to help people who found themselves in this sticky situation. Thankfully, banks have now signed up to a voluntary code, which means that as soon as someone tells their bank they have made a mistake with a payment, the bank will act within two working days. And it doesn't matter if you discovered your mistake after a week or even a year... though it's good financial sense to keep an eye on your account(s) to make sure your payments have reached the right recipient.
These measures were further strengthened in January 2016. Now, where there's clear evidence of a genuine mistake, your bank will contact the receiving bank on your behalf requesting that the money isn't mistakenly spent by the person who accidentally received it.
Although Faster Payments says the improvements cannot guarantee you'll get your money back, they mean that, for the first time, in straightforward cases where the person who accidentally received the money into their account does not dispute returning the money, it will be returned within 20 working days.
In all cases the person who accidentally receives the funds will be contacted by their bank and given the opportunity to dispute it. Safeguards are also in place to ensure that where the circumstances of the claim are less clear cut, no funds are removed without the consent of the recipient.
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If the bank is unable to reclaim the money that was sent to the wrong account immediately, for example if the person you accidentally sent it to refuses to return it (more on that later), you’ll be notified of the outcome of the bank’s investigation within 20 working days from the point that you let it know, but it will usually be much sooner than this.
So whether you get the money back and how quickly depends on whether the person who wrongly receives the money admits that it is not rightfully theirs. Further complications can arise if the recipient has spent the money, as the bank cannot take money out of their account if it'd cause them to enter their overdraft.
OK, sounds good, but what if I'm not happy with the outcome? If you follow this procedure and you’re still not satisfied with the outcome you can first of all follow your bank's formal complaints procedure. Banks are required by law to have a written complaints process, so if you can't find details on your bank's website, ask it to send it to you. The bank then has eight weeks to respond to your complaint.
If you're unhappy with the outcome, you can go to the Financial Ombudsman. It can help sooner if your bank has sent you a rejection letter suggesting you use the Ombudsman. For more information on how to complain read the guide to Your Financial Rights.
You mentioned that the person who accidentally receives the money may refuse to give it back. Are they allowed to do that? No is the simple answer. But it isn't that simple. If you find that a big wad of money has landed in your bank account that you’re not expecting, then don’t rush out and buy that new Prada bag or Porsche. You're not legally required to contact your bank and let it know about any unexpected payment.
However, if you do find unexpected cash in your account, you should still let the bank know. It's illegal to spend the money, so your best bet is to just keep a note, as explained above, of the amount that came into your account, the date it appeared, and any correspondence that you have with your bank about it.
I’m a bit concerned this might happen to me, what can I do to avoid it? Don’t worry, part of the voluntary agreement also saw banks put in more processes to make it difficult for someone to be able to do this, such as getting rid of the auto fill function. In addition, there are things you can do to avoid this.
The best advice, especially if you have a big sum of money to transfer, is to send a small amount first. Check with the recipient to make sure it gets to the intended account, then send the larger amount using the same details.
Other simple tips include always double-checking the sort code (you can check it or find sort codes at Vocalink) and account number when sending a payment and checking the amount and payment reference, particularly if you are paying a business or paying a bill.

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Sunday, 3 April 2016

21:10

Government proposing that ATMs should not be replenished with cash after 8 PM

Government proposing that ATMs should not be replenished with cash after 8 PM 

NEW DELHI: ATMs could soon disappoint if you need cash at the dead of the night.The government is proposing that ATMs should not be replenished with cash after 8 PM in cities and private cash transportation agencies must collect cash from the banks in the first half of the day for replenishing ATMs.

Also, specially designed cash vans, fitted with CCTV and GPS, must not carry more than Rs 5 crore per trip. Two armed guards and driver in each van must be trained to "disengage with the situation and drive vehicle to safety" in case of an attack - these men at time of getting the job must produce two guarantors, one of them a government servant. These are part of a new guidelines and risk mitigation procedures the government is proposing for secured cash movement by leading private players in the industry.

Nearly 8000 privately owned cash vans ferry around Rs 15000 Cr daily between banks, currency chests and ATSs - they also hold nearly Rs 5000 Cr overnight in their private cash vaults on behalf of the banks. These has been a spurt in attacks, hijacking and looting of cash vans which are seen as soft targets. 

The government has proposed that for replenishment in ATMs, cash transportation agencies must collect cash from the bank in the first half of the day and no cash loading of the ATMs or cash movement should be done after 8 PM in urban centers across India. The deadline for rural areas would be 5 PM, and 3PM in Naxal-affected districts.

Per trip, a cash van cannot carry more than Rs 5 crore, the new SOPs have proposed. Specially designed and secure cash vans must be compulsorily deployed for carrying cash over Rs 5 lakh per trip, the Centre says. Such vans must have two independent compartments, with the one for storing cash to be separated and locked from passenger compartment and the cash compartment being specially reinforced with steel and only one door which can be opened internally through a manual or electronic lock. 

The cash boxed must also be secured to the van floor with separate chains and padlocks with their keys entrusted to separate custodians.

Antecedents of private guards and drivers hired by private security agencies must be verified by police and each such individual be asked to produce two guarantors of "good standing", including one serving or retired government servant, at the time of getting the job. 

They must be trained comprehensively over 160 hours before being put on the job - specifically to spot threats and risks like being tailed by vehicle-borne criminals, insider's threat and how to use weapons to deter and resist criminals while disengaging with the situation and driving vehicle to safety.

Private vaults used by agencies to store cash overnight must also be set up in secured places with strong rooms set up as per RBI norms and fitted with CCTVs. 





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