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Showing posts with label payment banks. Show all posts
Showing posts with label payment banks. Show all posts

Thursday, 5 April 2018

11:54

Jio Announced Launching Jio Payment Bank on March 14th 2018

Jio Announced Launching Jio Payment Bank on March 14th 2018 

Jio Payments Bank App – Jio Launching JIO Payments Bank. So users can Create or Open Savings Accounts with eKyc Verification Online and Can Transfer Money from Jio Money app to Jio Payments bank accounts. Users also Get Jio Bank Debit/ ATM Card to get cash from ATM’s. Scroll Down to get More detailed data about Jio Bank. Stay tuned for Launch Date, Interest rates.

Jio Payments Bank App – Open/ Create Savings Account, eKyc Verification, Money Transfer
Hi Friends, Have you heard the Latest News From Jio?. Ok Fine. Jio Announced that Launching Jio Payments Bank From March 14th 2018. JIO Money Wallet will shut down and those Money will be transferred to Payments bank Account. why because Under RBI Guidelines, For Every Money wallet should verify users KYC Documents. For those Purpose jio Closes their JIO Money Wallet Services and Opening JIO Payments Bank Accounts like Paytm Bank Account, Airtel Payments bank, Aditya birla’s NSDL Payments bank & Fino Accounts.

 Jio Payments Bank Limited has commenced operations as a payments bank with effect from April 3, 2018. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India.
Reliance Industries Limited, Mumbai was one of the 11 applicants which were issued in-principle approval for setting up a payments bank, as announced in the press release on August 19, 2015.

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Saturday, 27 January 2018

07:03

Small Finance Banks and Payment Banks to offer Atal Pension Yojana

Small Finance Banks and Payment Banks to offer Atal Pension Yojana
Small Finance Banks and Payment Banks to offer Atal Pension Yojana; To provide a boost to the outreach of subscribers under APY. 
Atal Pension Yojana (APY) is a Government of India's Old Age Pension Scheme being implemented through all Banks across the country as per the mandate received from the Ministry of Finance and monitored periodically at PMO. The Prime Minister, Shri Narendra Modi had launched the Social Security Scheme on 9th May 2015 and dedicated the First Ever Guaranteed Pension Product to the people of the country.
Payments Banks and Small Finance Banks are a New Model of banks conceptualized by the Reserve Bank of India (RBI). 11 Payment Banks and 10 Small Finance Banks have received license from Reserve Bank of India to start banking operations in India. Small Finance Banks and Payment Banks are new age banks and given the strength of the bank, expertise and it reach, Small Finance Bank and Payment Bank can play a pivotal role in outreach of subscribers under APY.
To strengthen the existing channels of APY distribution, it is felt that these new Payments Banks and Small Finance Banks will provide a boost to the outreach of subscribers under APY . Participation in APY not only builds a pensioned society but also adds sustainable fee income to Banks by way of attractive incentive for mobilizing APY @ Rs 120-150 for each Account.
In order to familiarize these Small Finance Banks and Payment Banks in Atal Pension Yojana (APY), the Pension Fund Regulatory and Development Authority (PFRDA) has conducted an Orientation Meeting on 15thJanuary 2018 in New Delhi for all the Small Finance Banks and Payment Banks and discussed the implementation of Scheme in these banks. All Small Finance Bank and Payment Bank have positively responded to the initiative undertaken by PFRDA and has committed towards the greater cause of building a pensioned India as per the vision of the Prime Minister of India, Shri Narendra Modi.
Currently the below mentioned Small Finance Banks and Payment Banks has started banking operations:
Small Finance Banks
  1. Ujjivan Small Finance Bank.
  2. Janalakshmi Small Finance Bank.
  3. Equitas Small Finance Bank.
  4. A U Small Finance Bank.
  5. Capital Small Finance Bank.
  6. ESAF Small Finance Bank.
  7. Utkarsh Small Finance Bank.
  8. Suryoday Small Finance Bank.
  9. Fincare Small Finance Bank.
Payment Bank
  1. Paytm Payment Bank.
  2. Airtel Payment Bank.
  3. India Post Payment Bank.
  4. Fino Payment Bank.

As on 23rdJanuary 2018, there are more than 84 lacs subscribers registered under the APY Scheme with an asset base of more than Rs. 3,194 crore.
Source:PIBNEWS


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Thursday, 7 December 2017

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Monday, 13 November 2017

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Tuesday, 4 July 2017

20:25

FINO Payments Bank Limited commences operations

FINO Payments Bank Limited commences operations
Date : Jun 30, 2017

FINO Payments Bank Limited commences operations
FINO Payments Bank Limited has commenced operations as a payments bank with effect from June 30, 2017. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India.
FINO PayTech Limited, Navi Mumbai was one of the 11 applicants which were issued in-principle approval for setting up a payments bank, as announced in the press release on August 19, 2015.
Jose J. Kattoor
Chief General Manager
Press Release: 2016-2017/3534


Source:RBI


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Saturday, 24 June 2017

20:05

RESERVE BANK OF INDIA:RECORDING OF DETAILS OF TRANSACTION IN PASSBOOK/STATEMENT OF ACCOUNT

RESERVE BANK OF INDIA:RECORDING OF DETAILS OF TRANSACTION IN PASSBOOK/STATEMENT OF ACCOUNT

RBI/2016-17/326
DBR.No.Leg.BC.76/09.07.005/2016-17
June 22, 2017
All Scheduled Commercial Banks (including RRBs)
All Small Finance Banks and Payments Banks
Dear Sir/ Madam,
Recording of Details of Transactions in Passbook/ Statement of Account
Please refer to instructions contained in Paragraphs 6 and 7 of our circular DBOD.No.Leg.BC.74/09.07.005/2003-04 dated April 10, 2004 on "Committee on Procedures and Performance Audit on Public Services - Report No. 3 - Banking Operations : Deposit Accounts and Other Facilities Relating to Individuals (Non-Business)" advising banks to avoid inscrutable entries in passbooks/ statements of account and ensure that brief, intelligible particulars are invariably entered in passbooks/ statements of account with a view to avoiding inconvenience to depositors.
2. It has come to our notice that many banks still do not provide adequate details of the transactions in the passbooks and/ or statements of account to enable the account holders to cross-check them. In the interest of better customer service, it has been decided that banks shall at a minimum provide the relevant details in respect of entries in the accounts as indicated in the Annex. The list of the transactions mentioned in the Annex is indicative and not exhaustive.
3. Banks shall also incorporate information about ‘deposit insurance cover’ along with the limit of coverage, subject to change from time to time, upfront in the passbooks.
Yours faithfully
(Rajinder Kumar)
Chief General Manager








Source:RBI


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Saturday, 27 May 2017

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.

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Friday, 19 May 2017

13:38

Paytm Payment Bank now all set to commence its Operations from May 23

Paytm Payment Bank now all set to commence its Operations from May 23
Paytm will now transfer its wallet business to the newly incorporated entity -- Paytm Payments Bank Ltd (PPBL).
After months of delay, Paytm is now all set to commence its payments bank operations from May 23, having received the final approval from the Reserve Bank of India (RBI).
"...Paytm Payments Bank Ltd (PPBL) has received the final licence from the RBI and would commence its operations on May 23, 2017," it said in a public notice.
The company will transfer its wallet business, which has over 218 million mobile wallet users, to the newly incorporated entity -- PPBL -- under the payments bank licence awarded to a resident Indian, Vijay Shekhar Sharma, the founder of One97 Communications that owns Paytm. After May 23, the Paytm wallet will move to PPBL. In case consumers do not wish for that, they have to inform Paytm, which will in turn transfer the wallet balance to the consumer's bank account once such details are shared. Such communication will have to be made before May 23.
In case the wallet has been inactive with no activity in the last six months, the transfer to PPBL will only happen once the consumer gives specific consent. Payments banks can accept deposits from individuals and small businesses up to Rs 1 lakh per account.
Paytm was earlier slated to begin operations around Diwali last year. In 2015, the RBI had awarded in-principle approval to Sharma to set up a payments bank along with 10 others. With the objective of deepening financial inclusion, RBI kicked off an era of differentiated banking by allowing SFBs (small finance banks) and PBs (payments banks) to start services. A total of 21 entities were given in-principle nod last year, including 11 for payments banks.
Later, three entities -- Tech Mahindra, Cholamandalam Investment and Finance Company and a consortium of Dilip Shanghvi, IDFC Bank and Telenor Financial Services -- backed out of the payments bank licencing.
Currently, Airtel and India Post are the only players that have started Payments Bank operations. Aditya Birla Idea Payments Bank is expected to launch services in the first half of this year.
Sharma will hold the majority share in Paytm Payments Bank, with the rest being held by Alibaba-backed One97 Communications. However, the Chinese entity will not have a direct shareholding in the payments bank.
Post the government's announcement of scrapping old Rs 500 and Rs 1,000 notes in November last year, Paytm has emerged as one of the main gainers as a huge number of people move towards digital currency. Wallet companies like Paytm and Mobikwik have registered spike in user base as well as the number of transactions.

Source:DNAINDIA

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Wednesday, 12 April 2017

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).

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Monday, 3 April 2017

07:37

Fino Paytech receives final license from RBI, all set to launch Fino Payments Bank

Fino Paytech receives final license from RBI, all set to launch Fino Payments Bank 

Mumbai: March 31, 2017: Fino Paytech today announced that it has received the final license from RBI to set up Fino Payments Bank. With this the path has been cleared for the company to embark on a long awaited journey of being a bank.
Earlier in January this year, Fino closed its Rs 400 crore domestic fund raising exercise that helped it meet key RBI guidelines, including reducing foreign shareholding in the company.

Terming the development a defining moment, Rishi Gupta, MD & CEO, Fino Paytech said, “It is a testimony of the hard work done by Fino for over 11 years. We would like to thank RBI for giving us the license. As Fino Payments Bank we reiterate our commitment to serve the unbanked and under-banked through physical and digital platforms across the country. We are ever grateful and thankful to all our investors, business partners and all our employees whose unflinching support and belief has brought us on the threshold of this magnificent transformation.”

“Fino Payments Bank operations would be launched once we get the required approvals post the final license,” Mr. Gupta added.

Fino Payments Bank will have a mix of physical and digital platforms along with a network of access points to increase reach and convenience to its customers. 

Source URL
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Sunday, 22 January 2017

07:31

Aurangabad division’s first postal bank coming up at Juna Bazar

Aurangabad division’s first postal bank coming up at Juna Bazar

AURANGABAD: Aurangabad division's first bank of postal department is coming up at Juna Bazar in the city. It will be operational in April 2017 and offer all banking facilities accept loans and credit cards.

S S Lingayat — assistant Director postal services - confirmed the development and said the new bank is coming up on 1100 square feet space in the premises of Juna Bazar post office.
"Customers may open saving and current accounts in the banks quite similar to that of accounts in nationalised and private sector banks," he said.
The Aurangabad division of the postal department comprises of eleven districts including Jalna, and Parbhani among other districts.
For the past few months, the postal department is launching various initiatives apparently to prepare grounds to make its foray in banking sector effective. Last year, the Aurangabad head post office had rolled out the facility of core banking solution (CBS) service benefiting more than one lakh account holders




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Friday, 13 January 2017

08:06

Paytm becomes a bank: 5 features to handle your money better

Paytm becomes a bank: 5 features to handle your money better

As Paytm turns its focus on payments bank, it launches new features to make transactions easier for consumers and merchants.

What happens to your mobile wallet?

The wallet balance will become the account balance, if users choose to open an account. The same balance will be used to pay for an Uber ride, pay bills, make recharges and even shop online. Paytm will also push a whole bunch of micro financial service to the account holders, such as micro finance, loans, mutual funds, debit cards, and insurance. Most of these tie-ups are under works, founder Vijay Shekhar Sharma has said.

Self-declared merchants can now accept up to Rs 50,000 directly in their bank accounts

The amount is settled at midnight every day and the settlement charges remain 0%. The bank settlement charges will stay at 0% when amount would be settled to merchants’ Paytm Payments Bank account. In other banks, Paytm might start levying some charges in the months to come.

Adding money faster through a single-screen

This will allow quicker load times and a faster user experience.

Fingerprints can be set as Paytm password

Like many other apps, Paytm has introduced fingerprint passwords. It’s quick, easy and the company claims its 100% secure.

Pay by scanning the recipient’s Paytm QR Codes from their phone’s image gallery

You can scan the recipients QR codes that they may have received via e-mail or WhatsApp. To be able to do this, users have to tap on the upper-right corner of the screen and tap on ‘Scan Paytm QR from Gallery’.

Queries can be addressed on the Paytm Community Forums

Paytm users can now access the ‘Paytm Community Forums’ option in their Paytm app and get their queries addressed by the 10 million active users on the platform. This huge base of active Paytm users is an active community that encourages conversations around Paytm’s diverse use-cases.

Source:HT
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Wednesday, 4 January 2017

08:09

Paytm Payments Bank,Reserve Bank Of India Approved Expects to Start Next Month

Paytm Payments Bank,Reserve Bank Of India Approved Expects to Start Next Month

New Delhi, Jan 3 (PTI) Paytm today said it has received final approval of the Reserve Bank to formally launch its payments bank and it expects to start operations next month.
Payments banks can accept deposits from individuals and small businesses up to Rs 1 lakh per account.
"Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank. We cant wait to bring it in front of you," Vijay Shekhar Sharma, founder of One97 Communications, said in a blogpost. "No other role or responsibility means as much to me as the privilege of building Paytm Payments Bank, and I intend to take a full-time executive role in the Bank," Sharma said further. He added that at Paytm Payments Bank, the aim is to build a new business model in banking industry, focussed on bringing financial services to hundreds of millions of unserved or underserved Indians. When contacted, a Paytm spokesperson said the company hopes to launch operations in February with the first branch coming up in Noida, Uttar Pradesh.

Paytm was earlier slated to begin operations around Diwali last year. In 2015, RBI had awarded in-principle approval to Vijay Shekhar Sharma, the founder of One97 Communications, to set up a Payments Bank along with 10 others.
With the objective of deepening financial inclusion, RBI kicked off an era of differentiated banking by allowing SFBs (small finance banks) and PBs (payments banks) to start services. A total of 21 entities were given in-principle nod last year, including 11 for payments banks.
Later, three entities -- Tech Mahindra, Cholamandalam Investment and Finance Company and a consortium of Dilip Shanghvi, IDFC Bank and Telenor Financial Services -- backed out of the payments bank licensing.
Currently, Airtel is the only player that has commenced Payments Bank operations. Aditya Birla Idea Payments Bank is expected to launch services in the first half of 2017.
Sharma will hold the majority share in Paytm Payments Bank, with the rest being held by One97 Communications.
Last month, One97 Communications had restructured its business ahead of the launch of the Payments Bank, merging the wallet business with payments bank operation.
Alibaba Group and its affiliate Ant Financial pumped in USD 680 million into Paytms parent One97 Communications last year, taking its total shareholding to over 40 per cent in the countrys largest mobile wallet operator, Paytm.
However, the Chinese entity will not have a direct shareholding in the payments bank. PTI SR MBI MR

Source:India Today


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Thursday, 3 November 2016

08:17

Paytm Likely to open Paytm Bank with 14.50% interest rate for deposit accounts

Paytm Likely to open Paytm Bank with 14.50% interest rate for deposit accounts

Paytm is one of the most popular payment gateway service providers in the country that lets users make various payments like mobile bills, online shopping, easy recharge and much more. Now, this company is looking to open a banking institution in the country.
According to the latest news from the sources, the Paytm will soon launch Paytm bank in the next year as early as possible. The Reserve Bank of India has given permission and a license to set up a bank to the e­commerce web portal to launch a Payment bank in the country.
Paytm Bank
Getting into the details about the bank, the individual who opens a new account in the Paytm bank can get an account which is associated with Paytm wallet. Initially, the customer needs to open an account in the bank by making an initial deposit of Rs. 5,000. One of the interesting details about this Paytm bank is that it offers a 14.50% interest per year. There is no other bank in the country offering 14.50% per annum or even closer to it.
Source:LOOP21 
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Sunday, 21 August 2016

08:50

Payment Banks may pay a heavy price for KYC norms

Payment Banks may pay a heavy price for KYC norms

Firms fear paper-based ID verification will be a cost-intensive and time-consuming exercise

Just a few months before the new crop of payment banks start their operations, their chiefs are a worried lot.

The banking regulator's ask in terms of meeting the Know Your Customer (KYC) norms has put them at par with traditional banks, and firms are concerned that the preference for "paper-based" KYC will be a cost-intensive and time-consuming exercise -and therefore a major impediment to the growth of the new age banks.

Paytm payment bank's CEO Shinjini Kumar told ET that the industry is very "aggrieved" with the Reserve Bank of India (RBI) asking all entities to adhere to the centralised KYC system instead of just relying on the Aadhaar-based eKYC for payment banks.

"We are grappling with that problem right now and we are talking to different people. We are hoping that there will be some understanding. Anyway our accounts are capped at Rs 1,00,000. There should be no reason why eKYC should not be the only way to do KYC. It's also digital and more authentic." Chiefs of Aditya Birla Idea payments bank, Sudhakar Ramasubramanian and Vodafone M-pesa payments bank Suresh Sethi also aired similar concerns to ET.

They argue that payment banks don't have the same manpower to collect paper-based KYC like traditional banks and given that they are capped at a balance Rs 1,00,000, they don't share the same amount of risk.

While RBI had earlier accepted eKYC as a means for customer authentication at the time of opening accounts, the new norms mandate a common KYC across all financial services entities for which detailed KYC is required to be collected and uploaded as a paper form to a central KYC repository -Central Registry of Securitisation Asset Reconstruction and Security Interest of India, or CERSAI.

The idea is to streamline the KYC process and avoid duplication of KYC for customers at multiple agencies. But, for payment banks to be cast under the same net, it means that instead of just relying on the biometric based eKYC they will have to collect more details of their customers and upload them to the central registry.

Sudhakar who is the CEO (designate), of Aditya Birla Idea Payments Bank said that in the case of payment banks a phased approach towards KYC will be better received since the whole idea behind the payment banks is towards financial inclusion.

"If we have too many restrictions for someone who keeps Rs 5,000 in the account, it could prevent many of the unbanked from experiencing the benefits of financial services. KYC norms can be applied in a layered manner as the customer's balance and transactions increase," he said. Digital KYC will help ease the "entry barrier" for such people along with being a more authentic means of KYC than a physical KYC.

"Currently , over 90% of all retail transactions are through cash in the country, if these transactions have to be converted into the electronic format, banking will have to be relived from some of these troubles," he added.

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Friday, 19 August 2016

07:21

India Post Payments Bank Incorporated

India Post Payments Bank Incorporated

The India Post Payments Bank Limited has received the Certificate of Incorporation from the Registrar of Companies, Ministry of Corporate Affairs yesterday under the Companies Act 2013. This would be the first PSU under the Department of Posts. This has happened in the wake of Prime Minister Shri Narendra Modi’s Independence Day address, raising the expectations of the people from the soon to be set up India Post Payments Bank. With this move the Department of Posts has cleared an important milestone on this journey. 

With the incorporation, the Board of the India Post Payments Bank Limited is likely to be constituted soon. The incorporation of the IPPB Ltd is a significant step forward as this also paves the way for the bank to begin hiring of banking professionals to set up the bank and begin its operations in 2017. The Department of Posts is expected to complete the roll out of its branches all over the country by September 2017. This could be the fastest roll out for a bank anywhere in the world. 

The aspiration for the India Post Payments Bank is to become the most accessible bank in the world riding on state of the art banking and payments technology. Coupled with the physical presence across 1.55 lakh post offices and the reach of “The Dakiya”, the India Post Payments Bank aims to become a powerful and effective vehicle of real financial inclusion in the country. It is poised to create a national payments architecture riding on a modern payments platform and ubiquitous information and communication technologies that can be accessed by all users and service providers like never before. The stakeholders of the India Post Payments Bank within the Government and outside are looking at this new entity as a catalyst to social and financial inclusion. 

Source:PIBNEWS

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Sunday, 3 July 2016

17:12

What is Payment Banks?

What is  Payment Banks?

A Payments Bank is a "differentiated Bank" set-up under the guidelines of the Reserve Bank Of India (RBI) to further financial inclusion for the undeserved population by providing(i) current and savings account and (ii) Payments or remittance services to migrant labour workforce,low income households,small businesses,unorganised sector entities and other users. This is to be done by enabling high volume-low value transactions in deposits and payments or remittance services in a secured technology-driven environment.

Please click on this link for further details:http://rbi.org.in/scripts/bs_viewcontent.aspx?id=2900 (RBI Guidelines)
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Saturday, 11 June 2016

20:30

India Post launches logo and tagline design contest for IPPB on MyGov

India Post launches logo and tagline design contest for IPPB on MyGov

The Department of Posts on 10.6.16 launched a logo and tagline design contest for the soon to be set up India Post Payments Bank on the MyGov website. The Cabinet has on 1st June 2016, given its nod to the setting up of the IPPB under the Department of Posts to further financial inclusion in the country.

Department of Post wants to connect with and involve the people of India in designing the DNA of the India Post Payments Bank. One of the guiding principles of the India Post Payments Bank would be cocreating value propositions and products with its customers and other stakeholders. The present contest is the first step towards this ongoing engagement. It has also initiated a nationwide survey to understand the needs of different segments of customers.

Reward: The contest is open to all Indian citizens, institutions, agencies and entities for a period of one month, until 9th July 2016. The best entry will be awarded Rs 50,000/. A panel of eminent designers/ experts will help shortlist 20 best entries which will thereafter be put up for voting on the MyGov platform for the final selection of the winner.

About the India Post Payments Bank 

The India Post Payments Bank will offer digitally enabled payments, banking and remittance services of all kinds between entities and individuals and also provide access to insurance, mutual funds, pension and credit products in partnership with third party financial service providers and Banks. It is poised to emerge as the main vehicle of financial inclusion in the country by bringing the physical reach of 1.55 lakh post offices and a modern payments platform powered by ubiquitous information and communication technologies together to create a national payments architecture that can be accessed by all users like never before. The stakeholders of the India Post Payments Bank within the Government and outside are looking at this new entity as a catalyst to social and financial inclusion. The roll out of the IPPB is to be completed by September 2017.

Source:PIBNEWS 
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19:35

Postal payments bank coming in major districts: Prasad

Postal payments bank coming in major districts: Prasad

New Delhi, Jun 11 (PTI) Government is firming up plans to set up 650 branches of India Post Payments Bank at all major district headquarters by September 2017, Telecom and IT Minister Ravi Shankar Prasad today said in a letter to all postal employees.

"The India Post Payments Bank shall be set up with an investment of Rs 800 crore. The plan is to roll out 650 branches at all major district headquarters so that it may leverage the extensive outreach of the Department of Posts," Prasad said in the letter.
The Cabinet on June 2 cleared the proposal to set up India Post Payments Bank (IPPB) with a corpus of Rs 800 crore and a plan for 650 branches operational by September 2017. It will be scaled up further to cover the entire country by the end of 2018-19.
"The Prime Minister has urged that these 650 branches shall be made fully functional by September 2017," Prasad said.
DoP is gearing up to launch the payments bank with a workforce of 3.5 lakh.Prasad, in his letter, reached out to all postal employees for support.
"I earnestly appeal to all employees of the department and the Grameen Dak Sevaks to take pride and ownership in establishing the India Post Payments Bank which truly serves the cause of Antyodaya - serving the last man standing," he said.
He reasoned that the postman has a vital emotional connect and is almost part of every family in villages.
"In coming days, the role of all employees, including Grameen Dak Sevaks, will be very significant in successful rollout of the Payments Bank to make financial inclusion possible for every Indian," Prasad said.
DoP at present manages around 1.55 lakh post offices, of which about 1.3 lakh are in rural areas.
"I have no doubt in my mind that given your capabilities and your whole-hearted co-operation, we can accomplish the task. India Post has a footprint in every corner of the country," Prasad said.
IPPB will offer digitally-enabled payments, banking and remittance services of all kinds among entities and individuals as also provide access to insurance, mutual funds, pension and credit products in partnership with third-party financial service providers and banks.
"IPPB is being set up primarily to achieve the goal of full financial inclusion of the people in our country. It shall be a technologically-enabled banking platform that gives a wide range of services such as direct benefit transfers and all kinds of payments and remittances," the minister added. PTI PRS ARD

Source:India Today

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Friday, 3 June 2016

14:23

India Post Payments Bank to be a reality

India Post Payments Bank to be a reality

The total corpus of the payments bank is of Rs 800 crore, which will have Rs 400-crore equity and Rs 400-crore grant

India Post Payments Bank (IPPB) will be set up as a public limited company under the Department of Posts with 100 per cent government equity. The Cabinet approved a proposal in this respect on Wednesday.

The total corpus of the payments bank is of Rs 800 crore, which will have Rs 400-crore equity and Rs 400-crore grant.

Telecom Minister Ravi Shankar Prasad told reporters after the Cabinet meeting that 650 branches of the postal payments bank would be established in India, which will be linked to rural post offices.

India has 154,000 post offices, of which 139,000 are rural post offices. IPPB will obtain banking licence from the Reserve Bank of India (RBI) by March 2017 and by September 2017, all 650 branches of the postal payments bank would become operational.

Its services will be available across the country through these 650 payments bank branches, linked post offices and alternative channels, riding on modern technology including mobiles, ATMs and simple digital payments.

“This we had planned for three years, but now we will be doing it in a year,” said Prasad. He added that the payments bank, which will be run by a Chief Executive Officer, would be professionally managed and there would be a representation from various other government departments including the Department of Posts, Department of Expenditure, etc.

He said all ‘grameen dak sevaks’ in rural post offices would be given hand-held devices by March 2017.

“We are reinforcing it further. I have had discussion with my officers to give iPad and smartphones to postmen in urban post offices,” said Prasad.

At present, the core banking network of post offices is more than that of the country’s largest lender State Bank of India (SBI).

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