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BANKING: Airtel Payments Bank launched, with vow to shake up old banking system …

Airtel Payments Bank launched, with vow to shake up old banking system
PM Modi’s address to the nation: Top announcements
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AitelAirtel Payments Bank launched, with vow to shake up old banking system

Livemint.com
Jan 13, 2017
New Delhi: Airtel Payments Bank (APB), a joint venture between Bharti Airtel Ltd and Kotak Mahindra Bank Ltd, said it will spend Rs.3,000 crore to develop a pan-India banking network and digital payments ecosystem.
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APB offers 7.25% interest compared to 3-4% offered by conventional banks. Besides the high interest rate, the bank also offers personal accidental insurance of Rs1 lakh with every savings account and free talktime equaling the amount deposited in the payments bank-savings account. …

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PM Modi’s address to the nation: Top announcements

Timesofindia.indiatimes.com 
Dec31, 2016
PM Narendra Modi addressed the nation today, 50 days after the demonetisation decision. Here is what the PM said:

  1. 8% interest rate will be guaranteed on deposits of up to Rs 7.5 lakh for 10 years for senior citizens; interest will be paid monthly
  2. Rs 6,000 to be put into accounts of pregnant women in 650 districts for vaccination and other medical use … …

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Aadhaar enabled payment system to be rolled out shortly

Developed in collaboration with TCS, the application can be downloaded by the merchants, who will need a smartphone and a fingerprint scanner to use it.
Economic Times
December 12, 2016
NEW DELHI: In an attempt to give a big push to cashless transactions, the Unique Identification Authority of India (UIDAI) will shortly roll out the Android-based Aadhaar enabled Payment System (AEPS) application, said officials.
The Unique Identification Authority of India has planned to increase biometric authentication capacity through Aadhaar to 40 crore a day from 10 crore to encourage more use of the platform for realising a cashless society. The government is concurrently working on developing a common mobile phone app that can be used by shopkeepers and merchants for receiving Aadhaar-enabled payments bypassing credit and debit cards, pin and password. …

credit-report-iHow to keep your credit score high

Financial discipline in usage of your credit card and repayment of loans alone will enhance your credit score

Financial Express
November 18, 2016
In order to avoid situations where a loan turns into a non-performing asset, bankers pay attention to the CIBIL scores before sanctioning any loans. Your CIBIL score or credit score is an important factor in determining whether your loan application will be approved. These scores are computed based on various parameters such as your credit history, payment patterns, defaults, etc. Let us see how one can maintain a good score. …

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Now Skip The PIN For Online Card Payments Up To Rs 2,000

Bloommbergquint.com
December 6, 2016
The Reserve Bank of India has allowed banks to give retail customers the option to complete card-not-present transactions worth less than Rs 2,000 without having to enter an additional factor of authentication, or the PIN code, according to a notification on its website.
A card-not-present transaction is one in which a customer does not physically present a card to a merchant. A common example is a purchase made on an e-commerce website using either a debit or a credit card. …

Indian currency
(Pixabay Image)

Step Up Vigil To Check Fake Currency Circulation: RBI To Banks

Ndtv.com
The RBI said the failure of banks in detection and impounding of counterfeit notes and in preventing such currencies from being recirculated will be violative of the directions and “will, therefore, attract penal action”.
October 27, 2016
Mumbai: In an effort to check fake currency circulation, especially of higher denominations, the Reserve Bank of India on Thursday asked banks to put entire banking areas under CCTV surveillance and keep all the recordings that can help identify “unscrupulous elements”. …

credit-report-iCredit Information Companies (CICs) directed by RBI to provide access to free full credit report, including credit score, to individuals

Sep 02, 2016 : Dtf.in
The Credit Information Companies (CICs) have been directed by the Reserve Bank of India (RBI) to provide access to free full credit report, including credit score, once a year (January-December) to individuals whose credit history is available with the companies.
According to the RBI, “Given the importance of the credit report in an individual’s financial matters, he/she is entitled to have a copy of the report upon request”. Such a report may enable consideration for applying for fresh credit facilities. Further, with a copy of the report in hand, the borrower will have an opportunity to have the errors, if any, in her/his credit history rectified.
The credit information companies should notify on their website the procedure for accessing the report, RBI said.
The four credit information companies in India are CIBIL, Equifax, Experian and Crif High Mark.

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Mobile Payment
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Send funds via an app without a/c number

Timesofindia.indiatimes.com 
Aug 26, 2016
Mumbai: You can now send money to anyone without even knowing the recipient’s account number using an email-like alias through a mobile banking app. Also, use your favourite app to access your accounts in different banks. …

RBI seeks media partnership for Banking Ombudsman Scheme

Business-standard.com 
For creating awareness towards their scheme, to resolve customer grievances against deficiency in banking services
Lucknow  August 24, 2016
Reserve Bank of India (RBI) has sought an active partnership with the media for creating awareness towards the Banking Ombudsman (BO) Scheme aimed at resolving customer grievances against deficiency in banking services.
The Scheme, introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995, provides an expeditious forum to bank customers. BO is a senior official appointed by the RBI to redress customer complaints. …

SBI launches 3 digital initiatives; to offer services on Facebook, Twitter

 Livemint.com
July 01, 2016
SBI made its debut on social media banking by launching its platform called ‘Mingle’ through which its customers can transact using Facebook and Twitter
Mumbai: The country’s largest lender, State Bank of India (SBI), launched three digital initiatives on Friday and indicated that it may have to prune its branch network once its associates are merged. …

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