Tuesday 17 January 2017
Know 12 Facts about Payment Bank what they can and cannot do
💳💳Know 12 Facts about Payment Bank what they can and cannot do💳💳
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The Reserve Bank of India has decided to grant “in-principle” approval to the following 11 applicants to set up payments banks under the Guidelines for Licensing of Payments Banks issued on November 27, 2014 (Guidelines).
1-Aditya Birla Nuvo Limited
2-Airtel M Commerce Services Limited
3-Cholamandalam Distribution Services Limited
4-Department of Posts
5-Fino PayTech Limited
6-National Securities Depository Limited
7-Reliance Industries Limited
8-Shri Dilip Shantilal Shanghvi
9-Shri Vijay Shekhar Sharma
10-Tech Mahindra Limited
11-Vodafone m-pesa Limited
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The minimum paid-up equity capital for payments banks is Rs 100 crore. This means owners of payments banks have to put in a minimum of Rs 100 crore in return for equity in the company.
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Details of “in-principle” approval -
The “in-principle” approval granted will be valid for a period of 18 months, during which time the applicants have to comply with the requirements under the Guidelines and fulfil the other conditions as may be stipulated by the Reserve Bank.
On being satisfied that the applicants have complied with the requisite conditions laid down by it as part of “in-principle” approval, the Reserve Bank would consider granting to them a licence for commencement of banking business under Section 22(1) of the Banking Regulation Act, 1949. Until a regular licence is issued, the applicants cannot undertake any banking business.
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What is Payments Bank?
Payments bank licence will allow companies to collect deposits (initially up to Rs 1 lakh per individual), offer Internet banking, facilitate money transfers and sell insurance and mutual funds.
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Payment banks can accept deposits upto to Rs. 1 lakh per customer, and are allowed to pay customers interest on the money that is being deposited. They can be used for either current accounts or savings accounts.
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A payments bank can offer both current and savings accounts.
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It can also issue ATM and debit cards. However, it cannot issue a credit card.
The payment banks ATM or debit cards will also work on all banks' ATM machines.
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It cannot accept NRI deposits.
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A payments bank can offer simple financial instruments like mutual funds and insurance.
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A payments bank can receive or send remittances from multiple banks via RTGS / NEFT / IMPS payment mechanism.
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The payment banks are only allowed to invest the money customers deposit into government securities.
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Loan and Payment Banks –
The RBI guidelines say that the payments bank cannot undertake lending activities. So if you want to apply for loan, you will have to go to the regular banks which issue loans.
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The payments bank licence will enable the network of 1, 54,000 post offices to offer banking services to the masses in the country.
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"What you learn after failure is more important in life than what you learn after success"
Monday 16 January 2017
Clean Note Policy
Clean Note Policy of RBI: All You Need To Know
Introduction
Lots of people in our country have a bad habit of writing anything on the currency note, folding currency note, also somebody staple it which spoils the Note and reduces notes durability.
So to avoid such occurrences RBI introduced the Clean Note Policy in 2001 in an order to increase the life of currency notes.
Objectives
The main objective of this Clean Note Policy is to provide good quality currency notes and coins to the citizens of our country.Also, the objective of this policy is to avoid the circulation of spoiled notes in the economy.
Guidelines
According to this policy packets of notes are not stapled with a pin while the banding of such packets should be done by paper or polyethene bands so as to increase the life of the currency notes.The note packets can also be binded by rubber bands in order to minimise the damage of currency notes.Banks should sort the notes in two parts like re-issuable and non-issuable.RBI instructed all the banks to circulate good quality notes to the public and do not circulate spoiled notes in the counters of bank which they have received from people.Banks are instructed to provide clean currency in exchange of spoiled notes.RBI also provided the guideline for citizens of a country which says that avoid spoiling notes by oil, water etc . Do not write anything on the currency notes.According to RBI, the clear objective of providing good clean quality notes to public by the banks is provided under the section 35A of banking regulations act 1949 and if the bank does not follow this then that bank may be punishable and the license of such bank can be cancelled.
Initiative By RBI
To stop such spoiled currency RBI developed Currency Verification and Processing System (CVPS) to speed up this process.This system is installed in the various offices of RBI. In this System have a watermark feature in which if something is written on watermark then this machine automatically rejects such note.This CVPS machine is capable of processing about 50,000 to 60,000 pieces of spoiled notes per hour.This machine sorts the notes which are in good or bad condition.The bad condition notes are shredded online and the notes which are in good condition are banded into packets for reissue.RBI installed 42 such machines in the Currency issue offices.
Conclusion
Now it has been almost 16 years since this Clean Note Policy was issued by the RBI but still the objective of this policy are not realised but there are some improvements in the banks which are not stapling notes, providing quality notes, exchanging spoiled notes.Clean Note Policy has been implemented almost with all aspects only some people due to lack of awareness are ruining this policy.
Tuesday 10 January 2017
SBI SO Call Letter/Admit Card Out for Exam 2016-17
- Click on the link given below.
- Enter your Registration number or Roll number and Date of Birth or Password as mentioned in your call letter.
- Cross check the details and click on submit button.
- Date of Exam - 20th January 2017
- Commencement of admit card download : 10th January 2017
- Closure of admit card download : 20th January 2017
- Exam – Will be conducted on 20/01/2017 (as per official notification)
Notification
Mega Jobs Notification ↴
IT Jobs
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