Friday, 13 October 2017

What Is Bhim App

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Developed by National Payments Corporation of India, the Aadhaar-linked BHIM mobile app is based on the Unified Payment Interface. This will facilitate the process of digital payments by using the Aadhaar number linked to bank account. It will allow every Indian citizen to transact digitally using their thumb imprint on a merchants’ biometric-enabled device. According to Modi, the BHIM App is positively impacting several lives across the country. Soon after the announcement, the NPCI said the app is now available on google play store and iOS.

Reflecting on the development, NPCI managing director and CEO AP Hota said, “This will directly cater to about 40 crore bank account customers spread across the country whose account is linked with Aadhaar. It is a huge opportunity for enabling digital transactions as about 99 per cent of adult population is now aadhaar enabled.” The organisation also said that over 30 banks are participating on BHIM Aadhaar and that more member banks are expected to join them soon.

Financial Inclusion

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Around 2 billion people don’t use formal financial services and more than 50% of adults in the poorest households are unbanked. Financial inclusion is a key enabler to reducing poverty and boosting prosperity. WBG President Kim has called for Universal Financial Access (UFA) by 2020.

Banking Correspondent: A Channel For Financial Inclusion in India & Micro ATMs

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Lack of access to basic financial services is still a major challenge in a country such as India where more than 65% of the population is classified as “Under Banked or Unbanked”. Recognizing this problem, the “Reserve Bank of India (RBI)” introduced a regulation in 2006 allowing banks to provide service at people’s doorstep through the use of third party services. This model is referred to as “Business Correspondents/Banking correspondents” in short BC’s.

BC is a representative authorized to offer services such as cash transactions where the lender does not have a branch. Primary role of BC is to oversee the proper development and functioning of indirect banking channels. These business correspondents are subject to RBI regulations and would have direct contact with one or more financial institutions. These BC’s charge a commission from the bank for enrollment of clients, transactions, deposits etc.

Initially only ‘not for profit’ entities were allowed to become B.C’s. However, off late RBI has eased the norms like inclusion of for profit entities and interoperability of business correspondents, aimed at helping customers in rural areas access banking services such as cash deposits, withdrawals, remittances and balance enquiries from anywhere in the country on the lines of ATM facilities available to customers in urban areas.

Banks have deployed as many as 1.95 lakh business correspondents (BCs) covering 2.21 lakh villages across the country as of March 31, 2013. Benefits to customers include instant access to banking services at doorsteps; relaxed KYC norms for small accounts allow better possibility of opening bank accounts; lower costs and time required to access banking services.

Source: RBI; ICT refers to use of technology such as Micro ATM’s or Mobile phones as a medium to communicate with the bank

Micro ATM’s – Use of technology along with banking correspondents can help bank tap large unbanked sector effectively as Banks can use mobile and micro ATM’s along with banking correspondent to deliver low cost banking solutions to unbanked customers. The Unique Identification Authority of India (UIDAI) would enable beneficiaries with Aadhaar to withdraw money near their doors through the core banking system.

“The beneficiary has to put his finger and Aadhaar number in to the micro ATM wireless device and get the money within 8 to 9 seconds from a business correspondent after verification about the beneficiary having that much amount deposited in the bank account shown through a receipt by the device.

Oxigen, FINO, A Little World, EKO, are some of the well known BC’s currently operating in India. Recently telecom companies such as Vodafone, Idea Cellular, Airtel, Vodafone; and consumer goods firms such as ITC, HUL who have large distribution channel and pan India presence have shown interest to become business correspondents for banks. Even the postal department which has about 1.55 lakh post offices over 90 per cent of which are in villages is planning to install 135,000 micro-ATMs at post-offices across the country by September 2015.

Business Correspondent model is still in the developmental stages and there are expected to be some challenges associated with the model. Some of the key challenges include agent customer awareness, back office and seamless integration of banks and BC’s. Since branchless banking is a service that is quite new in its use of technology, and also that it offers financial services for the first time to unbanked customers, customer awareness is required to educate and inform. In addition to this, BC’s face the challenge of working with numerous banks where each one has their own process. Without standardization achieving operational efficiency would be a tedious task. Furthermore; customer data is part of bank. It will be interesting to see how banks would share this with the BC’s who represents more than one bank.

IBA-Circular-on-Model-BC-Agreementnew.pdf

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Important Information All Csp

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I want to tell all the csp that the account is of the same client whose age is less than 18 years of which you have not selected libz kyc at the time of account opening, and it is such a clerk that you incorrectly entered the city code while opening the account. Yes, and the account of which the account is open in the State Bank of India is also approved,And there is one reason that the account that is being approved is opening an account in your account. We believe that his account is not open but his mobile no o will be given in his account of any family member and in such a csp account, The same people will be approved by adding one mobile no to me, I want to tell you that you can use a mobile no to 4 cif, whatever your account is approved is the report in the next day branch. Is you meet him See you and you will understand

Thanks ............,

AEPS SRVICES STARTED TODAY

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Congratulations all Csp FriensToday Aeps Services Has Started

Sbi kiosk A/c stop को Remove करने का तरीका

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CSP 2.50 LACS LON CIRCULAR DOWNLOD PDF

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Good News All Individual BC

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जिस Csp को ब्रांच में Account Authorize करने पे स्क्रीन हट जा रहा है

ओ ये सेटिंग मिला ले उनका सही हो जायेगा

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Top 10 Benefits of Cashless Payment in India

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Exactly after 1 month of Demonetization, on 8th Dec 2016, Government announced incentives for digital payments providing a push for a cashless economy.

Moving towards a Cashless Economy: Here are the advantages

Cost of handling cash reduces

Brings transparency

Help curb the creation of black money

Will increase the tax base and add to tax revenues.

Hightlights of the incentives announced –

1) Discount on fuel Purchase

0.75% discount on buying petrol and diesel through debit cards, credit cards and e-wallets.

2) PoS Machines in Village:

Currently, there are 6.5 lakh Point of Sale (PoS) machines across the country. Villages with a population of up to 10,000 will get 2 Point of Sale machines free of cost and that one lakh villages will be selected for this scheme of availing free Point of Sales machine.

3) Ceiling on Monthly Charge on PoS Machines

Monthly rental for PoS terminals/Micro ATMs/mobile POS given by banks will be capped at Rs 100. This is aimed at bringing small merchants on board the digital payment eco-system.

4) Discount on Suburban Railway tickets:

Discount of 0.50% for purchase of Sub-urban railway monthly and seasonal tickets from 1 January 2017

5) Insurance Cover for Rail Travellers:

Railways will provide free accident insurance coverage of Rs. 10 Lakhs for passengers who are booking the tickets online. Currently, 58 percent passengers buy tickets online

6) Discount on Rail Utilities:

Railways will also offer 5 per cent discount on digital payments for accommodation, catering and retiring room bookings at railway stations

7) Service Tax Exemption:

No service tax will be charged on credit and debit card payments on transactions of up to Rs. 2,000 in a single transaction.

8) Discount on Highway Toll:

For online payment of toll on national highways using RFID card/fast tags a discount of 10 per cent will be offered.

9) Discount on Insurance Premiums:

Customers paying payments through online gateways of public sector general insurance companies will be given a 10 percent discount.

The discount will be 8 percent for premium of new life policies made through the portal of Life Insurance Corporation (LIC)

10) Rupay Cards to Farmers:

Rural Regional Banks and Co-operative Banks to issue ‘Rupay Kisan Cards’ to 4.32 Crore Kisan Credit Card Holders. This will benefit farmers of 1 Lakh village covering a total population of nearly 75 Crore who will have facility to transact cashlessly in their villages for their agri needs.

And lastly,
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