സ്ത്രീകള്‍ എങ്ങിനെ വസ്ത്രം ധരിക്കണം എന്ന് പുരുഷന്‍ നിഷ്ക്കര്‍ഷിക്കുന്നത് ശരിയോ? അല്ലെങ്കില്‍ തിരിച്ചും?

Showing posts with label Bank News. Show all posts
Showing posts with label Bank News. Show all posts

Tuesday, May 24, 2016

President conveys his appreciation and admiration for India’s unparalleled postal network.

President conveys his appreciation and admiration for India’s unparalleled postal network.


Shri Pranab Mukherjee, the President of India held a meeting with Shri Ravishankar Prasad, Minister for Communications and IT at the Rashtrapati Bhavan on 20th May 2016, in which the central topic of discussion was the ongoing transformation of the postal network. The President enquired about the modernisation project, and was happy to learn about how the induction of IT was making service delivery at post offices contemporary. He also used the occasion to convey his fondness and admiration for the postal network to the postal staff, through the Minister.

File photo of President Mukherjee with Minister Prasad at a stamp release function in October 2014. Courtesy:www.prokerala.com

Details of this interaction with the President were revealed by Shri Prasad himself, during his keynote address on 22nd May 2016, at the Conference of the Heads of Postal Circles at Hyderabad.

There have been a few other occasions in the past also when the Department has had the opportunity to benefit from President Mukherjee words of guidance and came in for praise from him. While inaugurating an international postal event at New Delhi’s Vigyan Bhavan in 2013, he had commended the unparalleled network of the Post Office and advised that there is a huge scope for postal services to be engaged in e-commerce, and that it should capitallise on the rising demand for such business products. On that occasion, he had also highlighted the need to move with the times, and said that globalization and easier movement of workforce across nations have opened a great window of opportunity for the postal sector in parcel and money remittance businesses. Further, he had emphasised that worldwide, postal administrations enjoy the trust of people and advised that the Post Office must leverage this and other strengths to provide improved quality of service to the people.
Inauguration of the new building of the Rashtrapati Bhavan PO 
in July 2014. Photo courtesy: Exposeindialive.com
It is no surprise then that hearing from the Minister about developments like the networking of post offices, postal savings coming on a CBS platform and the Post Office preparing to set up a Payments Bank would have been a matter of satisfaction for him. His sending a message a message to the postal staff through the Minister is a rare gesture, which is sure to inspire them to higher standards of service delivery.
The words of appreciation from the President represent the increasing significance of the Postal network in the national mainstream and in public perception. With it also comes a higher responsibility for the management and staff of India Post, the responsibility of living up to the expectations of the country’s First Citizen.
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India Post Payments Bank Will Be Functional By March 17: IT Minister

India Post Payments Bank Will Be Functional By March 17: IT Minister


He said the proposed India Post payments bank will have immense potential to sell third party product and services.

Hyderabad: India Post's payments bank will start functioning from March 2017 and serve as a wider platform to implement financial inclusion programmes, IT & Communications Minister Ravi Shankar Prasad said on Sunday.
"We are going to start the postal payments bank by March 2017. Very soon we will go to the Cabinet and postal payments bank will become operational from March 2017," Prasad told reporters here.

He said the proposed India Post payments bank will have immense potential to sell third party product and services. About 50 companies, including some from abroad, are keen to partner with postal department for the payments bank, like World Bank, Citi from America, Barclay's from England, he said.

Reacting to a query, he said these institutions will offer third party services like insurance products, mutual funds, banking instruments and a variety of financial instruments. Asked on the interest shown by these institutions, the minister said, "...that board will decide, I'm only saying value addition of postal department it is attracting so much global attention." "...they will decide how much to give them. It is a call they will take," he said.

The payments bank of postal department will become a big platform of financial inclusion, Prasad said. "We are going to invest about Rs 800 crore -- Rs 400 crore will be invested by  the department and the remaining amount will be equity part (mobilised as equity)," he said.

"Postal department has the widest network in India. We have 1,54,939 post offices in the country, out of that 25,560 are departmental post offices and 1,29,379 are branch post offices," he said.

"Under (Prime Minister) Narendra Modi, we have decided to re-energise the postal department for India's growth and financial inclusion," he further said. In August 2015, the RBI had given in-principle approval to 11 entities to start payments bank, including the postal department.

The approval is valid for 18 months and all the entities are required to submit a detailed business plan after which they shall be given the final nod.   
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Saturday, November 01, 2014

Starting tomorrow, ATM use over 5 times per month will attract fee of Rs 20


NEW DELHI, 31, Sep 2014 : Using ATMs to withdraw money or for other purposes like balance enquiry beyond five times in a month will attract a levy of Rs 20 per transaction from Saturday.

As per the Reserve Bank's new guidelines that comes into force from Saturday, bank customers in six metros — Delhi, Mumbai, Chennai, Kolkata, Hyderabad and Bangalore — are allowed to withdraw money and/or carry out non-financial transactions like mini-statements at ATMs of banks, where they hold saving/current accounts, free of charge only five times a month.

Every transaction beyond this threshold will be charged Rs 20 per use.

Tuesday, July 08, 2014

Types of Cheque Crossing- General Crossing & Special Crossing



Types of Cheque Crossing- General Crossing & Special  Crossing


A Cheque is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand. It is an unconditional order in writing ,drawn by a customer on his bank, requesting the specifying bank to pay on demand a certain sum of money to a person named in the cheque or to the bearer or to the order of a stated person.
Crossing of a cheque means two transverse parallel lines are drawn on the left hand corner of the cheque. A crossing of the cheque is a direction of paying money to the banker not to the holder at the counter. A cheque can be made safe by crossing it. Crossing prevents fraud and wrong payments.
Types of Cheque Crossing:

[1] General Crossing: A cheque is said to be crossed generally when it bears across its face any of the following:
[1] Two transverse parallel lines.
[2] Two transverse parallel lines with the word “And Company” or “And Co”.
[3] Two transverse parallel lines with any abbreviation of the word “& Company”.
[4] Two transverse parallel lines with the words “Not Negotiable”.
[5] Two transverse parallel lines with the words “Account Payee Only”.
The cheque crossed generally does not ceases to be negotiable further. The collecting banker can collect the proceeds of the cheque in the account of that person mentioned on the cheque. A crossed cheque can be made bearer cheque by cancelling the crossing and writing that the crossing is cancelled and affixing the full signature of drawer.
[2] Special Crossing: It is a cheque in which the name of the bank is written between the two parallel lines and hence it can be paid to that specific banker only. Inclusion of the name of a banker is essential in special crossing . Special Crossing can never be converted to General Crossing. In Special Crossing paying banker to honor the cheque only when it is presented through the bank mentioned in the crossing and no other bank.

Thursday, April 03, 2014

Bank proposes no minimum balance penalty - May increase costs for customers, say bankers


Customers might not be required to pay for non-maintenance of a minimum balance in a bank but could have to pay additional charges for use of other services in such cases, such as an account statement or ATM withdrawals or cheque book issuance.
In its bi-monthly monetary policy review on Tuesday, the Reserve Bank of India (RBI) said instead of penal charges for non-maintenance of a minimum balance in ordinary savings bank accounts, banks should limit the services available on such accounts, to those available to basic accounts.
While the decision on penalty removal is yet to be finalised, senior bankers said this would mean an increase in the charges paid by customers for transactions of all kinds. Further, RBI said banks should restore the services when the balances improve to the minimum required level.
Aditya Puri, managing director, HDFC Bank, said: "The consumer will end up paying more in the alternative. Let us say the minimum balance is Rs 10,000 and we earn four per cent on it. For Rs 400, we give you cheque books for the full year, ATM transactions, we give you the account balance and the statements. Break-even for the bank to provide those services is Rs 30,000. If you have consumer interest in mind, you will not push this because the alternative is, then you are charged for these services. If I start charging you for these, you will end up paying more. It is implied that if you don't charge on non-maintenance of minimum balance, you are authorised to charge on the transaction."
However, this proposal is still under consideration. Puri explained this was a suggestion by RBI and the Indian Banks' Association will explain its viewpoint to the regulator.
He noted a bank was also there to make a profit, not give free service. "This is a cost. To break even, to provide you the services, I actually need a minimum balance of Rs 20,000," he said.
K R Kamath, chairman and managing director, Punjab National Bank, said for a basic account, the clear instructions are that you cannot charge for not maintaining the balance. He said the direction is to have an entire set of accounts where it is defined that they wont be charged for non-maintenance of balance but would only be entitled to certain services.
Soumya Kanti Ghosh, chief economic advisoreconomic research department, State Bank of India (SBI), said, “It will be a decision by individual banks how they take the decision of non–maintenance of minimum balance. Since the policy suggests that the banks should limit the services to such accounts, so, if that is the case, there is a possibility that there is a re-look at the charges for things such as charges for number of ATM transactions etc. The RBI still needs to clarify what it means by limit services.”
Rupa Rege Nitsure, chief economist, Bank of Baroda, said a penalty for non-maintenance of a minimum balance was more relevant from the viewpoint of private sector and foreign banks, which charge a huge penalty or even make accounts defunct if a customer did not maintain a minimum balance. “If we want more people to use banking facilities and talk about financial inclusion, one cannot be so harsh on customers,” she said.
According to the head of retail operations of a public sector bank, these charges are levied to recover the operational costs incurred by banks for maintaining the accounts. "Even if there is just Rs 100 in such accounts, in our books it is still an account and we have to maintain it. There is no benefit except paying the minimum four per cent interest. Following computerisation, the cost for maintaining such accounts has come down but still it is an expense for banks. The penalty was intended to gradually weed out such accounts,'' he said.
The central bank also said that in the interest of their consumers, banks should consider allowing their borrowers the possibility of pre-paying floating rate term loans without any penalty.
“If borrowers have taken a floating rate loan from banks and if they pre-pay, banks are at a loss as it reduces the asset size. However, from a recovery standpoint, pre-payment is a positive thing. Pre-payment is not such a harsh action that the banks need to penalise the customers. Penal action will reduce the loan appetite of borrowers for loans. Thus, removal of penalty is an important step from the point of view of financial inclusion,'' says Nitsure.
Banks offer floating rate loans to some segments like the MSME (micro small and medium enterprises) sector. However, in case of retail loans, only home loans have floating rate, in which case the pre-payment penalty has already been abolished. All other retail loans like car loans and personal loans are fixed rate loans.
The banking regulator said that banks should also limit the liability of customers in electronic banking transactions in cases where banks are not able to prove customer negligence.
Source : http://www.business-standard.com/

Thursday, January 30, 2014

India Post to install 3000 ATMs,1.35 lakh mirco-ATMs by Sept 15


We will be starting with three ATMs to be installed in New Delhi, Chennai and Bangalore on Feb 5," says postal dept secretary
Even as its application to start a commercial bank is pending, India Post has drawn a massive plan to install as many as 3,000 ATMs and 1.35 lakh micro-ATMs at the ubiquitous post offices across the country for savings account holders by September 2015, a top official has said.
"We will be starting with three ATMs to be installed in New Delhi, Chennai and Bangalore on February 5 and then ramp it up gradually," postal department secretary Padmini Gopinath told a select group of reporters here over the weekend.
She said 1,000 ATMs with the India Post branding will be put in within the first year, which will be ramped up massively to 3,000 in the next 18 months.
To start with, the ATMs can be used only by 26 crore savings account-holders who save with the postal department, but Gopinath exuded confidence that within six months of the launch, they will get the interoperability permission from the Reserve Bank.
Postal savings are worth around Rs 6.05 trillion, which is half the savings in the largest lender SBI and more than double that of the largest private sector lender ICICI Bank.
Through interoperability, India Post will join the National Financial Switch, which will benefit India Post account holders to transact at the banks' ATMs and vice versa, she added.
India Post has been working with software major Infosys on this project, she added.
The micro ATMs will be handheld devices to be operated at the post office level while the ATM will be similar to the one operated by any commercial bank, she added.
The postal department, which has 1.55 lakh post offices over 90% of which are in villages, offers the savings account to people across the country and pays an interest of 4% per annum for such deposits. The account offers cheque facility at present.
It can be noted that the Department of Posts is fighting a very contentious battle to convert itself into a full fledged bank, asserting that its reach can help achieve the goal of financial inclusion.
However, the finance ministry has expressed some reservations about the idea, while Telecom Minister Kapil Sibal has exuded confidence of winning over his Cabinet colleagues to get the go ahead for the 'Postal Bank'.
Source : http://www.business-standard.com

Friday, December 27, 2013

Indiapost Started Internet Banking.





India Post started Internet Banking in selected locations in continuation of migration to the CBS FINACLE, Core Banking Solution from Infosys.  In Tamil Nadu Circle Greams Road Post Office of Chennai City Central Division has been rolled out for CBS on 16.12.2013 for the first time and all other identified offices in pilot Circles will be migrated in coming days. The India Post Internet banking site can be accessed through URL   https://ebanking.indiapost.gov.in/



Following facilities are available for DOP e banking portal user:









My Profile:
         1. Change 'Sign-on' and Transaction Password.
         2. Set Preferences.
         3. Update channel id.
         4. View personnel details.









Accounts:
         1. Accounts Summary.
         2. Savings accounts details.
         3. RD account details.
         4. PPF accounts details.
         5. TD accounts details.
         6. NSC Account details.
         7. Loan on RD details.
         8. Loan on PPF details.
         9. Tax deducted at source details.









Transactions:
         1. Manage Payee.
         2. Manage Billers.
         3. Initiate funds Transfer with in DOP.
         4. Funds transfer outside DOP.
         5. PPF account withdrawal.
         6. View scheduled transactions.
         7. Pay PPF Account/Repay Loan on PPF.
         8. View recurring instructions.
         9. Pay RD account.
         10. View All Transactions.
         11. Repay Loan on RD.









General Services:
         1. Mails.
         2. Inquiry Facility.
         3. Service Requests.













































 Terms and Conditions
1. Definitions:



         In these Terms of Service (Terms & Conditions), unless the context indicates otherwise, the following words and phrases shall have the meanings indicated against them:



              The Department of Posts comes under the Ministry of Communications and Information Technology. The Postal Service Board, the apex management body of the Department, comprises the Chairman and six Members. The six members of the Board hold portfolios of Personnel, Operations, Technology, Postal Life Insurance, Human Resources Development, Planning respectively. The Joint Secretary and Financial Advisor to the Department is a permanent invitee to the Board. The Board is assisted by a senior staff officer of the Directorate as Secretary to the Board. Deputy Directors General, Directors and Assistant Directors General provide the necessary functional support for the Board at the Headquarters.



              DoP refers to Department of Posts.



              The Site means   https://ebanking.indiapost.gov.in/



              Internet Banking Services are one of the services offered by Department of Posts which provide access to account information, products and other services (including Transaction of financial and non-financial in nature) as advised by the Department from time to time to the customers through the internet banking website.



              User refers to a customer of Department of Posts who is authorized to use Internet Banking Services.



              Confidential Information refers to the information obtained by the customer through the Department of Posts for availing various services through e-Banking.



              Personal Information refers to the information about the User obtained by the Department of Posts in connection with the Internet Banking Service.



              Account refers to the User's Savings and/or RD and/or or any other type of account so designated by the Department of Posts to be eligible account(s) for the operations through the use of Internet Banking.



              In the event of new accounts opened by the User under the same CIF in future, then the Terms of Service (Terms & Conditions) shall automatically apply to such further use of the Internet Banking by the User.



              In case of accounts opened for and on behalf of minors, the Internet Banking facility shall not be made available to the minor. The natural guardian of the minor shall be permitted to use Internet banking with only 'Limited Transaction'rights. The natural guardian shall undertake to give all instructions relating to the operation of the account and further undertake not to reveal the User ID and Password to the minor, which if done so, will be at the risk and consequences of the guardian and Department of Posts shall not be liable for any loss on that account in case the account is operated by the minor. In such an event the transaction will be deemed to have been undertaken by the guardian.



              Third party product refers to any product and/or service of third party which is offered by or through the intermediary of Department of Posts.



              Customer refers to Customer named in the Application Form and shall, where the context requires, include any authorized representative of the Customer.



              Internet Banking Services refers to a service offered by Department of Posts through which a registered Customer may conduct enquiries or perform transactions on the Internet banking website   https://ebanking.indiapost.gov.in/



              SMS Password refers to one time 8 digit pass code that would be sent to a customer's mobile number registered on the record of Department of Posts.



              Instruction means any request or instruction that is received from the customer by the Department of Posts through Internet Banking services.









2. Applicability of Terms & Conditions:



          These Terms mentioned herein form the contract between the User using the Internet Banking services and Department of Posts. By applying for Internet Banking Services and accessing the service, the User acknowledges and accepts these Terms of Service (Terms & Conditions). Any conditions relating to the accounts of customer other than these Terms will continue to apply except that in the event of any conflict between these Terms and the account conditions, these Terms will continue to prevail. The agreement shall remain valid until it is replaced by another agreement or terminated by either party or account is closed, whichever is earlier.









3. Application of Internet Banking Services:



          Department of Posts may offer Internet Banking services to selected customers at its discretion and has the right to accept or reject such application as may be submitted by the users. The Customer acknowledges that he/she possesses knowledge of the Internet usage and will have legal access to the Internet. Customers willing to utilize the e-Banking services may approach the Post Office, where their account is maintained or willing to open their account, in person for registering themselves. Department of Posts will advise from time to time regarding the Internet software such as Browsers, which are required for using Internet Banking services. There will be no obligation on the part of the DoP to support all the versions of this Internet software.









4. Internet Banking:



          The information provided to the user through the Internet Banking is not updated continuously but at regular intervals. Consequently, any information supplied to the user through Internet Banking will pertain to the date and time when it was last updated and not as the date and time when it is supplied to the user. Department of Posts shall not be liable for any loss that the user may suffer by relying on or acting on such information. Department of Posts may keep its records of the transactions in any form it wishes. In the event of any dispute, the DoP records shall be binding as the conclusive evidence of the transactions carried out through Internet Banking in the absence of clear proof that the DoP's records are erroneous or incomplete. Any request for any service, which is offered as a part of Internet Banking, shall be binding on the user as and when the DoP receives such a request. If any request for a service is such that it cannot be given effect to unless it is followed up by requisite documentation on part of the user, the Department of Posts shall not be required to act on the request until it receives such documentation from the user. The USER understands that the DoP shall be bound by any circulars and directives issued by the Ministry of Finance/Reserve Bank of India with regard to the maintenance and operation of deposit accounts from time to time. The USER acknowledges and undertakes to be equally bound to comply therewith. The USER also hereby absolves and holds blameless the Department of Posts from any claim or damages in respect of any delay on the part of the DoP in carrying out any instructions given by the USER over the internet, where such delay is on account of technological failure, or other reasons beyond the control of the Department of Posts. In cases of technological failure, DoP shall endeavour to keep the downtime to the minimum.









5. Un-authorized Access:



          The user shall take all necessary precautions to prevent unauthorized and illegal use of Internet Banking and unauthorized access to the Accounts provided by Department of Posts e-Banking services. DoP shall take all commercially reasonable care to, ensure the security of and to prevent unauthorised access to the Internet Banking using commercially reasonable technology available in India to the Department of Posts. The USER shall also be responsible for maintenance of the secrecy of the personal details of the ACCOUNTS at all times. If the USER fails to keep secret such personal details of the ACCOUNT, then, the Department of Posts shall stand absolved of all obligations under this AGREEMENT. The user shall ensure that e-Banking service offered by DoP or any related service is not used for any purpose which is illegal, improper or which is not authorised under these Terms. If any USER has any reason to believe that there is any unauthorized access of his or her ACCOUNT, the USER shall immediately intimate the DoP at the Post Office branch. The USER understands and recognizes that in matters of unauthorized access, time is of the essence, for speedy detection and prevention. Therefore, any failure on the part of the USER to speedily notify DoP, shall absolve the DoP of any further responsibility with respect to such unauthorized access.









6. Internet Banking access and Passwords:



          The user would be allotted an Internet Banking user-id and user password & transaction password by Department of Posts in the first instance. The user will be required to change the password assigned on accessing Internet Banking for the first time. As a safety measure, the user shall change the password as frequently thereafter. In addition to user-id and password DoP may, the user may setup PAM (Personal Access Message) during the first time login. This message will be displayed during the user password entry screen to show the authenticity of the Internet banking site.









7. Joint Accounts:



          The user desirous of using the POSB account should be either the account holder Or sole signatory or authorized to act independently in case of a joint account. For such joint account, one user-ID and password will be issued to each of the joint account holders when requested. The other joint account holders shall expressly agree with the arrangement and give their consent on the application form for use of the account. In case of joint accounts operated by more than one user, Department of Posts shall act on the instruction received first and any subsequent instruction shall be neglected. All correspondence will be addressed to the first named person only. All transactions arising from the use of the Internet Banking services in the joint account shall be binding on all the joint account holders, jointly and severally.









8. Service Charges:



          Department of Posts reserves the right to charge and recover from the user service charges for providing the e-Banking services. Services charges may be changed periodically by the department. The user hereby authorizes Department of Posts to recover the service charges by debiting one of the Savings accounts of the user or by sending a bill to the user who will be liable to make the payment within the specified period. Failure to do so shall result in recovery of the service charges by department in a manner as the DoP may deem fit along with such interest, if any, and/or suspension of the facility of e-Banking services without any liability to the department.









9. Minimum Balance maintenance and Charges:



          The USER shall maintain, at all times such minimum balance in account(s) as the Department of Posts may stipulate from time to time. DoP may, at its discretion, levy penal charges for non-maintenance of the minimum balance. In addition to the minimum balance stipulation, DoP may levy service charges for use of Internet Banking, which will be advised to the USER at the time of opening the account. Any further change in the fees shall be notified on the DoP Web site. The USER authorises DoP to recover all charges related to Internet Banking as determined by DOp from time to time by debiting one of the USER's accounts. However at present there are no charges levied. DoP may withdraw the Internet banking facility, if at any time the amount of deposit falls short of the required minimum as aforesaid and/or if the service charges remain unpaid, without giving any further notice to the USER and/or without incurring any liability or responsibility whatsoever by reason of such withdrawal. DoP shall not be obligated to intimate the withdrawal of such facility over the internet.









10. Transfer of Funds through DoP Internet Banking:



          The User accepts that he will be responsible for keying in the correct account number for the fund transfer request. In no case, DoP will be held liable for any erroneous transactions incurred arising out of or relating to the customer entering wrong account numbers. The User shall not attempt to transfer funds without sufficient funds in the related Account. In case of insufficient funds, DoP is not responsible for non-execution /non-payment/breakage of Time deposit accounts of the Accounts linked to the subject Account or of any consequences thereof. DoP shall not be liable for any omission to make all or any of the payments or for late payments due to circumstances beyond its reasonable control. If the funds transfer is made available to the User, it may be used for transfer of funds from the subject Account to other accounts belonging to third parties maintained at DoP and/or at any other Bank which falls under the network of the Reserve Bank of India's Electronic Funds Transfer System. However RTGS/NEFT and other bank payments are not available with DoP Internet banking as of now and it will be established in the near future.









11. Personal Information disclosure:



          The USER agrees that the Department of Posts or its vendors may hold and process his PERSONAL INFORMATION on system or otherwise in connection with Internet Banking services as well as for statistical analysis and credit scoring. The USER also agrees that DoP may disclose, in strict confidence, to other institutions, such "PERSONAL INFORMATION" as may be reasonably necessary for reasons inclusive of, but not limited to, the following:



              Participation in any telecommunication or electronic clearing network.


 Source: India Post website