RBI launched the Unified Payment Interface (UPI), an app that enables instant online bank payments

With the UPI, funds can be transferred using just four steps. All one needs to do is put in the UPI id of the beneficiary, select the amount they wish to transfer, select ‘send’ and reconfirm the payment with a mobile pin. Its as simple as that!

The RBI recently launched the Unified Payment Interface (UPI). The UPI is best explained as an app that enables instant, online bank payments.

Today, transferring funds to someone online can become a tedious process. You need to add the person as a beneficiary, get details like their IFSC code, bank account number, branch, etc. Thanks to the UPI, this will soon be history.

The UPI is all set to become a game changer in the e-commerce sector. Shopping online will become easier since making online payments need not include the rigamarole of entering your card number, expiry date, CVV code and password. Using the e-commerce firm’s UTI id, payments can be made in a jiffy!

The same holds true for cash-on-delivery payments as well. While customers can pay the e-commerce firm directly, they can also pay the delivery boy using his UPI id or – better still – using the QR code the delivery boy carries on his UPI app!

The Economic Times reports that 29 banks are a part of the UPI network. However – in what is yet another bonus for customers – any bank’s systems can be used on the UPI to make payments or transfer money.

Ten banks, including ICICI, Axis, YES Bank, Punjab National Bank and Andhra Bank are currently testing the application.

Source: http://www.thebetterindia.com/

Uniform Common Application Form applicable to all banks for Jan Dhan - PMJDY

PMJDY Uniform Application Form applicable for all banks.pdf

More links on Jan Dhan Yojana: 
Prime Minister Jan Dhan Yojana (PMJDY) Full Details Brochure

Highlights of Pradhan Mantri Jan Dhan Yojana - PMJDY

Pradhan Mantri Jan Dhan Yojana - PMJDY - Application Form

Newspaper Advertisement on Uniform Common Application Form

Newspaper Advertisement on Uniform Common Application Form for Jan Dhan PMJDY

PMJDY Application UniForm Ad.pdf

More links on Jan Dhan Yojana:

Prime Minister Jan Dhan Yojana (PMJDY) Full Details Brochure

Highlights of Pradhan Mantri Jan Dhan Yojana - PMJDY

Pradhan Mantri Jan Dhan Yojana - PMJDY - Application Form

Uniform Common Application Form applicable to all banks for Jan Dhan - PMJDY

Highlights of Pradhan Mantri Jan Dhan Yojana - PMJDY

PMJDY - Pradhan Mantri Jan Dhan Yojana Scheme Highlights




More links on Jan Dhan Yojana:

Prime Minister Jan Dhan Yojana (PMJDY) Full Details Brochure

Pradhan Mantri Jan Dhan Yojana - PMJDY - Application Form

Newspaper Advertisement on Uniform Common Application Form

Uniform Common Application Form applicable to all banks for Jan Dhan - PMJDY

Prime Minister Jan Dhan Yojana (PMJDY) Download Brochure with Full Details

PMJDY BROCHURE English.pdf


More links on Jan Dhan Yojana:

Highlights of Pradhan Mantri Jan Dhan Yojana - PMJDY

Pradhan Mantri Jan Dhan Yojana - PMJDY - Application Form

Newspaper Advertisement on Uniform Common Application Form

Uniform Common Application Form applicable to all banks for Jan Dhan - PMJDY

Code of Bank’s Commitment to Customers (Applies to all Nationalized in India) – August 2009

This is a voluntary Code, which sets minimum standards of banking practices for banks to follow when they are dealing with individual customers. It provides protection to you and explains how banks are expected to deal with you for your day-to-day operations. 

 The Code does not replace or supersede regulatory or supervisory instructions of the Reserve Bank of India (RBI) and we will comply with such instructions/directions issued by RBI from time to time. Provisions of the Code may set higher standards than what is indicated in the regulatory instructions and such higher standards will prevail as the Code represents best practices voluntarily agreed to by us as our commitment to you.

 

Code of (all Indian Nationalized) Bank’s Commitment to Customers – August 2009 -

How long RBI can wait?

RBI was in a plan to release a new Rs.100/- note after a 100th century by Sachin Tendulkar. But how long they can wait?

moBudget - Personal finance app for Windows Phone 7

moBudget is a friendly and powerful budgeting and expense tracking application. It will help you drive and organize both your personal income and outcome budgeting. By doing so, moBudget will also hint you about possible budgeting and money saving opportunities. Its main screen features a summarized dashboard with a set of intelligent indicators which will tell you how you are doing financially.

   

Forget about grabbing a calculator each time you need to get any numbers or if worried about making it to the end of the month or not; moBudget will tell you all: what you have, what you will have, what you owe and more. It will either inform, alert or advice you when needed so you don't need to worry.

By allowing stepping through months, allows you to whether look back to see how you did on previous months or how you will be doing in the upcoming months, so you can fine tune your budgets to the optimal.

      

Take it with you, record your data and you will see how money won’t cause you a headache anymore!

Key features

• Live tile with indicators new on mango!
• Can pin quick transaction tiles to Start screen new on mango!
• Transaction/bill reminders integrated to the system new on mango!
• Charts for almost everything
• Transactions search and filtering
• Today Hub featuring a main dashboard with intelligent indicators
• Upcoming and overdue payments, incomes, bills
• Color-based budget bar graphs for easier reading
• Easy and quick input for tracking either expenses, incomes or transfer between accounts
• Budgets adjustment helper
• Actual balance vs budget balance
• Accounts and credit cards usage recording *
• Cash flow bar graphs and out of funds predictions *
• Goals for tracking achievements (debt pay or savings)
• Credit card payment estimations and warnings
• Credit card bill auto-generation on cut-off date
• Can create future transactions and schedule recurrent transactions
• Multi currency support
• Account balances reconciliation
• Security PIN for data protection
• Encrypted backups to the cloud or email
• Export your data to CSV/Excel
• Integrated Handyscan engine to scan receipts (with perspective correction new on mango!)
• Store receipts in the cloud (Dropbox)
• Easy month back and forth navigation
• More...!

Mobile, Insurance and Now, Savings Bank Account Number Portability is on the way..

The Finance Ministry is working on savings banks account number portability, which will allow a customer to retain his account number while changing his bank.

"We want to do it (savings a/c number portability). Right now there are some technical problems...we have identified them. We will overcome them soon," Financial Services Secretary D K Mittal told today.

He was speaking after a meeting in the Ministry, which among others was attended by Economic Affairs Secretary R Gopalan, Finance Secretary R S Gujral and Chief Economic Adviser Kaushik Basu.

He said banks would have to work on identification code, know your customers (KYC) norms and core banking solution (CBS) for implementing the savings bank account number portability.

The move would help customers change banks, without the need of going through the KYC norms again.

(Last year, the government had allowed portability of mobile numbers and health insurance policies).

-Agencies

Platinum Premium Plan

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IRDA Grievance call center

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BSE websites in Marathi, Tamil and Punjabi

Bombay Stock Exchange will soon publish its websites in  regional languages including Marathi, Tamil and Punjabi.

"BSE will soon publish language websites...At present we have websites in Hindi, English and Gujarati... We will create more in Marathi, Tamil, Telegu and Punjabi," the sources said unofficially.

SMS rates are set to crash!

NEW DELHI: SMS rates are set to crash with telecom watchdog TRAI reconsidering its longstanding policy of non-interference on tariffs. Following an expose by TOI on November 5 that SMS tariffs are 50 to 100 times higher than what it costs service providers, a top TRAI official said, “We are going to issue a consultation paper to review telecom tariffs within 20 days to a month.” This means consumers can expect substantial relief in SMS tariffs latest by March.

According to the official, the move would have come sooner had the regulator not had its hands full with a consultation process on controversial 2G spectrum issues. The widespread proliferation of texting is expected to spin off into far higher levels of internet usage. Experts confirm that a crash in SMS tariffs could be the first step to generating demand-side pressure for wireless broadband access.



The cost of an SMS is a fraction of a paisa. This is because an average SMS consists of 1KB data, which takes a fraction of a second for transportation and termination. This revelation by TOI knocked the bottom out of claims that India has among the lowest telecom tariffs in the world.



Trai has so far refused to regulate rates under the belief that competitive markets were at work and tariffs reflect costs. However, in the SMS arena, competition has clearly failed to move prices closer to costs. The practice of pricing SMSs high has been prevalent for several years while Trai has chosen to look the other way. This, despite the facts stating otherwise in Trai’s own cost data from its IUC regulation of August 2006.

Source:TNN 23 November 2009

RBI limits withdrawls, transactions from third party ATMs

Apex bank has sent a communication in this regard to Indian Banks` Association (IBA) and this is expected to be implemented shortly

The Reserve Bank of India (RBI) has put a cap on the amount one can withdraw from another bank's ATM while also restricting the number of such transactions in a month.

Banks had told the central bank to alter the rule, as massive third-party usage and small-ticket withdrawals by customers was putting a financial strain on their infrastructure. The Indian Banks' Association (IBA) had submitted its recommendations last month.

So from October onwards, one can only withdraw as much as Rs10,000 every time one uses another bank's ATM. In addition, one can do so only five times a month. For more than five third-party transactions in a month, one has to pay Rs 20 per transaction. However, there will be no such limit when a cardholder is using his/her own ATMs.

The RBI had allowed free usage of ATMs across the country from April 1. Currently, around 40,000 ATMs are operated by about 80 banks in the country.

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