Usually, a current account is opened for commercial or business purposes and is a form of demand deposit from which the holder can withdraw money any number of times or upto an agreed amount. Opening a current account is a risky proposition for the banks. For instance, if the bank makes an overdraft by mistake, then the bank has to bear the loss if it is unpaid. There is no restriction to the amount deposited in the current account. This form of account is liable for transaction tax especially if the individual or a Hindu Undivided Family (HUF) withdraws Rs 50,000 in cash on any single day. Similar tax is also levied on a corporate entity if the withdrawal is Rs 1,00,000 and above. Although no interest or countervailing interest is payable on a current account however banks are entitled to pay interest to the account of a regional rural bank or the account of a deceased individual. As far as nomination is concerned a single depositor can make nominations while nominations cannot be made by incorporated entities or other trade bodies. With respect to current accounts there are several prohibitions placed on the banks. For example, the bank cannot lure the depositors by announcing prizes or attractive lottery schemes. Similarly, banks also cannot pay brokerage or gifts to agents for deposits placed at the bank.
Aguai Solutions Perspective on New Age Digital Lending. Leverage the power of Digital Infrastructures to offer a Convenient of Lending to the right consumers through right Digital 30 degree of Credit Risk scores
Usually, a current account is opened for commercial or business purposes and is a form of demand deposit from which the holder can withdraw money any number of times or upto an agreed amount. Opening a current account is a risky proposition for the banks. For instance, if the bank makes an overdraft by mistake, then the bank has to bear the loss if it is unpaid. There is no restriction to the amount deposited in the current account. This form of account is liable for transaction tax especially if the individual or a Hindu Undivided Family (HUF) withdraws Rs 50,000 in cash on any single day. Similar tax is also levied on a corporate entity if the withdrawal is Rs 1,00,000 and above. Although no interest or countervailing interest is payable on a current account however banks are entitled to pay interest to the account of a regional rural bank or the account of a deceased individual. As far as nomination is concerned a single depositor can make nominations while nominations cannot be made by incorporated entities or other trade bodies. With respect to current accounts there are several prohibitions placed on the banks. For example, the bank cannot lure the depositors by announcing prizes or attractive lottery schemes. Similarly, banks also cannot pay brokerage or gifts to agents for deposits placed at the bank.
Aguai Solutions Perspective on New Age Digital Lending. Leverage the power of Digital Infrastructures to offer a Convenient of Lending to the right consumers through right Digital 30 degree of Credit Risk scores
CTS stands for "Cheque Truncation System". It is a cheque clearing system undertaken by the Reserve Bank of India (RBI) for faster clearing of cheques.
A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry. A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account.
Concepts in Banking and Accounting of transactions: Accounting in banks, Electronic Banking, RTGS, ATM, MICR,
OCR, OMR, and DATANET, Petty Cash, Electronic Clearing Service (ECS), National Electronic Funds Transfer (NEFT) System,
Real Time Gross Settlement (RTGS) System, IMPS.
CTS stands for "Cheque Truncation System". It is a cheque clearing system undertaken by the Reserve Bank of India (RBI) for faster clearing of cheques.
A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry. A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account.
Concepts in Banking and Accounting of transactions: Accounting in banks, Electronic Banking, RTGS, ATM, MICR,
OCR, OMR, and DATANET, Petty Cash, Electronic Clearing Service (ECS), National Electronic Funds Transfer (NEFT) System,
Real Time Gross Settlement (RTGS) System, IMPS.
This study notes will give you the complete knowledge about Centralized Online Real-Time Environment Banking System. From initially required knowledge to like how the bank works with the list of primary operation it also explains the detailed architecture of banking system with all relevant parameters. In addition, it also gives you the detail like audit procedure with relevant controls. Also gives you the required knowledge of IT Act and Cyber Frauds and more.
What is Cashless Economy ? Advantages, Disadvantages, Different Cashless payment methods, internet banking, plastic money, e-wallet, Point of sale, how to secure your cashless payment, future of cashless payment.
Digitalization of banking refers to conducting its existing operations and developing new functions connecting to Banking through Digital Mediums. The presentation has attempted to explore the Digitalization process in Banking industry that took place from the date of independence to till 2018. The presentation invites any constructive criticism or remarks for future improvement.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
2. WHAT IS CMS ..?
A hybrid system of collections and remittances at
faster pace with certain value additions.
CMS seeks to provide customized and efficient
collection and payment services to business
entities.
In other word, it can be said that it is a
combination of collection and payment services,
customized and packaged to meet the needs of
the individuals & businesses.
3. OBJECTIVES
To attract and retain Customers by offering customized
products and services.
To manage cash flows, liquidity and ensure reduction in
costs.
To provide additional value added facilities to customers.
To adapt the changing business environment.
To make the process involved in remittances and collection
effective and efficient.
To create niche market segments and stay ahead of
competitions.
Non-customers can also avail this service.
4. CMS & AXIS BANK : An Intro!
Branches , electronically linked, across 226 cities
in the country.
Tie-Up with other banks to provide wider CMSs.
This translates into AXIS Bank’s capability to
provide CMSs to more than 2500 locations pan
INDIA.
The Bank has the provision of CCPH i.e.
Centralized Payment & Collection Hub to resolve
queries promptly and efficiently.
5. ADVANTAGES
CORPORATES AXIS BANK
• Improved liquidity through
faster access to funds.
• Client acquisition by offering CMS
as an entering strategy.
• Assured funds in the pooling
accounts.
• Fee as well as float based income.
• Reduced borrowings and lower
interest payments.
• Cross selling of other banking
products.
• Deployment of funds is easier by
reduction in accounts maintained
by banks for different
requirements.
• Monitoring of cash inflows of the
corporate where bank has a credit
exposure.
• Lower operational costs. • Developing overall relationships.
• Single window query. • Balancing and mismatches at the
branch level from the CMS funds.
6. PRODUCTS OF CMS
Collection services
Payment service
Pricing
Organization and System
7. COLLECTION SERVICES
• It can be categorized under following modes
• Local cheque clearing - The process is same but bank adds value
to the service as instead of bringing cheques to the bank , they
offer pick up services from the customers premises.
• Upcountry cheque collection – the bank appoints a courier
company at the place of the customer, to go to his office
periodically and collect cheques . The courier company sends the
cheques at the branch. Then normal remittance procedures are
followed.
• Management information systems (MIS)- Unlike traditional
process under CMS when courier picks up the cheques they also
pick up deposit slips which will contain all the information
required by the company, like invoice, commission , rebate ,etc.
8. PAYMENT SERVICES
Many businesses need to make payments, in bulk, all across the country.
By CMS , the bank offer to relieve their Business Clients of the entire
payment making work, both local or upcountry.
The client is required to give only list of payments to be made,
electronically and the rest is taken care by bank.
The various payment payment services that banks give under CMS are:
Bulk Payorders & Demand Drafts : The Bulk Payoreder & DDs request
can be given to bank’s CMS HUB directly or through branch. The HUB
will arrange the bulk printing nearest to the customer’s premises and
then deliver it to it.
Remote Printing: If the client has to send multiple payments at
multiple places then he can electronically give instructions to CMS
HUB to have the instruments printed at various locations and then
deliver them to respective payees.
9. PRICING
This deals with the service charges that has to be paid to
the bank providing CMS.
The following factors influence CMS charges
Client background, relationship value
Credit rating of the company
Volume and value of expected transactions
MIS requirements
The charges levied for CMS consists of two elements
The service charge
The interest factor for early clearance
10. Organization and System
A central control room or hub, which manages the flow of
data and funds from various locations and supports the
field operations in whatever manner needed.
A centralized application system with access to the
branches and correspondents for entering data relating to
the cheques and other information in the deposit slips.
The hub has a crucial role to play in managing
correspondents and courier arrangements which are the
backbone of the CMS infrastructure.
11. AXIS CMS LET’S TAKE A LOOK…
COLLECTION
Local Cheque Collection
This facility is offered for local cheque collection by our bank or
coordinators present. There are 19 coordinator locations & 295 local
cheque collection locations.
Upcountry Cheque Collection
Cheques drawn or deposit on different locations.
This facility is available at more than 3000+ branches
Also have tie-ups with 8 Correspondent Banks
Utility Bill Collection Services
It mainly deals with your regular bill payments.
Requirements of utility service providers are: Realization & Remittances,
drop boxes, cash pick-up services, MIS, locations.
Collection Channels: Cash Collection, cheque collection, drop boxes,
ATMs, ECS.
12. CONTINUED…
Bulk Collection
In this the cheques collected at 300 different locations are routed
through the bulk collection module of CMS.
Deposit slip level detail for all collections.
Infrastructure to handle PDCs.
Cash Pick Up & Delivery
one of the few banks to offer this service.
Tie-up with reputed vendors to arrange for cash pick up and delivery.
Call pickup service , as & when required.
Complete security & insurance of the cash.
Electronic Clearing System
Debit Clearing : Applicable for Tele./Elec. Bill, loan instruments etc.
available at all RBI approved locations.
13. CONTINUED…
Collecting Banker for IPOs
Intermediaries Involved : BRLMs, Registrar to the issue, Bankers to the
Issue, Auditors of the company, underwriters to the issue.
Banker’s role in the process: Dealing with the escrow account, collecting
cheques & DDs from bidding members on the same day, security of Bid
Forms Received, preparation of banking schedule, handing over BAF to
Schedule Registrar, cleaning of cheques, final certificate to registrar.
USP of this Service :
Vast coverage
Single point contact at CCPH, Mumbai.
Comprehensive MIS ( Schedules & Certificates).
Strict adherence to RBI guidelines.
Enhanced security
Relationship manager
IPO software
14. PAYMENTS
Payments of dividend warrants/ redemption
warrants
Online validation of instruments with issue masters before payment at all
axis bank branches.
Online marking of stop payments.
Online status of paid-unpaid instruments available.
Dedicated payment cell to ensure efficient resolution of queries.
Remote printing of demand drafts
Facility of printing bulk DDs with facsimile signature of bank officials.
Printing of instruments with cover note to capture payment requests.
Dispatch of the printed instruments to the beneficiaries.
Currently 90 locations are activated.
Direct Credit
Facility of crediting multiple axis bank accounts across the country against
a single file provided in any of the bank branches.
Fully automated system providing instant credit to the beneficiary.
15. CONTINUED…
Customer cheques
Printing of CCs can be initiated by customer through web payment
interface.
The print file may be directly uploaded by the client or submitted to any
branch for upload.
Online marking of stop payments.
Electronic clearing service
Debit and credit ECS facility available at all designated ECS centers.
ECS credit can be utilized for payments like interest/ dividend, etc.
ECS debit can be utilized for payment of utility bills, collection of taxes, etc.
Available in 87 centers, managed by RBI and Public Sector Banks.
EFT (Electronic Fund Transfer) – NEFT and RTGS
An expeditious system of funds transfer across any of over 63,000 branches
of more than 89 banks.
Faster realization of receivables.
Extended cut-off times for transfer of funds.
Reduces fraud transit risk associated with paper based instruments.
16. AXIS BANK CONTRIBUTION IN
THE GOVERNMENT BUSINESS
Axis bank is the first private bank to be authorized by the RBI and Government
of India for collecting taxes on behalf of State Government in twin cities of
Hyderabad and Secunderabad.
Collection of direct taxes on behalf of CBDT.(214 authorized branches)
Collection of indirect taxes on behalf of CBEC. (56 authorized branches)
Disbursement of central government pensions. (218 authorized branches)
Expenditure related payments of central government ,ministries of
department, state govt. business including collection of state taxes based on
the recommendations of individual states.
17. FAQs…!!
PAYMENTS
• Does our company require opening an account with Axis Bank for availing
Cash Management Services?
• In Payments, it is mandatory to open a current account with the Bank.
• How long does it take to start with the CMS from Axis Bank?
• After the receipt of complete documentation it takes only 2-3 working
days to begin with Cash Management Services.
• What is the documentation required?
• Individual products require different documentation. Specially designed
documents to reduce your executive time spent on the documentation.
You can send an email to cash.management@axisbank.com
• Are the reports available on the internet?
• By using our highly secured WEB CMS and iconnect Modules you can
access detailed information about your financial transactions.
18. FAQs Continued…!!
COLLECTION
• Does our company require opening an account with Axis Bank for availing
Cash Management Services?
• For Collections, it is suggested to open an account with the Cash
Management Banker, however it is not mandatory to open any account
for pooling of Collection funds.
• How long does it take to start with the CMS from Axis Bank?
• After the receipt of complete documentation it takes only 2-3 working
days to begin with Cash Management Services.
• What is the documentation required?
• Individual products require different documentation. Specially designed
documents to reduce your executive time spent on the documentation.
You can send an email to cash.management@axisbank.com
• Are the reports available on the internet?
• By using our highly secured WEB CMS and iconnect Modules you can
access detailed information about your financial transactions.
19. HOW TO LOCATE CMS CENTERS
Of
AXIS BANK
STEP 1
STEP 2