Panacea is an idea which proposes a political solution based on IT initiatives from Indian Government to solve most problems faced by the country, society and economy.
‘PANACEA’ – A POLITICAL SOLUTION or HOW TO ELIMINATE CORRUPTION, CRIME,...mlvenkat
The document describes an idea called Panacea that the author developed for their MBA thesis. Panacea is a framework with four pillars that would bring about changes in public life. The four pillars are: 1) Unique National Identity Number, 2) Multi Application Smart Card, 3) Unique Single Transaction Account, and 4) Transaction Bank of India. The Unique National Identity Number and Multi Application Smart Card would be e-governance initiatives, while the Unique Single Transaction Account and Transaction Bank of India would be initiatives of the Reserve Bank of India. The framework is intended to solve problems faced by the country and society by establishing a universal identification system and requiring all monetary transactions to go through single accounts at the Transaction Bank of India
1) The document proposes a ubiquitous virtual currency system as an alternative to physical currency to address issues of deforestation and environmental impact.
2) In the proposed system, every citizen registers with a recognized bank and is provided a SIM card for contactless payments using biometrics. Transactions can be initiated by holding phones near each other or requesting bank approval for larger transfers.
3) Shops and other businesses would be equipped with biometric scanners to process payments. The system aims to make currency accessible anywhere through interconnected mobile and banking technology.
customer preference towards mobile walletPranav Mital
Customer preferences are expectations, likes, dislikes, and inclinations that drive customer purchasing decisions. They include preferences around convenience, effort required, user interfaces, communication style, stability versus variety, risk tolerance, values, sensory experiences, time, customer service, and overall customer experience. Mobile wallets provide a platform for users to store money digitally and make cashless transactions more conveniently compared to physical cash or cards. The money in a mobile wallet can be used to pay for goods and services or transfer funds via SMS or NFC. RBI classifies mobile wallets as open, semi-open, semi-closed, or closed depending on their functionality such as ability to withdraw cash or redeem funds.
Electronic banking, also known as e-banking, allows customers to conduct financial transactions without visiting a brick-and-mortar bank. It includes services like internet banking, phone banking, ATM banking, and mobile banking. E-banking provides services like viewing account balances, paying bills, transferring funds between accounts, and more. While banks were initially reluctant due to security concerns, improved encryption methods and the desire to remain competitive have led to a rise in e-banking offerings in recent years.
Market Research: Consumer Behavior and Satisfaction Level on use of Digital W...Prinson Rodrigues
Digital Wallet Vs. traditional mode of payment
Consumer preference
Survey to know the consumer behavior and satisfaction level of digital wallet over other modes
Digital wallet companies Paytm, Phonepe, Jio, M-pesa, Tez, Freecharge, Mobikwik
Security concerns on digital wallet system
Hindrances and benefits of digital wallet
Consumers adaptability and acceptance of e walletMathew Lawrence
This presentation was given in the One day International Multi-Disciplinary Conference on “World Road to Cashless economy” organised by Clara's college of commerce in association University of Mumbai & India Accounting Association (Thane Branch)
The document provides background information on e-banking in India. It discusses:
1) The evolution of e-banking, from early distance banking services in the 1980s to the first online internet banking services in 1994.
2) The pre-e-banking scenario in India, where traditional banking involved limited information available only at physical branches.
3) How increased competition from private banks in the 1990s forced public sector banks to adopt technology and computerize operations.
‘PANACEA’ – A POLITICAL SOLUTION or HOW TO ELIMINATE CORRUPTION, CRIME,...mlvenkat
The document describes an idea called Panacea that the author developed for their MBA thesis. Panacea is a framework with four pillars that would bring about changes in public life. The four pillars are: 1) Unique National Identity Number, 2) Multi Application Smart Card, 3) Unique Single Transaction Account, and 4) Transaction Bank of India. The Unique National Identity Number and Multi Application Smart Card would be e-governance initiatives, while the Unique Single Transaction Account and Transaction Bank of India would be initiatives of the Reserve Bank of India. The framework is intended to solve problems faced by the country and society by establishing a universal identification system and requiring all monetary transactions to go through single accounts at the Transaction Bank of India
1) The document proposes a ubiquitous virtual currency system as an alternative to physical currency to address issues of deforestation and environmental impact.
2) In the proposed system, every citizen registers with a recognized bank and is provided a SIM card for contactless payments using biometrics. Transactions can be initiated by holding phones near each other or requesting bank approval for larger transfers.
3) Shops and other businesses would be equipped with biometric scanners to process payments. The system aims to make currency accessible anywhere through interconnected mobile and banking technology.
customer preference towards mobile walletPranav Mital
Customer preferences are expectations, likes, dislikes, and inclinations that drive customer purchasing decisions. They include preferences around convenience, effort required, user interfaces, communication style, stability versus variety, risk tolerance, values, sensory experiences, time, customer service, and overall customer experience. Mobile wallets provide a platform for users to store money digitally and make cashless transactions more conveniently compared to physical cash or cards. The money in a mobile wallet can be used to pay for goods and services or transfer funds via SMS or NFC. RBI classifies mobile wallets as open, semi-open, semi-closed, or closed depending on their functionality such as ability to withdraw cash or redeem funds.
Electronic banking, also known as e-banking, allows customers to conduct financial transactions without visiting a brick-and-mortar bank. It includes services like internet banking, phone banking, ATM banking, and mobile banking. E-banking provides services like viewing account balances, paying bills, transferring funds between accounts, and more. While banks were initially reluctant due to security concerns, improved encryption methods and the desire to remain competitive have led to a rise in e-banking offerings in recent years.
Market Research: Consumer Behavior and Satisfaction Level on use of Digital W...Prinson Rodrigues
Digital Wallet Vs. traditional mode of payment
Consumer preference
Survey to know the consumer behavior and satisfaction level of digital wallet over other modes
Digital wallet companies Paytm, Phonepe, Jio, M-pesa, Tez, Freecharge, Mobikwik
Security concerns on digital wallet system
Hindrances and benefits of digital wallet
Consumers adaptability and acceptance of e walletMathew Lawrence
This presentation was given in the One day International Multi-Disciplinary Conference on “World Road to Cashless economy” organised by Clara's college of commerce in association University of Mumbai & India Accounting Association (Thane Branch)
The document provides background information on e-banking in India. It discusses:
1) The evolution of e-banking, from early distance banking services in the 1980s to the first online internet banking services in 1994.
2) The pre-e-banking scenario in India, where traditional banking involved limited information available only at physical branches.
3) How increased competition from private banks in the 1990s forced public sector banks to adopt technology and computerize operations.
The document discusses the growth of banking in India over the past decades, with the expansion of public and private sector banks as well as the introduction of new technologies like core banking solutions and internet banking. It then analyzes some of the challenges around further developing internet and mobile banking in India, such as understanding customer preferences and security risks. The document also examines the problems of cybercrime facing internet and mobile banking users and outlines topics for further research around these issues.
‘Payment Industry of Bangladesh’, published by South Korean smart card provider Kona, looks at the background of the country’s payment industry, the current payment scenario in Bangladesh and the evolution of payment instruments such as cash, debit and credit cards, money transfers and mobile financial services.
It goes on to explore the deployment of technologies including NFC, host card emulation (HCE), tokenization, mobile payments and EMV. The white paper also identifies some of the key players operating within the country and sets out some of the future trends for the country’s payments industry.
This document discusses the introduction and growth of internet banking. It begins with an overview of information technology and how technological developments led to the evolution of internet banking. It describes how information technology transformed the banking sector by allowing banks to offer new digital services and connect with customers remotely through online and mobile banking. The document then discusses some of the key benefits that technology provided banks, such as increased productivity, cost efficiencies, and the ability to develop customized products and services for different customer segments. Finally, it explains how information technology freed banks from physical branch constraints and created new opportunities to build closer relationships with customers.
Project on customer awareness towards internet bankingLakshmy TM
This study aimed to analyze customer awareness of internet banking services provided by Dena Bank in Kottayam, India. A survey was conducted of 25 customers from September to November 2017. The results showed that 80% of respondents were aware of Dena Bank's internet banking services, though only 40% had used them. The most common reasons for non-use were fear of security (41.67%) and lack of information (33.33%). Of those who had used internet banking, the highest level of satisfaction was 38.48% reporting being highly satisfied, while 15.38% reported being dissatisfied. The study provided insight into customer awareness and perceptions around Dena Bank's internet banking offerings.
Awareness about E banking among indian consumers pptAnurag Singh
This is a power-point presentation of E banking research report
My research is based on Seconday data.
I did a thoroughly research on the awareness of E-banking services amongst indian customers.
The objectives of my research are:
1) To study about the role, need, types, frauds, impact of Internet banking on banks, customers and society, various frauds and ways to overcome them in internet banking, services offered by internet banking and its benefit to the customers and banks.
2) To study about the future perspective and awareness of internet banking among Indian customers and ways to increase awareness among the customers.
E-Banking is one of the latest approaches to provide
comfort to the client regarding monetary transactions. Through
E-Banking the bank wants to introduce the core concept of IT
based Enabled Services (ITES). The major idea is to provide a
series of services to the customer through the internet, and make
the customer feel flexible in calling out simple tasks faster instead
of making visit to the bank every time. Today, one of the surest
most comfortable and less risk oriented faced by banking sectors
the application of electronic commerce. E-banking is considered
to have a substantial impact on banks’ performance. The main
reason behind this success is the numerous benefits it can
provide, both to the banks and to customers of financial services.
For customers it can provide a greater choice in terms of the
channels they can use to conduct their business, and convenience
in terms of when and where they can use E-banking. More and
more people are adapting to this technique and the banking
industry is bound to grow. The evolution of electronic banking
started with the use of automatic teller machines and has
included telephone banking, direct bill payment, electronic fund
transfer and online banking. This research shows that the
application of e-banking can help their local banks reduce
operating costs and provide a better and fast service to their
customer. It provides an insight into various aspect of E-banking.
India recently kicked off the Data Empowerment architecture, a framework for consented data sharing across the financial sector. This allows Nandini (Persona) to share data on her business’ regular invoices or GST payments seamlessly and securely.
Any bank or NBFC can now offer a regular stream of small-ticket working capital loans based on her demonstrated ability to repay. This is in sharp contrast to the status quo, where banks typically offer only larger loans backed by collateral. Using cash flows rather than collateral as the basis for credit is known as Flow-Based lending. Because producing collateral is a roadblock for the poorest Indians, Flow-Based lending may be their only opportunity to access the credit they sorely need for growth.
IndiaStack is a set of APIs that allows governments, businesses, startups and developers to utilise an unique digital Infrastructure to solve India’s hard problems towards presence-less, paperless, and cashless service delivery.
This document provides an overview of e-banking in India, including definitions, forms of e-banking such as internet banking, ATMs, telebanking, smart cards, debit cards, and e-cheques. It discusses the global e-banking landscape and trends, focusing on experiences in Asia, the US, and Europe. For India specifically, it notes that e-banking is still nascent but growing in importance. Key challenges include security concerns and technological development, which Indian banks and regulators are working to address through guidelines and initiatives.
This document discusses research on internet banking in India. The main objectives are to study internet banking facilities, customer penetration and usage, benefits provided to individuals, and future prospects. The research methodology uses descriptive research techniques like questionnaires and interviews to understand customer satisfaction levels. There are some limitations to the research like more faith in traditional banking, busy schedules, risk perceptions, fraud concerns, and lack of internet banking knowledge.
The document summarizes the evolution of payment systems in India from barter systems to modern digital payments. It traces the progression from barter exchange, to cash payments, cheque payments, online payments, and mobile payment applications. Each system is defined and the key advantages and disadvantages are outlined. The core information provided is the historical evolution of payment methods in India and an overview of the main systems with their benefits and drawbacks.
This document provides an overview of electronic commerce and electronic payment systems. It discusses the history of e-commerce from the 1970s development of electronic fund transfer to the rise of the world wide web in the 1990s. It defines electronic payment as a subset of e-commerce used to purchase goods or services online. Specific electronic payment methods discussed include electronic funds transfer, electronic cash, electronic checks, debit cards, and smart cards. The pros and cons of these methods are summarized. The document also provides an overview of electronic payment systems used in India, including the increasing use of payment cards and promotion of digital payments through various channels.
Evaluation of Factors Influencing Internet Banking Acceptance by Internet Use...Eswar Publications
Purpose – The purpose of the study was to identify the factors underlying the decision to adopt online banking in Iran. Design/methodology/approach – The samples used in this empirical study includes 560 persons who were among Iranian Internet users and completed the interactive questionnaires. The statistical analysis which has been used in regard to the dichotomous decision of whether to adopt Internet Banking services was Logistic Regression.
Findings – The results show that one of the dominant relationships that have been observed in our study is the
link between the decision to use Internet Banking and the experience of using Internet. Certain demographic variables like gender also proved to be robust predictors of the adoption status. This inquiry documents that perceived level of security of Internet transactions in Iran Internet users don’t have impact on acceptance of Internet Banking. These findings can provide a valuable tool for the expansion of Internet Banking and remove impediments of Internet Banking acceptance.
Practical implications – The results presented in this paper can be of assistance to financial institutions that either operates in Iran or Islamic countries. Useful insights are also provided with regard to security and strategies fostering the acceptance of Internet Banking.
Originality/value – The analysis is based on a random sample of Internet users at Iran that rarely discussed in previous literature.
Final year project-Customer Awareness Towards SBI E Banking ServicesRahulsah65
This is a Final Year Project emphasizing on the Perspective, opinion and awareness of People and customers of SBI towards E banking facilities provided By Sbi in khonsa(Arunachal Pradesh)
Demonetization effect on digital payments solutions in india by Balaji Prince Bala
The aim of the research is to identify the impact of demonetization in india on the digital payment platform.
This research helps to MBA students for their better understanding about the final year project format...i hope my research will help you.. thank you..
This document provides an overview of factors that customers consider when choosing a bank. It discusses the history of banking and defines what a bank is. It also outlines different types of banks and banking activities. The document then examines specific factors that various sources and researchers have found to be important in a customer's bank selection process. Key factors discussed include convenience, fees, range of services, technology and accessibility, personal relationships, and recommendations from friends/family. The conclusion emphasizes that while customers have different needs, common important factors are convenience, technology, costs, service quality, and relationships. Banks should focus on these factors to attract and retain customers.
The document discusses digital payments in India. It provides definitions of different types of digital payment instruments and outlines the history and evolution of digital payments in India from credit cards in 1981 to UPI in 2016. It describes key features of digital payments like convenience and security. Major reasons for increased adoption include demonetization in 2016 and expanding smartphone usage. Key digital payment methods discussed include cards, UPI, NEFT, RTGS, IMPS, internet banking, and mobile banking. The National Payments Corporation of India (NPCI) plays an important role in developing digital payment infrastructure.
This document provides an introduction to a student's summer training report on customer perception of e-banking at HDFC Bank. It includes a declaration by the student that the work is original, a certificate from the faculty advisor, and an acknowledgement of those who helped. The introduction defines key terms like customer perception, e-banking, and provides background on the growth of e-banking in India and how it has evolved from basic information online to more advanced transactional capabilities.
The document discusses India's payment systems. It outlines the key regulatory bodies that oversee payment systems in India. It then describes various paper-based and electronic payment methods in India such as cheques, NEFT, RTGS, IMPS, and prepaid payment systems. It also discusses the settlement system operator Clearing Corporation of India and features of the Cheque Truncation System. The document provides details on processing times, charges and limits for different payment methods in India. It concludes by noting some limitations of India's payment systems including the lack of standardized account numbering across banks.
India Stack pilot - commercialization of techno-creative innovationsProductNation/iSPIRT
The document discusses two pilot projects that used digital transaction data and the India Stack framework to provide small, short-term loans to underserved populations. The projects found that digital loans addressed an important need and were more convenient than traditional options. However, some regulatory and operational challenges prevented full utilization of the India Stack. Lenders were able to access new customer segments at lower costs compared to traditional models. Customers were willing to share transaction data but may not fully understand implications. The pilots provide evidence that digital tools can expand access to financial services, but challenges around digital literacy, regulations and scaling remain.
This document provides an introduction to various financial concepts such as insurance, banks, taxes, and operating a bank account. It defines insurance as a contract between an insurer and insured where the insurer agrees to pay compensation in the event of a specified loss or accident. It describes different types of insurance like life, health, home, and motor insurance. It also discusses scheduled and non-scheduled banks, different types of banks based on ownership and location, and key banking terms like MICR, IFSC, cheques and demand drafts. The document outlines direct and indirect taxes and describes income tax, property tax, and GST. It explains how to open a bank account, features of children's accounts, and how to make deposits and
A STUDY ON IMPORTANCE OF CASHLESS TRANSACTIONS IN INDIAKate Campbell
This document discusses the importance of cashless transactions in India. It notes that demonetization has pushed citizens towards cashless modes of payment and reduced currency printing and management costs. A cashless economy could increase transparency and accountability. The onus is on the government, banks, businesses and people to encourage cashless transactions through incentive programs. Various digital payment methods like debit cards, UPI, mobile wallets, and internet banking can facilitate cashless transactions in India.
The document discusses the growth of banking in India over the past decades, with the expansion of public and private sector banks as well as the introduction of new technologies like core banking solutions and internet banking. It then analyzes some of the challenges around further developing internet and mobile banking in India, such as understanding customer preferences and security risks. The document also examines the problems of cybercrime facing internet and mobile banking users and outlines topics for further research around these issues.
‘Payment Industry of Bangladesh’, published by South Korean smart card provider Kona, looks at the background of the country’s payment industry, the current payment scenario in Bangladesh and the evolution of payment instruments such as cash, debit and credit cards, money transfers and mobile financial services.
It goes on to explore the deployment of technologies including NFC, host card emulation (HCE), tokenization, mobile payments and EMV. The white paper also identifies some of the key players operating within the country and sets out some of the future trends for the country’s payments industry.
This document discusses the introduction and growth of internet banking. It begins with an overview of information technology and how technological developments led to the evolution of internet banking. It describes how information technology transformed the banking sector by allowing banks to offer new digital services and connect with customers remotely through online and mobile banking. The document then discusses some of the key benefits that technology provided banks, such as increased productivity, cost efficiencies, and the ability to develop customized products and services for different customer segments. Finally, it explains how information technology freed banks from physical branch constraints and created new opportunities to build closer relationships with customers.
Project on customer awareness towards internet bankingLakshmy TM
This study aimed to analyze customer awareness of internet banking services provided by Dena Bank in Kottayam, India. A survey was conducted of 25 customers from September to November 2017. The results showed that 80% of respondents were aware of Dena Bank's internet banking services, though only 40% had used them. The most common reasons for non-use were fear of security (41.67%) and lack of information (33.33%). Of those who had used internet banking, the highest level of satisfaction was 38.48% reporting being highly satisfied, while 15.38% reported being dissatisfied. The study provided insight into customer awareness and perceptions around Dena Bank's internet banking offerings.
Awareness about E banking among indian consumers pptAnurag Singh
This is a power-point presentation of E banking research report
My research is based on Seconday data.
I did a thoroughly research on the awareness of E-banking services amongst indian customers.
The objectives of my research are:
1) To study about the role, need, types, frauds, impact of Internet banking on banks, customers and society, various frauds and ways to overcome them in internet banking, services offered by internet banking and its benefit to the customers and banks.
2) To study about the future perspective and awareness of internet banking among Indian customers and ways to increase awareness among the customers.
E-Banking is one of the latest approaches to provide
comfort to the client regarding monetary transactions. Through
E-Banking the bank wants to introduce the core concept of IT
based Enabled Services (ITES). The major idea is to provide a
series of services to the customer through the internet, and make
the customer feel flexible in calling out simple tasks faster instead
of making visit to the bank every time. Today, one of the surest
most comfortable and less risk oriented faced by banking sectors
the application of electronic commerce. E-banking is considered
to have a substantial impact on banks’ performance. The main
reason behind this success is the numerous benefits it can
provide, both to the banks and to customers of financial services.
For customers it can provide a greater choice in terms of the
channels they can use to conduct their business, and convenience
in terms of when and where they can use E-banking. More and
more people are adapting to this technique and the banking
industry is bound to grow. The evolution of electronic banking
started with the use of automatic teller machines and has
included telephone banking, direct bill payment, electronic fund
transfer and online banking. This research shows that the
application of e-banking can help their local banks reduce
operating costs and provide a better and fast service to their
customer. It provides an insight into various aspect of E-banking.
India recently kicked off the Data Empowerment architecture, a framework for consented data sharing across the financial sector. This allows Nandini (Persona) to share data on her business’ regular invoices or GST payments seamlessly and securely.
Any bank or NBFC can now offer a regular stream of small-ticket working capital loans based on her demonstrated ability to repay. This is in sharp contrast to the status quo, where banks typically offer only larger loans backed by collateral. Using cash flows rather than collateral as the basis for credit is known as Flow-Based lending. Because producing collateral is a roadblock for the poorest Indians, Flow-Based lending may be their only opportunity to access the credit they sorely need for growth.
IndiaStack is a set of APIs that allows governments, businesses, startups and developers to utilise an unique digital Infrastructure to solve India’s hard problems towards presence-less, paperless, and cashless service delivery.
This document provides an overview of e-banking in India, including definitions, forms of e-banking such as internet banking, ATMs, telebanking, smart cards, debit cards, and e-cheques. It discusses the global e-banking landscape and trends, focusing on experiences in Asia, the US, and Europe. For India specifically, it notes that e-banking is still nascent but growing in importance. Key challenges include security concerns and technological development, which Indian banks and regulators are working to address through guidelines and initiatives.
This document discusses research on internet banking in India. The main objectives are to study internet banking facilities, customer penetration and usage, benefits provided to individuals, and future prospects. The research methodology uses descriptive research techniques like questionnaires and interviews to understand customer satisfaction levels. There are some limitations to the research like more faith in traditional banking, busy schedules, risk perceptions, fraud concerns, and lack of internet banking knowledge.
The document summarizes the evolution of payment systems in India from barter systems to modern digital payments. It traces the progression from barter exchange, to cash payments, cheque payments, online payments, and mobile payment applications. Each system is defined and the key advantages and disadvantages are outlined. The core information provided is the historical evolution of payment methods in India and an overview of the main systems with their benefits and drawbacks.
This document provides an overview of electronic commerce and electronic payment systems. It discusses the history of e-commerce from the 1970s development of electronic fund transfer to the rise of the world wide web in the 1990s. It defines electronic payment as a subset of e-commerce used to purchase goods or services online. Specific electronic payment methods discussed include electronic funds transfer, electronic cash, electronic checks, debit cards, and smart cards. The pros and cons of these methods are summarized. The document also provides an overview of electronic payment systems used in India, including the increasing use of payment cards and promotion of digital payments through various channels.
Evaluation of Factors Influencing Internet Banking Acceptance by Internet Use...Eswar Publications
Purpose – The purpose of the study was to identify the factors underlying the decision to adopt online banking in Iran. Design/methodology/approach – The samples used in this empirical study includes 560 persons who were among Iranian Internet users and completed the interactive questionnaires. The statistical analysis which has been used in regard to the dichotomous decision of whether to adopt Internet Banking services was Logistic Regression.
Findings – The results show that one of the dominant relationships that have been observed in our study is the
link between the decision to use Internet Banking and the experience of using Internet. Certain demographic variables like gender also proved to be robust predictors of the adoption status. This inquiry documents that perceived level of security of Internet transactions in Iran Internet users don’t have impact on acceptance of Internet Banking. These findings can provide a valuable tool for the expansion of Internet Banking and remove impediments of Internet Banking acceptance.
Practical implications – The results presented in this paper can be of assistance to financial institutions that either operates in Iran or Islamic countries. Useful insights are also provided with regard to security and strategies fostering the acceptance of Internet Banking.
Originality/value – The analysis is based on a random sample of Internet users at Iran that rarely discussed in previous literature.
Final year project-Customer Awareness Towards SBI E Banking ServicesRahulsah65
This is a Final Year Project emphasizing on the Perspective, opinion and awareness of People and customers of SBI towards E banking facilities provided By Sbi in khonsa(Arunachal Pradesh)
Demonetization effect on digital payments solutions in india by Balaji Prince Bala
The aim of the research is to identify the impact of demonetization in india on the digital payment platform.
This research helps to MBA students for their better understanding about the final year project format...i hope my research will help you.. thank you..
This document provides an overview of factors that customers consider when choosing a bank. It discusses the history of banking and defines what a bank is. It also outlines different types of banks and banking activities. The document then examines specific factors that various sources and researchers have found to be important in a customer's bank selection process. Key factors discussed include convenience, fees, range of services, technology and accessibility, personal relationships, and recommendations from friends/family. The conclusion emphasizes that while customers have different needs, common important factors are convenience, technology, costs, service quality, and relationships. Banks should focus on these factors to attract and retain customers.
The document discusses digital payments in India. It provides definitions of different types of digital payment instruments and outlines the history and evolution of digital payments in India from credit cards in 1981 to UPI in 2016. It describes key features of digital payments like convenience and security. Major reasons for increased adoption include demonetization in 2016 and expanding smartphone usage. Key digital payment methods discussed include cards, UPI, NEFT, RTGS, IMPS, internet banking, and mobile banking. The National Payments Corporation of India (NPCI) plays an important role in developing digital payment infrastructure.
This document provides an introduction to a student's summer training report on customer perception of e-banking at HDFC Bank. It includes a declaration by the student that the work is original, a certificate from the faculty advisor, and an acknowledgement of those who helped. The introduction defines key terms like customer perception, e-banking, and provides background on the growth of e-banking in India and how it has evolved from basic information online to more advanced transactional capabilities.
The document discusses India's payment systems. It outlines the key regulatory bodies that oversee payment systems in India. It then describes various paper-based and electronic payment methods in India such as cheques, NEFT, RTGS, IMPS, and prepaid payment systems. It also discusses the settlement system operator Clearing Corporation of India and features of the Cheque Truncation System. The document provides details on processing times, charges and limits for different payment methods in India. It concludes by noting some limitations of India's payment systems including the lack of standardized account numbering across banks.
India Stack pilot - commercialization of techno-creative innovationsProductNation/iSPIRT
The document discusses two pilot projects that used digital transaction data and the India Stack framework to provide small, short-term loans to underserved populations. The projects found that digital loans addressed an important need and were more convenient than traditional options. However, some regulatory and operational challenges prevented full utilization of the India Stack. Lenders were able to access new customer segments at lower costs compared to traditional models. Customers were willing to share transaction data but may not fully understand implications. The pilots provide evidence that digital tools can expand access to financial services, but challenges around digital literacy, regulations and scaling remain.
India Stack pilot - commercialization of techno-creative innovations
Similar to PANACEA – A POLITICAL SOLUTION or HOW TO ELIMINATE CORRUPTION, CRIME, CORPORATE FRAUDS, CROSS BORDER TERRORISM ............... & CYBER THREATS
This document provides an introduction to various financial concepts such as insurance, banks, taxes, and operating a bank account. It defines insurance as a contract between an insurer and insured where the insurer agrees to pay compensation in the event of a specified loss or accident. It describes different types of insurance like life, health, home, and motor insurance. It also discusses scheduled and non-scheduled banks, different types of banks based on ownership and location, and key banking terms like MICR, IFSC, cheques and demand drafts. The document outlines direct and indirect taxes and describes income tax, property tax, and GST. It explains how to open a bank account, features of children's accounts, and how to make deposits and
A STUDY ON IMPORTANCE OF CASHLESS TRANSACTIONS IN INDIAKate Campbell
This document discusses the importance of cashless transactions in India. It notes that demonetization has pushed citizens towards cashless modes of payment and reduced currency printing and management costs. A cashless economy could increase transparency and accountability. The onus is on the government, banks, businesses and people to encourage cashless transactions through incentive programs. Various digital payment methods like debit cards, UPI, mobile wallets, and internet banking can facilitate cashless transactions in India.
Presented by Rahul Kumar Jain, law student, Disha Law College, Raipur at IJSARD (International Journal of Socio-legal Analysis and Rural Development) International Virtual Conference 2017 On Law and Social Sciences.
OF2016-Integrated-Project3-resources/OldBayMDSales.xlsx
OldBaySalesDateQuantity11/6/161511/6/16911/9/161111/9/161511/9/16211/9/161211/10/16911/10/1612
TruffleSalesQuantityStateItemName5ALTruffle6CATruffle10CATruffle6CATruffle11DCTruffle5DCTruffle2MDTruffle18MOTruffle18MOTruffle14NYTruffle8NYTruffle9NYTruffle9NYTruffle14NYTruffle10NYTruffle6NYTruffle9OHTruffle10OHTruffle14OHTruffle10SCTruffle15VATruffle7VATruffle11VATruffle8VATruffle14VATruffle12VATruffle
OF2016-Integrated-Project3-resources/Top't Corn Outline.docx
1. Overview
a. Founded in 1996 in Washington DC
b. Family owned and operated
c. Serving the greater Washington DC area
2. Goals
a. Unique and delicious flavor profiles
b. Affordable prices for families
c. Easy access locations for quick purchasing
3. Our Top’t 3 Sellers
a. Original Blend
b. Old Bay
c. Truffle
4. Future Flavors
a. Coco Mocha
b. Pumpkin Spice
c. Key Lime
d. Spicy Buffalo
5. Brick and Mortar Stores
a. Tyson’s Corner
b. National Harbor
c. Nationals Park
d. Old Town Alexandria
6. Food Truck Locations
a. K Street
b. Farragut Square
c. Georgetown
d. George Washington
7. Maryland Sales of Old Bay Flavor
8. Truffle Sales by State
9. Pricing
a. Price per box $9
b. Commemorative packaging $2
c. DIY Toppings $3
MODULE RESULTS
QUESTIONS: 21
expand all collapse all
CORRECT ANSWER:
International Monetary Fund (IMF)
see more
CORRECT ANSWER:
The interest rate charged to commercial banks and other depository institutions for loans received from the Fed
see more
CORRECT ANSWER:
Checking account
see more
CORRECT ANSWER:
Currency
see more
CORRECT ANSWER:
Banker’s acceptance
see more
CORRECT ANSWER:
Check
see more
attempts i
Which of the following is responsible for promoting stable exchange rates, providing short-term loans, and encouraging the development
of a system for international payments?
Which of the following best describes discount rate?
Which noninterest bearing form of M-1 money supply is held at the bank until withdrawn by the owner, or a designated payee?
_____ consists of government-issued paper money and coins.
When a U.S. firm wants to buy products from an international supplier, payment must be negotiated. Which type of payment option
guarantees the bank will pay a predetermined amount at a future date?
Which liquid form of money instructs a bank to pay someone a specific sum of money on demand?
Under which law are banks required to implement a customer identification program (CIP) to verify customers’ identities, maintain
records of their activities, and compare the identities of new customers with government terrorist lists?
Ch16a
smart refresh 3 min refresh 24 min course report
CORRECT ANSWER:
USA Patriot Act
see more
CORRECT ANSWER:
Federal Deposit Insurance Corporation (FDIC)
see more
CORRECT ANSWER:
Certificate of deposit
see more
CORRECT ANSWER:
Electronic funds transfers
see more
CORRECT ANSWER:
Federal funds rate
see more
CORRECT ANSWER:
Commercial ban.
The document provides information about insurance, banks, taxes, and opening a bank account. It defines insurance as a contract between an insurer and insured where the insurer agrees to pay compensation in the event of a loss. It describes different types of insurance like life, health, travel, home, and motor insurance. It also discusses scheduled and non-scheduled banks, different types of banks based on ownership and location, and features of children's bank accounts. The document outlines direct and indirect taxes, goods and services tax, and why we pay taxes. It explains the process of opening a bank account and requirements like address proof, identity proof, and minimum balance.
This document provides an overview of banking theory, law, and practice in India. It begins by defining what constitutes a bank according to various sources such as dictionaries and legislation. It then describes key features of banks such as dealing with money, accepting deposits, lending, and providing payment and withdrawal services. The document outlines the constituents of the Indian banking system, including commercial banks, cooperative banks, and development banks. It also classifies banks according to their functions and ownership. The role and objectives of the Reserve Bank of India as the central bank are discussed. Methods of credit control and various banking services like internet banking, NEFT, RTGS, credit cards, and debit cards are also summarized.
This document provides an overview of banking theory, law, and practice in India. It begins by defining what constitutes a bank according to various sources such as dictionaries and legislation. It then describes key features of banks such as dealing with money, accepting deposits, lending, and providing payment and withdrawal services. The document outlines the constituents of the Indian banking system, including commercial banks, cooperative banks, and development banks. It also classifies banks according to their functions and ownership. The role and objectives of the Reserve Bank of India as the central bank are discussed. Credit control methods and features of internet banking, NEFT, RTGS, credit cards, and debit cards are also summarized.
Decriminalization of Doing Business in India – Cheque BouncingAnil Chawla
This long article is a representation to Government of India pleading for decriminalization of the offence of dishonour of cheques. It pleads that the law relating to cheque bouncing is being used by money lenders and as a result entrepreneurship is being killed in India.
The document discusses several key concepts related to banking and financial transactions:
- It defines banking as accepting deposits and lending money to earn a profit. Terms refer to the specific details of agreements.
- It then explains several Indian banking terms - MICR and IFSC codes which help identify banks and branches, RTGS and NEFT for instant and 2-day fund transfers, CVV for credit card security, and more.
- Electronic banking topics covered include EFT, EDI, ECS for bulk payments, and mobile/internet banking. Key infrastructure like INFINET and SFMS that enable financial transactions are also summarized.
hello guys!
this is small presentation on the topic ancilllary services offered by bank hope u find it usefull. It comprises of various services inland and overseas offered by the banker.
The document discusses innovative banking products and bancassurance in India. It describes how banks have expanded beyond traditional activities to offer new services like e-banking, mobile banking, and insurance products. Bancassurance allows banks to act as agents for insurers and sell insurance through their distribution channels. This benefits banks, insurers, and customers by providing a one-stop shop for financial services and increasing access to insurance. Key models and guidelines for bancassurance partnerships in India are also outlined.
This document provides definitions for important banking terms in simple English. It defines over 50 terms related to banking, including ATM, balance of trade, bancassurance, bank rate, bounced cheque, CAMELS, cash reserve rate, capital gain tax, cheque book, cheque clearing, CIBIL, clearing bank, commercial paper, core banking solution, credit card, credit rating, and others. The definitions are brief and concise to serve as a quick reference guide for banking awareness.
Universally governments operating money as commodity (1)Abraham Paul
Demonetization is Archaic. Governments collecting of TAX on rightfully hard earned Money of ordinary Citizen is Mediaeval.
No one can stop advancement of Technology and the disruptive paths it create. However, there has to be a way to tackle it and half baked solutions like Demonetization are of no help. The way to go is to walk, and walk the full way with disruptive technology converting it an advantage.What hurts Economy most is not Black Money alone but also large portion Money being guzzled up and converted into its virtual form by fast mushrooming e-money businesses creating parallel economy of a black hole of Virtual Money draining Banks hurting liquidity and eventually disrupting Nation’s economy. Forewarned is forearmed.
The document provides definitions and explanations of various basic business and commerce terms including types of capital, bank accounts, scheduled commercial banks, the evolution of State Bank of India, mutual funds, stocks, bonds, money transfers, banking regulations and more. Key terms are defined concisely in 1-3 sentences with relevant details.
The document discusses the rise of fintech in Asia, particularly in lending and digital identity. It notes that Asia became the largest fintech market in the world in 2016, with lending being the most popular destination for investors. However, traditional credit scoring does not work well for many in Asia who are unbanked. New approaches using alternative data from smartphones and payments are being developed to enable scoring and lending to more people. Digital identity is also emerging as important beyond credit scoring, with some countries like China developing national social scoring systems. Blockchain may provide opportunities to give individuals more control over their digital identities and data.
This document discusses various financial concepts including types of taxes, sources of borrowing, loans, the role of the Reserve Bank of India, consumer rights, types of bank accounts, and new banking technologies. It provides information on direct and indirect taxes, internal and external sources of borrowing, the definition of a loan, and functions of the RBI like issuing currency and regulating banks. It also outlines consumer rights, the four main types of bank accounts, and technologies like internet banking, mobile banking, RTGS, and NEFT.
Online banking allows customers to access their financial institution's accounts and conduct transactions over the internet. To use online banking, customers must register with the institution and set up login credentials like a username and password. Financial institutions have implemented security measures like additional login steps but approaches vary. Common online banking activities include viewing accounts, transferring funds between accounts, paying bills, investing, and taking out insurance policies.
The document discusses various banking and financial concepts. It explains the need for borrowing and different sources of borrowing including internal sources like friends and family and external sources like banks. It defines key banking terms like loans, interest, and the role of the Reserve Bank of India in regulating banks and maintaining financial stability. The document also covers consumer rights and introduces concepts like types of bank accounts, cheques, debit cards, credit cards, ATMs and digital banking facilities like internet banking and mobile banking.
How To Write A Synthesis Essay Full Guide By HandmadeWritingJaclyn Creedon
This document provides instructions for creating an account and submitting assignment requests on the website HelpWriting.net. It outlines a 5-step process: 1) Create an account with a password and email. 2) Complete an order form with instructions, sources, and deadline. 3) Review writer bids and choose one. 4) Review the completed paper and authorize payment. 5) Request revisions until satisfied. It emphasizes original, high-quality work and refunds for plagiarism.
The document discusses a study conducted on bank loans, analyzing data from 120 people who had taken out loans. Key findings included that having children, a bachelor's degree, and certain professions increased the likelihood of being approved for a loan. The level of education had the biggest impact, with over 50% of those with a bachelor's degree having received a loan.
Similar to PANACEA – A POLITICAL SOLUTION or HOW TO ELIMINATE CORRUPTION, CRIME, CORPORATE FRAUDS, CROSS BORDER TERRORISM ............... & CYBER THREATS (20)
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
PANACEA – A POLITICAL SOLUTION or HOW TO ELIMINATE CORRUPTION, CRIME, CORPORATE FRAUDS, CROSS BORDER TERRORISM ............... & CYBER THREATS
1. „PANACEA‟ – A POLITICAL SOLUTION
or
HOW TO ELIMINATE CORRUPTION, CRIME, CORPORATE FRAUDS, CROSS
BORDER TERRORISM ............... & CYBER THREATS
It was June 2002 in Mumbai. I had taken a month‟s leave to complete my MBA project work
before 30th
June. Dozens of ideas were floating in my mind, but the common theme was
“finding an omnipotent political solution to solve problems faced by the Country and the
Society”. 10 days before the deadline, I forced myself to write down my thoughts on paper
and in the next few days, they evolved into a practical, implementable solution that would
bring about a paradigm change in all walks of life in the Country, Society and Economy.
I tweaked the idea with a slant on Banking, and named it in a vague but academically
acceptable title viz., “I.T. Based Banking Structural Reforms - A Conceptual Model” and
submitted it towards successful completion of my MBA from ENPC - Ecole Nationale des
Ponts et Chaussees, Paris through IIS Institute of Management, Cochin.
I thought my idea was a brilliant one (who doesn‟t think so of their own ideas?) , but I also
had a doubt deep within myself that this could be a stupid idea and I could end up being
ridiculed by all. So I labelled my thesis paper as “Confidential – Not for public view” while
submitting it to my university.
So, What is this great „Panacea‟ idea ? This post gives a gist of Panacea. Complete details
are available in my thesis paper here:
https://drive.google.com/file/d/0BzGsD_SLCMxBdVl4RnpFOVk4dEE/view?usp=sharing
Panacea is framework built on 4 pillars that, when implemented, would bring about
paradigm changes to the rules of engagement in all walks of public life.
The 4 pillars are :-
1) Unique National Identity Number. (UNIN)
2) Multi Application Smart Card. (MASC)
3) Unique Single Transaction Account. (USTA)
4) Transaction Bank of India. (TBI)
The first two pillars will be e-governance initiatives from Indian Government, while
the last two initiatives will have to come from Reserve Bank of India.
The first pillar of the model is UNIQUE NATIONAL IDENTITY NUMBER (UNIN):
It will be a Unique Citizenship Number that would be given by the Sovereign
Authority to every Individual Citizen (IC) including Non-Individual Entities
(NIE).
UNIN would serve as a permanent, verifiable, irrefutable evidence that can be
produced for all monetary and non-monetary transactions.
UNIN would contain details such as the Photo, Name of the citizen, Place and
Date of birth, Sex, Biometric details, Religion, Caste, Mother Tongue, Address,
Details of Occupations etc.,
2. The UNIN for an Individual Citizen (IC) would be a 24 digit number, of which the
first six digits would represent Place of Birth of the individual, the second six
digits would represent his/her Date of Birth, the third six digits would be the
running serial number of the Register of Births for that particuplar day in that
particular area as identified by PINCODE/Postal Code), the next 3 numbers would
represent the status of the UNIN holder, and the last three numbers would
represent Security Number generated by the Computer by performing algorithmic
calculations on the first 21 digits.
Similarly, the UNIN for a Non-Individual Entity (NIE) would be a 24 digit
number, capturing Place of Incorporation, Date of Incorporation, Registration
Serial Number from the Register of NIEs, UNIN status and the Security Number
in a similar fashion.
UNIN Status will be 000 for Individuals, and would range from 001 to 999 for
NIEs (such as Proprietor, Joint Account, Professional, Skilled/Self Employed,
Partnership, Private Company, Public Limited Company, Government
Organisation, Statutory Body, Public Sector Undertaking, Banks, Trusts,
Societies, Associations, NGOs, Self Help Groups, Educational Institutions,
Foreign Entities, Court appointed Custodian etc.,).
The UNIN Infrastructure and Database will be managed by “The Registrar of
Births and Deaths” or by an independent authority set up specifically for this
purpose.
The second pillar of the model is MULTI APPLICATION SMART CARD (MASC) :
Since UNIN will be used constantly by Individuals and NIEs for all monetary and
non-monetary transactions in all walks of life, the design of the UNIN carrier
should be secure, robust, handy, compact, lightweight and providing for storage of
information that can be easily verified, if required.
The natural choice for UNIN will be Smart Cards, which have the capacity to
store lot of data and programs in a secure manner.
UNIN Smart Cards will be issued to all Individual Citizens and NIEs.
Multi Application Smart Cards (MASC) will store UNIN as well as a wealth of
information on the cardholder. The card will consist of several applications
enabling the user, the government, the registration authority, the regulatory
authorities, the banks, the creditors, employers, police, court and other authorities
/ authorised persons to read, write, modify and erase appropriate information on
the card, with several layers of security.
It will be a single reference point for verifying the credentials of the cardholder.
The MASC will contain Individual‟s permanent personal data, variable personal
data, employment data, medical data, police crime records, passport details, bank
Transaction Account details, bank Asset & Liabilities details, bank Contingent &
Indirect Liabilities, private creditors‟ details, details of movable assets and
immovable properties, details of court litigations & statutory disputes.. For more
details, please see the thesis paper at the link given above.
MASC for NIEs would, in a similar fashion, capture and store similar information
of the NIE.
3. The third pillar is the UNIQUE SINGLE TRANSACTION ACCOUNT (USTA) :
Every Individual Citizen (IC) and NIE would have just one Unique Single
Transaction Account instead of multiple operative accounts in multiple Banks.
All monetary transactions will take place exclusively and mandatorily through this
account.
All transactions would be electronic. Cheques and other Negotiable Instruments
will be abolished.
Operative accounts (Savings Bank, Current Account, Over Draft & Cash Credit
accounts) belonging to ICs and NIEs in commercial banks will be closed and the
balances lying in such accounts will be transferred to their respective USTA
accounts with TBI – Transaction Bank of India (See fourth pillar below).
The account number of the USTA will be unique, consisting of Bank Code (3
digits), Branch Code (5 digits), and the UNIN of the Individual Citizen (IC) / NIE
(24 digits). The Bank Code and the Branch Code will help in identifying the
origin of USTA accounts.
The USTA will be accessible to the account holder from anywhere through
internet.
The USTA will represent the disposable, liquid funds of the customer, meant for
day to day monetary transactions. The extent of the liquidity of this account is at
the discretion of the customer, who may transfer the surplus funds from non-
interest bearing USTA to better interest yielding portfolio outside TBI.
Debits to USTA will be by the ICs / NIEs ie., USTA can not be operated by
anyone other than its legal owner ie., the Individual Citizen himself in respect of
his own account. In respect of NIEs, USTA will be operated by Authorised
Signatories as registered with UNIN Authority/TBI.
TBI cannot debit the USTA on its own ie., it will have no Right of Lien and Set
Off.
Balance in the USTA cannot be attached by any authority other than a court.
There will be no stipulation of minimum balance. Balance can be zero.
Overdraft will not be allowed under any circumstances ie., account holder cannot
draw more than the balance available in the account at any point of time.
The fourth pillar of the model is the “TRANSACTION BANK OF INDIA” (TBI) :
Payment and Settlement is an important function of Banks. Millions of such
transactions are concluded every day and Banks settle claims against each other
by Clearing House mechanism, where Banks physically exchange cheques and
settle the claims on net basis.
In 2002, there were 954 Clearing Houses in India, of which 14 were managed by
Reserve Bank of India directly, 934 were managed by State Bank of India and its
Associates and 6 were managed by Nationalised Banks.
Funds are transferred by a hierarchy of network of clearing houses ultimately to
R.B.I. which controls the liquidity in the economy.
Panacea proposes that RBI should carve out of itself an exclusive body to handle
settlement of transactions on nationwide level. The new body will be called
“Transaction Bank of India - TBI ”.
TBI will be set up as an exclusive body to deal with payments and settlements at
national level.
Every citizen and legal entity (IC / NIE ) will have just one USTA with TBI.
4. Their operative accounts (SB, C/A, OD & C.Cr accounts) in commercial banks
will be closed and the balances lying in such accounts will be transferred to their
USTA accounts with TBI.
Once TBI goes live, all Individual Citizens and NIEs in the country will become
customers of TBI.
Customers (ICs & NIEs) can conduct business among themselves and make
payments to each other without TBI‟s intermediation.
Every Transaction between the Customers will be routed through USTAs in TBI.
Transactions outside the scope of USTAs will neither be permitted nor feasible.
A Payment Transaction will be a simple, instant, internal transfer of funds from
one USTA to another USTA within TBI in realtime and status of transaction will
be known to both parties instantly. Counterparty risk is totally eliminated.
The nature of Transaction is like a cash transaction, but much better – easy, direct,
instant, sans intermediary and sans inherent dangers of cash.
Advantages to Economy, Society and Country :-
The first pillar UNIN will help in identifying and suitably dealing with terrorists, illegal
immigrants, refugees and aliens.
The second pillar MASC will help in irrefutable authentication of ICs and NIEs through
Smart Card Reader Terminals and Biometrics, and eliminates unauthorised, fraudulent and
benami (proxy) transactions.
The third pillar USTA will help in routing all transactions in the economy through USTA
accounts of ICs / NIEs, eliminating corruption, black money, hawala, money-laundering,
terror-financing, financial frauds, income hiding, tax evasion, etc.,
The fourth pillar TBI would help in monitoring the „Economy in Motion‟. RBI and
Economists can get accurate and realistic statistics and trends for Macro-Economic indicators
viz., National Income, Gross National Product, Gross Domestic Product, Aggregate Demand,
Aggregate Supply, Income Distribution, Money Supply, etc., As all sectors of the economy
are brought under TBI including the informal sector, the Operational Risks (arising from
unreliable and inaccurate macroeconomic indicators) and the consequent Strategic Risks
(arising from wrong / improper economic decisions) are mitigated. More importantly,
Panacea would usher in Cashless Economy and therefore, no more printing of currency notes
and coins, and no more Currency and Coins component in M0 and M1 types of money
supply.
When all the pillars are laid, Panacea would have tremendous social, political and economic
impact affecting every walk of life. In my thesis, I had focused on Banking Industry and
dwelt on changes in Cash Reserve Ratio, Statutory Liquidity Ratio, Bank Rate, Prudential
norms on Capital Adequacy, Income Recognition, Asset Classification & Provisioning, Asset
Liability Management, Securitisation, Credit Information Bureaus, Asset Reconstructions,
Debt restructuring, Non Performing Assets management, Working capital assessment,
deposits, advances, trade finance, KYC for account opening etc.,
Readers of this post are encouraged to visualize and ideate how Panacea could solve
problems in their area of work / interest / specialisation. For example, how about conducting
general elections using UNIN and MASC ensuring 100% voting online as well as offline and
5. get results by end of the day, without requiring polling booths, officials, voting machines
etc.,; or how about a flexible tax system viz., income tax or expenditure tax or Turnover tax
based on credits or debits or summations in USTAs in TBI, ensuring 100 % tax levy on 100%
of ICs and NIEs; or how about protecting your Intellectual Property Rights and fight Digital
Piracy using UNIN and MASC based DRM (Digital Rights Management) technologies
without requiring „Persistent Online Authentication‟; or how about using UNIN, MASC,
USTA and TBI in combo to identify and eliminate cross border terrorists and their local
financiers; and to identify, regulate and track refugees and illegal immigrants till their
eventual settlement or deportation; or how about using UNIN based Social Media to
eliminate identity theft, social engineering, cyber bullying, trolling, online predators, peer
pressure, age-inappropriate contents, bots etc.,
Panacea is slowly becoming a reality:
Initially, I toyed with the idea of commercializing Panacea by seeking support from
Gemplus (now Gemalto) for Smart cards and Microsoft for Smart Card based access systems.
But, fear of ridicule and failure held me back from contacting them. Also, I knew that much
more needs to be done to bring the idea to reality and that it may be beyond my capacity.
Most importantly, this political solution could only be implemented by an honest, selfless,
determined, passionate, committed, confident mass leader of impeccable integrity, and in
2002, I did not see any such leader in the National Political Horizon. So I did nothing further
and continued with my life.
However, in the following years, whenever I came across stories of national importance
(Corruption, Crimes, Corporate Frauds, Illegal Immigration, Terrorism, Naxalism, Black
Money, Counterfeit currency Notes & Coins, Money Laundering, Population Census,
Financial Inclusion, Economic Development, Unemployment, Unorganised sector, Judicial
reforms, Electoral reforms, Tax Management System, Banking Reforms, Piracy (Software,
Audio & Video), Protection of Intellectual Property Rights, Blackmailing & Ransom, Bank
& ATM Heists, Human Trafficking, Hoarding & Black Markets etc.,) I used to wonder
whether my idea could solve the problem at root level and every time I ended up concluding
that the problem would not have arisen in the first place had “Panacea” been implemented.
16 years down the line, I am happy to see that my idea is slowly becoming a reality, though
not in the way I envisaged. Also, many of my predictions in the thesis had come true.
Let me compare Panacea with real life state of affairs in India :-
S.No Panacea‟s Propositions Reality & Differences
1 Pre-requisite for Panacea‟s
implementation is a honest, selfless,
determined, passionate, committed,
confident mass leader of impeccable
integrity.
Emergence of Sri. Narendra Modi on the
National Political Scene in 2014 made
Aadhaar (Unique Identity of Residency)
a reality.
2 First Pillar – Unique National
Identification Number (UNIN) is the
single Proof of Citizenship. It is also
National Identity Proof, Age Proof,
Domicile Proof and Photo Id Proof all
rolled into one.
“Aadhaar” Card is a Unique Identity –
Proof of Identity and Proof of
Residence, not Proof of Citizenship.
That‟s all. Nothing more.
6. 3 UNIN should be managed by Registrar of
Births & Deaths or an Independent
Authority specifically set up for this
purpose.
„Unique Identification Authority Of
India‟ (UIDAI) was established
specifically for Aadhar project.
4 All Individual Citizens and Non-Individual
Entities should have UNINs without any
exception.
All residents of India are required to
have Aadhaar. But this is being
challenged in Supreme Court. Aadhaar
is not applicable for legal entities.
However, 10 years after my thesis,
following collapse of Lehman Brothers
and consequent financial crisis of 2007-
08, G-20 endorsed Financial Stability
Board‟s (FSB) proposal for “A Global
Legal Entity Identifier (GLEI) for
Financial Markets as a Unique
Identification System for parties to
financial transactions worldwide. GLEI
is a 20 digit unique number. In India,
RBI has directed banks to make it
mandatory for corporate borrowers
having aggregate fund-based and non-
fund based exposure of ₹ 5 crore and
above from any bank to obtain Legal
Entity Identifier (LEI) registration and
capture the same in the Central
Repository of Information on Large
Credits (CRILC). Its implementation is
to be completed in phased manner by
Dec 2019.
Please note that GLEI is only for Large
Corporate Borrowers (Non-Borrowing
Corporates and all other legal entities in
the country are not included).
5 UNIN is a 24 digit number based on Place
of Birth/Incorporation, Date of
Birth/Incorporation, Birth/Incorporation
Registration Number, Status and Check
Digits.
Aadhaar is a 12 digit number. It is just a
random number which is free at the time
of registration (ie., not already allotted)
6 UNIN database would contain
comprehensive information on the
Individual Citizen as well as
comprehensive information on Non-
Individual Entities.
UIDAI database contains only
demographic details viz., name, date of
birth, gender & address and, biometric
details viz., fingerprint scan of 10
fingers, iris scan, and photograph.
7 UNIN is the only Identity that is required
for an Individual Citizen and will be
universally accepted in the entire country.
All other identity systems will become
redundant and should be abolished.
Aadhaar is just another identity card
among dozens of identity systems.
There is no consistency in acceptance of
these multiple identity documents across
the country.
7. 8 UNIN is also the Bank USTA number.
Being the unique identity, UNIN will be
used for Mobile Number, Passport
Number, Income Tax Permanent Account
Number (PAN), Electors Photo Identity
Card Number (EPIC), Driving Licence,
Ration Card Number, Insurance Card
Number and for every other purpose where
citizen‟s identity is required.
Government is gradually implementing
mandatory requirement of linking the
Aadhaar with Mobile Number, Bank
Account, PAN, EPIC etc.,
9 Second Pillar – Multi Application Smart
Card (MASC) will be the UNIN carrier.
No comparable parallel system in place
as Aadhaar does not use Smart Card as
carrier.
10 MASC is neither a Debit Card nor a Store
of monetary value. They are foolproof
Personal Identifiers and Access Enablers.
They are also storages of different types of
data relating to the holder.
Aadhar is a document and a proof of
residence.
They can not be used for electronic
validation / authentication of the holder.
11 MASC will be used for Online
Authentication of the Cardholder.
Aadhaar can be used for offline user
verification.
12 MASC is a repository of most information
relating to an Individual Citizen or NIE.
The data recorded and residing in MASC
will have several points of origination (like
various Government Authorities, Banks,
Police, Hospitals, Courts etc., and several
points of Custody & Storage (like
different Databases with different
authorities). (For more details of MASC
storage, please see the project report).
The important points are :-
1. The IC /NIE can disclose information
from the MASC repository to relevant
interested parties on need-to-know basis.
2. No one (other than the Sovereign
Authority in exceptional cases, based on
legal grounds or for national security) can
read or extract information from MASC
without the consent of the holder.
3. Privacy of data is therefore assured.
Aadhaar contains only demographic and
biometric information of the individual;
nothing more is envisaged.
13 Third Pillar – Unique Single Transaction
Account (USTA) – Only One Bank
Operative Account for one Individual
Citizen / Non-Individual Entity.
No comparable parallel system in place.
However, Central Government has
directed that all Bank accounts should be
linked to Aadhaar. This means that a
customer should map his multiple bank
accounts to his unique Aadhaar.
14 Fourth Pillar – Transaction Bank of India
(TBI) – a Single Bank in the country
exclusively for all monetary transactions
in the country and their Gross Settlement
No comparable parallel system in place.
However, RBI is giving „on tap licences‟
to set up Payment Banks to speed up
8. on Realtime basis. Financial Inclusion.
15 All Four Pillars in combination – would
enable self-serving, Peer to Peer
transactions (ie., IC to IC, IC to NIE, NIE
to NIE) through electronic mandates in
real time in the economy.
The UPI (Unified Payment Interface)
product from NPCI (National Payment
Corporation of India) has not only come
very close to my idea but has surpassed
it by its simplicity, ease of use, use of
Virtual Payment Address, 24x7
availability, Peer to Peer collect request,
use of mobile platform and
interoperability between Banks.
However, UPI is mostly for Personal
Banking and not for Corporate Banking.
16 RBI should carve out of itself an exclusive
body to handle settlement of transactions
on nationwide level. The new body will
be called “Transaction Bank of India -
TBI ”.
5 years after my thesis, RBI and IBA
(Indian Banks Association) along with
10 promoter Banks established NPCI
(National Payments Corporation of
India) which is „an umbrella
organisation for operating retail
payments and settlement systems in
India‟...„with an intention to provide
infrastructure to the entire Banking
system in India for physical as well as
electronic payment and settlement
systems.‟
However, NPCI is neither a Bank nor a
Bankers‟ Bank.
Despite Government‟s sincere efforts, implementation of Aadhaar is getting delayed due to
severe resistance from „Privacy‟ lobby and „other interested parties‟ and consequent court
battles. On 6th
April 2018, Supreme Court told the Centre that “.... Aadhaar may have other
utilities but will not be able to stop frauds”. Yes, Aadhaar alone cannot stop frauds, it needs
more support viz., the 4 pillars of my panacea.
In fact, it is the comment of the SC that propelled me to write this post !
Panacea for Cyber Security :-
It was December 2015. I was in Melbourne babysitting my grandson when I saw a TV News
programme on cyber security. As usual, I was thinking how Panacea could help in
eliminating cyber threats. The combination of 4 pillars of Panacea would assure that the ICs /
NIEs on the internet are Trusted Entities. But how do we ensure that Internet Environment
itself is safe, secure and trustable? What is root cause of all evils associated with internet?
How and Why do hacking attacks happen even in Organisations having the best network
security systems and technical personnel? Can we think of a different approach /
supplemental approach to cyber security other than the traditional defences viz., Anti-Virus,
Intrusion Detection Systems, Intrusion Prevention System, Next Generation Fire Walls,
Virtual Private Network, Encryption, Public Key Infrastructure etc., ? Where to find a
solution for cyber security problems – in physical world or in cyber world ? Why should the
9. responsibility of cyber security be with the users, and not with the Government ? Can
Internet be governed by respective Countries without stifling innovation?
To understand the issues involved, I started reading about internet technology and network
security. Being a dummy, I started with Networking for Dummies by Doug Lowe, TCP/IP for
Dummies by Candace Leiden and Marshall Wilensky, TCP/IP guide by Charles M Kozierok
and lot of other resources on the internet. The best book, of course, which made learning
„Networking‟ easy and fun was “Head First Networking” by Al Anderson and Ryan
Benedetti. I thank all Gurus for enlightening me on networking.
By the end of 3 months stay at Melbourne, I had succeeded in „creating‟ 4 more conceptual
pillars to Panacea! These additional 4 pillars would, in my humble belief, establish a safe,
secure and Trusted „Internet Ecosystem‟. These 4 pillars of “Trusted Internet Ecosystem”
along with 4 pillars of “Trusted Entities” would make Internet safer for everyone by
eliminating cyber threats.
The additional pillars are :-
Pillar No. 5. UPSIPA
Pillar No. 6. IPALMM
Pillar No. 7. PIPALISP
Pillar No. 8. IPVSWNAT
Details will be in my next post – Part II – Panacea for Cyber Security.
-x-s