SNIPPETS 101216
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The RBI lifted the incremental 100% CRR requirement imposed on banks in November 2016, effective December 10th, 2016. This was done to absorb excess liquidity from demonetization. The government is working on a common QR code payment solution to enable cashless payments across networks like RuPay, MasterCard, and Visa. Paytm received in-principle approval to start a payments bank and is transferring its wallet business to the new Paytm Payments Bank entity. Amazon launched its Amazon Launchpad platform in India to help local startups gain global access through Amazon's delivery and advertising services for a monthly fee of Rs. 5,000 per merchant.
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This document provides an overview of the BHIM app, including:
- The BHIM app was developed by NPCI to allow users to instantly transfer money between bank accounts using UPI. It was launched in 2016 after demonetization to help address issues with money transactions.
- Key benefits of the BHIM app include allowing users to send and receive money by entering UPI addresses or scanning QR codes, check bank account balances, and create fixed-amount QR codes for merchant transactions.
- The document then describes the process for setting up and using the BHIM app, including setting a UPI PIN, sending money, limitations of only adding one bank account and having two VPAs
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This document discusses financial inclusion through mobile payments in India. It notes that 60% of people in India are unbanked and that moving cash and people to bank branches is expensive. It proposes a mobile payments solution that uses Aadhaar biometric identity system and mobile/cloud technology to allow people like Ram to access banking services through local retail shops. This helps address the unbanked and utilizes the large number of retail outlets. It provides an example of Ram having to travel long distances and pay high costs and fees to access his bank and describes how the mobile payments system could allow him to authenticate and perform transactions through his local shopkeeper's mobile device.Nl ecommerce oct 10 - 16, 2015
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During today’s busy life, no one is ready to waste the time by doing the time consuming and hassle refill booking like IVR Booking System. We are proposing a simple, interactive, hassle free, less time consuming and efficient LPG Booking System. This is beneficial for the Gas Agencies also, they get the refill booking requests and consumer details instantly. Our system is futuristic and can be updated according to the future needs easily.
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Consumers can book the refill by just one click, they can post queries or complaints. Needs only username and password. If they don’t have one, the valid consumers can get the username and passwords with simple registration process. The Admin can only access the database, only he can add the consumers and staff. So the system is secured. The authorized staff can see the bookings and the consumer details without any hassle. He can mark the status whether the refill delivered or not. If delivered then refill request will be automatically cleared.
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2) It also describes a driver assistance system for two-wheelers that uses a camera and deep learning model to monitor a driver for drowsiness, yawning, or low vigilance and alerts them via a connected helmet.
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- The BHIM app was developed by NPCI to allow users to instantly transfer money between bank accounts using UPI. It was launched in 2016 after demonetization to help address issues with money transactions.
- Key benefits of the BHIM app include allowing users to send and receive money by entering UPI addresses or scanning QR codes, check bank account balances, and create fixed-amount QR codes for merchant transactions.
- The document then describes the process for setting up and using the BHIM app, including setting a UPI PIN, sending money, limitations of only adding one bank account and having two VPAs
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This document discusses financial inclusion through mobile payments in India. It notes that 60% of people in India are unbanked and that moving cash and people to bank branches is expensive. It proposes a mobile payments solution that uses Aadhaar biometric identity system and mobile/cloud technology to allow people like Ram to access banking services through local retail shops. This helps address the unbanked and utilizes the large number of retail outlets. It provides an example of Ram having to travel long distances and pay high costs and fees to access his bank and describes how the mobile payments system could allow him to authenticate and perform transactions through his local shopkeeper's mobile device.Nl ecommerce oct 10 - 16, 2015
Paytm is eyeing the title sponsorship of the IPL if Pepsi pulls out. Flipkart opened a new warehouse in Gurgaon to meet demand in North India. Flipkart sold over 500,000 mobile phones within 10 hours as part of its sale, setting a record. Ezetap partnered with mobile wallets to allow merchants to accept payments from wallets using single-factor authentication. Paytm and The MobileStore plan to launch a service called Fastest Expert Delivery to deliver products within 2 hours in 465 cities across India. TVS Capital invested in FSN Ecommerce, the parent company of Nykaa, an online beauty retailer. FreeCharge plans to invest 1,000 crore in marketing
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LPG BOOKING SYSTEM [ bookmylpg.com ]
BOOK LPG FROM ANYWHERE (Mini Project 2016)
During today’s busy life, no one is ready to waste the time by doing the time consuming and hassle refill booking like IVR Booking System. We are proposing a simple, interactive, hassle free, less time consuming and efficient LPG Booking System. This is beneficial for the Gas Agencies also, they get the refill booking requests and consumer details instantly. Our system is futuristic and can be updated according to the future needs easily.
Features:-
To book an LPG cylinder, you should be a authorised customer. An authorised customer can register to the website and get user id and password. After you have registered, you can log on to the LPG portal using the password and user id provided to you.
Pros:-
Consumers can book the refill by just one click, they can post queries or complaints. Needs only username and password. If they don’t have one, the valid consumers can get the username and passwords with simple registration process. The Admin can only access the database, only he can add the consumers and staff. So the system is secured. The authorized staff can see the bookings and the consumer details without any hassle. He can mark the status whether the refill delivered or not. If delivered then refill request will be automatically cleared.
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Under this partnership, Mswipe will merge PayU's existing offline POS division team into its existing operations and workforce expanding its network to 2,20,000 terminals, across over 550 cities with a combined team strength of 2,000 plus employees.
Also, this association will help both the brands to acquire new merchants and gain wider acceptance across categories as a payment option, a joint statement said.
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Mswipe Technologies Private Limited, India’s largest independent point of sale (POS) merchant acquirer and network provider, and PayU, India’s leading internet payment service provider have collaborated for digital payments.
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2) It also describes a driver assistance system for two-wheelers that uses a camera and deep learning model to monitor a driver for drowsiness, yawning, or low vigilance and alerts them via a connected helmet.
3) Machine vision is used in quality assurance testing of vehicle parts to detect flaws and ensure customer safety, satisfaction, and reduce costly recalls by eliminating faulty parts early in the manufacturing process.
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- The Reserve Bank of India has moved to deregulate the interest rate on savings accounts, allowing banks to set the rate based on their need for funds rather than the current mandated 3.5% rate. Fully freeing rates could lead to decreases in some areas but increases in others.
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UPI is a cashless payment system launched by NPCI and regulated by RBI that allows easy money transfer through smartphones. With UPI, consumers can transfer up to Rs. 100,000 per day between bank accounts without needing account details like IFSC code. UPI led to a significant increase in mobile transactions in India after its launch in 2016. It works by linking a user's bank account to a unique UPI ID after downloading an app from their bank, setting a mobile banking PIN. Funds can then be easily received and sent in real-time to other UPI users from multiple banks.
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1) Bharat QR code allows interoperable QR code-based payments between any bank using a standardized QR code.
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A payments bank is a type of niche bank in India that can carry out most banking operations without credit risk. Payments banks can accept deposits up to Rs. 1 lakh, offer remittance services, mobile payments/transfers, and other services like ATMs but cannot issue loans or credit cards. The key objectives of payments banks are to increase financial inclusion and offer savings accounts and payment services. Some regulations for payments banks include that they must maintain a minimum capital of Rs. 100 crore and be fully networked from the beginning.
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Recently there are too many steps taken to initiate the Financial Inclusion in India. Such steps helpful to inculcate every other single person via electronic means.
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- Banks' margins are likely to slip by 2020 as wholesale debt markets deepen and corporate customers access these markets directly. Infrastructure assets on banks' books are estimated to reach 20-25 trillion rupees. State-run banks are expected to see greater margin squeezes than private or foreign banks.
- The Reserve Bank of India has moved to deregulate the interest rate on savings accounts, allowing banks to set the rate based on their need for funds rather than the current mandated 3.5% rate. Fully freeing rates could lead to decreases in some areas but increases in others.
- Amway India plans to set up a second manufacturing facility in South India to produce more of its over 115 nutrition,
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1) The Supreme Court upheld the constitutional validity of the Aadhaar scheme and Aadhaar will no longer be mandatory for many services.
2) The RBI will form a regulatory sandbox for fintech and establish a data science lab to keep pace with digital innovation.
3) The IRDAI will migrate to a risk-based capital regime to better assess insurance capital requirements.
4) The RBI increased statutory liquidity ratios to boost bank liquidity by potentially releasing Rs. 2 lakh crore into the system.
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3. The RBI has clarified that restructuring education loans due to unemployment will not be considered as non-performing assets, to encourage banks to provide more education loans.
SNIPPETS 070117
The Reserve Bank of India clarified that official figures for deposits of old currency notes after demonetization would be announced soon, after various media reports published estimates. The government will finalize a second round of capital infusion for public sector banks in the coming days. Prime Minister Modi announced new schemes providing benefits like loan interest waivers for farmers, home loans under Rs. 12 lakhs, increased credit limits for MSMEs, and higher deposit interest rates for senior citizens. The RBI imposed restrictions on withdrawing more than Rs. 2 lakhs from bank accounts without quoting PAN or Form 60, in response to misuse of Jan Dhan and dormant accounts. SBI launched a new home loan scheme offering a fixed interest
SNIPPETS 17122016
Prem Watsa's Fairfax Financial Holdings bought a 51% stake in Catholic Syrian Bank, marking a significant investment to help the bank meet new capital requirements. The Reserve Bank of India decided to transfer currency notes to banks earlier in the day to ease pressure on bankers. Bank credit plunged by Rs. 61,000 crore following demonetization as many borrowers paid back loans. Raids by the Income Tax Department have added stress for banking staff during the busy post-demonetization period.
SNIPPETS 031216
Demonetization has had some positive economic effects in India according to the document. Businessmen have received outstanding debts paid in old currency notes. Traders were able to sell old stock. Workers in some cases received up to 6 months of advance salary in old notes from employers needing to get rid of them. Poor people with Jan Dhan accounts have benefited from deposits of illicit wealth. Local governments received outstanding property tax payments and local politicians distributed interest-free loans, both in old notes. Youth also benefited monetarily from exchanging currency for others. However, demonetization could hit banks' profits for the third quarter due to factors like zero interest on deposits and costs of recalibrating ATMs.
SNIPPETS 261116
1) The government has announced that cash deposits between November 8th and December 30th will require PAN proof if the combined deposits exceed Rs. 2.5 lakhs. Depositing unaccounted money in someone else's account will attract penalties including imprisonment.
2) The RBI has allowed banks and NBFCs to retain loans up to Rs. 1 crore as "Standard" for an additional 60 days. It has also permitted withdrawals up to Rs. 2.5 lakhs for weddings from pre-November 8th balances, to be used for non-bank account holders.
3) Heavy cash deposits with banks are negatively impacting the RBI's balance sheet as it supplies
SNIPPETS 221016
The Reserve Bank of India has eased norms for foreign investment in Indian start-ups by allowing Foreign Venture Capital Investors to invest without prior approval. The RBI has also permitted 100% foreign direct investment in "Other Financial Services" carried out by non-banking financial companies under the automatic route. State Bank of India blocked over 6 lakh debit cards due to fears of a security breach and will replace the cards while compensating customers for any lapses. The Finance Ministry has asked public sector banks to refer all high-value bad loan resolution cases to an overseeing panel instead of just cases considered under a specific resolution scheme. An industry report states that mergers are not quick-fix solutions for the banking sector and the government
SNIPPETS 151016
Total bank deposits in India crossed Rs. 100 lakh crore for the first time in September 2016, with demand deposits crossing Rs. 10 lakh crore and time deposits crossing Rs. 90 lakh crore. However, the deposit growth rate has slowed considerably over the last five years. Public sector banks' mounting losses and declining profitability could wipe out their revenue reserves and hamper their ability to pay interest on bonds issued to meet capital requirements. The government plans to merge two large public sector banks after completing the clean-up of bad debts. This consolidation would help rebuild a strong financial system. The Reserve Bank of India has asked banks to submit interim financial statements by November 30th to assess difficulties in transitioning to international
SNIPPETS-081016
The Reserve Bank of India lowered the benchmark repo rate by 25 basis points to 6.25%, the lowest in 6 years, in an effort to stimulate the economy despite inflation forecasts slightly above target. New guidelines on stressed assets will allow banks to classify only the unsustainable part of restructured loans as bad, providing relief to banks burdened by bad loans. Fintech startups are positioning themselves to gain business from banks and financial institutions that are struggling to keep up with growing online markets, by offering services like easy EMI payment options directly on e-commerce sites. Delinquencies in loans against property (LAP) are expected to rise above 5% over the next four quarters, with non-banking financial companies facing more
GST
Goods and Services Tax (GST) is an indirect tax that consolidates multiple taxes imposed on goods and services under a single domain at the national level. GST has two components - CGST imposed by the Centre and SGST imposed by States - which will be levied simultaneously across the value chain. GST is expected to make India a common market by introducing a single tax on the supply of goods and services from sourcing to customer. It is aimed to be effective from April 1, 2017 and will replace multiple taxes currently imposed on goods and services.
More from PAWAN AGRAWAL (10)
SNIPPETS 101216
- 1. WEEKLY FINANCIAL SNIPPETS- 10/12/2016 1. RBI LIFTS INCREMENTAL CRR BURDEN ON BANKS: The Reserve Bank of India (RBI) has announced that the incremental 100% Cash Reserve Ratio ( CRR) requirement imposed on banks on November 26th will be withdrawn, effective from 10th December 2016. This additional CRR was for the deposits received between September 16th and November 11th . This was over and above the 4% CRR that banks already maintain with RBI. The additional CRR had been put in place to absorb excess liquidity which the banks have received by way of demonetization. 2. COMMON “QR” CODE SOON FOR PAYMENTS: As a part of multi-pronged push towards cashless economy, the government has asked RuPay, MasterCard and Visa to have a common “Quick Response” (QR) code based payment solution which will help merchants across India to accept payments without a card or swipe machine. This will be in line with the mode used by PAYTM now. A merchant will display his QR code, which the buyer scans through his smartphone app and can make payment using any of the three networks- RuPay, MasterCard or Visa. 3. PAYTM TO START PAYMENT BANK SOON: Paytm has got an in-principle approval from RBI for launching a payments bank. For this Paytm is transferring its wallet business into a newly created entity which is mandatory step to fulfil the rules laid by RBI. The wallet business is being transferred to the newly incorporated Paytm Payments Bank Ltd (PPBL). The transfer will be complete once the payment bank license is obtained. 4. AMAZON STARTS A NEW LAUNCHPAD PLATFORM TO HELP INDIAN START-UPS: Amazon.in, the Indian arm of Amazon.com has launched Amazon Launchpad in India to help Indian Start-ups to gain access to global markets. Amazon will lend its delivery and advertisement services to these start-ups and features their products on a dedicated store under the programme. Amazon charges Rs 5,000/- per merchant per month for the said services. 5. BAD LOANS CAUSE COLLATERAL DAMAGE AMID CASH CRUNCH: Banks are so busy to cope with cash crunch caused by demonetization that the critical task of following and going after bad loans has lost its track in banks. Not only that, bankers are worried that due to the demonetization there is a practical slump in asset value which means that the collateral value is depreciating making things worse. 6. EXCISE DUTY EXEMPTION FOR POS DEVICES: In yet another move to push the Indian economy towards digital economy, the government has provided excise duty exemption on point-of-sale (POS) devices manufactured in India. The excise duty exemption is also extended to all raw materials used for manufacture of POS machines. However, this exemption will be available only till 31st march 2017. 7. GOVERNMENT UNVEILS SPECIAL BONDS TO FREEZE DEMONETIZATION FUNDS: The government has created provisions to issue special bonds worth Rs 6.00 lakh crore to absorb the temporary flow of surplus funds with banks created due to demonetization. These bonds
- 2. are called Market Stabilisation Scheme Bonds (MSS) and RBI will sell these bonds to banks on behalf of the government. Money raised by these bonds cannot be used by the government and does not add to fiscal deficit.