Srinagar, Mar 12: As part of its financial inclusion and awareness programme, the Reserve Bank of India, Jammu organized an outreach programme at village Kangri in Rajouri. Arnab Roy, Regional Director RBI (J&K) on the occasion said the ‘outreach programme’ which started in the bank’s Platinum Jubilee Year (2009-10) was being continued with an aim to deepen the penetration of financial inclusion and expand the coverage of financial services to all sections and all regions of the country. Roy said Kangri village was one of three model villages chosen by RBI for outreach activities in the state for 100 per cent Financial Inclusion during 2010-11. He said the Bank was using Information Communication Technology (ICT) for issuance of smart cards through the Banking Correspondent (BC) model. The village with a population over 2000 souls was earmarked for being provided with banking services by March 2012. “However, the same is being done one year in advance i.e. by March 2011. The main aim is to achieve the objective of financial inclusion and providing doorstep banking services to the rural poor, small and marginal farmers, people of small means, women, etc.” On the occasion Roy distributed smart cards issued by J&K Bank and witnessed the activation/transactions through smart cards not only for the common villagers but also for the NREGA beneficiaries. The villagers, according to a statement issued by the Bank, showed great enthusiasm to get connected to the banks without visiting a ‘brick and mortar’ branch. Greater Kashmir
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Sunday, March 13, 2011
Banks not to give back swallowed ATM cards
If the ATM from which you try to take out cash swallows your card, you had better try to get a new one. For it is as good as ‘digested’. The RBI, which had allowed people to use their debit cards in the ATM of any bank, has quietly brought in a regulation which stipulates that banks need not return the debit/credit cards which their machines have swallowed. “This regulation came in recently,” an RBI official told this correspondent. “It was brought in the interest of customer safety. As you know, these days, ATM related fraudulent activities are on the rise.” The official, however, agreed that the new norms were putting customers into lots of hardships. “I know a person who came to Kochi from Coimbatore and who tried to withdraw some money using his personalised Canara Bank debit card,” he said. “But it was swallowed and he got the shock of his life when the bank refused to give him back the card.” “You can imagine his condition….stranded in a strange place without any money”, the official said. Mr C.K.Venkiteswaran, the Deputy General Manager of the Canara Bank, Coimbatore Circle, said his bank was only following the RBI norms. “We’ve been strictly advised not to return the swallowed cards unless it belongs to the base branch and used in the ATM attached to it,” he said. Stating that the RBI norm was applicable to all banks, Mr Venkiteswaran said the swallowed cards retrieved from the ATMs were destroyed immediately. However, he agreed the new norms could pose real trouble to the customers. “We’re bringing this issue to the notice of our higher officials,” he said. “Let’s see what can be done.” Asian Age
Kerala becomes the first state in the Country to implement speed clearing
Thiruvananthapuram, Saturday, March 12, 2011: Kerala has become the first State in the Country to implement speed clearing across the State, a system which helps customers to present cheques payable anywhere in India to any Clearing House in Kerala for payment. The Reserve Bank of India has introduced ‘Speed Clearing’ system in all Clearing Houses across Kerala, a release said. The system is faster and cheaper as against seven or more working days taken in the earlier system of outstation cheque collection, the release said. The only pre-condition was the bank/branch on which the cheque is drawn should be ‘Core Banking’ enabled. Speed clearing treats an outstation cheque as a local cheque. Saving Bank Account customers will not be charged for getting their cheques amount up to Rs one lakh passed through ‘Speed Clearing.’ Service charges to be levied for collection of other cheques under Speed Clearing are left to the discretion of individual banks subject to their policy, it said. Asianet India
FM priority to financial inclusion
New Delhi, March 12: Finance minister Pranab Mukherjee today said financial inclusion was the biggest challenge in India and urged banks to reach out to areas with a population of over 2,000 by March 2012. “Financial inclusion is an important priority of the government as only 38 per cent of the banks are in rural areas and only 40 per cent of the country’s population have bank accounts,” the finance minister said at an industry event. To address this need, Mukherjee said, “I had in 2010-11 directed all banks to provide appropriate banking facilities to habitations having population in excess of 2,000 by March 2012 using various models and technologies, including branchless banking through business correspondents.” There are around 73,000 such areas that have more than 2,000 people. While banks will cover 20,000 villages this year, the remaining 53,000 will be covered in 2011-12. Earlier, RBI Governor D. Subbarao had said aspirants for new banking licences would need to show their commitment towards financial inclusion. The RBI has asked existing commercial banks, including foreign lenders, to come out with their financial inclusion plans. ICICI Bank managing director and CEO Chanda Kochhar had also underlined that rural markets will be the future growth engine. “Rural India is going to be the market of tomorrow. Therefore, it is important for us to find business models for the rural population,” Kochhar had told reporters earlier this month. The Telegraph
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