Remittance Accounts 99 Notes 101 Reference 101
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
November 16, 2018 Certificates of Authorisation Issued by the Reserve Bank of India Under the Payment and Settlement Syst
Date : November 16, 2018 Certificates of Authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 for Setting up and Operating Payment System in India A. Certificates of Authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 for Setting up and Operating Payment System in India The Payment and Settlement Systems Act, 2007 along with the Board for Regulation and Supervision of Payment and Settlement Systems Regulations, 2008 and the Payment and Settlement Systems Regulations, 2008 have come into effect from 12th August, 2008. The list of 'Payment System Operators’ authorised by the Reserve Bank of India to set up and operate in India under the Payment and Settlement Systems Act, 2007 is as under: Sr. Name of the Address of the Payment System Date of issue of No. Authorised Principal Office Authorised Authorisation Entity & Validity Period (given in brackets) Financial Market Infrastructure 1. The Clearing The Managing i. Securities 11.02.2009 Corporation of Director, segment covering India Ltd. Clearing Corp. of Govt Securities; India, ii. Forex 5th, 6th & 7th floor Settlement Trade World, Segment -do- “C” Wing Kamala comprising of sub- city, SB Marg, segments Lower Parel (West) a. USD-INR Mumbai 400 013 segment, -do- b. CLS segment – Continuous Linked Settlement (Settlement of Cross Currency -do- Deals), c. Forex Forward segment; iii. Rupee Derivatives -do- Segment-Rupee denominated trades in IRS & FRA. Retail Payments Organisation 2. National The Chief Executive i. National Payments Officer, Financial Switch Corporation of National Payments (NFS) 15.10.2009 India Corporation of ii. -
Financial Technology M&A Update
Financial Technology M&A Update Q2 2016 July 15th, 2016 Table of Contents M&A Market Brief – Page 3-5 FinTech M&A Trends & Drivers – Page 6 Notable FinTech M&A Transactions, Q2 2016 – Page 7-9 Publicly Traded FinTech Firms (Valuation Table) – Page 10-11 M&A Spotlight: Mercury UK Holdco Ltd. / ISP Processing – Page 12 M&A Spotlight: Tech Mahindra / Target Group – Page 13 M&A Spotlight: BM&F Bovespa / Cetip – Page 14 M&A Spotlight: Blackboard Inc. / Higher One – Page 15 DISCLAIMER The information contained herein is of a general nature and is not intended to address the circumstances of any particular company, individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. We perform our own research and also use third party research. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. This is not an offer or recommendation to buy or sell securities nor is it a recommendation to merge, acquire, sell or exit a specific company or entity. We do not hold any equity or debt position in any of the securities listed herein as of the date of this report. Sources for our research and data include: MergerMarket, FT Partners, Wall Street Journal, S&P Capital IQ, Company Websites, SEC Filings, Bloomberg M&A Market Brief Q2 2016 M&A Activity Slows But Remains Promising Worldwide United States FinTech • Global M&A activity during the • The M&A climate in the United • Overall M&A activity across the second quarter of 2016 improved States is in the process of Financial Technology industry slightly over that of the first rebalancing after a record- remains robust YTD 2016. -
Payment Systems in India: Opportunities and Challenges
Journal of Internet Banking and Commerce An open access Internet journal (http://www.icommercecentral.com) Journal of Internet Banking and Commerce, April 2016, vol. 21, no. 2 Payment Systems in India: Opportunities and Challenges DEEPANKAR ROY Assistant Professor, National Institute of Bank Management (NIBM), Kondhwe khurd, Pune, 411048, Maharashtra, India, Tel: 919890448546; Email: [email protected], [email protected] AMARENDRA SAHOO Professor, Flame University, 1102 5a, Kalpataru Estate, Pimple Gurav, Pune, Maharashtra, India, Tel: 919503394455; Email: [email protected] Abstract An efficient payment system acts as an enabler for speeding up liquidity flow in the economy, apart from ensuring proper utilization of limited resources it also eliminates systemic risks. Flow of funds across borders demands the security, integrity of the payment system and the harmonization of the systems in the related countries. The paper dwells with the need to modernize the payment system and migrate from paper-based to electronic mode of payment system to enhance efficiency and save cost. It delves in to the core of payment systems in the select countries with a comparative analysis. Benchmarking against the BIS core principles of Systemically Important Payment Systems revised as core principles of Financial Markets Infrastructure has been done to ensure convergence with the international best standards for Governance of Payment systems. The payment system of any country, though advanced and sophisticated, does face various risks, viz. bank failures, frauds, counter-party failures, etc. Such aberrations could JIBC April 2016, Vol. 21, No.2 - 2 - trigger a chain-reaction that might ultimately result in disruption and distrust of the payment system. -
Desai Awards
NATIONAL INDUSTRIAL TRIBUNAL (BANK DISPUTES) AWARD ON THE INDUSTRIAL DISPUTES BETWEEN CERTAIN BANKING COMPANIES AND CORPORATIONS AND THEIR WORKMEN BY PRESIDING OFFICER SHRI JUSTICE KANTI LAL T. DESAI (CHIEF JUSTICE OF THE HIGH COURT OF GUJARAT) JUNE, 1962 REPRINTED BY THE INDIAN BANKS' ASSOCIATION, BOMBAY BY PERMISSION OF THE GOVERNMENT OF INDIA TABLE OF CONTENTS (xxvi) Reliefs 5.362 to 5.370 209-212 (xxvii) Dearness allowance with particular Chapter Contents Paragraphs Pages reference to the -question whether any I Introductory 1.1 to 1.25 2—10 part of the existing dearness allowance II Genesis of the dispute 2.1 to 2.15 11—16 should be absorbed in the basic pay 5.371 to 5.394 212-225 III Parties to the dispute 3.1 to 3.7 16—20 VI (i) House Rent Allowance 6.1 to 6.27 226-231 IV Categorisation of banks and areas (ii) Other Allowances 6.28 to 6.64 231-240 for the purposes of this adjudication — (iii) Travelling Allowance and Halting 6.65 to 6.84 240-249 (i) Categorisation of banks 4.1 to 4.129 20-56 Allowance (ii) Categorisation of areas 4.130 to 4.190 56-82 (iv) Joining time on transfer 6.85 to 6.86 249 V Scales of pay — (v) Leave Fare Concessions 6.87 to 6.94 249-251 (i) General 5.1 to 5.34 82—102 VII Provident Fund, including the rate of (ii) Principles of wage fixation ... 5.35 to 5.47 103— 108 contribution and the rate of interest 7.1 to 7.43 251-264 (iii) The 15th Indian Labour Conference 5.48 to 5.63 108—114 VIII Pension and gratuity — (iv) Index Number 5.64 to 5.69 114—116 (i) Gratuity 8.1 to 8.42 264-276 (v) Base Year 5.70 to 5.75 116—119 (ii) Pension 8.43 to 8.63 276-281 (vi) Consumption Units .. -
The Year Bygone That Started with a Strong Hope of Early Wage
Registered with RNI, Delhi Regn. No. KARENG/2005/14831 451 Vol 38 - 7 January, 2020 The year bygone that started with a strong hope of early in the industry had bottomed out. FY 2018-19 wage settlement in the backdrop of the stupendous ended with the Banking Industry posting lower net success of the two-day strike in December-2018 has losses at Rs. 81752 crore as against Rs. 85370 been very tumultuous for the Banking Industry. The crore, the previous year. year saw the merger of Vijaya Bank and Dena Bank As everything seemed to be falling in place, with Bank of Baroda [BoB] and unfolding of the saga Government of India started the “Ideation Program” of the system/employee/procedure integration at in the first week of August, 2019 to culminate BoB. in a grand review by the top echelons of all the The country, waited with bated breath to witness stakeholders with a grand intention of ensuring who will take the seat of power at the Centre. May, that banks lend more under flagship schemes of 2019, saw Sri Narendra Modi taking over for the the Government, aimed at a target group of the second term as the Executive Head of the country. society. Contrary to the expectations, on 30th New Government got down to the business with the August at about 04.30 pm, Finance Minister presentation of full-fledged budget and announcing announced the Big Bang merger of 10 Public huge capitalisation of PSBs, thus the hopes of the Sector Banks, into 4, leaving out another 6 in "Acche Din" for bankers resurrected. -
Booklet on Measurement of Digital Payments
BOOKLET ON MEASUREMENT OF DIGITAL PAYMENTS Trends, Issues and Challenges Revised and Updated as on 9thMay 2017 Foreword A Committee on Digital Payments was constituted by the Ministry of Finance, Department of Economic Affairs under my Chairmanship to inter-alia recommend measures of promotion of Digital Payments Ecosystem in the country. The committee submitted its final report to Hon’ble Finance Minister in December 2016. One of the key recommendations of this committee is related to the development of a metric for Digital Payments. As a follow-up to this recommendation I constituted a group of Stakeholders under my chairmanship to prepare a document on the measurement issues of Digital Payments. Based on the inputs received from RBI and Office of CAG, a booklet was prepared by the group on this subject which was presented to Secretary, MeitY and Secretary, Department of Economic Affairs in the review meeting on the aforesaid Committee’s report held on 11th April 2017 at Ministry of Finance. The review meeting was chaired by Secretary, Department of Economic Affairs. This booklet has now been revised and updated with inputs received from RBI and CAG. The revised and updated booklet inter-alia provides valuable information on the trends in Digital Payments in 2016-17. This has captured the impact of demonetization on the growth of Digital Payments across various segments. Shri, B.N. Satpathy, Senior Consultant, NISG, MeitY and Shri. Suneet Mohan, Young Professional, NITI Aayog have played a key role in assisting me in revising and updating this booklet. This updated booklet will provide policy makers with suitable inputs for appropriate intervention for promoting Digital Payments. -
Euronet and NTC Form Cashnet, an Electronic Funds Transfer Network
Euronet and NTC Form Cashnet, an Electronic Funds Transfer Network Partnership To Provide ATM Network Services For Banks and Card Issuers in Egypt LEAWOOD, KS USA & CAIRO, EGYPT (April 4, 2001) — Euronet Worldwide (Nasdaq: EEFT), a leading provider of secure electronic financial transaction solutions and National Telecommunications Company (NTC), a technology based holding company active in the communication and information technology fields in Egypt and the Middle East announced today the forming of Cashnet, a branded Electronic Fund Transfer (EFT) network. Cashnet is a joint venture between Euronet, NTC and Quantum Fund, a member of the George Soros group of funds, for developing and operating an Automated Teller Machine (ATM) network for banks and card issuers in Egypt. Cashnet will launch 50 ATMs by June of this year and the company’s business plan calls for the operation of 500 ATMs by 2004. The services Cashnet will provide to Egyptian financial institutions, include: ● Deploying an operating the Cashnet owned, Cashnet branded ATM network ● Operating bank owned, bank branded ATMs ● Operating POS terminals ● Providing connections or secure transaction gateway services between banks and international networks such as Visa and MasterCard. ● Providing authorization interfaces for the Internet and GSM mobile operators ● Providing debit and credit card issuance and related services At this time, Cashnet has entered into agreements to provide services to Citibank, Egyptian American Bank (EAB), Visa, MasterCard, American Express, and Diners Club International. As part of this agreement, Euronet Worldwide will provide Cashnet with day-to-day management services, and processing of Cashnet electronic transactions via the company’s Budapest, Hungary processing center. -
Impact of Disruptive Technology on Indian Banking Sector
International Journal of Mechanical Engineering and Technology (IJMET) Volume 8, Issue 9, September 2017, pp. 510–515, Article ID: IJMET_08_09_055 Available online at http://iaeme.com/Home/issue/IJMET?Volume=8&Issue=9 ISSN Print: 0976-6340 and ISSN Online: 0976-6359 © IAEME Publication Scopus Indexed IMPACT OF DISRUPTIVE TECHNOLOGY ON INDIAN BANKING SECTOR S. Visalakshmi Assistant Professor (Sr.), Department of Technology Management, SMEC VIT University, Vellore, Tamilnadu, India Dr. R. Ratneswary V. Rasiah Senior Lecturer, Taylor’s Business School, Taylor’s University, Malaysia ABSTRACT The banking service sector encounters extraordinary changes by the introduction of disruptive technologies. These innovations are changing the sort of rivalry for the banking industry. Despite the fact that the electronic markets have overwhelmed the greater part of the playfield, the client confronting forms are extant. The purpose of the study is to assess the progresses brought by the technologies in the financial market, regardless of whether they act as enabler or disruptor for the traditional banking models. Keywords: Banking, disruptive technologies, financial innovation, digitization Cite this Article: S. Visalakshmi, Dr. R. Ratneswary V. Rasiah, Impact of Disruptive Technology on Indian Banking Sector, International Journal of Mechanical Engineering and Technology 8(9), 2017, pp. 510–515. http://iaeme.com/Home/issue/IJMET?Volume=8&Issue=9 1. INTRODUCTION The banking industry is blended universally due to innovative technologies, from startups to digitization. Majority of the banks to a great extent have seized digitization and are aggressively adopting new technologies in order to innovate though they consider the disruptive technologies as a big threat. According to a research report, (innovation in retail banking), the proportion of banks with an innovation strategy has increased to 74 percent in 2016. -
Minutes of the 122 Meeting of State Level Bankers
MINUTES OF THE 122nd MEETING OF STATE LEVEL BANKERS’ COMMITTEE, KERALA Held on 05.10.2017 (Thursday) At Hotel Residency Tower Govt. Press Road, Trivandrum The meeting commenced at 10 a.m. The List of participants is annexed. Smt. G. K. Maya, Convenor, SLBC Kerala & General Manager, Canara Bank welcomed the participants. She informed that the meeting fixed on 26.09.2017 had to be postponed on account of the State visit of the Sovereign ruler of the Emirate of Sharjah to Kerala. She then informed the following: SLBC takes immense pride in the fact that in Kerala, the State government and Banks have always moved hand in hand for the welfare of the people. The latest examples being the Bank Guarantee scheme for MBBS admissions and the revival package for KSRTC, which is getting in shape, through a consortium of banks. The banking scenario is in for a big change this year. State bank of Travancore has merged with SBI. Small finance Banks have entered the arena. Kerala based ESAF bank is here with us today. The Ujjivan Small Finance bank is expected to join us in the next quarter. The Kerala bank is in the advanced stage of formation. The Postal Payment bank is expanding network. Some major mergers are also expected among Public sector banks. In short it is going to be customers‟ world. The long term effects of the Demonetization policy are becoming visible. Many sectors kept afloat by unaccounted money are now facing the hit. Real Estate for instance. RERA, Aadhaar in bank accounts and registrations etc. -
The Catholic Syrian Bank Retirees' Association
THE CATHOLIC SYRIAN BANK RETIREES’ ASSOCIATION No.25/981/1B, TOP CORAL, KUNNATH MANA LANE, THRISSUR- 680001 CIRCULAR No. 02/2015-17 3rd August, 2015 10th BIPARTITE SETTLEMENT – RETIREES ISSUES NOT CONSIDERED In the settlement signed on 25th May, 2015, none of the demands of the retirees were agreed nor sanctioned. This was ispite of the fact that UFBU and its constituents included a detailed list of the demands of retirees in their charter of demands, and assured not to sign the settlement till the demands are met. This has resulted into huge dissatisfaction and disappointment among more than 3 lakh bank retirees and family pensioners. Now, new struggle has begun by the Bank Retirees with new challenges. We are confident that final victory will be ours and AIBRF and retirees movement will come out with flying colours in the coming days. Along with signing wage settlement for employees, IBA and UFBU have signed Record Note Dated 25.05.15 giving their stand on various retiree demands/ issues. This document deals with 8 retiree demands/ issues namely (a) Uniform medical facility (b) LTC to retirees (c) 100 percent Dearness Allowance to pre November 2002 retirees (d) Improvement in family pension (e) Merger of DA up to 4440 points in the basic pension (f) Updation of pension (g) Periodical updation at the time of wage settlement in future (h) Uniform allocation of funds for retirees out of welfare funds. The demands listed in the document cover all our present pending issues. In the beginning of the document , IBA has come out with the statement “ any demand of retirees can be examined only as welfare measure as contractual relationship does not exist between banks and retires.” The unions, while signing the document has not recorded their stand on this issue and thereby endorsed the position taken by IBA. -
Download General Studies Notes PDF for IAS Prelims from This Link
These are few chapters extracted randomly from our General Studies Booklets for Civil Services Preliminary Exam. To read all these Booklets, kindly subscribe our course. We will send all these Booklets at your address by Courier/Post. BestCurrentAffairs.com BestCurrentAffairs.com PAGE NO.1 The Indian money market is classified into: the organised sector (comprising private, public and foreign owned commercial banks and cooperative banks, together known as scheduled banks); and the unorganised sector (comprising individual or family owned indigenous bankers or money lenders and non-banking financial companies (NBFCs)). The unorganised sector and microcredit are still preferred over traditional banks in rural and sub- urban areas, especially for non-productive purposes, like ceremonies and short duration loans. Banking in India, in the modern sense, originated in the last decades of the 18th century. Among the first banks were the Bank of Hindostan, which was established in 1770 and liquidated in 1829-32; and the General Bank of India, established in 1786 but failed in 1791. The largest bank, and the oldest still in existence, is the State Bank of India (S.B.I). It originated as the Bank of Calcutta in June 1806. In 1809, it was renamed as the Bank of Bengal. This was one of the three banks funded by a presidency government; the other two were the Bank of Bombay and the Bank of Madras. The three banks were merged in 1921 to form the Imperial Bank of India, which upon India's independence, became the State Bank of India in 1955. For many years the presidency banks had acted as quasi-central banks, as did their successors, until the Reserve Bank of India was established in 1935, under the Reserve Bank of India Act, 1934. -
Payment, Clearing and Settlement Systems in India
Payment, clearing and settlement systems in India CPSS – Red Book – 2011 145 India Contents List of abbreviations..............................................................................................................151 Introduction...........................................................................................................................153 1. Institutional aspects.....................................................................................................154 1.1 The institutional framework ................................................................................154 1.1.1 Regulatory institutions...............................................................................154 1.1.2 Legal framework .......................................................................................156 1.2 The role of the central bank ...............................................................................158 1.2.1 Note issuance ...........................................................................................158 1.2.2 Payment and settlement services.............................................................158 1.2.3 Oversight...................................................................................................162 1.2.4 Cooperation with other institutions............................................................163 1.3 The role of other private and public sector bodies .............................................164 1.3.1 The Indian Banks’ Association..................................................................165