Financial Awareness – 06/09/2016

DCB Bank rolls out mVisa, a Card-less solution at retail outlets

Financial Awareness for September 06, 2016

DCB Bank, a new-generation private sector bank, has announced the launch of mVisa, a mobile based payment solution that will make payments at retail outlets much easier. Customers can pay now through their smartphones by scanning the unique Quick Response (QR) code at the retail outlet. mVisa is a card-less solution that offers customers the convenience of making digital payments at retail outlets. Customers of any mVisa issuing bank can make digital payments at mVisa enabled retail outlets. DCB Bank has partnered with Chennai-based digital payment companies, M2P Solutions and GI Technology, to implement mVisa. DCB Bank has equipped over 1,000 Smart Shop retail outlets with the mVisa solution and plans to expand it to over 25,000 shops across India in the coming months. Through mVisa, customers can also avail of Cash@POS service and pay for goods and services directly using their smart phones. To get regular Financial awareness updates signup for our website.

Canara Bank bags D&B’s best bank award

Financial Awareness for September 06, 2016Canara Bank was conferred with the Dun & Bradstreet Banking Awards 2016, for being the Best Bank under Priority Sector Lendind category and Best Retail Growth performer amongst the PSBs . The award was received by Mr.Harideesh Kumar B, Executive Director of Canara Bank from Mr.Arjun Ram Meghwal, Union Minister of State for Finance and Corporate Affairs at Mumbai on August 31.

Rajan :Protect RBI’s Right to say NO to Govt

Financial Awareness for September 06, 2016

RBI governor Raghuram Rajan has strongly defended the Central bank’s right to say NO, arguing that it is important for its survival even as he called for a framework that clearly outlines the responsibilities of the RBI, strengthens oversight and clarifies the rank of the central bank chief. On his last day in charge of India’s central bank , Rajan was speaking at St Stephen’s College in Delhi. Recalling the words of his predecessor D Subbarao, Rajan said that though the RBI has to work under a framework set by the government, it cannot “just exist” if its ability to say NO is not protected. To get regular Financial awareness updates signup for our website.

SIT presses RBI to share data with govt

Financial Awareness for September 06, 2016
The special investigation team (SIT) on black money has written to the Reserve Bank of India asking the Central bank to share information on foreign exchange transactions and create a mechanism to track illicit flow of funds with the enforcement directorate, directorate of revenue intelligence (DRI) and CBDT. RBI maintains an internal database for foreign exchange transactions both inward and outward remittances. However, the SIT has said that the data available with RBI could be ‘cross checked with other information available with enforcement authorities and illicit financial flows could be curbed.’ In the wake of the Bank of Baroda scam, the SIT had asked RBI to institutionalise a mechanism for cross checking of advance remittances against ‘Bill of Entry’ irrespective of value of advance remittances sent.

Patel assumes charge, balancing inflation, rate cuts the main challenge

Financial Awareness for September 06, 2016Mr.Urjit Patel, deputy governor of the RBI until a day ago, slipped into his new role as the 24th Governor of the Reserve Bank of India on Monday, an assignment where it is likely he will always be measured against his predecessor and his actions. “Dr Urjit R Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India effective September 4, 2016 after serving as Deputy Governor since January 2013. He was re-appointed as Deputy Governor on January 11, 2016 after completion of his first three-year term of office,” RBI said in a statement on Monday. The formal handover ceremony, from Rajan, who has decided to go back into academics, to Patel, will take place on Tuesday, since September 4 and 5 were non-working days. Patel’s extensive role in the reforms that the RBI embarked upon during Rajan’s tenure, including heading the Monetary Policy Department, has also convinced observers that RBI policy will not be subject to any drastic changes and continuity will be a primary advantage.To get regular Financial awareness updates signup for our website.

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