Wednesday, October 23, 2013

Insurance cover coming for online fraud - Rupay Card


Both Visa and MasterCard offer this feature. RuPay cards by NPCI will also start offering this by the end of this year or early January,

With the rise in cases of online fraud, National Payments Corporation of India (NPCI) has decided to provide an insurance cover for such transactions.

NPCI will tie up with general insurance companies for this; it has called for a Request For Proposal (RFP). This would cover both domestic and international transactions, all those done by swiping a card, PIN-based transactions on ATMs or points of sale and e-commerce transactions with two-step authentication.

According to the Kaspersky Consumer Security Risks Survey, a global study conducted by B2B International and Kaspersky Lab in the summer of 2013, about 41 per cent of users who lost their money as the result of financial cyber-fraud failed to get a single cent returned to them. And, only 45 per cent of users who suffered through online fraud were fully compensated. In 17 per cent of cases the money disappeared during e-banking sessions; 13 per cent of the victims were customers of online stores.

“Technology is changing the fraud landscape and challenging the boundaries of fraud risk management. The (earlier) frameworks to mitigate simple frauds are no longer effective,” Rohit Mahajan, partner and co-head, forensic services, at KPMG in India, had said while issuing an India Fraud Survey last year.

The NPCI insurance cover will be over and above any policy taken by a member-bank. The policy will cover compromised and disputed transactions carried on the National Financial Switch (which facilitates inter-bank ATM transactions) ATM Network. It will also cover disputed transactions on the NFS Network. The RFP issued by NPCI is to identify and appoint the general insurer for providing insurance cover for fraudulent transactions that result in financial loss to the customers of NFS members or sub-members; also for non-bank ATM operators.

“This is a good opportunity for the insurance community. We will be interested in taking part in the bidding process, since it is a large and prestigious contract,” said a senior official of a state-owned general insurance company.

NPCI will initially cover Rs 180 crore of approved financial transactions under the insurance policy with the selected bidder. If the transaction volume goes beyond the initial committed volume of Rs 180 crore, NPCI shall request an additional cover.

The overall insurance cover that will be provided will be Rs 10 crore and the per-card cover will be Rs 50,000. The insurer (which wins the bid) will have to settle claims within 30 days of claim submission by NPCI. Further, the bidder will also have to honour the request from any member-bank(s) for any additional cover sought, once the policy is issued to NPCI and is in force. The premiums will be paid by NPCI.

To be eligible for the bid, an insurance company should have a minimum of three years of operations in general insurance in India as on March 31. Also, a minimum gross direct premium income of Rs 250 crore for 2011-12 and 2012-13, respectively. The non-life insurer is also required to have a minimum claim settlement ratio of 75 per cent in the past three financial years and not be currently blacklisted by NPCI, any government body or financial institution in India. All this would mean only the large private general insurers and the four state-owned general insurance companies will be eligible.

In case of a disputed transaction using a debit/credit card, it is the customer's responsibility to prove he is not at fault. Till then, they are liable to pay for the transaction. As a protection against this, one can opt for credit or debit cards which have the zero-liability feature. Both Visa and MasterCard offer this feature. RuPay cards by NPCI will also start offering this by the end of this year or early January, said an official.

Monday, October 21, 2013

Banks yet to cut debit card fee at fuel pumps - Rupay Card

A year after the Reserve Bank of India (RBI) announced a cut in charges on debit card transactions, banks continue to impose a fee of 2.5% for payments at petrol pumps, thereby making an undue gain at the cost of the consumer. Earlier this month, large banks thwarted an attempt by the RBI-promoted National Payments Corporation of India (NPCI) from capping charges on debit cards that are part of NPCI's Rupay network.

Last year, RBI asked banks to cap the charges on debit card transactions at 0.75% for transaction values up to Rs 2,000 and 1% for larger transactions. But in debit card transactions at petrol pumps, banks continue to impose a 2.5% surcharge, which are mostly passed on to the consumer.

Sources said that NPCI had sent a communication to banks asking them not to charge more than 1% on its Rupay cards. Rupay cards were introduced by NPCI as India's answer to MasterCard and Visa. Sources said that the move has been stymied by banks who have called for more discussion on the issue.





The 2.5% surcharge has its origins in the days when credit cards were in their infancy and debit cards non-existent. Typically, when a bank installs a credit card swipe machine at a retail outlet, its agreement with the merchant bars any kind of surcharge being passed on to the customer.

But in the case of petrol pumps and Indian Railways, an exception was made allowing them to pass on the charges (described by banks as 'merchant discount rate'), to the customer. The exception was made to end an impasse where these government entities were refusing cards on the grounds that their margins were too low to absorb the credit card charges of 2.5%.

RBI, while slashing charges on debit cards, had used the rationale that the transaction cost of credit and debit card should not be identical. This was because credit card transactions required the bank to provide free credit to the customer until the monthly bill was issued. The bank also took on the risk of the customer defaulting on his obligations.

In debit cards, the money goes straight out of the customer's bank account and the only expenses are on account of using the network and in respect of security of transaction. In the West, regulators have already started capping charges on debit card transactions.

Bankers say that a huge transformation is taking place in payments as debit card transactions are set to outstrip payments by credit cards in coming years. In July 2013, banks saw 4.23 crore credit card transactions as against 5.24 crore debit card transactions. In value terms, however, credit card transactions continue to be higher at Rs 11,038 crore as against Rs 7,722 crore under debit. With the focus now on financial inclusion, the number of debit cards and set to go even higher.
 

Zero-liability cards are useful - Rupay Cards

The sheer fear of loss of a credit or debit card can give ulcers to most. Besides the monetary liability, it involves running from pillar to post to get the card blocked.

In case of a disputed transaction, it is the customer's responsibility to prove it is not his fault. Till then, he is liable to pay for the transaction. Eventually, if the customer is able to prove he is not at fault, the bank will refund the amount, but this could take time. To protect yourself against this, you can opt for credit or debit cards which have the zero-liability feature. Both Visa and MasterCard offer this feature. RuPay will start offering this by the end of this year or early January, said an official from National Payments Corporation of India. But unless your card issuing bank offers this facility, you cannot avail of it. Banks have to incur an additional cost for the insurance to cover the liability in case of a loss of card, which pushes up their cost, which is why not all banks offer it, while some offer it on select cards.

The advantage of this is that once the card is reported stolen or lost, the cardholder is not liable to pay for any transaction made on the card. In case of a debit card, the amount transacted will be restored to the cardholder's account.

While this is a given in some parts of the world, in India banks offer it selectively, says Uttam Nayak, group country manager for India and south Asia, Visa. The card company introduced this feature in India in 2004. There is no additional fee that the customer pays for this. “We realised that fraud was a big concern for customers,” he says.

ICICI Bank, HDFC Bank, Axis Bank and Standard Chartered Bank do offer this. But cardholders need to keep in mind the feature will not work in case of an automated teller machine or online transactions, since this requires the use of the PIN. It will work only if the card is used to swipe at a point of sales, at a shop or a merchant establishment.

Some banks may ask you for a written application with your card number, account number (in case of debit card) and date of loss of card; copy of the police complaint and copy of passport in case of a fraud abroad. While some banks insist the theft or loss should be reported within 24 hours for the facility to kick in, some allow up to 15 days.

While zero-liability as a policy is in countries like the US, in India it is not so. The Reserve Bank of India has indicated it would like to introduce a system whereby the customer would not be held liable in case of fraud transactions. But there has been no further guideline or further instruction from the regulator.

Saturday, October 19, 2013

Banks yet to cut debit card fee at fuel pumps - Rupay Card News

A year after the Reserve Bank of India (RBI) announced a cut in charges on debit card transactions, banks continue to impose a fee of 2.5% for payments at petrol pumps, thereby making an undue gain at the cost of the consumer. Earlier this month, large banks thwarted an attempt by the RBI-promoted National Payments Corporation of India (NPCI) from capping charges on debit cards that are part of NPCI's Rupay network.

Last year, RBI asked banks to cap the charges on debit card transactions at 0.75% for transaction values up to Rs 2,000 and 1% for larger transactions. But in debit card transactions at petrol pumps, banks continue to impose a 2.5% surcharge, which are mostly passed on to the consumer.

Sources said that NPCI had sent a communication to banks asking them not to charge more than 1% on its Rupay cards. Rupay cards were introduced by NPCI as India's answer to MasterCard and Visa. Sources said that the move has been stymied by banks who have called for more discussion on the issue.






 
The 2.5% surcharge has its origins in the days when credit cards were in their infancy and debit cards non-existent. Typically, when a bank installs a credit card swipe machine at a retail outlet, its agreement with the merchant bars any kind of surcharge being passed on to the customer.

But in the case of petrol pumps and Indian Railways, an exception was made allowing them to pass on the charges (described by banks as 'merchant discount rate'), to the customer. The exception was made to end an impasse where these government entities were refusing cards on the grounds that their margins were too low to absorb the credit card charges of 2.5%.

RBI, while slashing charges on debit cards, had used the rationale that the transaction cost of credit and debit card should not be identical. This was because credit card transactions required the bank to provide free credit to the customer until the monthly bill was issued. The bank also took on the risk of the customer defaulting on his obligations.

In debit cards, the money goes straight out of the customer's bank account and the only expenses are on account of using the network and in respect of security of transaction. In the West, regulators have already started capping charges on debit card transactions.

Bankers say that a huge transformation is taking place in payments as debit card transactions are set to outstrip payments by credit cards in coming years. In July 2013, banks saw 4.23 crore credit card transactions as against 5.24 crore debit card transactions. In value terms, however, credit card transactions continue to be higher at Rs 11,038 crore as against Rs 7,722 crore under debit. With the focus now on financial inclusion, the number of debit cards and set to go even higher.

Tuesday, October 8, 2013

Punjab government plans to pay farmers directly using Rupay Cards

With paddy arrivals yet to pick up across Punjab, the state government now plans to make direct payments to farmers. The move is aimed to protect farmer's interest particularly the small and marginal from being exploited by the commission agents/arthiyas.

The issue of direct procurement and payment to farmers had been delayed for several years with both the Congress ruled and Akali-BJP government not keen to upset the strong lobby of arthiyas. Even with the new system the arthiyas would still continue to handle the grain and get 2.5% commission from the state government.

The government is also expecting a few progressive farmers only to register to the market committee for direct payments this season. Apart from Punjab, Haryana and parts of Rajasthan, government procurement agencies across the country make direct payment to farmers through cheques and also electronically.
"This paddy season we have started the system where we are giving direct payments to farmers," said Punjab Food Minister Adesh Partap Singh Kairon. Over 13.5 million tonne of paddy will be procured by government agencies worth Rs 18,000 crore.

A government official while giving details said that as on date 679 farmers had registered with the mandi board to avail direct payments. "A farmer can register with the market committee in their area, who will provide them a number to be submitted to 14 approved banks. The banks where the farmer should have an account will issue farmers the 'RuPay' card," said the official.

As per the Punjab government, there are 12 lakh farmers in the state with over 25,000 registered arthiyas/commission agents. For years, central and state agencies procuring wheat and paddy, have been issuing cheques to firms operated by arhtiyas for onward payment to farmers. The Food Corporation of India (FCI) has been proposing to directly procure and make payments to farmers.

It had earlier made few attempts in 2010 and 2011, but had to withdraw it in few days. PP Singh, director procurement, FCI said that a farmer must get price for his produce and it should be though account pay checque or by e-mode so that agencies were able to establish a trail of payments.

"A weak system leads to distress sale and farmer needs to be protected from arthiyas," he said. Farmer union leaders say that the proposal has recently been announced and not many farmers would be able to avail the scheme. "We will make sure it is a success during the wheat procurement season," said Ajmer Singh Lakhowal, president of the Punjab unit of Bharti Kisan Union and chairman of the Punjab Mandi Board.







Lakhowal said that slowly they would push government or agencies like FCI to directly procure grains from farmers. "Initially we expect progressive farmers to register followed by others. The farmers will not have to wait for arthiyas to give payments which lag from 15 days to few months. Nor will the arthiya be able to cut payment of farmers," he said.

Chairman of the Bharat Krishak Samaj (an association representing farmers interest), Ajay Vir Jakhar said that the success of the direct payments would take few seasons. "Farmers have to be persuaded to have bank accounts and even educated on the benefits of electronic transfers," he said.

Friday, October 4, 2013

Vijaya Bank - Rupay KC FI Guidelines

Rupay KC FI Guidelines  


Guidelines for ATM enabled Kisan Debit Card
  1. The ATM enabled Kisan Debit card is issued to the customers having Vijaya Kisan Card account at your branch (CBS) and is linked to VKC account of the customer.
  2. The ATM enabled Kisan Debit Card  is specially designed non photo card launched in association with Rupay a Domestic payment branch promoted by NPCI
  3. The card is issued free of charge and is valid for 10 years
  4. The cardholder can withdraw cash from all the ATMs of our bank and other bank’s Rupay Branded ATMs.
  5. The Kisan Debit card also can be used at merchants for the purchase of items required for agriculture activity only*.   To restrict the use of Kisan Debit card for agriculture purpose, an undertaking letter is to be obtained from the VKC customer applying for Kisan Card. A Performa of the undertaking letter is enclosed herewith.
  6. The existing limits of Debit Card for cash withdrawal at ATMs ,Merchant transactions and number of financial transactions are applicable in case of Kisan Debit card also subject to not exceeding the drawing power/seasonal sub limits fixed for VKC a/c of the cardholder. 
ATM cash withdrawal limit per day
Rs 30,000/-
Merchant transaction limit per day
Rs 25,000/-
No of transactions per day (financial)
10
  • The drawing power for the Kisan card account will have to be fixed by the branch depending upon the crops cultivated, area under cultivation and scale of finance. The guidelines for opening and maintaining drawing power on Kisan Card account has been framed by the HO – credit priority by way of circulars has to be complied with.
CHARGES/FEES
Card Fee
Fresh card issuance
Free
Hotlisting of the card
Rs 50/-
Card replacement
Rs 100/-
PIN regeneration
Rs 25/- per request
Cancellation charges (Applicable if cancelled in the   first card year)
Rs 100/-  
 *Applicable S. T Extra

Transaction charges
Vijaya Bank’s ATM cash withdrawal & balance Enquiry/mini statement/ PIN change
Free
Other bank’s Rupay  ATMs*   
Cash
Balance Enquiry

Rs  20/- per transaction
Rs    8/- per enquiry

  • Applicable S. T Extra. (Since the Accounts are treated as Current Accounts in
Nature, no exemption from charges is eligible for kisan debit cards for using other bank ATMs.)
Other Charges
Charges for request for copy of chargeslip  *
  • for transactions at our merchants
  • for transactions at other banks merchants

Rs 100/-
Actuals with a minimum of Rs 100/-

    *Initially Rupay cards are enabled for ATM Usage only till a separate communication on enabling the card for POS transactions is issued.
                                                                                                         
PROCEDURE FOR ISSUE OF KISAN DEBIT CARD
  • For the issue of ATM enabled Kisan Debit card, an application is to be obtained from the VKC customer. The existing Debit card application.  may be used for this purpose. In the Debit Card application ‘Application for Vijaya Global Debit cum ATM card’ may be modified as ‘Application for Kisan Debit Card’, with due authentication from the customer. The original application obtained should be retained with the branch only.
  • For sending the data to Debit Card Cell, the same procedure as applicable in case of Debit Card is to be followed. Since Rupay Kisan Debit card is a non -photo card, branches has  to mark Y in freetext6 field of the VKC A/c of the applicant.
  •  As in the case of Debit Cards, the Kisan cards will be sent to the branch & & PIN mailers to customer address through separate couriers.
  • As soon as the Kisan Card & PIN mailers are received at the branch, the same have to be entered in the Debit Card & PIN Mailer Issued Register. Some pages of the existing Register may be used for Kisan Cards. 
  • Before delivery of Kisan Card to the customer, the card is to be activated by marking E (replacing Y) in the VKC a/c of the customer and authorizing the same.
  • Since the ATM enabled Kisan Debit Cards are issued with Debit Card PIN, the rules and regulations on Debit Card are applicable to Rupay Kisan Card also. The guidelines on issuance of debit cards as per HOC 29/2008 dated September 2, 2005 and 35/2006 dated February 20, 2006 as applicable to Kisan card should be strictly complied with. 
Dispute Resolution
As the transactions are debited ONLINE, any dispute relating to a transaction should be reported by the cardholder in writing to the branch/Credit Card Division, HO, and Bangalore within 30 days from the date of transaction. Terms of HOC 263/2011 will be prevailing on handling the disputes received at the branches in this regard.

Uttarbanga Kshetriya Gramin Bank - RuPay Debit Card Details

RuPay Debit Card

We are pleased to introduce you Uttarbanga Kshetriya Gramin Bank RuPay Debit Card which provides you anywhere, anytime banking facilities. Having this card in your wallet is like carrying your bank account with you wherever you go. This card comes with enhanced security feature as it is a PIN based card i.e. PIN is mandatory in order to perform transactions* at Merchant Establishment (POS) and ATMs.

Your Uttarbanga Kshetriya Gramin Bank RuPay Debit card entitles you:
  • Rs. 40000.00 daily ATM cash withdrawal limit
  • Uttarbanga Kshetriya Gramin Bank RuPay Debit card enables you to access over 2000+ Central Bank / Uttarbanga Kshetriya Gramin Bank ATMs spread across the country. You can also use your Uttarbanga Kshetriya Gramin Bank RuPay Debit card at 1,00,000+ ATMs under NFS network in India. Presently, this card can be used at select Merchant Establishments (POS) displaying RuPay logo.
  • 24-Hour Customer Service: You can contact our Toll Free No. 18002001911/1800221622 round the clock for any assistance regarding your Uttarbanga Kshetriya Gramin Bank RuPay Debit card.
 * Transactions at Merchant Establishments have not started yet.

On receipt of your card, please:
  • Sign on the signature panel at the back of your card to prevent any misuse of the card
Fees and charges*:
  • Issuance Fee: NIL
  • Annual Fees: NIL
  • Duplicate card on account of loss of card: Rs. 200.00
  • Card Replacement fee: Rs. 200.00
  • PIN Replacement fee: Rs. 50.00
  • Hot-listing of card fee: NIL
  • Transaction charges at Uttarbanga Kshetriya Gramin Bank/Central Bank of India ATMs: NIL
  • 5 transactions (Financial & Non-financial together) free on other bank ATMs for Savings Bank account holders, in a calendar month. 6th transaction onwards a flat charge of Rs. 18.00 (inclusive of service tax) will be levied to customer’s account.
* All fees and charges are inclusive of service tax.

Eligibility criteria: (Please choose from the below list or add more eligibility points)

The eligibility criteria for RuPay Debit card is:
  • Literate Individual Account holders having their A/Cs (Only SB, OD and NF A/Cs) with us. 
Debit Cards cannot be issued under following conditions:
  • Account types with operating instruction other than of “self”, “Either or Survivor” or “Sole Proprietor”
  • Visually impaired persons holding account jointly.
Added features on RuPay Debit card: (Please choose from the below list or add more features)

  • Loss or Damage of the card: In case of loss or damage of the card, please inform the branch as well on the Toll-free No. 18002001911/1800221622 immediately so that the card will be blocked to ensure safety of your funds.

IMPS – Interbank Mobile Payment Service

1. What is IMPS?
Interbank Mobile Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their banks accounts and remitting funds therefrom.

2. Presently, how are interbank fund transfers made using mobile phone?
Various banks are providing remittance facility through their mobile banking platforms. The interbank remittance request initiated from a mobile is processed by the beneficiary bank as a National Electronic Fund Transfer (NEFT) transaction. The status of such payment request is therefore not known instantly because NEFT payments are processed in batches from 9 am to 7 pm. The NEFT transactions are charged by banks and charges vary from bank to bank

3. Does the customer need to have a bank account for availing IMPS?
Yes, the customer needs to have a bank account with the bank which has enabled this facility.

4. Does the customer need to register to remit the funds through IMPS?
Yes. Customer should enroll for Mobile Banking Service with the bank where customer has an account. The registration process shall be as per their bank’s laid down procedures.

5. Is the beneficiary customer also required to register for IMPS?
The beneficiary customer should have their mobile numbers registered with the bank where he/she maintain the account and where he intends to receive the credit and should have a valid MMID provided by the bank. No need to specifically enroll for Mobile Banking Service of the bank.

6. What beneficiary details does the customer need to affect an IMPS remittance?
The beneficiary details required are:
a. Beneficiary’s mobile number
b. MMID of the beneficiary customer

7. What is MMID?
Mobile Money Identifier (MMID) is a seven digit random number issued by the bank upon registration. Remitter (customer who wants to send money) and Beneficiary (customer who wants to receive the money) should have this MMID for doing this interbank funds transfer.

8. Can a customer link more than one account to the same mobile number?
Yes. The customer can link the same mobile number to more than one account subject to bank offering that feasibility.

9. Incase if the customer has more than one account linked to his / her mobile number how does he select the account from which he / she intends to pay?
The bank will allocate a Mobile Money Identifier (MMID) for each account of the mobile banking customers. The customer can select the account using this MMID allocated to him / her.
The combination of mobile number and MMID helps as a mistake proofing step for the remitter and tries to mitigate the risk of wrong credit incase the remitter enters erroneous mobile number.

10. What is the Process flow of IMPS?
Step 1: Remitter sends instruction from his/her mobile through his/her bank provided application or SMS.
Step 2: Remitting bank validates the details of the remitter and debits his/ her account. This transaction is sent by the remitting bank to NPCI.
Step 3: Transaction is passed by NPCI to the beneficiary bank. Beneficiary Bank validates the details of the beneficiary customer, credits the account, sends confirmation NPCI about transaction status and sends a SMS to the beneficiary customer informing him of the credit.
Step 4: NPCI sends the transaction status to remitting bank which in turn informs the status of the transaction to the Remitter.
Step 5: Remitting bank send a SMS confirmation of the transaction to the remitting customer.

11. Is there any limit on the value of transactions in IMPS?
The limit is defined by RBI in the Mobile Payment Guidelines issued to banks. The customer can transact on IMPS subject to a daily cap of ` 50,000/- per customer overall for transactions through mobile for the funds transfer. Transactions up to `5000/- (RBI Circular No. RBI/2010-11/511 DPSS.CO.No.2502 /02.23.02/ 2010-11) can be facilitated by banks without end-to-end encryption.


12. Does the customer require a mobile handset of a particular model or make or features to enable this service?
It depends on the bank’s mobile banking interface requirements. This varies from bank to bank. The details can be obtained by the respective banks.

13. What can a customer does in case he / she is not able to install the mobile banking application on his mobile handset?
In case the customer is not able to install the mobile banking application on the mobile handset or the application is not functioning as desired, the customer may need to update the software on the mobile handset and re-install the mobile banking application on the same. If the problem is not resolved, the customer should then contact the helpdesk of the bank whose mobile banking facility the customer intends to use.

14. Can we withdraw and / or deposit money using IMPS?
Presently, the customers cannot withdraw and / or deposit money using IMPS.

15. What if IMPS registered mobile is lost or misplaced? Will anyone who comes into possession of mobile be able to make a remittance from customer’s account?
At the time of mobile banking registration, bank would provide the customer with a User id and MPIN (Mobile Personal Identification Number) for accessing the mobile banking facility. An IMPS remittance will not be possible without these two inputs.

16. What happens in case the remitter enters a wrong beneficiary mobile number for remittance?
The beneficiary details required for making a remittance are mobile number and MMID. The transaction will get declined in case anyone of these two numbers is erroneous and transaction gets reversed instantly.

17. What are the timings for initiating and receiving IMPS remittances?
IMPS transactions can be sent and received at any time and any day. There are no timing or holiday restrictions on IMPS remittances.

18. If the transaction is not completed will the customer get his / her money back? When?
Yes. In case for any reason, technical or business, the IMPS transaction is not completed the reversal of the remitters funds will happen immediately. In case if such a transaction becomes a subject to reconciliation wherein the status of transaction is not determined immediately, the reversal of funds will happen on the next working day.

19. What are the charges for the customer for sending and receiving remittances using IMPS?
The charges for remittance through IMPS are decided by the individual banks. Please contact your bank for the details.

20. Are there any subscription charges for the customers to avail this facility?
The charges for remittance through IMPS are decided by the individual banks.

21. How long does it take for the remittance to get credited into the beneficiary account number?
The funds should be credited into the beneficiary account within 30 seconds after initiated the transaction.

22. Can the remitter transfer funds from his / her to the beneficiary account in other bank?
Yes, the remitting customer can transfer funds to the beneficiary account in other IMPS member banks. The list of banks offering IMPS is available on website http://www.npci.org.in/bankmember.aspx

23. Is it necessary to have sufficient account balance to initiate a remittance?
Yes, the customer should have sufficient account balance to initiate a fund transfer.

24. Is it necessary to have a minimum balance to receive funds through IMPS?
This will be decided by the beneficiary bank.

25. How does the remitter come to know that his account is debited and funds have been credited in the beneficiary’s account?
The remitting bank sends a confirmation SMS to the remitting customer about the transaction initiated by him / her.

26. How does a beneficiary come to know of funds being credited to his / her banks account?
The beneficiary bank sends a confirmation SMS to the beneficiary customer informing him / her of the credit in the account.

27. Can a customer remit and / or receive remittance using the mobile number other than the one registered with the bank?
The customer can remit and / or receive funds using the registered mobile number only. In case he / she need to remit / receive funds using the other mobile number, he / she will have to approach the bank and complete the process of changing the registered mobile number for mobile banking.

28. When can the beneficiary use the funds received through IMPS?
The beneficiary can use the funds immediately on receipt of credit in the account. The funds received through IMPS are good funds and can be used immediately upon credit.


29. Are all banks offering IMPS?
This service has been launched as a pilot with seven banks viz. State Bank of India, Bank of India, Union Bank of India, ICICI Bank Ltd, Yes bank, Axis bank and HDFC bank. Many more banks joined IMPS afterwards. The updated list of banks offering IMPS is available on our website http://www.npci.org.in/bankmember.aspx

Bank of Baroda - Rupay Card Details


 
RuPay Debit Card
We are pleased to inform the launch of India’s First Domestic Card -RuPay Debit Card in co-ordination with NPCI. Presently RuPay Card can be used at ATMs and selected POS in India only.

Key features of RuPay Debit Card:
  • It can be used only with PIN hence a more secured debit card.
  • No threat of card misuse when lost/stolen.
  • Card would be accepted only at secured PIN based POS terminals.
  • Cash withdrawal limit at ATMs is Rs 25,000/- per day.
  • Spend limit at merchant outlets (POS) is Rs 50,000/- per day.
  • Available to all customers eligible for debit card issuance.
Target customers:
 
  • All Saving Bank Account holders (existing and new).
  • Baroda Advantage Current Account holders (existing and new)
  • OD against Bank’s Own Deposit and OD against NSC, KVP, LIC etc (existing and new).
  • No frill Accounts.
 
RuPay Debit Card can be accessed/used as under:
  • More than 2,000 Bank of Baroda Interconnected ATMs spread across major centers in the country.
  • Member banks (100 plus) of National Financial Switch having more than 1,00,000 ATMs in the country.
  • NPCI member bank ATMs all over the country bearing RuPay logo.
  • For convenient shopping, dining out at selected outlets accepting RuPay Cards in India.
  • RuPay Debit Cards have the additional security of PIN based authorization even for transactions made at Merchant outlets.

Lakshmi Vilas Bank - Details of Rupay Card


 
Rupay ATM Card  
 

The advent of technology in Banking Industry paved the way for introduction of safe, secured and hassle-free electronic payment products. The spending pattern of consumers has boosted the growth of Indian Payment Card market including credit, debit and prepaid cards. Banks have tied up with internationally acclaimed networks like VISA Worldwide, Master Card and American express to improve their retail banking space and bottom line.
Using RUPAY card our customers can access all ATMs under NFS network for cash withdrawal, balance inquiry, mini statement and PIN change across our nation.

Advantages of RUPAY card:
 
·         Suitable for customers who needs card only for ATM operations.
·         Using RUPAY card customer can access all ATMs under NFS network/CashTree network.  ( The Rupay card can be used in 98000 + ATMs of 66 members Banks across the country. )
·         Card renewal charges will be waived for RUPAY cards.

Other Points:
 
1.     Rupay card will be issued to new account holder who are not having any cards  of our bank. will not be issued as replacement for our ATM/VISA Debit Cards.
2.     Rupay card issuance will not support migration from other cards like VISA Classic, VISA Gold etc.
3.     All dispute management related to Rupay Card is as same as VISA Cards