|Posted by drgorg on December 11, 2009 at 1:04 PM|
Alert for RRBs -Transaction with IRAN & PAKISTAN
The Reserve Bank has directed regional rural banks to keep a watch ontransactions of customers with countries like Pakistan and Iran since concerns have been raised about the rules there in combating terror funding.
"Regional Rural Banks are accordingly advised to take into account, risks arising from the deficiencies in anti-money laundering (AML),combating of financing of terrorism (CFT) regime of Iran, Uzbekistan, Pakistan,Turkmenistan and Sao Tome and Principe," RBI said in a notification toRRBs.
The notification follows concerns raised by the Financial Action Task Force (FATF), an inter-governmental body, regarding AML and CFT norms in these countries.
UTI Beats SBI & LIC in Pension Plans
UTI Retirement Solutions, a pension arm of UTI AMC, has outperformed two leading fund managers, SBI Pension Fund and Life Insurance corporation fund in the New Pension Scheme (NPS) for government employees.
Industry officials point out that UTI Scheme I for central government employees yielded returns of 12.16 percent, greater than SBI's 11.70 and LIC's 11.88 percent returns. These returns are calculated on the mark-to-market basis which necessitates usage of market prices of instruments in the portfolio.
Since May 1, 2009,the pension fund regulatory, PFRDA has asked companies to report their net asset values (NAVs). Civil servants recruited after 2004 are now eligible for NPS.
The industry estimates reveal that over 6.5lakh central and state government employees are under the ambit of thisnew pension scheme as a result of which there has been an accumulationof nearly Rs. 3,700 crore in the pension corpus.
Out of this Rs. 3550 crore has been contributed by central government employees and the rest by state government employees.
"This performance is because of the strong credit-profile portfolio and better equity stocks selection," says Balram Bhagat, CEO, UTI Retirement Solutions.
As per the new pension scheme, fund managers have to invest 85 percent in debt while the rest is to be invested in equity.
RBI's Vision for Payment Systems in India
India's payments industry has revenues of nearly $14 billion and is poised for a major growth. The rapid advancements in the field of information technology (IT) have contributed to emergence of new products as well as methods of payment and settlement. In recent years, the use of electronic payments has witnessed manifold increase, partly reflecting increased adoption of technology.
RBI has recently released it's Draft Document on the "Payment Systems in India - Vision 2009-12". TheMission Statement articulated for payments system focuses on six distinct and succinct components- Safety, Security, Soundness,Efficiency, Accessibility & Authorisation.
The retail payment system includes cheque Clearing, retail electronic fund transfer and card payment. The ChequeTruncation System (CTS) was implemented in the National Capital Regionin February 2008 to enhance the efficiency of the paper based clearing system. Between end-March 2009 and end-September 2009, the branch network of national electronic funds transfer (NEFT) enabled banks increased from 54,200 to 60,839 and the RTGS enabled branches increased from 55,000 to 60,144. As at end-September 2009, 114 banks with 30,780 branches have been participating in national electronic clearing service (NECS) which was introduced in September 2008.
SCBs and non-bank entities are now permitted to issue pre-paid payment instruments. In August 2009, other entities were also permitted to issue mobile phone based semi-closedsystem pre-paid instruments for a maximum value of Rs.5,000. Since October 8, 2008, the ReserveBank has so far granted approval to 32 banks to provide mobile banking facilities to their customers. Cash withdrawal from Automated Teller Machines (ATMs) of the banks was made free of charge with effect from April 1, 2009.
Thats all for now..
Its also heard that the RBI is developing a system to replace payment through VISA/ Mastercard
which will help Banks in India to save a huge revenue they have been paying to these concenrns.
Your comments are welcome as usual
Have a nice time
Untill next time