The Reserve Bank of India is holding an exhibition, `Foreign Exchange and You', for general public with an aim to educate them about the availability of foreign exchange. The exhibition will be for two days 12 and 13 November in Lucknow.
Regional director, RBI Amrendra Sahu said, "We have found that the level of awareness about foreign exchange and the facilities available to masses is relatively low in Tier-2 cities. After a successful run in Hyderabad, this exhibition is now being organized in Lucknow.''
Deputy governor RBI, Shyamala Gopinath will be attending the two day event and will be participating in a public interface about foreign exchange matters. Besides RBI, public and private sector banks dealing in foreign exchange will be participating in the two day event. Sahu said, "The exercise is a part of RBI's financial literacy program. Earlier, only exporters, importers and corporates were invited to attend. Under the Foreign Exchange Management Act, RBI has offered a large number of relaxations relating to foreign exchange. Though this platform, RBI will be able to disseminate this information to the general public as well.''
During the event key issues which will be addressed include FEMA violations, rules of foreign direct investments in India, foreign exchange facilities available to residents and non-resident Indians, overseas direct investment as well as issues related to fraudulent email and SMS messages are sent offering large sums of foreign exchange. Sahu said, "A large number of cases, where fake RBI letter heads and certificates were used for such fraudulent practices, have come to light. The bank has already issued notifications asking people to be careful of fictitious mails offering money. At the exhibition, people will have the opportunity to have all such doubts clarified.''
Tuesday, November 9, 2010
Monday, November 8, 2010
RBI tells banks to educate customers about e-payment options
In spite of automated teller machines (ATM) and net banking facilities, also new technologies are being adopted by banks to provide better services and facilities to their customers still customers stand in long queues in front of teller counters in banks. The Reserve Bank of India (RBI) has instructed group of top bank executives to promote use of electronic transactions among customers so that long queues can be reduced.
In a meeting with bank executives RBI told executive directors of select state-run banks to provide information to their customers about other options such as real-time gross settlement, national electronic funds transfer, and electronic clearing service, for transactions.
An anonymous bank executive who attended the meeting told, “RBI told banks to improve the penetration of electronic payment systems during a meeting to review the present situation.” Executive directors of Allahabad Bank, Bank of Baroda, Bank of India, Central Bank of India, Dena Bank, Punjab & Sind Bank, Syndicate Bank, UCO Bank and Vijaya Bank were at the meeting presided over by RBI chief general manager G Padmanabhan.
The central bank said though paper-based system will continue to dominate but, banks must try to increase electronic payment options in terms of the value of transactions. While about 90% of all banking transactions are done electronic payment options in terms of value, although in terms of number of transactions the share of electronic payment is just about 35%. Some of the banks are educating their customers and helping them in adopting the electronic options.
From the past few years, RBI has been encouraging banks to adopt electronic payment products that are better to paper-based systems in terms of traceability, efficiency, speed and safety such as RTGS is for high-value transactions, NEFT and ECS are for small amounts.
However the use of paper-based instruments has been reduced both in volume and value terms. According to RBI paper-based solutions will dominate in terms of numbers and has launched a speed-clearing system to streamline the process and reduce the time taken for collection of outstation cheques. Currently speed clearing system is available for MICR (magnetic ink character recognition) cheques at 66 MICR cheque processing centers across the country.
In a meeting with bank executives RBI told executive directors of select state-run banks to provide information to their customers about other options such as real-time gross settlement, national electronic funds transfer, and electronic clearing service, for transactions.
An anonymous bank executive who attended the meeting told, “RBI told banks to improve the penetration of electronic payment systems during a meeting to review the present situation.” Executive directors of Allahabad Bank, Bank of Baroda, Bank of India, Central Bank of India, Dena Bank, Punjab & Sind Bank, Syndicate Bank, UCO Bank and Vijaya Bank were at the meeting presided over by RBI chief general manager G Padmanabhan.
The central bank said though paper-based system will continue to dominate but, banks must try to increase electronic payment options in terms of the value of transactions. While about 90% of all banking transactions are done electronic payment options in terms of value, although in terms of number of transactions the share of electronic payment is just about 35%. Some of the banks are educating their customers and helping them in adopting the electronic options.
From the past few years, RBI has been encouraging banks to adopt electronic payment products that are better to paper-based systems in terms of traceability, efficiency, speed and safety such as RTGS is for high-value transactions, NEFT and ECS are for small amounts.
However the use of paper-based instruments has been reduced both in volume and value terms. According to RBI paper-based solutions will dominate in terms of numbers and has launched a speed-clearing system to streamline the process and reduce the time taken for collection of outstation cheques. Currently speed clearing system is available for MICR (magnetic ink character recognition) cheques at 66 MICR cheque processing centers across the country.
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