DAILY DRILLs - 8

Nepal Remittance Facility Scheme Indo-Nepal Remittance Facility is a cross-border remittance scheme to transfer funds from India to Nepal, enabled under the NEFT Scheme. The scheme was launched to provide a safe and cost-efficient avenue to migrant Nepalese workers in India to remit money back to their families in Nepal. A remitter can transfer funds up to Indian Rupees 50,000 (maximum permissible amount) from any of the NEFT-enabled branches in India. The beneficiary would receive funds in Nepalese Rupees. Further details on the NEFT system and the NEFT-enabled branches are available on the website of Reserve Bank of India at http://www.rbi.org.in/scripts/neft.aspx.

Now buy online rail tickets without cards or net banking

Mumbai, August 3: State Bank of India customers will be able to pay for online train bookings through mobile banking using the Interbank Mobile Payment System that is available to all depositors. After selecting their tickets on the IRCTC website, customers will be given an option to pay through mobile banking in addition to internet banking and through card. SBI customers can then enter their mobile number, the mobile money ID and one time password which can be generated through their mobile phone.

 

Until now customers could pay for online booking only if they had internet banking or if they possessed a payment card. An SBI official said that the bank expects the Interbank Mobile Payment System gain in popularity as a payment mechanism and expects the volume of transactions to growth because of the convenience and security it offers.

 

IMPS is a remittance facility that was launched by National Payments Corporation of India in 2010. This service offers round-the-clock interbank electronic fund transfer through mobile, internet or ATM. The facility is provided by NPCI through its existing switch which is currently handling more than 7 - 8 million ATM transactions on a daily basis.

 

Today, there are 50 banks integrated to this service and with RBI permitting Co-operatives and RRB's to join this platform, many more are expected to join in coming months. Although banks have been registering a large number of their customers for mobile banking awareness of this facility is still low and transactions are yet to pick up. According to data released by NPCI the month of June saw 34.37 lakh mobile banking transactions involving a value of Rs 306 crore.

OnlineSBI on Mobile

OnlineSBI on Mobile is internet banking service optimized for mobile browsers. You can connect at https://m.onlinesbi.com. Currently this service is available only for Retail Internet Banking customers.

At present, these services are available

• Instant Term Deposits – e-TDR/e-STDR
• View Account Balance 
• View Mini Statement
• Fund Transfer to own accounts

Other services would be introduced gradually.

Existing users of www.onlinesbi.com can use this service with their existing username and password. "OnlineSBI on Mobile" is accessible from any mobile phone having internet connectivity.