With the aim to match the standards set up existing card providers like Visa and MasterCard, the National Payment Council of India (NPCI) is set to launch RuPay debit card in March.

He also said, "It will be a personal identification number (PIN)-based debit card and not a...

Logica India, the Indian unit of European business and service company Logica, is designing a product for payment systems for the regional rural and Cooperative banks in India.

The Global Director of Innovation & Marketing Director at Logica India, Mr. G. B. S. Bindra said, "There are banks which do not have the budgets and income to buy payment systems. For them we would like to introduce a transaction-based model where banks would pay for the...

South India based Mahesh Co-operative Bank has launched ATM card. The card has been christened as Mahesh RuPay ATM Card.

The card will be issued mainly to the no-frills accounts holders in collaboration with banks. ATMs provide an opportunity to the banks to reduce the transactions costs as well as it is of greater convenience for the customers also.

Rupay ATM cards are expected to give a healthy competition to the international card providers.

The leading foreign sector lender in the country, Standard Chartered Bank has made new appointment at the post of Regional Chief Executive, India and South- Asia. Mr. Sunil Kaushal has been selected to serve at the position of responsibility.

Mr. Kaushal has filled into the shoes of Mr. Neeraj Swaroop, who will now serve as the Regional Chief Executive of South-East Asia (excluding Singapore).

Mr. Kaushal has been with Standard Chartered Bank since 1998. Before assuming...

The non-performing Indian operations of the credit card portfolio of Barclays, a foreign sector lender has been acquired by Kotak Mahindra Bank in India. Prior to it the former sold its performing portfolio of credit cards business in India to Standard Chartered Bank last month.

The portion owned by Kotak Mahindra Bank consist around 200,000 cards. The banks in India are now concentrating on expanding the credit card business. Earlier last year, IndusInd...

Leading foreign sector lender in the country, the Hong Kong and Shanghai Banking Corporation Limited (HSBC) has launched a new  co-branded credit card. The card is launched with MakeMyTrip in two categories - Signature Credit Card and Platinum Credit Card.

The card not only offers travel related benefits to the customers but they can also avail unique offers on shopping as well.

As registration benefits, the customer were will be offered domestic air tickets or...

There are often complains about the fake currency dispensed by the ATMs. Such a situation be troublesome for the customers but now there is a concrete solution for such a situation.

Under any such instance the bank will be held responsible and it will have to compensate the customer.

The Joint Secretary of Cyber Society of India, Mr. S. N. Ravichandran said, "Banks cannot wash off their hands on the issue of fake notes dispensed by their...

The largest lender in the country, State Bank of India which holds the maximum number of ATMs in the country is still on the track to further set up the ATMs.

The process of installing of ATMs has undergone some development. In order to slash the cost of installation and to standardize them, now the ATMs will be set up through a consortium of Public Sector Banks.

The Managing Director and Group Executive (National Banking) of...

Information Technology has found intensive use in the banking space. Most of the banking facilities available today are the gift of IT. To maintain the momentum, the industry has started feeling the requirement of trained IT professionals.

The Indian Banks' Association, to ensure continuous flow of services is planning to create a pool of such professionals.

The Managing Director and Chief Executive of IDBI Intech, Mr. Sanjay Sharma said, "Banks do not have readily available skill-sets to...

The electronic banking options have posed an impressive growth in last few years. Facilities like NEFT/RTGS have attracted a lot of traffic upon them. In metropolitans they have become preferred choice for making transactions.

The volume of transaction under the electronic payment channel for the year 2010-11has increased two folds as compared to the previous year. The growth pattern was reported by the Reserve Bank of India.

Debit cards have also grown handsomely by 40% over...

Interbank Mobile Payment Service (IMPS) is now available with State Bank of Hyderabad, a leading public sector lender. The facility allows customers to make banking transactions through mobile phones.

IMPS facility is regulated by the National Payments Corporation of India (NPCI). With the inclusion of State Bank of Hyderabad, now a total of 34 banks offer IMPS facility to their customers.

According to a survey conducted by PrincewaterhouseCoopers (PwC), around 69 percent of the surveyed people use internet to buy financial products. It has been predicted that by 2015 digital banking channel will overtake the conventional branch banking.

The bank branches have witnessed a fall in footfall in last few years because of the introduction of digital banking. Facilities like internet banking and mobile banking have found mass usage among the bank customers.

The banking system in...

In order to match to the standard of services that other banks offer, Tamilnad Mercantile Bank has recently launched Mobile Banking Service. The service is offered without any extra charges.

This service will allow bank's customers to transfer funds from mobile along with various other facilities.

The zero liability policy which has already been implemented in a few countries is still to find a place in India. There is still debate going on about the issue but RBI has alluded that it is in favor of it.

In India,credit card issuers are liable for the fraudulent transactions made from the card only when the customer has reported about it.

Banks are of the opinion that they take ample measure to make sure...

The Reserve Bank of India has acceded to the proposal by National Payments Corporation of India regarding removal of cash retraction system from ATMs.

The retraction system enables the machine to engulf the withdrawn currency by the customer, if it is not removed within a certain time period.

However, several complaints have been reported where people held some notes outside and when the machine has sucked in the currency they would claim for a refund. The decision...

To make banking facilities accessible, a micro ATM device has been launched by The Unique Identification Authority of India (UIDAI). The device is basically aimed at facilitating the small wage employees to withdraw money at their door step.

The targeted beneficiaries under the facility are MG-NREGA workers, other beneficiaries under old-age pension, scholarship or any other welfare schemes. The system has been introduced at a few places in Jharkhand on pilot basis. Once perfected, it will...

South Indian Bank recently launched its mobile banking channel and has christened it as SIB M-Pay. The facility has been launched under the Core Banking Platform (CBS).

Mobiles have given a whole new dimension to the way baking is done. Mobile Banking facility, which allows customers to conduct banking transactions through mobiles, has evolved as another stream of banking.

Through this facility the bank customer can now transfer funds through their mobiles even on holidays as...

Portability system, after being comfortably implemented in insurance and mobile space can soon find place in banking space also. The Finance Ministry has already started working in the direction of savings bank account number portability.

The system, if implemented will prove beneficial for the customers. It will allow them to switch their bank without worrying, as the account number will remain the same.

However, the banks will have to strengthen their systems and techniques on identification code,...

Convenient, quick, safe and trustworthy- credit cards have become an inevitable part of modern lifestyle. Knowing the type of credit card which suits the profile of the person concerned the best is important before selecting the card of choice. With hoards of credit cards being issued by credit card companies, it becomes necessary for an individual to first know the various kinds of credit cards being offered by banks and financial institutions in India.

Regular Credit...

The Reserve Bank of India has announced to issue a special Rs. 5 denomination coin. It is to mark the hundredth anniversary of civil aviation.

The coin will be circular in shape with a diameter of 23 mm. The coin will bear Lion Capitol of Ashoka Pillar in the center on one side. On the flip side, there will be an impression of an aircraft with figure ‘100' mentioned.

In a statement, the Reserve Bank of India...