VARINDIA IT MAGAZINE

RBI to impose fine on banks whose ATMs run out of cash from October 1st: I In a big relief for the common citizens, the   Reserve Bank of India   has decided to charge penalties on banks for non-availability of cash in   ATMs . The RBI has launched the ‘ Scheme of Penalty for non-replenishment of ATMs ’, which will come into effect in October. Under the scheme, a penalty of Rs 10,000 per ATM will be levied if they are out of cash for more than 10 hours per month. The Reserve Bank of India (RBI) has directed all banks and white label automated teller machine operators to ensure that ATMs never run out of cash.   Explaining why the new rule will be implemented, the RBI said in a statement: “A review of downtime of ATMs due to cash-outs was undertaken and it was observed that ATM operations affected by cash-outs lead to non-availability of cash and cause avoidable inconvenience to the members of the public. Therefore, been decided that the banks/  White Label ATM O...

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE   Mahindra Comviva  has announced that it has signed a mobile banking deal with  Kyrgyz Investment Credit Bank (KICB) .  With this, KICB becomes the first bank in the country to take an initiative in the mobile banking and payments space. The Bank is looking to partner with multiple remittance service providers to enable both inward and outward remittances in the region. As per the deal, Mahindra Comviva’s mobiquity mobile banking solution will empower KICB customers to conduct a range of financial and non-financial transactions such as domestic and international remittance, cash in-cash out at agent locations, airtime recharge (top-up), balance enquiry, bill and merchant payments, amongst others, thus allowing the Mobile Banking application to be leveraged as a complete self-service channel for various banking and payments related requirements. Srinivas Nidugondi, Head of Mobile Financial Solutions, Mahindra C...

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE   IBM  has announced that Sindhudurg District Central Co-operative Bank has selected IBM for building an on-premise data center. IBM's Integrated Server Room (ISR) solution will enable the bank to set up a cost effective and energy efficient data center to offer new customer services like ATM, mobile banking, and online banking. The solution will also help the bank reduce its energy use by 25 percent. The bank wanted to implement Core Banking solutions to offer its customer a range of financial services and comply with government regulations. Hence the bank decided to build a data center, which is essential to implement Core Banking solutions. Considering it has regional presence, Sindhudurg District Co-operative Bank needed a low cost solution, with optimal utilization capabilities..... See More

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE   IBM has announced that Sree Charan Souharda Cooperative Bank Ltd. has selected IBM SmartCloud to help it meet growing demand, add new customer services and to centralize mission -critical operations such as real-time transaction processing across its five branches in Bangalore. The IBM SmartCloud is supposed to be used to deliver the Resilience for Core Banking solution from IBM Business Partner Infrasoft Technologies Ltd. as part of the agreement. Sree Charan Souharda Cooperative Bank will be better able to align its business processes with predictive analytics and offer enhanced financial solutions to its customers including Internet banking, online money transfer, ATM Services, and mobile banking with this technology on the IBM SmartCloud. KS Raghunandan, Director, Integrated Technology Services, Global Technology Services, IBM India/South Asia said, “Increasingly, IBM sees cooperative banks opting for a more robust IT envir...

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE Nucleus Software has announced that ING Vysya Bank has implemented FinnOne Customer Acquisition System (CAS) version 3.7, Loan Management System (LMS) version 3.8 and Collections version 3.7 to drive the Ban's consumer lending business across its branches in India. CVG Prasad, Chief Information Officer, ING Vysya Bank Ltd, said, "We were very focused on investing in a platform with the aim of upgrading the client experience and building our commitment to making banking easier for customers. The need was for a seamless system interface across the front office, processing centre and customer service units; which would crunch turn-around-time for customers and enable the bank to process higher volumes, faster. Nucleus Software's excellent track record in the financial services sector made FinnOne a clear choice for us. We are sure that this implementation will optimize all our consumer lending operations." Vishnu R. Dusad, CE...

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE The Nawanagar Cooperative Bank Ltd., Jamnagar has selected IBM to deploy core banking solutions on a hosted cloud services model. The bank claims to be automating its end-to-end operations on InfrasoftTech's OMNIEnterprise Core Banking Solution hosted at IBM's data center. With new regulations and corporatization affecting customer expectations from co-operative banks in India, The Nawanagar Coop. Bank Ltd. was aiming for increasing availability of risk management products like derivatives, IT adherence & alignment, to effectively compete against other private banks. By implementing this end-to-end core banking solution, the client is said to offer state-of-the art financial solution to their customers including internet banking, online money transfer, ATM, mobile banking, etc. As part of the agreement, IBM is believed to be remotely hosting and managing the IT and networking infrastructures of the bank while also implementing the...