RBI launches new mobile banking app, RuPay debit card

Press Trust of India, December 23, 2013

The Central Bank of India, which is celebrated its 103rd Foundation day on Monday, has

launched a new mobile banking application and a EMV (Europay, Mastercard, Visa) compliant 'RuPay' debit card.

Finance Minister P Chidamabaram launched the scheme, along with 103 branches and 103 ATMs of the bank, through video conferencing.

Rajeev Rishi, Chairman and Managing Director of the Bank, said the card would help traders to draw Rs. 40,000 a day or Rs. 1 lakh in case of international transactions.

The RuPay Debit Card would be accepted at all channels, including - ATMs, PoS machines, e-commerce sites, now that EMV chip and PIN cards with global acceptability have been introduced, an official of the bank said.

The EMV-compliant RuPay Debit Card is based on the Swadeshi Platform and is more secure with in-built security chip, he said.

The mobile banking application is said to be intended to promote greener and eco-friendly channels of banking, while at the same time facilitating all types of customers to avail banking services on the go.

Rishi said the bank had always been a common man's lender and chose the occasion to focus on the rural and underprivileged sector as well.

The Central Bank of India also launched a special Chola Arogya Bhima Health Insurance Policy through the Finance Minister, to provide affordable health insurance to 1.03 lakh rural families. 503 women's self-help groups were linked with the Bank's financial assistance.

R K Goyal and Animesh Chauhan, executive directors of the Central Bank, were also present at the occasion.

The finance minister also inaugurated the Central Bank's CSR activities in 103 government schools (100 in Central Bank's lead districts and three in Sivaganga District).

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Banking in Chennai :1950s’ banking in George Town

(From left to right) The Madras home of the National Bank of India, the Mercantile Bank of India and Arbuthnot's. Photo: Vintage Vignettes

S Muthaiah The Hindu 22 Dec 2013

Recalling his days as a banker in George Town in the 1950s, A.M.V. Alagappan draws attention to a few banks of his time there that have closed or got new identities.

Banks now missing from the George Town scene are the Pandyan Bank, Eastern Bank, Indo-Commercial Bank, Lloyd’s Bank, National Bank of India and Mercantile Bank of India.

The Pandyan Bank, started by Madurai businessman S.N.K. Sundaram, had its Madras branch on Armenian Street, opposite St. Mary’s Hall. It attained considerable success within a few years through such innovative schemes as providing plastic pouches for savings bank pass-books, a novelty which induced many to open savings bank accounts — with just Rs. 10. More significantly, it pioneered in India an all-women’s branch, establishing one in Madurai in 1947. There were ten women ‘manning’ the branch, including Kamala, Sundaram’s daughter. The Pandyan Bank with its 80 branches was merged with the Canara Bank in 1963, when several of the major banks that had only then recently been nationalised took over many of the smaller regional banks and acquired greater local area spreads, particularly in rural areas. Another such bank that merged with a bigger bank was S.N.N. Sankaralingam Iyer’s Indo-Commercial Bank, founded in 1934, that merged with the Punjab National Bank. The Madras branch of Indo-Commercial was at the Errabalu Chetty Street-Armenian Street corner. Sankaralingam Iyer was the father of K.S. Narayanan, founder of the Sanmar Group.

On Armenian Street, opposite Binny’s, was the London-headquartered Eastern Bank and on Esplanade Road, near Parry’s Corner, was another British bank, Lloyd’s. The Lloyd’s branch was closed down after Independence and the Eastern Bank was taken over by the Chartered Bank in 1957.

The large British banks that slowly changed their identity in phases, retaining bits of their old names in their new avatars, before vanishing altogether, were the Chartered Bank of India, Australia and China, the National Bank of India, and the Mercantile Bank of India. The first-named had its own building at the corner of Esplanade Road and Armenian Street. The National Bank built a handsome Indo-Saracenic building on First Line Beach (now Rajaji Salai), just behind Parry’s, and moved into it in 1915. The Chartered Bank of India, Australia and China became the Chartered Bank, then, after merging with the Standard Bank of South Africa in 1969, the Chartered Bank. The National Bank merged with Grindlay’s Bank on Armenian Street and became the National Grindlay’s in the new building that was a far cry from the dignified Indo-Saracenic building that was a landmark on First Line Beach. Further down the road was the Mercantile Bank of India’s handsome building into which it moved in 1893. The London-headquartered Mercantile Bank, in the city from the 1850s, was taken over by the Hong Kong and Shanghai Banking Corporation (HSBC Bank) not so long ago. A neighbouring building was till recently the Indian Bank’s headquarters. On this site was the infamous Arbuthnot bank, whose property its successor institution, the Indian Bank, acquired.

Also no longer on First Line Beach is the Reserve Bank of India which shared space with the Imperial Bank of India in what is now the main branch of the State Bank of India.

In how many of these old banks that remain are there memories of their beginnings or of those they took over?

Beyond 2013 :Go BEYOND limits and set your own Rules

Beyond 2013 :Go BEYOND limits and set your own Rules

The Spirit of Dr A P J Abdul Kalam :Don’t read success stories, you will only get a message. Read failure stories, you will get some ideas to get success.

Don’t read success stories, you will only get
a message. Read failure stories, you will get
some ideas to get success.

~ Dr APJ Abdul Kalam

In his book India 2020, Kalam strongly advocates an action plan to develop India into a knowledge superpower and a developed nation by the year 2020. 

He regards his work on India's nuclear weapons program as a way to assert India's place as a future superpower.

It was reported that, there was a considerable demand in South Korea for translated versions of books authored by him.

Biographies:

• The Kalam Effect: My Years with the President by 
• 
  
• P.M. Nair; Harper Collins, 2008.

Step aside Modi, Rahul: The real political genius is Kejriwal

  F P Ivor Soans Dec 24, 2013 

Move over Modi and Rahul, Kejriwal may be the real political genius

Behind that utterly simple and benign aam aadmi look ticks a brilliant mind. While that's not exactly breaking news, considering Arvind Kejriwal is an IIT graduate, now it's clearer than ever that he also has a brilliant political mind and that the strong showing of the AAP in Delhi under his leadership was only the beginning.

Consider this--the BJP which was literally taunting the Aam Aadmi Party to form the government in Delhi is now wailing like a petulant child. Delhi BJP leader and CM candidate Harsh Vardhan is crying from the rooftops that the AAP has betrayed the people of Delhi and ishungry for power.

The rich irony that’s not lost on anyone is that just a few days ago Harsh Vardhan was saying the exact opposite. In his reply to Kejriwal's poser to the BJP and the Congress, Harsh Vardhan raised his own questionsstating:

"Eleven days have passed since the results of the elections were declared. Mr Arvind Kejriwal had met the Lt Governor five days ago but he is still playing hide and seek game with the people of Delhi. They are unable to decide how they shall fulfill the expectations of the people with which they voted for AAP. This party should clearly tell the people whether it will form the Government or not?" He also complained about the bureaucracy in Delhi unable to do anything in the absence of any government and moaned about it hindering the progress of Delhi since the working of Government in the capital has completely stopped.

But now that the AAP government seems all set to take over, Harsh Vardhan is singing a different tune. What got the BJP's goat is the way Kejriwal went about it. By putting the onus on the people through a referendum of sorts and by appearing extremely reluctant to take power, unlike the average Indian politician, he seems to have lulled the BJP into complacency. Thanks to Kejriwal's reluctance, today when the AAP has decided to form the government, even Delhiites who didn't vote for AAP in the recent polls would not believe that Kejriwal is desperate for power. Kejriwal has shrewdly conveyed a picture of being reluctantly placed on the throne despite his protestations by people carrying him on their shoulders. And that's a powerful picture.

The BJP's bigger worry is that the payoff of not appearing desperate for power in Delhi and taunting Kejriwal may now be tougher to come by in the quest for the bigger throne in Delhi--that of the Prime Minister, if Kejriwal manages to do a Delhi in other urban and semi-urban constituencies across India. Kejriwal had earlier dismissed a Modi wave in Delhi pointing out that the BJP's vote share in Delhi had actually fallen by 2 percentage points in the recent elections as compared to 2008, which meant that not even everyone who voted BJP in 2008 voted BJP in 2013.

Kejriwal's reluctant act was so well played that even his friend turned possible foe Kiran Bedi grudgingly admired Kejriwal for this despite some sniping by claiming the AAP was taking a big risk in forming the government. Bedi said Kejriwal had made a smart move by taking a referendum on whether to form the government with Congress support and added that this would help him escape allegations of being a political opportunist as is being alleged by some parties.

The Congress, a party that could easily win gold medals if lending support and pulling the rug from under the feet of non-Congress governments were a competitive sport, is in a bind too. AAP senior leader Prashant Bhushan has said that the AAP will not accept any conditions from the Congress, adding that they were only interested in fulfilling their agenda. And while the Congress has been crying hoarse that support to the AAP is not unconditional, beggars cannot be choosers in this scenario.

If the Congress pulls the plug and it results in the fall of a government led by a man whom the aam aadmi thinks is not power hungry, the resulting fire will only singe the Congress. And if the AAP opens up the Common Wealth Games (CWG) can of worms, the Congress can ill afford to refuse support to a party seen as investigating one of India's corruption milestones. Not after what has happened in Mumbai where the Congress-NCP government's refusal to accept the Adarsh Commission report that named politicians and bureaucrats may haunt it during the upcoming elections, and especially if the judiciary gets into the act as the BJP has promised.

The Adarsh report mess has even sullied the reputation of Maharashtra CM Prithviraj Chavan, one of the few Congress politicians respected for his clean image. BJP PM candidate and Gujarat CM Narendra Modi is already heaping ignominy on Congress VP Rahul Gandhi for his idealistic talk on corruption but refusing to walk the talk when it comes to the very suspicious actions of the Congress-NCP government in Maharashtra. After all, what CWG is to Delhi, Adarsh is to Maharashtra.

Any Congress move thanks to AAP being proactive on investigating corruption will only backfire on the Grand Old Party and the AAP will come out smelling of roses and as a player seen as fulfilling its promises on corruption. Some Congress leaders are already planning backroom moves but not much may come of these plans.

And it's not that the AAP needs years in government to prove it can govern. “Governance is no rocket science,’’ Kejriwal told mediapersons a few days ago, but the AAP seems to be looking at doing as much as it can in as little as two months since the Election Commission will implement the Model Code of Conduct by end-February for the upcoming Lok Sabha polls. A tough Jan Lokpal bill for Delhi which neither the Congress nor the BJP can afford to reject unless they want further association as parties neck deep in corruption, some more noises about reducing power bills with some arm twisting of private utilities, announcing free water per household up to 700 litres a day as promised in the AAP manifesto, are all achievable within two months. And the average Indian doesn't care much for economics and fiscal deficits at a time when inflation is wrecking his finances.

AFP

Then there's lifestyle itself, a factor that is not insignificant to the urban, educated Indian voter. Kejriwal drove to meet Lieutenant Governor Najeeb Jung in his Maruti Wagon R, a fact that was not lost on media or the average Delhiite. At a time when even my local municipal corporator in Mumbai drives a BMW, the average Indian's admiration for Kejriwal's lifestyle will only increase. After all, his lifestyle is the completely opposite of a normal Indian politician's who the average Indian sees as completely mired in corruption.

Plus, there's security and cavalcades and lal battis, all part of the VIP culture, which the average Indian detests and sees as more signs of corrupt politicians who are completely out of sync with the real India that's furious about corruption and luxurious lives led by politicians at the taxpayer's expense. Kejriwal has already refused security and it is very likely he won't move to the official residence of the Chief Minister too. India may well get its first ever Chief Minister who uses public transport like the Delhi Metro. A disciplined and austere lifestyle in power will endear Kejriwal to even more Indians.

I remember running into Maharashtra politician Raj Thackeray at Mumbai airport a few years ago. I was waiting with 5-6 others in queue for security screening when some security men came and started making way for someone. "There comes another VIP," I thought, and within a few seconds, Raj Thackeray popped up. He saw us, saw the queue and after a moment of indecision decided to stand in the queue, right behind me. Since his security men were frantic, I told him he could break the queue if he was in a hurry, but he graciously refused and said he would stand in queue. When I mentioned this on Facebook, some friends said they would actually vote for him because of his gracious behaviour. What's gracious about queuing up, I remember thinking, but now I realise that the average Indian hates the VIP culture of our politicians so much that even a divisive politician who evokes strong reactions becomes palatable if he is seen as not being part of the VIP culture.

And Arvind Kejriwal seems to be miles ahead of Raj Thackeray on this one. And miles ahead of the BJP and Congress on other aspects. Clearly, he has outmanoeuvred both the national parties. Now it's his game to lose.