In India mostly people prefer to invest in gold. In the recent years the gold prices has increased which has made it most costly and popular metal.
There are various options of investment in gold and individual must be able to choose the right option. Recently, there was news that in India the gold can be purchased through ATMs (Automated Teller Machines). But there are various issues related to having ATMs dispensing gold.
ATMs have become a convenient route for individuals for their banking requirements and are having become familiar with the mode of operation of the instrument. At the ATM dispensing gold will mean instead of cash these machines will dispense gold. In this case the gold will come out from the machine in the form of coins or bars. However, such machines are already operational in few places across the world. If individual get chance to see such machine can actually see the kind of use that is possible.
The individuals should check the choices that are actually offered by the ATM. Usually there are lot of options that are available so that there can be purchases in different denominations as per the requirement of the individual. The machine can actually dispense coins as small as 1 gm and then go up to bars that are about a 1kg in weight. Here individuals get the option to choose the exact weight that they actually want to buy.
The prices available for transactions are in fact updated and the latest price that will be available in the market. The machine updates the price of gold every 10 minutes so when an individual goes to transact then there is a link to the actual existing prices and this is actually a good thing for the individual.
The location of these machines has to be dome in different manner. These specialized machines you can not find at street corner. They will be extremely few in numbers and would be installed at high-end places. Therefore, an investor who wants to buy gold through a gold ATM, they would have to travel to the place specifically for the purchase.
The individual has to get familiar with nature of the machine and the manner in which this will actually be used. The gold dispensing ATM machine will only sell the gold to the individual and will not buy the gold back from the investor. Therefore, the individual who want to convert the gold into cash will have to do it separately.
The other important thing to be considered is the gold price at which it will be dispensed by the machine. The difference in terms of the price charged as compared to the prevailing market price has to be seen and understood very well.
However, there is time that presence of such machines become a reality in India it is important for the individuals should be aware of the manner of operation of these so that it is beneficial for them.
Monday, October 25, 2010
Tuesday, October 12, 2010
Vijaya Bank ties-up with MoneyGram for money transfer
Vijaya Bank, a Bangalore based public sector lender is to offer money transfer services at all its branches. The bank has signed an agreement with global money transfer company MoneyGram to offer this service.
Albert Tauro, chairman and managing director, Vijaya Bank, said, “We will offer money transfer facility at all our branches and that will now be facilitated by MoneyGram.”
He added, Thomas Cook and UAE Exchange, travel services providing companies will be part of the agreement who will be providing financial services relating to travel and money exchange.
During the last financial year, the global remittances market was approximately $400 billion and India is one of the major remittances market. Last financial year, from Indian diaspora it had received around $55 billion.
In India around 27% of remittances come from West Asia, though a major chunk is also received from North America.
Tauro added, “We want to tap this market as many of our customers send money from West Asia which is now easily remitted to their relatives in the country.”
He said, in the first half of the financial year Vijaya Bank had received remittances of around Rs 100 crore and the momentum is likely to continue.
He informed that now it will receive money transfer serviced from over 190 countries.
Speaking on the issue, Harsh Lambah, regional director-South Asia of MoneyGram India, said this deal will further strengthen their presence in India.
He added, “We have tied up with public sector banks like Corporation Bank and Punjab National Bank for providing remittance services. After the tie-up with Vijaya Bank, our presence will rise in southern India.”
During April- June period of this fiscal, Vijay Bank had registered a net profit of Rs 173 crore, up by 21 per cent on the back of falling cost of deposit with higher core earnings.
During the same period last year, bank total income increased by 3.8% to Rs 1,520.20 crore from Rs 1,463.42 crore.
Albert Tauro, chairman and managing director, Vijaya Bank, said, “We will offer money transfer facility at all our branches and that will now be facilitated by MoneyGram.”
He added, Thomas Cook and UAE Exchange, travel services providing companies will be part of the agreement who will be providing financial services relating to travel and money exchange.
During the last financial year, the global remittances market was approximately $400 billion and India is one of the major remittances market. Last financial year, from Indian diaspora it had received around $55 billion.
In India around 27% of remittances come from West Asia, though a major chunk is also received from North America.
Tauro added, “We want to tap this market as many of our customers send money from West Asia which is now easily remitted to their relatives in the country.”
He said, in the first half of the financial year Vijaya Bank had received remittances of around Rs 100 crore and the momentum is likely to continue.
He informed that now it will receive money transfer serviced from over 190 countries.
Speaking on the issue, Harsh Lambah, regional director-South Asia of MoneyGram India, said this deal will further strengthen their presence in India.
He added, “We have tied up with public sector banks like Corporation Bank and Punjab National Bank for providing remittance services. After the tie-up with Vijaya Bank, our presence will rise in southern India.”
During April- June period of this fiscal, Vijay Bank had registered a net profit of Rs 173 crore, up by 21 per cent on the back of falling cost of deposit with higher core earnings.
During the same period last year, bank total income increased by 3.8% to Rs 1,520.20 crore from Rs 1,463.42 crore.
Thursday, October 7, 2010
Allahabad Bank, Hindustan Motors tie-up for automobile financing
Allahabad Bank, a public sector bank, and Hindustan Motors (HM) has tie-up to provide finance facilities to former’s customers.
Under the tie-up bank will provide a collateral-free loan up to Rs 10 lakh for commercial vehicles and other preferential services exclusive for HM customers across the country, a company statement said.
HM customers can avail retail financing scheme across Allahabad Bank's 2,365 branches nationwide including its 75 centralized retail banking boutiques (CRBB).
Under the tie-up bank will provide a collateral-free loan up to Rs 10 lakh for commercial vehicles and other preferential services exclusive for HM customers across the country, a company statement said.
HM customers can avail retail financing scheme across Allahabad Bank's 2,365 branches nationwide including its 75 centralized retail banking boutiques (CRBB).
Monday, October 4, 2010
The coming month of November will see the first 24-hour payment system being launched by National Payments Corp. of India (NPCI) in India. Through this system bank customers will be able to remit money to any account in India for free using their mobile phones.
A.P. Hota, managing director and chief executive of NPCI informed, “RBI (Reserve Bank of India) has permitted only a pilot run with a limited number of banks. Five banks (State Bank of India, ICICI Bank Ltd, Union Bank of India, Bank of India and Yes Bank Ltd) are already live.” He added soon Axis Bank Ltd and HDFC Bank ltd will be joining the system.
In other part of the world mobile funds transfer facility is run by telecom companies, such as in Kenya (M-Paisa), South Africa (Wizitz) and the Philippines (Smart Cash), in the US and UK are intra bank systems.
NPCI interbank mobile payment system (IMPS) will be the first-of its kind which will allow such transactions between individuals that will be made possible through the banks and the mobile services provider.
According to RBI guidelines, there is a limit of Rs 50,000 per day on mobile transactions. The no-frills savings account holders can also access this service.
To access this service the senders will have to register for mobile banking with their banks, whereas both the sender and receiver must obtain a special Mobile Money ID (MMID) from the bank, apart from sharing their mobile numbers with the bank.
Bank will also provide a personal identity number (PIN) to senders, after which they have to download a mobile banking application on their handset.
Bank will send SMS to both the sender and the receiver confirming a transaction.
This is the first time, India’s first and only integrated retail payment system company is handling such major project in which public sector banks have 60% share while remaining part has been equally divided among the two private and foreign banks each.
There is no involvement of RBI in the daily operations of the company, but has a nominee on the board of directors.
Around ten promoter banks have collectively committed Rs 100 crore as share capital for the company, out of the Rs 300 crore equity capital for expansion. Over the next three to four years NPCI is planning to spend Rs.400 crore to introduce new payment mechanisms and for office expansions.
By September 2011 NPCI will be launching its own electronic card payment system on the lines of Visa and MasterCard, for this company is doing surveys to finalize a brand name, Hota said. RuPay and NPCI will be the front runners.
A.P. Hota, managing director and chief executive of NPCI informed, “RBI (Reserve Bank of India) has permitted only a pilot run with a limited number of banks. Five banks (State Bank of India, ICICI Bank Ltd, Union Bank of India, Bank of India and Yes Bank Ltd) are already live.” He added soon Axis Bank Ltd and HDFC Bank ltd will be joining the system.
In other part of the world mobile funds transfer facility is run by telecom companies, such as in Kenya (M-Paisa), South Africa (Wizitz) and the Philippines (Smart Cash), in the US and UK are intra bank systems.
NPCI interbank mobile payment system (IMPS) will be the first-of its kind which will allow such transactions between individuals that will be made possible through the banks and the mobile services provider.
According to RBI guidelines, there is a limit of Rs 50,000 per day on mobile transactions. The no-frills savings account holders can also access this service.
To access this service the senders will have to register for mobile banking with their banks, whereas both the sender and receiver must obtain a special Mobile Money ID (MMID) from the bank, apart from sharing their mobile numbers with the bank.
Bank will also provide a personal identity number (PIN) to senders, after which they have to download a mobile banking application on their handset.
Bank will send SMS to both the sender and the receiver confirming a transaction.
This is the first time, India’s first and only integrated retail payment system company is handling such major project in which public sector banks have 60% share while remaining part has been equally divided among the two private and foreign banks each.
There is no involvement of RBI in the daily operations of the company, but has a nominee on the board of directors.
Around ten promoter banks have collectively committed Rs 100 crore as share capital for the company, out of the Rs 300 crore equity capital for expansion. Over the next three to four years NPCI is planning to spend Rs.400 crore to introduce new payment mechanisms and for office expansions.
By September 2011 NPCI will be launching its own electronic card payment system on the lines of Visa and MasterCard, for this company is doing surveys to finalize a brand name, Hota said. RuPay and NPCI will be the front runners.
Friday, October 1, 2010
Advise to banks to install CCTVs in ATMs goes unheeded
With increase in ATM frauds and robberies, RBI and police have instructed banks to install closed-circuit television (CCTV) cameras at their ATMs. Police commissioner T Rajendran informed, in spite of several advisories issued by the police to banks, at least 934 ATM kiosks in the state, including 354 in the city, have not installed CCTV cameras. In a meeting held with RBI officials he said, banks were advised to install CCTV cameras outside their ATMs also.
The police sources told there are around 1,680 ATM booths in the Chennai out of which only 1,326 have CCTV cameras, 1,305 have security guards and only 268 have burglar alarms. Also, out of 5,757 ATM kiosks only 4,823 have CCTV cameras, 4,265 have security guards and only 947 have burglar alarms.
Rajendran said, "At the meeting, we advised them to focus on the infrastructure. Bank branches, ATMs, as well as the process of providing escort to bank personnel carrying cash should be made fool-proof. We discussed net-banking frauds, credit card frauds and phishing mails. We cited the technical difficulties faced while investigating the recent theft at a Thoraipakkam ATM kiosk." He added, "The antecedents of the personnel engaged by banks and the companies hired by them should be verified. Security guards should follow standard operating procedures."
In the meeting RBI regional director KR Ananda, general manager MK Singh, Indian Bank executive director V Ram Gopal, IOB general manager (IT) MS Raghavan, SBI deputy general manager SS Pradhan, Tamilnad Mercantile Bank managing director AK Jeganathan, Canara Bank general manager Lalitha Lakshmanan, Bank of Baroda general manager (south) Usha Ananthasubramaniam, PNB senior manager N Gopu, Union Bank of India assistant general manager Nishish Mobar, UCO Bank deputy general manager DN Routray, ICICI Bank deputy general manager Dinesh Wadhwa, Syndicate Bank general manager Pradeep K Saxena, and HDFC Bank cluster head N Premanand, were present.
Also, Corporation Bank general manager Basti N Shenoy, Central Bank of India general manager S Kannan, additional police commissioners Sanjay Arora and Md Shakeel Akhter, central crime branch deputy commissioner C Sridhar and additional deputy commissioner of police (cyber crime wing) M Sudhakar were present in the meeting.
The police sources told there are around 1,680 ATM booths in the Chennai out of which only 1,326 have CCTV cameras, 1,305 have security guards and only 268 have burglar alarms. Also, out of 5,757 ATM kiosks only 4,823 have CCTV cameras, 4,265 have security guards and only 947 have burglar alarms.
Rajendran said, "At the meeting, we advised them to focus on the infrastructure. Bank branches, ATMs, as well as the process of providing escort to bank personnel carrying cash should be made fool-proof. We discussed net-banking frauds, credit card frauds and phishing mails. We cited the technical difficulties faced while investigating the recent theft at a Thoraipakkam ATM kiosk." He added, "The antecedents of the personnel engaged by banks and the companies hired by them should be verified. Security guards should follow standard operating procedures."
In the meeting RBI regional director KR Ananda, general manager MK Singh, Indian Bank executive director V Ram Gopal, IOB general manager (IT) MS Raghavan, SBI deputy general manager SS Pradhan, Tamilnad Mercantile Bank managing director AK Jeganathan, Canara Bank general manager Lalitha Lakshmanan, Bank of Baroda general manager (south) Usha Ananthasubramaniam, PNB senior manager N Gopu, Union Bank of India assistant general manager Nishish Mobar, UCO Bank deputy general manager DN Routray, ICICI Bank deputy general manager Dinesh Wadhwa, Syndicate Bank general manager Pradeep K Saxena, and HDFC Bank cluster head N Premanand, were present.
Also, Corporation Bank general manager Basti N Shenoy, Central Bank of India general manager S Kannan, additional police commissioners Sanjay Arora and Md Shakeel Akhter, central crime branch deputy commissioner C Sridhar and additional deputy commissioner of police (cyber crime wing) M Sudhakar were present in the meeting.
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