Birla Sun Life Mutual Fund floats 182 days fixed maturity plan

Birla Sun Life Mutual Fund new issue closes on 9th May

Birla Sun Life Mutual Fund has launched Birla Sun Life Short Term FMP-Series 14, a close-ended income scheme.

The scheme seeks to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The scheme will have duration of 182 days.

The new issue closes on 9th May. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. Kaustubh Gupta is the fund manager.


RBI raises m-wallet limit to Rs50,000

“The maximum value of prepaid semi-closed m-wallet shall not exceed Rs50,000,” a RBI notification said

Relaxing the norms for making payments using mobile phones, known as m-wallet, the Reserve Bank of India (RBI) decided to increase the limit of money-loading to Rs50,000 from the existing limit of Rs5,000 on 4th May.

"The maximum value of such prepaid semi-closed m-wallet shall not exceed Rs50,000," a RBI notification said.

Leading mobile operators Bharti Airtel and Vodafone had tied up with SBI and ICICI Bank respectively to offer such facilities to their subscribers.
The central bank has also decided to treat semi-closed mobile wallet on par with the other semi-closed prepaid instruments.

In the semi-closed mobile wallet, money can be loaded into your cell phone from a licensed company which can be used to make payments. But it can't be used to withdraw money.

The semi-closed system payment instruments are redeemable at a group of clearly identified merchant locations or establishments. These instruments do not permit cash withdrawal or redemption by the holder.

"Keeping in view the need to facilitate the larger acceptance of mobile phone based prepaid instruments as a mode of payment, it has now been decided to bring semi-closed mobile wallet on par with the other semi-closed prepaid instrument," it said.

Those using other semi-closed system payment instruments were already enjoying the upper limit of money value of Rs50,000.

M-wallet can be used for various services like payment of utility bill including electricity, water telephone or mobile phone, insurance premium, cooking gas payments, ISP for internet or broadband connections, cable or direct to home (DTH) subscriptions and citizen services by government.




5 years ago

SLUMDOG-will-be-SLUMDOG-not-MILLIONAIRE.- RBI Policy on Payment and Pre-paid Gateway Busniess
People thinking to create Payment gateway business (Mwallet, e-wallet, Payment Gateway)—Forget it Why ?
Our Objective was: To Design an Payment System like Paypal which benefits Merchants who can sell their products on below methods for free of transaction charges and installation charges and make merchants money 100% legal since money is deposited in Bank account which inturn boost the economy of india ..
------------------------------Section1 -Analysis-----------------------------------------
Who Are Merchants : Merchants are owner’s , who sell their their products online /physical and accept payments via cash/cards/vouchers.
Different type of Merchants
1)Online store –Where customer purchases using payment gateway (ex. Paypal, credit/debit card/voucher cards)
Example of online store : FLIPKART,JABONG,ebay etc…….
2)Physical Store Where Customer accepts Payment via credit/debit cards or Cash(Ex: the machine where you swipe cards)
Example of Physical Store: Petrol Pumps, lifestyle, PVR ..(millions of them )
------------------------------- Section2---Problem/Issue-----------------------------------------
Why Merchants are losing their profit /if they are in profit, probably they are cheating customers by increasing the product price by average 3 %.
i.e for every 1 lakh rupees spend by customer on any purchase, either the Merchant /you directly/indirectly losing 3,000 Rupees
if payment is made by cash it goes unaccountable in terms of Black money effecting you indirectly with increase of commodities and fuel price .
From All above Analysis it is clear the customer/merchant is always on loser side , first directly he losses 3,000 rs and then after some months/years hike in commodities prices effects his family later
------------------- Section3-----Result of above Problem/issue----------------------
Head spinning Numbers : Don’t die seeing this numbers
1)Black money official numbers : $1,456 billion this was in 2006 now we guess unofficially it would be $10,000 billion = 5,53,90,00,00,000 , I.e 5,53,90,000 crore
Source :
2)Indian GDP value : ONLY RS 1,662 crore
Source : http://articles.timesofindia.indiatimes....
5,53,90,000 crore Black money and GDP growth is 1,662 crore around 4 lakh % more than GDP ..
Hare ram hare Krishna ..Govinda govinda………
-----------Section4--Read the below 2 Story before seeing Solution ---------
Ever heard the story of the giant ship engine that failed? The ship's owners tried one expert after another, but none of them could figure but how to fix the engine. Then they brought in an old man who had been fixing ships since he was a youngster. He carried a large bag of tools with him, and when he arrived, he immediately went to work. He inspected the engine very carefully, top to bottom.

Two of the ship's owners were there, watching this man, hoping he would know what to do. After looking things over, the old man reached into his bag and pulled out a small hammer. He gently tapped something. Instantly, the engine lurched into life. He carefully put his hammer away. The engine was fixed! A week later, the owners received a bill from the old man for ten thousand dollars.

"What?!" the owners exclaimed. "He hardly did anything!"

So they wrote the old man a note saying, "Please send us an itemized bill."

The man sent a bill that read:

Tapping with a hammer ......................... $ 2.00
Knowing where to tap ............................ $ 9,998.00

Effort is important, but knowing where to make an effort in your life makes all the difference
Not so similar concept , but 20 % matching concept was driven by Anna Hazare with LOKPALBILL
(in 2011-2012).Few believe it was good movement ,and few , it was an political gimmick to form an additional government body where it can be an extra black money generator
LOKPAL BILL failed massively the people/leaders who ran the show are now settled happily with recognization, income and with great status /disappeared nowhere.
Victim : The innocent people who took part in rally are still suffering from burden economy and Bribe

-------------- Section5-BLACKPAL BILL is the real solution for any country not just india , it would boost economy ------------
BLACKPAL Bill knows how to tap Black Money.
Based on above two stories , BLACkPAL BILL is very much needed to find an one stop solution
What is BLACKPAL Bill ?
All the currency Denomination notes should be recycled every 2-3 years with new leaders photo/year mention on all denominations note with validty period.
Banks should accept the current denomianations and issue an new denomination with minimal amount in case of non account holder and who need cash in hand immediately
I don’t want to continue this story since its an crap dream which will never happen ..:-) why I would waste my time ..its people’s problem , why should I help you for your life to become easy
Now let’s focus on the Payment gateway section1 and section 2 soultions
-------------------------Section6---RBI Our super hero----------------------------------

RBI introduced an Pre-paid Payment Systems policy for business people like us to do gateway/Payment business , it has 4 choices as below
Prepaid Payment Instruments: Prepaid payment instruments are payment instruments that facilitate purchase of goods and services against the value stored on such instruments. The value stored on such instruments represents the value paid for by the holder, by cash, by debit to a bank account, or by credit card.
The prepaid payment instruments that can be issued in the country are classified under the four categories viz. (i) Closed system payment instruments (ii) Semi-Closed system payment instruments (iii) Semi-Open system payment instruments and (iv) Open system payment instruments.
Inshort what i understand from the law , for normal people to setup such business issues are
1) Minimum net owned funds of Rs 10 lakhs is required.
When my business is non-profit , why should Minimum net owned funds of Rs 10 lakhs
2) Getting the approval is an adhoc tasks not an easy procedure .
My head and my wallet will go empty going back of auditors and RBi people and spending money to get license.
Can anyone tell me the procedure of getting the authorization and license from RBI ?
3) These instruments do not permit cash withdrawal or redemption by the holder.
One-way , dead-end , your money is gone if you don’t use , example the money transferred into your mwallet/ewallet has to be utized completely .
What on god’s name is this policy ,if I am customer and I want my money back due to bad service or need to close the account
4) Safeguards against money laundering KYC
Getting the new customers and convincing , educating them and creating account in our business itself are difficult taks , apart from that if we explain them about KYC they will run off .
Yes , there is an trick to it ..add both KFC + KYC ..atleast people will to you to talk as if you are giving an free gift at KFC 
We are just intermediators who transfer the payment from one bank to other bank account legally , then is’it the KYC be place with the bank as and when required , if any .
Finally YES RBI is an super hero 
--------------Section8---Impact of RBI rules as per section 7 -----------------
With Above rules in place what happened to india
1)Millions of customer receiving payment (Freelancers,online shopping owner ) Busniess is under loss
2)with addition to RBI , TRAI new Rules Ban on SMS or limited SMS plan has made even worse for the business to go under loss (example marketing and SMS Bulk rate provider etcc….)
3)Indian economy is flumbling becaue of all the above policy made by RBI and Politicians
4)Many international business has stopped their business in india ( ex paypal)
5)Least but not least ..who is the loser its only us customers/merchants
---------------Section9---RBI + NPCI two new heroes to save india --------------
Do you know RBI +NPCI is creating the retail payment system .National Payments Corporation of India (NPCI) was incorporated in December 2008
The transaction charges and fees are not yet disclosed , but my guess is it will be the same as the current payment gateway system .
So why are they building an retail payment system
Currently, Indian banks pay 200-300 Crore to Visa and MasterCard for processing debit and credit cards.This cost is expected to come down after the launch of RuPay card system, which is likely to charge a lower processing fee.The benefit of a lower fee will be reaped by customers as well to whom the banks pass on the cost.

---------------Section10---Politics- man-- --------------------------------------
So now with all above section guess its clear , RBI is also starting business rather than governing Monetary policy . they are trying to run an one man show business with no common man to become an millionare .
Who ever have started the business as mwallet , ewallet payment gateway will also lose their business .
In Brief I feel PAYPAL was out , TRAI rules existence and pre-payment payment rules are just for temporary period , once RBI Launches RUPAY all business will be vanished .
Note : If RUPAY is launched and if it becomes an failure then our country is dooooomed
---------------Section11---Final conclusion ---------------------- --------------
1) After so many sections I guess we are back to square one i.e our objective to Design an Payment System like Paypal which benefits Merchants who can sell their products for free of transaction charges and installation charges and make merchants money 100% legal since money is deposited in Bank account which inturn boost the economy of india ..
2) RBI has to allow common man to participate in Payment gateway business.
3) The losers are always merchants/customer .
Note : I am not an writer/economist .Article was written at late night , pardon me if any spell/grammer mistakes . all above are just my analysis and should not be treated as final conclusion .However if any questions/suggestions/wrong in my understanding you can fire your taught , in case if I don’t check the blogs or reply is delayed please mail to .
---------------------END of SLUMDOG-will-be-SLUMDOG-not-MILLIONAIRE -----------------------------------

Bharti AXA targets first premium business of Rs800 crore

Bharti AXA, which already has a branch in Kochi, will open a second one in Kozhikode in October this year

Bharti AXA General Insurance Company said it is targeting first premium business of Rs800 crore nationally this calendar year.

Last year, Bharti AXA had collected Rs500 crore, Sanjay Radhakrishnan, senior vice president, head-corporate and alternate distribution, said.
Bharti AXA General Insurance is a joint venture between Bharti Enterprises and AXA, a world leader in financial protection. The company was looking at business of Rs250 crore from South India this year.

Right from its inception, first premium business in South India amounted to Rs230 crore from 1.6 lakh policies, he said.

The company also aims to further deepen its penetration in the SME segment across Kerala, Manoj Nair, zonal VP-South, said.

It was offering 'packaged policies' targeted at shopkeepers, the hospitality segment and small scale industries.

These are not only cost-competitive, but also significantly reduce the hassles associated with procuring of insurance policies through instant and on the spot issuance of pre-underwritten products.

Bharti AXA, which already has a branch in Kochi, will open a second one in Kozhikode in October this year. The two branches, along with six spoke locations, will serve the SME segment across Kozhikode, Thiruvananthapuram, Kollam, Kottayam, Thrissur, Malappuram, Palakkad, Kannur and Kasaragod districts.

The company also plans to increase its headcount by 50% and build its business to about Rs15 crore in Kerala by December this year from the present 7.4%.


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