Banking
Electronic fund transfers should come free of cost: Pranab

The Finance Minister said RBI should proactively work and to see if all electronic banking transactions are possible without any charges being levied

 

New Delhi: Finance Minister Pranab Mukherjee asked RBI to work out a mechanism to ensure that banks charge no fee from customers for electronic transfer of funds. Pointing out that Oriental Bank of Commerce has waived off all charges for electronic transactions up to Rs1 lakh, he said, “I am confident that all the public sector banks would follow this excellent initiative,” reports PTI.
 
“I would also urge upon Reserve Bank of India (RBI) to proactively work on this front and to see that all electronic banking transactions should be possible without any charges being levied,” he said in his address to CEOs of public sector banks and financial institutions here.

The Department of Financial Services is working on the implementation of an action plan to bring the country's banking payment structure at par with global standards.

“Public sector banks must promote electronic mode of transactions over other modes. They should examine the possibility of making NEFT transactions up to Rs1 lakh free of charges, as has been done by Oriental Bank of Commerce,” he later told reporters.

For outward transactions under RTGS mechanism, banks charge Rs30 for electronic transfer of Rs2 lakh to Rs5 lakh and Rs55 for amounts above Rs5 lakh.

On the other hand, under NEFT the charges range between Rs5 and Rs25.

He also told the bank chiefs to that the use of debit cards to the point of sale without any transaction charges at least for micro and small transactions should be their next objective.

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Hiring a private jumbo aircraft to be a reality in India

UK-based air charter broker company would be providing commercial jet services in India with 20 to 500 seats to move group of any size

 

New Delhi: Hiring the world's biggest planes like Airbus 380 or Boeing 747 Jumbo will soon become a reality in India, reports PTI.

UK-based air charter broker company Air Partner has joined hands with InterGlobe Established Private Limited (THE ESTD) - a subsidiary of InterGlobe Enterprises - to launch a range of private aviation products from small aircraft to super Jumbos.

Announcing the strategic partnership on Wednesday, Mark Briffa, CEO Air Partner said "THE ESTD is an ideal partner, with strong brand, reliability, knowledge and understanding of India's corporate and luxury travel sector. This partnership gives Air Partner a great platform from which we can launch services and products into a growing and lucrative market".

"We would be providing commercial jet services, which charters airliners with 20 to 500 seats to move group of any size", he said claiming, "the company could even provide the world's biggest aircraft -- Airbus 380 or Boeing 747 Jumbo -- if the customer is ready to pay and the plane is available".

Terming the country's Rs135 million air charter market as 'fragmented' Briffa said, "as the number of players in this sector are numbered. Air Partner is ready to provide its services with highest level of professionalism and to customer's satisfaction".

Headquartered in London, Air Partner is a leading air charter company providing its services to industry, commerce, governments and individuals worldwide. It has 20 offices in 17 countries.

In India, the company would be providing its on-demand charter and unique pre-paid JetCard scheme giving customers a flexible pricing and travel options.

Speaking on the occasion President and CEO of THE ESTD, which offers a portfolio of lifestyle products to high net worths and corporate clients, said "THE ESTD and Air Partner will enable us to meet the demand for the private air charter in the most effective and efficient way, customers will have access to the broadest range of aviation services and operators backed by logistical excellence, value for money and dependability."

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