Federal Bank launches interbank mobile payment service

Under IMPS framework, a customer can transfer funds through Internet banking from his bank account to any another bank account

Private sector lender Federal Bank has launched real-time fund transfer facility IMPS (interbank mobile payment service) to its Internet banking customers from 20th March.

This facility is offered in association with National Payment Corporation of India. At present, much of inter-bank funds transfer transactions are through NEFT (National Electronic Funds Transfer) mechanism. Under NEFT, the transactions are processed and settled in batches from 9 a.m. to 7 p.m. and, hence, are not on real-time basis.

In the scheme launched by Federal Bank, a customer can transfer funds instantaneously through Internet banking from his/her bank account to any another bank account which comes under IMPS framework.

A customer does not require beneficiary IFSC code and account number.
Customers can use FedNet as a channel for accessing their bank accounts and transferring funds. The service is available 24 hours through out the day and for the whole year. A customer who wants to transfer funds has to register for Internet banking facility and update his mobile number with the bank.
Customers can transfer up to Rs50,000 daily and up to Rs2 lakh in a month, a press release said.

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LIC sees degrowth on ULIP this fiscal, says government

On the conventional plans of LIC there is growth of 11% in policies and 22% in premium till end of February 2012

The government today said that Life Insurance Corporation of India (LIC) has seen degrowth in sales of unit linked insurance plans (ULIP) in the current financial year.

"There is degrowth on ULIP which is a trend among the whole insurance industry," Minister of State for Finance Namo Narain Meena said in a written reply to the Rajya Sabha.

To a question on sales of various products of LIC, Meena said, "On the conventional plans there is growth rate of 11% in policies and 22% in premium till end of February 2012."

Dispelling the rumour that some of the agents have quit following cut in commission and strict guidelines set for them by LIC, Meena said, "The corporation has reported that there is no instance of quitting of agents in the LIC due to reduced commission or strict guidelines to agents set for them by LIC."

"The commission rates for the new products are also approved by Insurance Regulatory and Development Authority of India (IRDA)," he added.

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Ignoring power thefts led to over Rs2-crore revenue losses: CAG

The CAG has said that the Goa Electricity department has withheld itself from booking people involved in theft cases under Section 135 of the Electricity Act 2003, which attracts imprisonment

Panaji: The Goa Electricity department has been found to be lenient and sympathetic towards people involved in power thefts, due to which the state suffered revenue losses to the tune of Rs2.78 crore, as per the latest CAG (Comptroller and Auditor General of India) report.

The department, in a reply to CAG has said that these power thefts were not "intentional". The CAG has said that the department has withheld itself from booking people involved in theft cases under Section 135 of the Electricity Act 2003, which attracts imprisonment, PTI reports. It has also failed to refer these cases to police department adopting lenient view towards them, the CAG has pointed out. The audit report, which was tabled on the floor of the House yesterday, said that the department's act of ignoring provisions in the Act to deal with the power thefts has left the state with loss of revenue of Rs2.78 crore during the period of 2006-11.

"During the period from April 2006 to March 2011, the meter, relay and testing (MRT) division of the department had detected 453 cases of theft of energy," the CAG has noted. The department recovered energy charges in 141 cases to the tune of Rs67.73 lakh. "These cases were neither reported to the police for further action nor any compounding charges were collected, thereby absolving the persons involved in the theft cases from criminal liability," the report said adding that the department failed to comply with codal provisions which led to this loss of Rs2.78 crore by way of compounding charges.

The CAG has quoted section 135 of the Act as per which consumers will have to be levied compounding charges at the prescribed rates. After CAG's initial queries, the department has told the authorities that the assessment of loss due to non-compounding charges was made but they were yet to be recovered.

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