Banking
ICICI Bank launches 'Pockets', a new app for Facebook

'Pockets by ICICI Bank' allows customers to carry out wide range of non-financial transactions including viewing a summary as well as a mini statement of savings bank account, knowing credit card details and getting demat holding statements

ICICI Bank has launched a new application that would allow its customers to carry out a slew of banking services on Facebook.

 

Using the app, 'Pockets by ICICI Bank', customers can carry out wide range of non-financial transactions including viewing a summary as well as a mini statement of savings bank account, knowing credit card details and getting demat holding statements. Through this app, a customer can open fixed or recurring deposit, order a cheque book, stop a cheque payment and upgrade debit card, the lender said in a statement.

 

Last year, the Bank launched 'Your Bank', its app on Facebook that allows customers to their savings account details and statements while on Facebook, as well as to order a cheque book and upgrade debit card.

 

'Pockets by ICICI Bank' offers a bouquet of unique features such as:

  • Split 'n' share: It allows customers to split and track group expenses and share them with friends on Facebook.  The app also gives the customer the option of sending messages to remind friends on pending payments.
  • Pay a friend:  It allows customers to transfer funds to their friends without knowing their bank account details like account number, bank branch, branch IFSC code etc. Through this facility, customers can create electronic coupons that can be redeemed by their friends on www.icicibank.com
  • Recharge prepaid mobile: 'Pockets by ICICI Bank' lets customers recharge their prepaid mobile instantly, from Facebook itself.
  • Book movie tickets: Users can now plan for their favourite movie with their Facebook friends and instantly book the tickets using 'Pockets by ICICI Bank'.

User

COMMENTS

pravsemilo

3 years ago

Now Big Brother knows what you do with your ICICI account!

US FDA to increase inspections of drug facilities in India

The USFDA’s presence in India is being increased to 19 from 12 American staff based in-country, including 10 dedicated specifically to medical products

The US Food and Drug Administration (USFDA) is increasing its inspections of facilities of drug makers in India, the second largest provider of finished dose products to the US, to ensure compliance of approved manufacturing norms.

 

The US health regulator, which has been cracking the whip against many Indian pharmaceutical companies, including Ranbaxy Laboratories and Wockhardt, is also recruiting and training additional drugs investigators in India.

 

The FDA said it is stepping up inspections in India in order to meet the requirements of the new Food and Drug Administration Safety and Innovation Act (FDASIA) — Generic Drug User Fee Amendments (GDUFA).

 

“In March 2013 the (US) FDA received approval from the Indian Government to add seven additional drugs investigators in India.

 

The USFDA’s presence in India is being increased to 19 from 12 American staff based in-country, including 10 dedicated specifically to medical products. Other staff include foods and devices inspectors, and policy analysts.

 

“Having these additional inspectors in-country will assist the agency in meeting our legislative mandates. So we are increasing our rates of inspection,” Kelly added.

 

Under the FDASIA, the USFDA is required to achieve the same inspectional schedule for foreign facilities as domestic manufacturers, and to clear the backlog of applications by the end of the first five-year user fee authorisation period.

 

India, as the second largest provider of finished dose products to the US with almost 10 per cent of that market, has, for many years, been a consistent provider of low-cost and quality medical products for many countries of the world.

User

MP Rajeev Chandrasekhar asks PM, FM to rethink over Aadhaar-linked ATMs

According to the independent MP, brute force methods involving significant additional spending and increase in costs to consumers would not help financial inclusion and the government must relook at the RBI proposal on Aadhaar authenticated biometric ATMs

Rajeev Chandrasekhar, an independent member of the Rajya Sabha, who is also a member of the Standing Committee on Finance, has requested Prime Minister Manmohan Singh to relook at the Reserve Bank of India (RBI)'s proposal on Aadhaar authenticated biometric automated teller machines (ATMs).

 

In the letter sent to the PM, finance minister P Chidambaram and chairman of Standing Committee on Finance, Mr Chandrasekhar wrote, "Public policy towards financial inclusion should be devised intelligently with objective of lower banking costs and increased access for consumers and not using ill-conceived, brute force methods involving significant additional spending and increase in costs to consumers and please make no mistake, these costs will be passed on by banks to consumers."

 

Moneylife has been pointing out that this new directive (from RBI) will involve additional expenses, which bank depositors will end up bearing under the guise of technology costs. So far, Aadhaar has made no mention of who will bear the cost of biometric POS (point of sale) readers (according to a senior banker, they will cost Rs8,000 each) and biometric ATMs (Rs4 lakh for the machine plus installation, maintenance, electricity, etc). According to the news report, banks are expected to add around 200,000 POS machines and around 20,000 ATMs next year.

 

While Aadhaar-based authentication is touted as the panacea for financial inclusion of illiterate masses, it has not worked. Between 2004 and 2007, several banks launched biometric ATMs, with much fanfare, around the country. They did not work and had to be quietly discarded. Before embarking on another financial misadventure, the government needs to prove that there is better technology, which will work, especially since RBI’s internal committees have expressed several misgivings about the technology.

 

Here is the letter sent by the MP...

 

User

COMMENTS

Korath

3 years ago

The cost of cards needs to be understood in more detail. There is no doubt that the bar coded card is cheaper than the magnetic strip. The “chip and pin” is 34 times costlier than magnetic strip. In case of Aadhaar the biometrics are never stored in the card. It is only the number which is stored on the QR code. A fingerprint scanner is around thousand rupees. So practically there is negligible cost in the case of Aadhaar based authentication system. As far as security is concerned the comparison is “Online identity based on centralized database vis-a-vis local identity based on smart card”. As far as connectivity is concerned Aadhaar authentication is possible from the remotest corners on mobile networks and is done in less than ten seconds. Aadhaar coverage is nearly 500 Million and increasing by a million every day. No doubt the Aadhaar infrastructure is only available in India. Should India abandon the next generation, cost effective, accurate, efficient and secure authentication system for the primitive chip and pin technology because it benefits the smart card industry?

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