India Post launches mobile money transfer service

The service will be operated by DoP with technological support from BSNL

The Department of Posts (DoP) has launched the mobile-based money transfer service by Post Offices for quicker transfer of money from one city to another.

The service will be operated by DoP with technological support from BSNL.

The service has been launched between Punjab and Bihar Postal Circles for transfer of money up to Rs50,000. The complete roll-out throughout the country would be completed in eight weeks.

People intending to use the service would have to go to the Post Office which will provide them a unique PIN code after the transfer of money. The sender would have to send the PIN to the recipient through a text message who would be home delivered the money after verification of the PIN on his mobile. The recipient could also go to the Post Office and collect the money.

To speed up the money transfer service, the DoP had introduced Electronic MO and Internet MO and that the mobile MO is the third such service.

The DoP also proposes to interconnect all the 1,55,000 Post Offices in the country to subsequently introduce Core Postal Service. The department would also introduce the PO Savings Bank for which the mandatory clearances are being sought.

The charges for mobile money transfer will be the same as it is on the traditional money order-5% of the remitted amount.

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Polaris unveils ‘Intellect LRM’ solution for banks

Intellect LRM is the new state-of-the-art liquidity risk management solution meant to improve the bank’s ability to monitor internal liquidity

Financial technology company Polaris Software Lab has launched 'Intellect Liquidity Risk Management (LRM)' solution for banks and financial institutions to help them comply with BASEL III regulations.

BASEL III provided by the Basel committee helps banks and financial institutions enhance the regulatory framework.

"Intellect LRM is the new state-of-the-art liquidity risk management solution meant to improve the bank's ability to monitor internal liquidity," Polaris said in a statement.

"In light of Basel III regulations, the launch of Intellect LRM is just in time. The solution is created from the best practices in global risk and treasury management assimilated over years of working with top tier banks in 80 countries," the Polaris Software Lab Chairman and CEO, Mr Arun Jain, said.

Meanwhile, the company in another statement said it has appointed Mr Pranav Pasricha as Global Head of its insurance business.

Prior to his new post, Mr Pasricha was the Head of Strategy and operations for QBE Insurance Group.

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General insurance industry’s premium income up 20% in April

The total gross premium of 23 players in the non-life insurance market rose by 20% to Rs5,252.24 crore in the first month of the current fiscal, from Rs4,381.49 crore in April 2010

The general insurance industry, comprising four public sector entities, grew by 20% in April this year compared to the same month last year.

The total gross premium of 23 players in the non-life insurance market rose by 20% to Rs5,252.24 crore in the first month of the current fiscal, from Rs4,381.49 crore in April 2010, as per the Insurance Regulatory and Development Authority (IRDA) data.

The four PSU entities-National Insurance, New India Assurance, Oriental Insurance and United India Insurance-saw their gross premium collection rising by 14.45% YoY to Rs2,956.55 crore in April. At the end of April, the four entities accounted for over 56% of the total general insurance industry.

Amongst the private sector players, ICICI Lombard saw its premium income rising by 20% to Rs587 crore. The premium income of HDFC Ergo grew by 43.37% to Rs230.05 crore and that of Reliance General Insurance by 52% to Rs210.64 crore in April.

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