RBI to issue Rs500 notes packets in non-sequential order soon

RBI will soon start issuing bank notes of Rs500 denomination in packets, which may not be sequentially numbered, for easier transactions

The Reserve Bank of India has said it will soon start issuing bank notes of Rs500 denomination in packets, which may not be sequentially numbered, for easier transactions.

The measure has been announced to increase operational efficiency, the RBI said in a statement.

"With a view to enhancing operational efficiency and cost effectiveness in bank note printing at banknote presses, it has been decided to issue... fresh banknotes of Rs500 denomination in packets which may not necessarily all be sequentially numbered," it said.

The apex bank said such kind of practice is prevalent in other countries.

"Packets of banknotes in non-sequential number will, as usual, have hundred notes," the statement said.

RBI said the bands of the packets containing the banknotes in non-sequential number will have the legend "The packet contains 100 notes not numbered sequentially" to avoid any confusion.

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COMMENTS

Hoshi Press

5 years ago

How does this improve operational efficency? Seems more difficult to implement to me!
This will make it more difficult to track cash movement and so will encourage black money transactions!!

MTS launches free data card for postpaid customers

Sistema Shyam TeleServices has launched free MBlaze data cards for its postpaid customers

Telecom company Sistema Shyam TeleServices (SSTL), under its MTS brand, has launched free MBlaze data cards for its postpaid customers.

"MTS is committed to its data focused-voice enabled strategy. Continuing with the innovation promise, we have launched the 'Free MBlaze Data Card' proposition," Leonid Musatov, chief marketing and sales officer, MTS India said in a statement.

MTS has introduced two advance rental plans (ARP), MBlazer ARP 3GB 2097 and MBlazer ARP 6GB Unlimited 2397, wherein customers paying three months rent in advance will be entitled to a free MBlaze device.

The rental for 3GB data usage is for Rs699 and for 6GB unlimited it is Rs799.

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IndiaFirst Life Insurance opens Financial Planning Centre in Delhi

There will be nearly 1,000 advisors attached to each Financial Planning Centre along with IndiaFirst employees

IndiaFirst Life Insurance, a joint venture between two public sector banks-Bank of Baroda and Andhra Bank along with UK's risk, wealth and investment company Legal & General, has opened its Financial Planning Centre (FPC) in Delhi.

The company will offer its entire range of services including new business application processing, policy servicing request processing, advisor licensing processing, advisor/ sales training, claim intimation processing and document collection and record management for business applications.

"Our Financial Planning Centers are one more step towards moving closer to our customers-both potential as well as existing. Our FPCs will also act as exclusive training centres for new recruits and advisor orientation," said Dr P Nandagopal, managing director & CEO, IndiaFirst Life Insurance.

While this is the first FPC in Delhi, the company has been present in the state through close to 160 outlets of its partner banks.

"We aim to reach out to a wider set of customers through our alternate channel. We expect to enhance our overall profitability and cost efficiency while building a stronger connect with our customers through the launch of our alternate channel and FPCs," added Dr Nandagopal.

There will be nearly 1,000 advisors attached to each FPC along with IndiaFirst employees. Customers can also visit the FPC to meet the company's relationship managers and analyse their overall financial plans.  

The company has generated approximately Rs25 crore through their bancassurance model in the first 15 months of its operations from Delhi. It also expects its alternate distribution model to contribute 1/3rd of its business over two-three years.

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