...Conclusion 7 5 Bibliography 8 INTRODUCTION On July 17, 2014, RBI issued draft guidelines for small banks and payment banks. Payment banks and small banks are “niche” or “differentiated” banks; with the common objective of furthering financial inclusion. While small banks will provide a whole suite of basic banking products, such as, deposits and supply of credit, but in a limited area of operation, payments banks will provide a limited range of products, such as, acceptance of demand deposits and remittances of funds, but will have a widespread network of access points particularly to remote areas, either through their own branch network or through Business Correspondents (BCs) or through networks provided by others. They will add value by adapting technological solutions to lower costs. GUIDELINES:- • Purpose There is a need for transactions and savings accounts for the underserved in the population. Also remittances have both macro-economic benefits for the region receiving them as well as micro-economic benefits to the recipients. to migrant labour workforce, low income households, small businesses, other unorganised sector entities and other users, by enabling high volume-low value transactions in deposits and payments / remittance services in a secured technology-driven environment. The objectives of setting up of small banks and payment banks will be for furthering financial inclusion by (i) provision of savings vehicles to underserved and unserved sections...
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...‘PAYMENT BANKS; A GAME CHANGER IN THE INDIAN FINANCIAL SECTOR AND A RACE WITH SMALL AND MEDIUM PUBLIC SECTOR BANKS’ Authors: Ajai vishnu, Adith Venugopal, Gokul Ajayakumar Abstract This is for the first time in the history of India's banking sector that RBI is giving out differentiated licences for specific activities. It has given in-principle’ licence to 11 entities to start Payment banks business. RBI is expected to come out with a second set of such licences — for small finance banks — and 10 micro lenders were given in-principle approval to set up small banks to advance loans primarily to the unbanked, small businesses and farmers, micro and small industries and unorganized sector entities which do not have access to finance from the larger banks. The idea behind the payment bank is further financial inclusion by providing small savings accounts used by payments and remittance to migrant workforce, low income households, small businesses, at lowest costs. The payment banks, as the concept is more advanced and visionary, moreover having less risks in activities, will lead to rising competitive intensity (higher savings interest rates and service standards) in the banking system, particularly for PSU banks in non-urban centres. It could be uneconomical for traditional banks to open branches in every village but the mobile phones coverage is a promising low-cost platform for quickly taking basic banking services to every rural citizen. The impact on private sector banks will...
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...Sample Final: International Payments I, MCQ 1, A shipping document indicating the details of the shipment and delivery of the goods and their ownership is a A, B/L (True: This is the most important transport document) B, Sight draft (False: This is a type of B/E) C, Time draft (False: This is a type of B/E) D, L/C (False: this is a method of payment) 2, A written statement by the exporter ordering the importer to pay a specific amount of money upon presentation to drawee to whom it is addressed is known as a A, B/L (False: This is a transport document) B, Sight draft (True: This is the type of B/E that requires payment upon presentation) C, Time draft (False: This is the type of B/E that requires payment at a future date after presentation) D, L/C (False: this is a method of payment) 3, L/C may be payable at all but one of the following locations: A, Confirming Bank’s counters (False: Confirming Bank has irrevocable undertaking to Beneficiary) B, Nominated Bank’s counters, or at the counters of any bank if L/C is freely negotiable (False: Nominated Bank pays Beneficiary on behalf of Issuing Bank (Confirming Bank)) C, Issuing Bank’s counters (False: Confirming Bank has irrevocable undertaking to Beneficiary) D, Reimbursing Bank’s counters (True: Reimbursing Bank has no undertaking towards Beneficiary. It only functions to reimburse other banks with authorization of Issuing Bank) 4, Which of the following can be combined under a...
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...Summary of account activity Account no. Previous balance Payments Other credits Purchases Other debits Fees charged Interest charged 2117-2000-0270-7455 $468.90 -20.00 -245.79 315.46 0.00 0.00 10.07 Payment information New balance Minimum payment due Payment due date PAGE 1 OF 2 $528.64 $16.07 12/12/2012 Late payment warning: If we do not receive your minimum payment by 12/12/2012 you may have to pay up to a $35.00 late fee and your APR may be increased up to the Penalty APR of 29.99%. New balance $528.64 0.00 $500.00 $0.00 11/16/2012 30 Minimum payment warning: Even if you make no more charges Past due amount Credit limit Available credit Statement closing date Days in billing cycle using this card, if you make only the minimum payment each month we estimate you will never pay off the balance shown on this statement because your payment will be less than the interest charged each month. If you make more than the minimum payment each period, you will pay less in interest and pay off your balance sooner. For example if you instead paid $21 per month, you would pay off the balance shown on this statement in around 3 years. For information regarding credit counseling services, call 1-800-284-1706. Your Rewards Program $1 = 1 point Earn 1 point for every dollar you spend on your Elder-Beerman Your Rewards card when you shop in store and online. Your Rewards Totals *Previous points earned: 457 Plus points earned: 67 Plus bonus points earned:...
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...cash. 2. How much will I have to repay? The total amount you have to repay depends on how much you spend on your card, how much of the balance you repay each month and the interest rate we charge you. Your Pre-Contract Credit Information contains an example of this. You must make at least the minimum payment shown in your monthly statement by the due date. The minimum payment is made up of interest, and any default charges plus 1% of the outstanding balance. Any arrears or amount over your limit are repayable immediately. You can pay as much as you like each month but if you don’t pay the full amount you will be charged interest which means it will take longer, and cost more, to repay the balance. You can set up a direct debit to pay the full balance, the minimum payment or a fixed amount each month. Put Simply You must pay at least the minimum amount requested each month but only doing this will take longer to repay and cost more over time. 3. What will happen to me if I do not keep up with repayments? If you do not make the minimum payment we will charge a late payment fee of £12 as well as interest and the total cost of your debt may grow. Missing or late payments will be recorded at Credit Reference Agencies so obtaining credit could be more difficult and expensive in the future. If we register a default or you become insolvent this will remain on your file for 6 years. It...
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...Running head: BUYING A HOUSE Buying a House Mildene Faulkner MAT 104 Edmund Ford, Jr. August 7, 2012 Buying a House Five years ago, I bought a house for 151,000, with a down payment of 30,000. I took a loan for 121,000. The interest rate on the house was a fixed 5.75%. I am paying more on my loan, so I can pay it off in 20 years instead of 25. I am currently paying $211.13 in Escrow payments and $706.12 in principal and interest payments. My current loan balance is $112,242.47. I am going to explain how much money I will need to pay off my loan in 20 years instead of 25. I am currently paying $917.25 in monthly payments on my house. I would like to see how much money I would have to add to my monthly payments, if I want to pay off my house in 20 years. By using the monthly payment method and the table provided to me by my realtor, I see that if I take the loan amount and divide it by 1000, and then multiply by the tablet entry of 7.0208, I would get $788.03. Then to figure out the amount of money I need to add to my monthly payment to pay of my loan in 20 years, I have to subtract $706.12, which is my monthly principle and interest from $788.03. That would give a total of $81.91. This is the amount of money I need to add to my current monthly payment in order to pay off my loan in 20 years instead of 25. I think that I would be reasonable to try to pay off the loan in 20 years versus 25 years. I think I can maintain a comfortable lifestyle doing this as long...
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...Balance Details Statement Date 23 Dec 2012 Payment Due Date 07 Jan 2013 Card Account Number Current Balance 23,421.29 Minimum Amount Due 1,172.00 Statement of Account MR MOSTAFIZUR RAHMAN APMO STANDARD CHARTERED BANK 12 WATER WORKS ROAD CHAWKBAZAR OLD TOWN DHAKA BANGLADESH 4321 5500 8135 0504 Total 23,421.29 1,172.00 Settle your credit Card outstanding using any of the following methods: • Payment through Online Banking (http://www.standardchartered.com/bd/en/) • Fund Transfer through our 24-hour ATMs • Cash payment at our 24-hour deposit machines • Cheque payment at our 24-hour deposite machines. Please issue the cheque in favor of 'Standard Chartered Bank' and mention your Credit Card number on the back of the cheque • Fund Transfer through our 24-hour contact centre • Direct Debit or Standing Instruction from any Standard Chartered Account NAME Cards Services 67, Gulshan Avenue,Dhaka - 1212 Statement Date 23 Dec 2012 MR MOSTAFIZUR RAHMAN Credit Limit ( BDT) 25,000.00 Available Credit Limit (BDT)* 1,578.71 Available Cash Limit (BDT)* 1,578.71 Payment Due Date Minimum Amount Due 07 Jan 2013 1,172.00 Current Bal 23,421.29 Amount (BDT) Prevoius Balance+ Purchases+ Cash Advances+ Interest/Charges2,070.19 Date Payments700.00 Credits 0.00 Currency Amount = 21,230.00 Description 0.00 821.10 Visa Classic - Global 23 23 29 29 29 01 08 08 08 13 23 NOV NOV NOV NOV NOV...
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...CONTRACT PARTY #1: Beijing Haitian Ruisheng Science Technology Ltd. PARTY #2:______________ After friendly agreement by Party #1 and Party #2, Both parties have agreed on the following: (1). Description of the Work 1. Party #2 shall perform audio data collection services for the languages listed on the following. The work will comprise of the following elements: Set-up of data collection environment and equipment. Data collection for 20 (at the least) native speakers from Hongkong.. Date of data transfers need to be confirmed (audio data via Bai Du yun pan or Email) Keep the safety of recording equipments. 2. Party #2 shall complete and deliver all data to Party #1 on or before April 26th, 2015. The milestone delivery schedule for the work, if applicable, shall be as follows: Requirements 1. Participants: The speaker should be a native speaker from HK. 2.Time: Each participant will record around 300 English sentences, which are offered by Party #1 and will cost around 60 minutes. 3.Environment: Quiet inside rooms without echo. (2). Delivery Schedule |Milestone |Brief Description of Work to be completed |Due on or | |# |by Party #2 |Before | | |and delivered to Party #1 | ...
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...[pic] Case Analysis : Electronic Payment System Metrodeal.com In Partial Fulfillment of the Requirements for GEEC381 E-Business 2011-2012 Submitted to Dr. Maria DP Ishii Submitted by: Ruby Rose Parani (Maggie) January 07, 2012 Synopsis: Metrodeal.com is the undisputed market leader in the Philippines’ group buying industry since it was launched early in 2011(www.metrodeal.com) where the best deals on the best things to do, see, eat and buy across the Philippines can be purchased online. Group buying also known as social buying or collective online buying or crowd buying is an online web site that provides great deals and discounts through the power of bulk buying. Big discounts can go up as high as 90% off the original price, which as compared to is way better than any mall sale promotion. Typically, these websites feature a deal of the day, with the deal kicking in once a set number of people agree to buy the product or service. Buyers then print off a voucher to claim their discount at the retailer. To get started, a buyer must register and open an account at www.metrodeal.com. Choose from the list of today’s deal and click “buy now” before the countdown ends. A buyer will have the option to pay for his purchase either through credit card, PayPal, bank deposit, Gcash or Smartmoney. After the successful payment, the buyer can access and print the voucher(s) when they log on to their Metrodeal account or they have the option to write down...
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...authenticating your information. We're securing your information. You just made a payment of Updating your information ... Error Message Log in to make changes. $8.00 USD your information ... Updating Updating order total ... Print receipt Paid to realsubscriber@gmail.com Ship to No. 44, Jalan Arasakesari 2, Taman Taynton View Cheras Kuala Lumpur, Wilayah Persekutuan 56000 Malaysia Done Thanks for your order Tiffany, you just completed your payment. Your receipt number for this payment is: 4670-1427-7781-5086. We'll send a confirmation email to tiffanychuajw@gmail.com. This transaction will appear on your statement as PayPal *THUTTA3005. Return to realsubscriber@gmail.com Site Feedback PayPal. The safer, easier way to pay. For more information, read our User Agreement and Privacy Policy. Copyright © 1999-2014 PayPal. All rights reserved. Consumer advisory- PayPal Pte. Ltd., the holder of PayPal's stored value facility, does not require the approval of the Monetary Authority of Singapore. Users are advised to read the terms and conditions carefully. Next time, check out faster with a PayPal account. Create a PayPal Account Create a PayPal account Why? (Optional) Why PayPal? Faster checkoutWith PayPal, you can pay for your online purchase without entering your payment information every time. Online securityYou can securely store your debit card, credit card or bank account information in your PayPal account. You choose how to payYour financial...
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...about cash receipts, cash payments, and the net change in cash resulting from the operating, investing, and financing activities of a company during the period. . Essentially, the cash flow statement is concerned with the flow of cash in and cash out of the business. The statement captures both the current operating results and the accompanying changes in the balance sheet Operating Activities This tells how much income you make over the year and from this you can tell if you have a good cash flow and this is how you tell if you can get a loan from the bank because if you have a good cash flow then the bank will accept this with open arms and look to make money back in the process. Also, you can look at attracting investors instead of getting a loan this may work out cheaper for you. Operating activities include the production, sales and delivery of the company's product as well as collecting payment from its customers. This could include purchasing raw materials, building inventory, advertising, and shipping the product. A healthy cash flow means that you can pay for these. Financing Activities If the business has a healthy cash flow then they will be able to get a loan from the bank. Then the bank will look to make more money because they know the business can pay this back if they have a healthy cash flow statement for example if the company ask for £1,000,000 then the bank may look at this and say we will offer you £2,000,000 then this means the bank will make a profit back...
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... Kenya, and Nigeria. Krishna discusses a fraud case which she has worked on where “Sam”, the financial assistant for an international humanitarian organization conspired with a bank employee to supply himself with some extra money amounting to $120,000 in three years. According to her, there were many red flags such as the fact that frequent payments were being charged to payables and many payment vouchers for disbursing these allowances weren’t available in the monthly box files containing vouchers and couldn’t be traced. Moreover, when Sam was called for questioning he would constantly be unavailable. When they finally did meet him, there were signs that something funny was going on. Sam had the latest phones and other expensive toys which each cost more than his monthly salary. The review conducted showed that many of the procedures weren’t carried out as per the organization’s policies and instructions. For example; the office was using several checkbooks, a large number of checks weren’t in the name of the payee, bank reconciliations were not satisfactorily performed, etc. There was also evidence of poor record keeping. Sam was able to do so mostly because he was rarely supervised and seldom took leave time. Further examinations showed a pattern of abused, forgery and collusion with the local bank staff. The following recommendations were made to management: (1) Immediately reintroduce a diligent and thorough supervisory review of all financial...
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...REPORT ON THE INTERACTIVE SESSION OF FINANCE & ACCOUNTS DEPARTMENT, CORPORATE AFFAIRS COMMISSION Venue: KEFFI HEALTH CLUB, KEFFI. Date : 23rd January 2010 Climate setting for the program was tuned by the Deputy Director Final Accounts/Mrs.B.F.Ikhanoba. Samuel Archibong offered the opening prayers. The DD/FA introduced the Senior Executives present. The Acting DFA/Mr. M.U.Wambai delivered the opening remarks with a word that the aim of the forum is to develop human capacity. Declaring the interactive session open the DFA emphasized on participation by all present. • The first paper was presented by the Senior Manager, Final Accounts/ K.M.Jemaku. Titled: FIXED ASSET MANAGEMENT – OPERATION & CHALLENGES: It defined and classified fixed assets, their management, depreciation and disposal. The management of Fixed Assets was noted to be a huge challenge to Finance & Accounts Department because of the many lapses imminent. The Sun System Fixed Assets module captured most of the detail data identifying an asset, and provides information automatically. Each asset is then assigned a code to further give the required peculiarity in the database. The presenter identified the challenges as follows; - Time lag between coding and labeling of assets. - Difficulty in tracing assets to assigned locations. - Failure to code some assets making disposal difficult. - Inability to reconcile physical assets with the register. Other issues relating to management of Fixed...
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...1. Cash receipt procedures. Confirm that persons receiving cash are authorized. Evaluate mailroom cash receipt procedures. Confirm that surveillance cameras are recording properly. Confirm pre-numbered receipts are issued. Evaluate procedures for out of sequence receipts. Confirm cash deposits are made by a person other than those approved to receive cash. Confirm deposit reconciliations are made by a person other than the persons receiving and depositing cash. 2. Cash receipts are deposited daily and are in complete (Louwers, et al, 2011). Compare cash receipts to cash receipt journal. Compare deposits slips to amount received. Recalculate cash receipts with amount deposited. Compare amount deposited to bank statement deposits. Compare receipt date to recording date. Compare recording date to deposit date. Trace receipt to posting in account 3. Confirm deposits are reconciled with accounts receivable. ...
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...their|Savings are a good source of finance |There is always risk involved; the owner could | | |own personal savings to start a |because no interest has to be paid |lose his funds if the business is not successful. | | |business, particularly if they are a |whilst the money is being used. | | | |new sole trader. | |The owner may not have sufficient funds to start | | | |Business remains in full control of the|up the business. | | |Banks may no be willing to take the |owner. | | | |risk and invest in them. | | | |Retained Profits |This is the money retained in the |Using retained profits means the |May be accused of keeping too much cash in the | | |business by the owners. Profits are |business does not have to pay interest |business. Which in turn will restrict the value of| | |what is left over when total costs is |on the money invested. |dividends to any stakeholders. ...
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