TITBITS

1. BANK STAFF SLOGGING

Paper news adds that Bank Management is doing little to boost the morale of its employees at branches, who are slogging in the branches, after demonetization.  With the little cash available at their disposal, they are forced to handle the huge customers lining up in queues. Also added to this the year end leave has come up.

The main issues faced by them are –

a.   Accepting old notes which are subject to multi-layer monitoring.

b.   Firstly, these are subject to Internal Auditors followed by checks by the Supervisors from RBI.

c.   Added to this problem is sudden entry of Probe Agencies who come to check the books and cash stock.

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2. APP FOR AADHAAR LINKED e- PAYMENTS

A mobile application to facilitate Aadhaar linked digital payments and a nationwide program to train over 10 million people on e-payments is on the Government’s card.  The report adds that-

1.   Around 400 million bank accounts which are linked to Aadhaar, and a plan is being worked out to connect rest of the accounts with Aadhaar numbers.

2.   The biometric devices will be connected to smartphones and thus a smartphone will be converted into a Point of Sale (PoS) machine.  For this purpose a UPI enabled mobile application is being developed.

3.   How does it work?  Here, customer feeds Aadhaar number, scan finger on the biometric, approve the amount to be paid on the application and the payment will be transferred from his account to merchant’s account.

It looks good.  Kudos to the technology advancement….

Author: Admin Bankedge

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