Futuristic Banking Technology

Future is always filled with an expectation that is by product of the present day work and technology. We have taken the civilization to a journey of becoming a more secure and safe place for innovation. Banking is a sector that decides a country growth rate. So a technologically advanced banking sector will make the country more advanced not only in the field of bank but also the country stands globally.

A developing country like India must need strong banking sectors that not only help the bank sector but also give our country a special power amongst the other nation. There is a popular slag which says that all good is where the money is meaning the power relies over the money. Currently banking sector is working in a very basic banking tech that provides Missed call balance check number facility over the internet or other means. The promising future of India can be foreseen by utilizing some of the development stage banking tech which is as follows-

Machine Learning

Machine Learning is a technology which works by understanding your action for certain elemental interaction that you have initiated with the product or service. In simple words this technology will provide what you want and suggest which benefits your taste.

Artificial Intelligence

All the popular Sci-fi movies protest the AI and the functions that AI can provide. AI can incredibly help the banking sector by reducing the need of the banking staff and automating the process of banking for the customer.

Robotics Process

Robotics is the use of a robot in the bank branches counter to interact with the customer with the combination of the AI and Robotic process the banking sector can provide the users with a advanced banking tech that cannot be hacked and the whole world will have a safe and easy banking system.

Fully Digitized Banks

A traditional banking system is based on model where it is heavy and the organization has a lot of bank branches which makes it difficult to operate and therefore there are a lot of levels in a bank or any other organization that communicate with their hierarchy. Fully Digitize bank will be based on a fly light business model where on very less number of branches will be required to access to global customer and all this will be done using the internet. 

Cyber security

Cyber Security is the major concern when we are dealing with the internet banking and mobile banking for our banking needs. An extra measure is always recommended and appreciated as far as money is concerned. So more advancement like biometric tech for the banking purpose will improve and benefit the banking sector.

Source- Bank IFSC Code

How Foreign Bank Is Different Than Domestic Bank?

There are lot of factor that makes the Foreign Bank different than the banks in India and are as follows-

Foreign Bank	Domestic Bank
The head office of the bank is outside India	The head office of the bank is in India
Primarily Net Banking is used along with branch visit	Different banking methods is used for banking
For Balance Check you can use the ATM, Net Bankin, Mobile app etc	India Bank Missed Call Number to check the bank balance.
Foreign investment is made using the bank	Domestic bank look after the country funds
Follows both country banking rules	Only follows the Reserve Bank of India rules

List of Foreign Bank Having Offices Bank Branch in India

The following are the list of Foreign Bank that has a office in India-

Name of bank	Country of Incorporation
AB Bank Ltd	Bangladesh
The Royal Bank of Scotland	Netherlands
Abu Dhabi Commercial Bank Ltd	UAE
. American Express Banking Corporation	USA
. Antwerp Diamond Bank N.V	Belgium
Bank Internasional Indonesia	Indonesia
Bank of America	USA
Bank of Bahrain & Kuwait	Bahrain
Bank of Ceylon	Sri Lanka
Bank of Nova Scotia	Canada
Barclays Bank Plc	United Kingdom
BNP Paribas	France
Credit Agricole Corporate & Investment Bank	France
Chinatrust Commercial Bank	Taiwan
Citibank	N.A USA
DBS Bank Ltd	Singapore
Deutsche Bank	Germany
HSBC Ltd	Hong Kong
J.P. Morgan Chase Bank	USA
JSC VTB Bank	Russia
Krung Thai Bank Public Co. Ltd	Thailand
Mashreq Bank PSC	UAE
Mizuho Corporate Bank Ltd	Japan
HSBC Bank Oman SAOG	Sultanate of Oman
Shinhan Bank	South Korea
Societe Generale	France
Sonali Bank Ltd	Bangladesh
Standard Chartered Bank	United Kingdom
State Bank of Mauritius	Mauritius
The Bank of Tokyo Mitsubishi UFJ Ltd	Japan
UBS AG	Switzerland
FirstRand Bank Ltd	South Africa
United Overseas Bank Ltd	Singapore
Commonwealth Bank of Australia	Australia
Sber bank	Russia
Australia and New Zealand Banking Group Ltd.	Australia
Rabobank International	Netherlands
Industrial & Commercial Bank of China Ltd.	China
Woori Bank	South Korea
National Australia Bank	Australia
Westpac Banking Corporation	Australia
Sumitomo Mitsui Banking Corporation	Japan

Source- Ask Bank IFSC Code

Indian Overseas Bank

Indian Overseas bank is a Public Sector Bank with 3,400 Bank branches all over the country. Indian Overseas Bank is an ISO Certified in house Banking technology department that provides the digital banking needs for all customer. IOB also has foreign bank branches in Singapore, Colombo, Seoul, and Bangkok. It has representative offices in Guangzhou, Vietnam, and Dubai

Awards and Achievement

·         Express Intelligent PSU Award received for implementation of CBS migration to Finacle 10.x project.

·         IOB has migrated from In-house CBS Software "Crown" to Finacle

·          IOB adjudged 1) Skoch Order of Merit for Financial Inclusion and Automated Data Flow/MIS Project

·          IBA Award for the Best use of Data

Services Offered

There are various service offered by the Indian Overseas Bank to facilitate the customer and make their banking experience better. The following are some of the services that is offered by the Indian Overseas Bank-

Credit Facility

A Loan is provided by the IOB at a very nominal interest rates along with low precessing fee which makes it best loan provier.We need money to start a business, buy car, bike or home etc. To accomplish all this needs, Indian Overseas Bank provides a credit facility in both as credit card facility and Loans.

Savings Account

Savings Account is the other name of the Bank as it gives a savings opportunity to us and provides us with the interest on our idle money. Indian Overseas Bank provides one of the best Savings Bank account because it is a public bank therefore, the money is for sure guaranteed by the bank.

Internet Banking

Internet Banking is a service that allows the account holder to use the internet and browser to use the banking service. It is the best banking service as it enables the account holder to use the banking 24X7@365 Days.

Mobile Banking

Mobile banking uses the Smartphone to use the banking service instead of the browser which is used by laptop. It is a limited feature banking service but still meets the basic need of banking.

Balance Check Number

Indian Overseas Bank also provides the Indian Overseas Bank Missed Call Number that enables the account holder to give a missed call to the number and receive a text containing the details of the bank account balance.

What Do You Mean By Cashless Economy?

Cash has been the most important aspect in our lives which helps us in buying goods and services we want. This type of currency has been used thousands of years ago and is still used. Physical currency has a lot of liquidity that enables the person to buy without any real restrictions.

What is Cashless Economy?

A Cashless economy is the phase used when the country uses the digital means to transfer payments to each other account instead of the physical cash or coins Cashless economy help the country to keep the cash flow and increases the growth of the country. India being the cash dominant country is now developing the infrastructure to accept the Digital means of payment which in turn acting as a fuel to the country growth. Demonetization is one of the best moves by Modi government that made the digital means popular among the citizen also the internet speed increase from 3G to 4G for affordable rates is another reason.

Benefit of Cashless Economy

Cashless economy provides a lot of benefit that are as follows-

·         It contributes in country growth

·         It prevents tax evasion

·         It helps in keeping the money in the banking system which increases the loan and also affects the inflations rate at some level.

Drawback of Cashless Economy

There are also some drawbacks of the Cashless Economy and are as follows-

·         Bank account or digital wallet is mandatory for which you need to have a device with internet

·         Liquidity is limited to the account transfer limit available to your account

·         For every transaction you need to pay some fee which makes it costly

How India can become Cash less Economy?

India has taken some necessary steps to make the economy cashless which made the country global superpower dream a boost. International markets have seen the potential of the Indian market and the Indian consumer which made the country reputation and dominance in the global market a established component.

Component of Cashless Economy

Mobile Banking and Internet Banking

Mobile banking is a banking that enables the use of banking service by using the mobile device with internet connection. It provides a lot of services like Bank Account balance check facility, fund transfer etc. Internet Banking is different in terms of the usability meaning Net banking provides all the service that the bank offers whereas the Mobile banking provides a limited access to the service.

Visit- Bank IFSC Code

Holi Celebrations 2019

Holi is a Hindu festival and is infamous for beings called as the “Festival of Colors” which rightfully goes with the concept and celebration methods of the festivals. In this day all the institutions are closed to celebrate the festival institution like bank holiday 2019, government offices etc. Holi is celebrated to make the best use of the time as the festival Holi also indicate the beginning of the summer after the cold summers. The festival is of two days and are as follows-

·         Choti Holi

·         Holi

When is Holi Celebrated?

Holi is celebrated at the beginning of the summers that is somewhere between the end of the February and March. In the year 2019, the celebration of Holi will be celebrated on 21 March 2019 and choti Holi on 20 March 2019.

How Holi is Celebrated?

Holi is festival of color and is celebrated with colors only. Holi offers a lot of

Choti Holi

Choti Holi also known as Rangwali Holi or Dulhandi is falls on a day prior to the Badi Holi or simply Holi. In this celebration, a holy fire is burnt in the middle and singing, dancing and other rituals are performed around the fire. It is symbolic of burning the evil of the society, the evil within. The legends goes back to the story of Hiranyakashyap who was a evil king who ordered the soldiers to kill his son who does not consorted to call his as a god and instead call the supreme Lord as Vishnu. On numerous atempts to kill prahalad ( Evil King Son ), now ordered Holika his sister to enter the fire with Prahalad in his lap. Holika was blessed with no destruction from fire but with the blessing of Lord Vishnu prahalad was  unharmed by the fire and holida was burnt alive. From that day on ward the tradition of Holika Dahan came into practice signifying the victory of good over evil.

Holi

Holi is celebrated as a victory of good over evil and symbolizes that Good always wins. Holi is celebrated with colors, sweet, thandai and bhang. Holi is a part where everyone dances, drinks thandai, eat sweets like gujiya, ladoo etc. Holi is celebrated with fullest of joy and happiness.

Happy Holi!

Source of Article -Ask Bank IFSC Code

How Cheques Works?

Cheque is a banking instrument that can be used to transfer some one fund physically without carrying the bank notes. It is the best replacement of the bank notes.

What Cheques Consist of?

Cheque consists of different section that holds different meaning and can be used to find that it wanted to address. So the following are the details that are printed on the cheque slip-

• Bank Emblem- The Logo Of the Bank
• Bank IFSC Code- Unique 11-digit Alpha Numeric code used to find the bank branch.
• Bank MICR Code- Magnetic Ink Character Recognition Code to ease the processing the cheque  
• Account Payee Name
• Amount in letters
• Amount in number

How Cheques are Processed?

Cheques are processed when you deposit the cheque in the bank. The bank teller will accept your cheque along with the form filled with it. Let’s say you got your cheque from bank SBI and you have an account in Bank Canara Bank. So you will Deposit the cheque n the Canara bank along with the form then the Canara Bank will send the bank to SBI to clear it which then will be debited to your account from the person account who wrotethe cheque to you. It usually takes 2 days to get it cleared but now, the process is fastened up and the bank transfers the money right away.

How MICR Code is Used In Cheque?

MICR Code is a 9-digit Code which is unique to every bank branch. This is used to find the bank branch based on the location by the clearing house. Each 3 digit in the MICR Code contains some sort of information that tells about the bank branch.

First 3 digits is the city code followed by 3 digit bank code and then bank branch code. For example- SBI Mumbai Main Bank Branch has a MICR Code- 400002010, “400”-city code, “002”- bank code and “010”-branch code.

How SBI Bank Became the Biggest Bank in India

SBI is the largest bank in India, in terms of market capitalization, revenue, Branches which is around 27K+, ATMs, Offices, employees.  It is formed in with the amalgamation of Bank of Calcutta + Imperial Bank of India + State Bank of India which got nationalized on 02-June-1956. After these amalgamations, other Subsidiary banks of SBI merged into the bank to make it bigger. The list of the merger of the other banks is big and are as follows-

• State Bank of Jaipur 
• State Bank of Bikaner 
• Bank of Bihar
• National Bank of Lahore
• Krishnaram Baldeo Bank
• Dukan Pichadi
• Bank of Cochin
• State Bank of Travancore
• State Bank of Saurashtra
• State Bank of Indore
• State Bank of Hyderabad
• State Bank of Mysore
• State Bank of Patiala

SBI Branches in India

There are a total of 26,284 in all 36 states and union territories. SBI has a headquarter branch in Mumbai, Maharashtra. The current Managing Director of the Bank is Rajnish Kumar who has been with SBI from the year 1980 when he joined the SBI as a PO.

SBI Branches Internationally

• SBI (Mauritius) Ltd
• SBI Sri Lanka
• SBI operates as INMB Bank, Nigeria
• SBI Nepal
• Commercial Bank of India, SBI owned in Moscow, Russia
• PT Bank Indo Monex, SBI owned In Indonesia
• SBI Shanghai 
• Giro Commercial Bank, Kenya SBI owns
• SBI branch in Seoul, South Korea

What are the Services Offered by the State Bank of India?

SBI is a Public sector Bank owned by the Government of India and provides banking services to their customers. The services include Saving Account, RD account, FD account, Current Account etc. Apart from being the Banking service provider the SBI also provides other services that are as follows

• State Bank Of India
• SBI Capital Markets Ltd
• SBI Funds Management Pvt Ltd
• SBI Factors & Commercial Services Pvt Ltd
• SBI Cards & Payments Services Pvt. Ltd. (SBICPSL)
• SBI DFHI Ltd
• SBI Life Insurance Company Limited
• SBI General Insurance

The conclusion of SBI Achievement over the years

SBI is the largest bank in India with 27K + bank branches all over the world which includes many foreign offices. To handle such a huge number of branches SBI has to recruit the staff and hence, holds the title as one of the biggest employers in India. Also, with such a huge number of branches, the SBI also has the largest SBI Bank IFSC Codes that is used to transfer money.

 Source: Ask Bank IFSC Code