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2 PRODUCTS & SERVICES TRAINING PROGRAMMEWelcome to PRODUCTS & SERVICES TRAINING PROGRAMME
3 “Namaste” Inculcate the culture of NamasteWelcome to Manappuram Family
4 Namaste Culture As the part of better customer service initiative , all branch staff including House Keeping Staff, Junior Staff, Assistant Branch Heads, and Branch Heads, shall greet all our customers with Namaste when the customers enter the branch, with a slight bow and hands pressed together, palms touching and fingers pointing upwards, thumbs close to the chest. This way customers feel more valued and welcome to our branches.
5 Products & Services Products & ServicesThe Products and Services sold at Manappuram Finance can be divided into three categories; Asset Products Liability Products Fee based products
6 Products & Services Asset Products Asset products include; Gold loanSME Finance Vehicle & Equipment Finance
7 Products & Services Liability Products: Non Convertible debenturesBonds
8 Products & Services Fee Based Products Money TransferDomestic Money Transfer Outward Remittance Forex Insurance – Life & Non-Life PAN Card
9 Products & Services Customer Status:Manappuram Finance Limited has a customer base of 17 lakhs spread across 3300 branches (approx) located in 24 states and 4 Union Territories.
10 Business Overview Year Ended AUM* (in Crores) Net Profit (In Crores) 11633 591 9950 208 8156 226 9255 270 10179 353 Q1 Q2 13014 14490 160 192 * AUM – Asset Under Management. Total Loan from all verticals
11 Gold Loan What is Gold Loan ?Loan against Household Used Gold Ornaments Designed to provide liquidity against gold ornaments without having to sell them
12 Gold Loan What is LTV LTV means Loan To Value.It is the loan amount given per gram of gold. LTV is calculated in direct relation to market price. As per latest RBI directions Gold loan NBFC can arrive LTV to 75% of the previous 30 day average of the closing gold rate of the Indian Bullion Association.
13 Gold Loan Unique Features of Our Gold Loan and SchemesHassle free and speedy processing of loans Loans disbursed within five minutes Simplified paperwork and easy repayment options. Attractive interest rates & High LTV. Safety & Security of customer's gold jewellery ensured by free insurance Only proof of identity is the documentary requirement
14 Gold Loan Schemes General Schemes Special Schemes SX (swarna sakthi)VM (Value for Money) SY Special Schemes B1+N BI-N B2+ H2 (very high value pledges)
15 Gold Loan Schemes Other Schemes PL (applicable only in Kerala) SI (applicable only in Warangal Region) OH (applicable only for OGL Customers) (verify for B4)
16 Online Gold Loan (OGL) Manappuram Finance Ltd is the pioneer NBFC to launch Online Gold Loan in India. As per the scheme, customers can avail loan from any where in the world at any time . Gold Loan has now transformed from a distress product to a life style product and opened avenues for digital business segments.
17 Online Gold Loan (OGL) Requirements for OGL: KYC DocumentsBank Account Details Unique Mobile Number
18 Vehicle & Equipment FinanceVehicle & Equipment Finance caters to the following verticals; Commercial Vehicle Finance Car Finance Tractor Finance Two Wheeler Finance Equipment Finance
19 SME Finance SME Finance (Small and Medium Enterprises) Loans provided to Small and Medium businesses for meeting working capital needs (Manufacturers, wholesalers, retail traders, service providers etc.) against the security of Independent houses, flats, commercial buildings or approved residential plots.
20 Incentives Referral Incentives to employees are paid only after disbursement of loan if the leads are entered in Dotnet by the respective employees.
21 Liability Products Non Convertible Debenture (NCD) and Bonds are fund raising instruments for NBFCs to meet their financial needs.
22 Fee Based Services – Money TransferDefinition Money Transfer means transferring money from one part of the globe to another. Money Transfer is the safe , easiest & fastest way of transferring personal funds from abroad to India. Only personal remittances such as payments towards family maintenance and remittances favoring foreign tourists visiting India are permissible
23 Fee Based Services – Money TransferAgencies tied up with Manappuram Money Gram Instant Cash Western Union Ez Remit Transfast Express Money Royal Money Transfer RIA Financial Services
24 Fee Based Services – Money TransferDocuments Required KYC documents (Local ID proof need not be insisted)
25 Fee Based Services – Money TransferDomestic Money Transfer The Money can be transferred from our Branches to the Customer’s Bank Account only (Transfer only within India) For Non KYC Customers Per month maximum limit /Customer – RS.25000/- Single Transaction limit -Rs.25000/-
26 Fee Based Services – Money TransferFor Customers with KYC Non YES Bank beneficiary bank account customers (SBI,SIB,AXIS,ETC) LIMIT Daily Weekly Monthly Yearly No. of Transactions 10 25 50 999 Maximum Amount 49,999 1,00,000 2,00,000 *
27 Fee Based Services – Money TransferFor Customers with KYC YES Bank beneficiary bank account customers LIMIT Daily Weekly Monthly Yearly No. of Transactions 10 25 50 999 Maximum Amount 2,00,000 3,00,000 10,00,000 50,00,000
28 Fee Based Services – Money TransferCharges Transaction slab (Rs) Transaction charges (Rs) Up to Rs.1000 10 to 15 (1.5%) 1001 to 2000 16 to 30 (1.5%) 2001 to 3000 31 to 45 (1.5%) 3001 to 4000 4001 to 5000 5001 to 10000 46 to 60 (1.5%) 61 to 75 (1.5%) 75+25 =100 10001 to 15000 =150 15001 to 20000 =200 20001 to 25000 =250 For KYC customers 25001 to 49999 250
29 Fee Based Services – Outward RemittanceJust as the name suggests, Outward Remittance means sending money from India to other countries Customer can send remittances overseas to their relatives or friends in major currencies through SWIFT transfer facility. It is one of the safest and most convenient ways to send money abroad.
30 Fee Based Services – Outward RemittanceOUTWARD REMITTANCE (Contd.) The purposes for which Outward Remittance can be used are : University fees for students travelling abroad for studies Application fees for education abroad Living expenses for students studying abroad Maintenance of close relatives abroad Tour Remittances
31 Fee Based Services – Outward RemittanceOUTWARD REMITTANCE (Contd.) Outward Remittance Associated Banks are; Thomas Cook India Ltd - Axis Bank Ltd -
32 Domestic Money TransferFee Based Services Difference between Money Transfer, Domestic Money Transfer & Outward Remittance; Details Money Transfer Domestic Money Transfer Outward Remittance Nature of transaction Receiving money from abroad Sending money within India Sending money abroad Currency delivered Indian rupees Foreign currency Type of transaction Inward transaction Outward transaction No. of Agencies Eight One Two
33 Fee Based Services – FOREXForeign Exchange Service (FOREX) Manappuram Finance Limited has been into forex business (buying and selling foreign currency) since 1999. The flag ship company Manappuram finance Ltd holds the authorized dealer, category 2(AD-2) license given by the Reserve bank of India(RBI),which authorizes an organization to do foreign exchange transaction.
34 Fee Based Services – FOREXForeign Exchange Service (FOREX) (Contd.) The companies having AD-2 license are permitted to do foreign currency purchase and sales. 35 MFL branches operating under Manappuram company are having license to do forex business. Foreign exchange management act (FEMA) regulates the foreign exchange.
35 Fee Based Services – InsuranceInsurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. New Subsidiary company - Manappuram Insurance Brokers Pvt. Ltd.
36 Fee Based Services – InsuranceInsurance (Contd.) With effect from January 01, 2016, Manappuram Insurance Brokers Pvt. Ltd. has once again become a fully owned subsidiary of Manappuram Finance Ltd. Now, Insurance broking business, Life and non-life product of all major Insurance Companies are with our own wholly owned subsidiary.
37 Fee Based Services – InsuranceInsurance (Contd.) Types of Insurance Life Insurance Health Insurance General Insurance
38 Fee Based Services – InsuranceInsurance (Contd.) Incentives Employees who generate leads for Insurance are eligible for attractive incentives.
39 Fee Based Services – PAN CARDPAN Card (Permanent Account Number) Permanent Account Number (PAN) is a code that acts as identification of Indians, especially those who pay Income Tax. It is a unique, 10-character alpha-numeric identifier, issued to all judicial entities identifiable under the Indian Income Tax Act An example number would be in the form of ARLPA0061H.
40 Fee Based Services – PAN CARDPAN Card (Contd.) It is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and it also serves as an important proof of identification. The PAN is mandatory for a majority of financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits etc.; especially high-value transactions.
41 Fee Based Services – PAN CARDPAN Card (Contd.) The primary purpose of the PAN is to bring a universal identification to all financial transactions and to prevent tax evasion by keeping track of monetary transactions, especially those of high-net-worth individuals who can impact the economy. The PAN is unique to each individual and is valid for the life time of the holder, throughout India.
42 Fee Based Services – PAN CARDPAN Card (Contd.) An important point to note would be that once issued, the PAN is not affected by a change of address. Manappuram Finance has launched PAN Card service in collaboration with UTI Infrastructure Technology and Services Limited (UTIITSL) on March 18, This service is being provided by the Depository Department at HO.
43 Fee Based Services – PAN CARDPAN Card (Contd.) Process Application for new PAN Card (Form 49A), Correction of PAN data and retrieving of lost PAN Card (Form CSF) is supplied by UTI to all MAFIL Regional Offices, who in turn provides the form to Branches. Fully filled application has to be submitted to UTI with the Applicant’s Photograph and documents for Proof of Identity, Address and Date of Birth.
44 Fee Based Services – PAN CARDPAN Card (Contd.) Process Application can also be downloaded through Dot Net . Filling of application is done at the Branches. Branch staff shall enter the application details on Dot Net and BH/ABH shall approve the same.
45 Fee Based Services – PAN CARDPAN Card (Contd.) Process HO will verify the application and a new track ID will be generated. This Nine Digit Track ID helps to trace the PAN card status through Dot Net. Completed PAN application shall reach the Depository Department, HO within three days from generation of receipt from Dot Net. Weekly two courier dispatches to HO for PAN is allowed. Photograph should not be stapled. Documents needed: Fully Filled Application Form. Form 49 A for new PAN card Form CSF (Request for Changes or Correction in PAN Data /Damage/Lost PAN Card.) Proof of Identity, Address and Date of Birth (D/M/Year) is compulsory. Any one of the following documents can be accepted as proof of all the three : Aadhar Card (With DOB) Election Identity Card (with DOB) Passport Driving license Birth certificate issued by Municipal Authority can be accepted as DOB for minor applicants. Two identical colour Passport size photographs with white background. Background with designs not allowed. Copy of PAN Card or PAN number is compulsory for Correction/Damage/ Lost PAN card application. Fee of Rs.200/- (Rupees Two hundred only) for New PAN /Correction/ Change/ Lost cards for Indian residents. Dot Net Entry : Open the Dot net module in Junior staff Employee code: Path: Dot net Others Others Others PAN card Application. Select New/Correction/Lost; Enter mandatory fields, and then submit. Next, open the module in BH/ABH Employee code: Path: Dot net Others Others Others PAN card BH/ABH Verification. Verify the application, enter Rs.200/- as application fee, create receipt and print 2 copies. Give one copy to customer and keep other as office copy. Next in the same BH/ABH module, enter the final detail : Path: Dot net Others Others Others PAN card Send to HO. Click on Send button, and message will show ‘Applications send to HO successfully’. Check Application status: Track ID Generated by HO Path: Dot net Others Others Others PAN card Applicant Report [Branch Details Including Nine Digit Track ID] PAN application status Path: Dot net Others Others Others PAN Card Check Status The following two options appear: 1. Down load Application ( UTIITSL site will open and PAN applications in PDF file can be downloaded ). 2. Check Status : Enter Track Id for getting the current application status NEFT/ RTGS/ IMPS: NEFT National Electronic Funds Transfer(NEFT) is one of the most prominentelectronic funds transfersystems ofIndia. Started in Nov 2005. NEFT is a facility provided to bank customers to enable them to transfer funds easily and securely on a one-to-one basis. It is done via electronic messages. This is a "net" transfer facility which is executed in hourly batches resulting in a time lag. NEFT facilities are available in 70,000 bank branches all over the country and work on a batch mode. NEFT has gained popularity due to it saving on time and the ease with which the transactions can be concluded, This reflects from the fact that more than 75% of all electronic transactions in the 2015 financial year were NEFT transactions. RTGS Real-time gross settlementsystems (RTGS) are specialist funds transfer systems where transfer ofmoneyorsecuritiestakes place from onebankto another on a "real time" and on "gross" basis. Settlement in "real time" means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. "Gross settlement" means the transaction is settled on one to one basis without bundling or netting with any other transaction. Once processed, payments are final and irrevocable. RTGS systems are typically used for high-value transactions that require immediateclearing. In some countries the RTGS systems may be the only way to get same day cleared funds and so may be used when payments need to be settled urgently. However, most regular payments would not use a RTGS system, but instead would use a national payment systemor network that allows participants to batch and net payments. IMPS Immediate Payment Service(IMPS) is one of theelectronic funds transfersystems ofIndia. Started in Nov 2010. IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. Users can carry out Person to Person (P2P), Person to Account (P2A) and Person to Merchant (P2M) transactions from their mobile, Internet or ATM. IMPS is an emphatic tool to transfer money instantly within banks across India through mobile, internet and ATM which is not only safe but also economical both in financial and non financial perspectives. This facility is provided by NPCI (National Payments Corporation of India) through its existing National Financial Switch. Currently 91 Banks are associated with NPCI for IMPS payment. How It Works ? Detailed process NEFT is as follows Step-1: Customer fills an application form providing details of the beneficiary (like name, bank, branch name,IFSC, account type and account number) and the amount to be remitted. The remitter authorizes his/her bank branch to debit his account and remit the specified amount to the beneficiary. This facility is also available through online banking and some banks offer the NEFT facility even through the ATMs. Step-2: The originating bank branch prepares a message and sends the message to its pooling centre (also called the NEFT Service Centre). Step-3: The pooling centre forwards the message to the NEFT Clearing Centre (operated by National Clearing Cell, Reserve Bank of India, Mumbai) to be included for the next available batch. Step-4: The Clearing Centre sorts the funds transfer transactions destination bank-wise and prepares accounting entries to receive funds from the originating banks (debit) and give the funds to the destination banks(credit). Thereafter, bank-wise remittance messages are forwarded to the destination banks through their pooling centre (NEFT Service Centre) (15 Service Centers are there in India) Step-5: The destination banks receive the inward remittance messages from the Clearing Centre and pass on the credit to the beneficiary customers’ account. How RTGS is different from NEFT ? RTGS is a large value (minimum value of transaction should beRs. 2,00,000 funds transfer system whereby financial intermediaries can settle interbank transfers for their own account as well as for their customers. •The system effects final settlement of interbank funds transfers on a continuous, transaction-by-transaction basis throughout the processing day. Customers can access the RTGS facility between 9 am to 4:30 pm (Interbank up to 6:30 pm) on weekdays and 9 am to 2:00 pm (Interbank up to 3:00 pm) on Saturdays. •However, the timings that the banks follow may vary depending on the bank branch. Time Varying Charges has been introduced w.e.f. 1 October 2011 by RBI. The basic purpose of RTGS is to facilitate the transactions which need immediate access for the completion of the transaction. Debit Card Payments: Payments using a debit card are immediately debited to the card holders’ bank account. Debit cards usually also allow for instant withdrawal of cash acting as ATM card for withdrawing cash. Products Through Subsidiaries Micro Finance ( Ashirwad Micro Finance Ltd ) Housing Loan (Manappuram Housing Finance Pvt Ltd)
46 Fee Based Services – PAN CARDPAN Card (Contd.) Documents needed Fully Filled Application Form. Form 49 A for new PAN card Form CSF (Request for Changes or Correction in PAN Data /Damage/Lost PAN Card.) Proof of Identity, Address and Date of Birth (DD/MM/Year) is compulsory.
47 Fee Based Services – PAN CARDPAN Card (Contd.) Documents needed Any one of the following documents can be accepted as proof of all the three : Aadhar Card (With DOB) Election Identity Card (with DOB) Passport Driving license
48 Fee Based Services – PAN CARDPAN Card (Contd.) Documents needed Birth certificate issued by Municipal Authority can be accepted as DOB for minor applicants. Two identical colour Passport size photographs with white background. Background with designs not allowed. Copy of PAN Card or PAN number is compulsory for Correction/Damage/ Lost PAN card application.
49 Fee Based Services – PAN CARDPAN Card (Contd.) Documents needed Fee of Rs.200/- (Rupees Two hundred only) for New PAN /Correction/ Change/ Lost cards for Indian residents.
50 Fee Based Services – PAN CARDPAN Card (Contd.) Dot Net Entry Open the Dot net module in Junior staff Employee code: Path: Dot net Others Others Others PAN card Application. Select New/Correction/Lost; Enter mandatory fields, and then submit.
51 Fee Based Services – PAN CARDPAN Card (Contd.) Dot Net Entry Next, open the module in BH/ABH Employee code: Path: Dot net Others Others Others PAN card BH/ABH Verification. Verify the application, enter Rs.200/- as application fee, create receipt and print 2 copies. Give one copy to customer and keep other as office copy.
52 Fee Based Services – PAN CARDPAN Card (Contd.) Dot Net Entry Next in the same BH/ABH module, enter the final detail : Path: Dot net Others Others Others PAN card Send to HO. Click on Send button, and message will show ‘Applications send to HO successfully’. Check Application status
53 Fee Based Services – PAN CARDPAN Card (Contd.) Dot Net Entry Track ID Generated by HO Path: Dot net Others Others Others PAN card Applicant Report [Branch Details Including Nine Digit Track ID]
54 Fee Based Services – PAN CARDPAN Card (Contd.) PAN application status Path: Dot net Others Others Others PAN Card Check Status The following two options appear: Down load Application ( UTIITSL site will open and PAN applications in PDF file can be downloaded ). Check Status : Enter Track Id for getting the current application status
55 NEFT/ RTGS/ IMPS NEFT National Electronic Funds Transfer(NEFT) is one of the most prominentelectronic funds transfersystems ofIndia. Started in Nov 2005. NEFT is a facility provided to bank customers to enable them to transfer funds easily and securely on a one-to-one basis. It is done via electronic messages.
56 NEFT/ RTGS/ IMPS NEFT (Contd.)This is a "net" transfer facility which is executed in hourly batches resulting in a time lag. NEFT facilities are available in 70,000 bank branches all over the country and work on a batch mode. NEFT has gained popularity due to it saving on time and the ease with which the transactions can be concluded.
57 NEFT/ RTGS/ IMPS RTGS Real-time gross settlement systems (RTGS) are specialist funds transfer systems where transfer of money or securities takes place from one bank to another on a "real time" and on "gross" basis. Settlement in "real time" means payment transaction is not subjected to any waiting period.
58 NEFT/ RTGS/ IMPS RTGS (Contd.)The transactions are settled as soon as they are processed. "Gross settlement" means the transaction is settled on one to one basis without bundling or netting with any other transaction. Once processed, payments are final and irrevocable. RTGS systems are typically used for high-value transactions that require immediate clearing. In some countries the RTGS systems may be the only way to get same day cleared funds and so may be used when payments need to be settled urgently. However, most regular payments would not use a RTGS system, but instead would use a national payment systemor network that allows participants to batch and net payments. IMPS Immediate Payment Service(IMPS) is one of theelectronic funds transfersystems ofIndia. Started in Nov 2010. IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. Users can carry out Person to Person (P2P), Person to Account (P2A) and Person to Merchant (P2M) transactions from their mobile, Internet or ATM. IMPS is an emphatic tool to transfer money instantly within banks across India through mobile, internet and ATM which is not only safe but also economical both in financial and non financial perspectives. This facility is provided by NPCI (National Payments Corporation of India) through its existing National Financial Switch. Currently 91 Banks are associated with NPCI for IMPS payment. How It Works ? Detailed process NEFT is as follows Step-1: Customer fills an application form providing details of the beneficiary (like name, bank, branch name,IFSC, account type and account number) and the amount to be remitted. The remitter authorizes his/her bank branch to debit his account and remit the specified amount to the beneficiary. This facility is also available through online banking and some banks offer the NEFT facility even through the ATMs. Step-2: The originating bank branch prepares a message and sends the message to its pooling centre (also called the NEFT Service Centre). Step-3: The pooling centre forwards the message to the NEFT Clearing Centre (operated by National Clearing Cell, Reserve Bank of India, Mumbai) to be included for the next available batch. Step-4: The Clearing Centre sorts the funds transfer transactions destination bank-wise and prepares accounting entries to receive funds from the originating banks (debit) and give the funds to the destination banks(credit). Thereafter, bank-wise remittance messages are forwarded to the destination banks through their pooling centre (NEFT Service Centre) (15 Service Centers are there in India) Step-5: The destination banks receive the inward remittance messages from the Clearing Centre and pass on the credit to the beneficiary customers’ account. How RTGS is different from NEFT ? RTGS is a large value (minimum value of transaction should beRs. 2,00,000 funds transfer system whereby financial intermediaries can settle interbank transfers for their own account as well as for their customers. •The system effects final settlement of interbank funds transfers on a continuous, transaction-by-transaction basis throughout the processing day. Customers can access the RTGS facility between 9 am to 4:30 pm (Interbank up to 6:30 pm) on weekdays and 9 am to 2:00 pm (Interbank up to 3:00 pm) on Saturdays. •However, the timings that the banks follow may vary depending on the bank branch. Time Varying Charges has been introduced w.e.f. 1 October 2011 by RBI. The basic purpose of RTGS is to facilitate the transactions which need immediate access for the completion of the transaction. Debit Card Payments: Payments using a debit card are immediately debited to the card holders’ bank account. Debit cards usually also allow for instant withdrawal of cash acting as ATM card for withdrawing cash. Products Through Subsidiaries Micro Finance ( Ashirwad Micro Finance Ltd ) Housing Loan (Manappuram Housing Finance Pvt Ltd)
59 NEFT/ RTGS/ IMPS RTGS (Contd.)In some countries the RTGS systems may be the only way to get same day cleared funds and so may be used when payments need to be settled urgently. However, most regular payments would not use a RTGS system, but instead would use a national payment system or network that allows participants to batch and net payments.
60 NEFT/ RTGS/ IMPS IMPS Immediate Payment Service(IMPS) is one of the electronic funds transfer systems of India. Started in Nov 2010. IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. Users can carry out Person to Person (P2P), Person to Account (P2A) and Person to Merchant (P2M) transactions from their mobile, Internet or ATM.
61 NEFT/ RTGS/ IMPS IMPS(Contd.)IMPS is an emphatic tool to transfer money instantly within banks across India through mobile, internet and ATM which is not only safe but also economical both in financial and non financial perspectives. This facility is provided by NPCI (National Payments Corporation of India) through its existing National Financial Switch.
62 NEFT/ RTGS/ IMPS How It Works ? Detailed process NEFT is as follows;Step-1: Customer fills an application form providing details of the beneficiary (like name, bank, branch name, IFSC, account type and account number) and the amount to be remitted. The remitter authorizes his/her bank branch to debit his account and remit the specified amount to the beneficiary. (Available through online banking and ATMs too)
63 NEFT/ RTGS/ IMPS How It Works ? (Contd.)Step-2: The originating bank branch prepares a message and sends the message to its pooling centre (also called the NEFT Service Centre). Step-3: The pooling centre forwards the message to the NEFT Clearing Centre (operated by National Clearing Cell, Reserve Bank of India, Mumbai) to be included for the next available batch.
64 NEFT/ RTGS/ IMPS How It Works ? (Contd.)Step-4: The Clearing Centre sorts the funds transfer transactions destination bank-wise and prepares accounting entries to receive funds from the originating banks (debit) and give the funds to the destination banks(credit). Thereafter, bank-wise remittance messages are forwarded to the destination banks through their pooling centre (NEFT Service Centre) (15 Service Centers are there in India)
65 NEFT/ RTGS/ IMPS How It Works ? (Contd.)Step-5: The destination banks receive the inward remittance messages from the Clearing Centre and pass on the credit to the beneficiary customers’ account.
66 NEFT/ RTGS/ IMPS How RTGS is different from NEFT ? RTGS is a large value (minimum value of transaction should be Rs. 2,00,000 funds transfer system whereby financial intermediaries can settle interbank transfers for their own account as well as for their customers.
67 NEFT/ RTGS/ IMPS How RTGS is different from NEFT ? (Contd.)The system effects final settlement of interbank funds transfers on a continuous, transaction-by-transaction basis throughout the processing day. Customers can access the RTGS facility between 9 am to 4:30 pm (Interbank up to 6:30 pm) on weekdays and 9 am to 2:00 pm (Interbank up to 3:00 pm) on Saturdays.
68 NEFT/ RTGS/ IMPS How RTGS is different from NEFT ? (Contd.)However, the timings that the banks follow may vary depending on the bank branch. Time Varying Charges has been introduced w.e.f. 1 October 2011 by RBI. The basic purpose of RTGS is to facilitate the transactions which need immediate access for the completion of the transaction.
69 NEFT/ RTGS/ IMPS Debit Card Payments:Payments using a debit card are immediately debited to the card holders’ bank account. Debit cards usually also allow for instant withdrawal of cash acting as ATM card for withdrawing cash.
70 Products Through SubsidiariesMicro Finance ( Asirwad Micro Finance Ltd. ) Housing Loan (Manappuram Housing Finance Pvt. Ltd.)