Job Highlights
 (20 April - 26 April 2013) |
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Saturday, 20 April 2013
Job Highlights (20 April - 26 April 2013)
Banks should use biometric device, UID database to verify account holders identity
Banks are chasing account holders to give fresh proof to update their know-your-customer (KYC) databases. This is inconvenient for customers whose antecedents have been verified before a bank allows them to open an account and also operationally inefficient.
True, banks are only complying with the RBI's diktat to periodically update customer identification data: once in five years for low-risk category customers and not less than once in two years for high- and medium-risk category customers.
Ordinary citizens are hamstrung. There is no reason why a salaried employee whose tax is deducted at source should provide her identity proof afresh. The bank accepts a passport as proof of address, but does it know that the passport office itself does not treat an existing passport as address proof when the passport is up for renewal?
The unique identification number, Aadhaar, serves as a proof of identity, making it sufficient KYC. Repeated compliance would become redundant once every citizen has an Aadhaar. Banks should have the machines capable of reading biometric data and querying the UID database to verify the identity of the account holder.
KYC rules are meant to ensure that banks are not used as a channel to route funds that are not kosher, though they become irrelevant when money is laundered with the connivance of the banker.
The way to guard against money laundering is intelligent analysis, preferably real-time, of bank transactions to identify patterns. Modern IT allows tracking of the location of ATMs used and computers/phones used to log into bank accounts.
Mobile phones are easy to locate. Let banks use the capabilities of their own electronic infrastructure and of IT companies that can do with a little more of domestic business, to spare customers validation hassles.
True, banks are only complying with the RBI's diktat to periodically update customer identification data: once in five years for low-risk category customers and not less than once in two years for high- and medium-risk category customers.
Ordinary citizens are hamstrung. There is no reason why a salaried employee whose tax is deducted at source should provide her identity proof afresh. The bank accepts a passport as proof of address, but does it know that the passport office itself does not treat an existing passport as address proof when the passport is up for renewal?
The unique identification number, Aadhaar, serves as a proof of identity, making it sufficient KYC. Repeated compliance would become redundant once every citizen has an Aadhaar. Banks should have the machines capable of reading biometric data and querying the UID database to verify the identity of the account holder.
KYC rules are meant to ensure that banks are not used as a channel to route funds that are not kosher, though they become irrelevant when money is laundered with the connivance of the banker.
The way to guard against money laundering is intelligent analysis, preferably real-time, of bank transactions to identify patterns. Modern IT allows tracking of the location of ATMs used and computers/phones used to log into bank accounts.
Mobile phones are easy to locate. Let banks use the capabilities of their own electronic infrastructure and of IT companies that can do with a little more of domestic business, to spare customers validation hassles.
Source : http://economictimes.indiatimes.com
Honorarium to MTS/Group 'D' officials - Revision of Rates
No.17011/01/2011-Estt.(AL)
Government of India
Ministry of Personnel, Public Grievances and Pension
Department of Personnel & Training
New Delhi, April 17, 2013.
OFFICE MEMORANDUM
Subject: Grant of honorarium to MTS/Group 'ID' officials when
appointed to work as Despatch Rider/Scooter Driver/Staff Car Driver for short
period in the absence of Despatch Rider/Scooter Driver/Staff Car Driver —
Revision of rates —
Reference
is invited to this Department's O.M. No.17016/6/87-Estt.(Allow) dated 25th
February, 1988, on the captioned subject and to revise the rates of honorarium
with immediate effect as under:
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1.
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MTS/Group `D'
officials when appointed to work as Dispatch Rider/Scooter Driver
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10/- per day.
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2.
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MTS/Group 'D'
officials/Dispatch Rider/Scooter Driver when appointed to work as Staff Car
Drivers
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20/- per day
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2. The amount of honorarium shall be subject to the ceiling as envisaged in FR 46(b) and instructions issued by this department from time to time.
3. In so far as persons working in the Indian Audit and Accounts Departments are concerned, these orders issue in consultation with Comptroller and Auditor General of India.
Sd/-
(S. G. Mulchandaney)
Under Secretary
Source:
www.persmin.nic.in
Bihar at fifth position in terms of inward remittance
Like other states, remittances to Bihar also came mostly from gulf countries, he said. Within Bihar, major share of remittance was sent to post offices of Siwan, Bhojpur, Muzzafarpur, Gopalganj and Patna, the Director said.
Due to large sums of money coming from abroad, these districts are popularly referred as "money order districts." Kumar said in Bihar, more than one lakh people sent remittance though western union money transfer.
Out of 9,614 post offices in the state, 225 of them have the facility of money transfer. Across the country there are 1.55 lakh post offices out of which 1.20 lakh have money transfer facility.
The official said the department has started mobile money transfer (MMT) in rural areas of the state for making transfer of money even more easier.
This service was launched in 118 post offices in rural areas of Bihar, he added.
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