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The BHIM APP-Bharat Interface for Money transfer without internet

bhim app

bhim app

BHIM (Bharat Interface for Money) is a digital payment solution app which is based on Unified Payment service and is available only on Android operating system for now. The app will also be Aadhaar based where transactions will be enabled just with a fingerprint impression. However, the facility has not been launched yet. Those who have signed up for UPI based payments in the bank account and linked the mobile app will be able to take the service of BHIM for digital transactions.

List of Banks supported by BHIM

Here are the Banks supported by BHIM – Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Catholic Syrian Bank, Central Bank of India, DCB Bank, Dena Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC Bank, Indian Bank, Indian Overseas Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Oriental Bank of Commerce, Punjab National Bank, RBL Bank, South Indian Bank, Standard Chartered Bank, State Bank of India, Syndicate Bank, Union Bank of India, United Bank of India, and Vijaya Bank.

No of Accounts that can be linked

As of now, you can select just one bank account and if you have linked two bank accounts then in order to use one the other should be disabled.

How to Link Bank Account?

  • After you have installed the app, it will send a message to your verified mobile number
  • User will be prompted to set 4 digit code. This code will be needed every time for the authentication
  • Thereafter, relevant bank will have to be linked with the App. In case you have activated the UPI, the number will reflect in BHIM app
  • Option of sending, receiving and transferring money via IFSC will appear
  • In case the UPI is not activated, six digit of Debit card can be entered along with the expiry date.
  • Thereafter, you can use the app for services
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modi bhim app

BHIM app allows the user to scan the QR code which can be generated through BHIM app. If you want to pay to the merchant then just click the Scan and Pay button in the app and then scan QR code. One can use the BHIM app even if you do not have smartphone or internet connection. User just need to dial *99# from any mobile phone. A menu will appear and you can select various options to send money.

Even without a smartphone or an Internet connection, anyone can use BHIM to make payments. You need to dial *99# from any kind of mobile phone, and this will show a menu – by typing in different numbers you can choose to send money, check your balance, or see transaction history even without internet connection. As of now there is a limit of Rs 10,000 per transaction and Rs 20,000 per day for BHIM. A user will have to use a credit card or debit card, IFSC or any other form of net banking.

Charges

There are no charges for using BHIM. However, you respective bank can charge a nominal fee for UPI or IMPS transfer.

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Instant Redemption Of Liquid Mutual Funds from SEBI

Instant Redemption Of Liquid Mutual Funds from SEBI:

SEBI is looking to provide facilities to the customers wherein they can receive instant credit in their bank account post redeeming their liquid mutual fund, similar to mobile wallet transaction. The stock market regulator is in the process of designing rules for such transactions. If SEBI implements the scheme on the ground it will enhance the inflow and attract the retail customers towards Mutual funds. As of now, around Rs 2.78 trillion are managed under liquid funds and retail customer contribution is around 3%.

Instant Redemption Of Liquid Mutual Funds

Instant Redemption Of Liquid Mutual Funds

As of now, the money that customer gets after redeeming the mutual fund is credited to his account next working day or two days after the request is made. This happens if the payment is not done through the immediate payment service(IMPS). This is one factor, where Fixed deposit out do the Liquid Funds. Two Mutual funds, namely Reliance Capital Asset Management Ltd and DSP BlackRock Mutual Fund have already started giving their customers the facility of instant redemption in Liquid as well as money market scheme. The amount that can be redeemed is capped to 95% of total balance and a maximum of Rs 2 Lakh per day.

SEBI wants customers to be more comfortable in buying the mutual fund and invest in other liquid funds. Further, the timing seems to be good as the rates on fixed deposits offered by the banks are also low than offered by liquid funds.  SEBI has already discussed its plan with the Association of Mutual Funds in India(AMFI). The stock market regulator is looking to finalise the rules by the end of current fiscal year and implement it thereafter. Liquid funds are free of any load and the exact return offered to the investors is known in advance which is why it has potential to attract large number of investors.

Further, SEBI is looking to put a limit on such transactions to keep any sort of systematic risk at bay in case people start frequent bulk redemption. Therefore, the regulator is looking to provide such facility to the investor under which 70-80% of the redemption will be credited to the investor’s account on the same day. This is done in order to make sure that in case of any negative flow of news, net asset value of the scheme does not suffer immediate jerk on the back of people withdrawing money from the scheme. Reserve bank of India has set its guidelines in connection to all such provisions and SEBI will have to make rules accordingly.

Although the chances of any systematic risk occurring Liquid fund is very low, SEBI wants to make sure that even in the worst case scenario the harm to funds is not beyond repairs. There has not been any instance where liquid fund suffered a setback except one. instance. Back in 2013, severe damage was done to the liquid funds when RBI sucked out liquidity in order to protect rupee. In that scenario, the bond prices cracked and the yield shot up, affecting the net asset value. Investors, then pulled out Rs 45,000 crore in span of just two to three days.

 

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Invest in Mutual Fund through e-wallets

Securities and Exchange Board of India (SEBI) is gearing up to enable investment in Mutual Funds through e-wallets such as Paytm, Rupay, Mobikwik and so on. SEBI’s move comes in to promote the cashless drive and the e-wallet companies will be able to expand their customer base by getting mutual fund investors to pay through their platforms. SEBI has however put ceiling of Rs 50,000 per month for the customers who want to invest in the Mutual Funds, going e-wallet route. In order to start the investment, e-wallet companies should have the non additional KYC documents from the customers.

The Plan

A survey done back in June 2016, concluded that there are total of 49 million mutual fund investors in India and a total of 44

Mutual Fund through e-wallets

Mutual Fund through e-wallets

mutual fund companies serving these customers. In this regard, SEBI invited Reliance Mutual Fund to give a presentation to the mutual fund advisory committee and tell them about the new online app for investment known as Reliance SimplySafe. All the e-wallet transaction are and in future will be regulated be the Reserve Bank Of India. Authorities are keen to give the customers more options to go online and do the transaction at least in the capital market space. Both the regulatory bodies, SEBI and RBI are looking to bring major overhaul in the rule for operating digital wallets. Digital wallet users will have to furnish duly filled KYCs for transaction between Rs 10,000 and Rs 1,00,000.

Rates for Fixed deposits is declining and investors are keen to invest in equities through systematic investment plans. Assets under management of equity mutual funds have surged record high of Rs 4.5 lakh crore at the end off July according to the report released by Association of Mutual Funds in India (Amfi). The Reserve Bank of India states that there are three kind of wallets:-

  • Closed wallets
  • Semi closed wallets
  • Open wallets

Companies who offer open and semi closed wallets are eligible for financial transactions according to the RBI. Paytm, Oxigen Services India Private Limited, Citrus Payment Solutions offer semi closed wallets. SEBI wants to bring digital wallet for investors to invest in mutual funds to reduce the hassle free and paper free KYC procedures. Digital wallet payment will increase the investment in mutual fund and also check the money laundering via cashless transactions. Once the investors decide to invest in the mutual funds through digital wallets, these websites will nudge the investor if the products they are investing in is not suitable compared to risk taking abilities. Investor will be able to select from the string of Mutual Funds products a after filling in the personal and income details. Other details that investors will require to submit is

  • Age
  • Location Details
  • Income Proof

SEBI is of the view that this will be a mutual benefit for the young investors who prefer to make online payment and also for the government and authorities who are cracking down on the black money and laundering.

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Popular e-Wallet Apps For Making Digital Payment and to go cashless

Post demonetisation payment through e-wallets has surged significantly and government is encouraging people to go cashless, by making most of their utility and other bill payments through e-wallets. There are many e-wallet services, private as well as government backed which are providing facilities of Digital Payment to people

SBIebuddy

State bank e-buddy

State Bank Buddy – State Bank of India has launched first of its kind wallet service for Digital Payment which is available in 13 Indian languages. There are various services offered by this service such as quick bill payment, clearing dues, sending and receiving money and so on. An individual can link the credit and debit card in the e-wallet. Thereafter, certain amount can be transferred in the e-wallet and payments can be done. State Bank Buddy is available on Android as well as iOS.

HDFC PayZapp – The app from HDFC is not limited to HDFC customers only and can be accessed and utilised by any one to make payments. Just like any other e-wallet, credit and debit cards can be linked to PayZapp. With PayZapp, HDFC has made sure that credit as well as debit card details of the client are safe. Before making any transaction, PayZapp does verification at three stages. This app is also available for Android and iOS.

Payzapp

e-wallet

ICICI Pockets – ICICI launched the first mobile wallet app in India that launched UPI-based payments. The app developed by ICICI enables the customer to make payment in secure way. ICICI Pockets allows you to book tickets, pay utility bill, transfer money amongst various other functions. Just like any other app, ICICI Pockets is also available on Android and iOS.

icicipockets

icicipockets- e-wallet option

Paytm – One of the most popular e-wallet apps and perhaps the greatest beneficiary of the demonetisation move is Paytm. The app gradually expanded its services and now sells various services and products such as flight tickets. User can pay utility bills such as water, electricity and so on. Further, Paytm also enables the customer to book flight ticket, movie ticket, event tickets and so on.

paytm

Aadhar Card – Those who do not have debit or credit card can use Aadhar cards for the bill payment and various other purposes where cash does not come in handy. Government has started this service to facilitate people in rural area who have not been educated to use debit or credit card. However, the use if Aadhar card as an alternative of Debit and Credit card is not limited to the Villages.

Aadhar

Aadhar to go Cashless

Airtel Money – The Digital Payment app was launched as a mobile version of the Airtel payment bank. User can transfer money, pay bill and do all other transactions through Airtel Money app. On paying through this app, user gets great discounts and offers on buying various products. The app is available on Android and iOS.

Airtel money

Airtel money- e-wallet

These are not the only mobile wallet apps that provide transaction and payment facilities to customers. Various other popular apps are Mobikwik, Freecharge, LIME, PhonePe, Ola Money and so on. These apps have been in use for couple of years or more but saw growing number of users only after the historical decision of Demonetisation taken by the Government of India.

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