Thursday, August 30, 2012

UCO visa debit card for mobile recharge.


Please follow the following steps for using UCO VISA international Debit Card to recharge your mobile:

Visit www.rechargeitnow.com
Create your own user id and password for this site by clicking “new users register”.
Sign In with your newly created user id and password.
Select the mobile service provider by clicking on the appropriate icon.
Give the number of your mobile and click on ‘go’.
Give the amount and click on ‘continue’.
In the next page select payment option as ‘debit card’ and further details as visa debit card.
In the next page select other bank visa/master card and give the 16 digit number of our card, expiry date and cvv. ( Please see the back side of the ATM card to get cvv which is of 3 digits number).
Click next will take you to another page were we have to give the verified by visa card password created by you.
Clicks submit.
The process is almost same for online payment for other facilities such as airline ticket booking, purchase of books, and donation to religious institution, universities, Government payment etc.


Friday, August 24, 2012

Properties of Money


1)         Money Serves as a Medium of Exchange:
-           A medium of exchange is the property of money that exchange is made through the use of money.
2)         Money Serves as a Unit of Account:
-           Unit of account is the property of money that prices are quoted in terms of money.
-           Money provides a convenient measuring rod when prices for all goods are quoted in money terms.
-           Money can be used to compare the relative value of goods, making it easier to carry out economic transactions.
3)         Money Serves as a Store of Value:
-           Store of value is the property of money that it preserves value until it is used in an exchange.
-           From the time you receive a payment until the time you make payment; you can use money to store value.
# What borrowers want?
-           Long term loan
-           Minimum Interest 
-           Minimum risk and transaction cost
# What lender wants?
-           Maximum liquidity
-           Maximum return
-           Maximum risk and transaction costs
# Money Market- The money market is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames. Trading in the money markets involves Treasury bills, commercial paper, bankers' acceptances, certificates of deposit, federal funds, and short-lived mortgage-backed and asset-backed securities. It provides liquidity funding for the global financial system.
# Net worth - The amount by which assets exceed liabilities is called net worth. This term can be applied to companies and individuals or is the difference between assets and liabilities.
(Source-Internet)

Important Abbreviations


ABCP – Asset Backed Commercial Paper
ABS – Asset-Backed Securities
ACMA – Automobile Components Manufacturing Association of India
AD – Authorised Dealer
ADF – Augmented Dicky Fuller
ARM – Adjustable Rate Mortgages
BCBS – Basel Committee on Banking Supervision
BIS – Bank for International Settlements
BoP – Balance of Payments
BPO – Business Process Outsourcing
CAD – Current Account Deficit
CBRG – Cross-Border Bank Resolution Group
CBO – Congressional Budget Office
CDOs – Collateralised Debt Obligations
CDS – Credit Default Swaps
CESR – Committee of European Securities Regulators
CFPA – Consumer Financial Protection Agency
CMBS – Commercial Mortgage-Backed Securities
CP – Commercial Paper
CPI – Consumer Price Index
CPFF – Commercial Paper Funding Facility
CPSS – Committee on Payment and Settlement Systems
CRAs – Credit Rating Agencies
CRAR – Capital to Risk-Weighted Assets Ratio
CRR – Cash Reserve Ratio
CVD – Countervailing Duty
EC – European Commission
ECB – European Central Bank
Ecofin – Economic and Financial Affairs Council
EMEs – Emerging Market Economies
EMPI – Exchange Market Pressure Index
ESF – Exogenous Shock Facility
ERM – Exchange Rate Mechanism
ESFS – European System of Financial Supervisors
ESRC – European Systemic Risk Council
FASB – Financial Accounting Standards Board
FBT – Fringe Benefit Tax
FCL – Flexible Credit Line
FDI – Foreign Direct Investment
FDIC Federal Deposit Insurance Corporation
FHCs – Financial Holding Companies
FHLMC – Federal Home Loan Mortgage Corporation
FIIs – Foreign Institutional Investors
FIPB – Foreign Investment Promotion Board
FSI – Financial Stress Indicator
FNMA – Federal National Mortgage Association
FSA – Financial Services Authority
FSCS – Financial Services Compensation Scheme
FTC – Federal Trade Commission
GAAP – Generally Accepted Accounting Principles
GDP – Gross Domestic Product
GECC – Global Economic Co-ordination Council
GFD – Gross Fiscal Deficit
GFSR – Global Financial Stability Report
GIMF – Global Integrated Monetary and Fiscal
GPRF – Global Food Crisis Response Programme
GSDP – Gross State Domestic Product
DTA – Domestic Tariff Areas
HFCs – Housing Finance Companies
HP – Hodrick-Prescott
HKMA – Hong Kong Monetary Authority
IASB – International Accounting Standards Board
IFC – International Finance Corporation
IFRS – International Financial Reporting Standards
IIFCL – India Infrastructure Finance Company Limited
INFRA – Infrastructure Recovery and Assets
IMF – International Monetary Fund
IMFC – International Monetary and Financial Committee
IOSCO – International Organization of Securities Commissions
IPAs – Issuing and Paying Agents
IPOs – Initial Public Offerings
IRB – Internal Rating Based
IT – Information Technology
ITEs – Intra-Group Transactions and Exposures (ITEs)
ITES – Information Technology-enabled Services
LAF – Liquidity Adjustment Facility
LCBGs – Large and Complex Banking Groups
LCD – Liquid Crystal Display
LIBOR – London Inter-Bank Offer Rate
LOLR – Lender of Last Resort
MAS – Monetary Authority of Singapore
MBS – Mortgage Backed Securities
MFIs – Micro-Finance Institutions
MIBOR – Mumbai Inter-Bank Offer Rate
MIGA – Multilateral Investment Guarantee Agency
MSMEs – Micro, Small and Medium Enterprises
MSS – Market Stabilisation Scheme
MTM – Mark-to-Market
M&As – Mergers and Acquisitions
NAB – New Arrangements to Borrow
NBFCs – Non-Banking Financial Companies
NBS – National Bank Supervisor
NCBP – Non-Concessional Borrowing Policy
NDA – Net Domestic Asset
NDTL – Net Demand and Time Liability
NFA – Net Foreign Assets
NFC – Non-Food Credit
NMF – Investment by Mutual Funds
NPLs – Non-Performing Loans
NRSROs – Nationally Recognised Securities Rating Organisations
OBSVs – Off-Balance Sheet Vehicles
OCR – Ordinary Capital Resources
OECD – Organisation for Economic Cooperation and Development
OIS – Overnight Indexed Swap
OLS – Ordinary Least Squares
OMO – Open Market Operation
ONI – Office of National Insurance
OTC – Over-the-Counter
OTD – Originate-to-Distribute
OTH – Originate-to-Hold
OTS – Office of Thrift Supervision
OBSEs – Off-Balance Sheet Entities
PDIC – Philippine Deposit Insurance Corporation
PDs – Primary Dealers
PPAC – Petroleum Planning Analysis Cell
PPP – Public Private Partnership
PRGF – Poverty Reduction and Growth Facility
PVAR – Panel Vector Auto-Regression
REER – Real Effective Exchange Rate
RMBS – Residential Mortgage-Backed Securities
RWA – Risk-Weighted Assets
SEBI – Securities and Exchange Board of India
SEC – Securities and Exchange Commission
SEP – Supervisory Enhancement Programme
SEZs – Special Economic Zones
SHGs – Self-Help Groups
SIDBI – Small Industries Development Bank of India
SDL – State Development Loan
SIVs – Structured Investment Vehicles
SLR – Statutory Liquidity Ratio
SMEs – Small and Medium Enterprises
SMO – Special Market Operation
SSMB – Standard Setting and Monitoring Body
SSIs – Small-Scale Industries
StAR – Stolen Asset Recovery
S&L – Savings and Loan Associations
TAF – Term Auction Facility
TARP – Troubled Asset Relief Program
TFFP – Trade Facilitation Programme
TUF – Technology Upgradation Fund
UNWTO – United Nations World Tourism Organization
VAR – Vector Autoregression
WADR – Weighted Average Discount Rate
WEO – World Economic Outlook
WTO – World Trade Organisation

This Report can also be accessed on Internet URL : www.rbi.org.in


Monday, August 13, 2012

Advantages of Mobile Banking


Mobile banking offers banking services on a mobile phone. Mobile banking service is primarily available over SMS (Short Messaging Service) or through GPRS (General Packet Radio Service) or sometimes through USSD (Unstructured Supplementary Service Data). The services available are:

Ø  Funds transfer (intra and interbank)
Ø  Balance enquiry services/mini statements
Ø  Request services (cheque book)
Ø  Utility bill payments and credit card payments
Ø  Demat account services
Ø  Mobile top up
Ø  Merchant payment, life insurance premium
Ø  Stop payment instructions

Advantages of Mobile Banking

Ø  Providing banking service to unbanked areas and to those customers who otherwise would not have got the banking service.
Ø  The wage earners staying away from their homes and finding it difficult and expensive to remit money to their families, can send money instantly through mobile banking
Ø  The wage earners can do bank transactions without visiting the bank. The advantage being that they do not lose a day’s wages which they would otherwise lose by going to the branch for getting any banking service.
Ø  All non cash banking requirements can be carried out using mobile phones.




Registration of UCO m-Banking through ATM


1.    Visit any UCO Bank's ATM to register
2.    Inserts ATM card in the ATM machine
3.    Enter ATM Card's PIN
4.    Select “Other Services” ---> Mobile Banking Registration
5.    Enter Mobile number (only  10 digits )
6.    Select <Confirm> button.
7.    Select the Account Type options <CURRENT> or <SAVINGS>
8.    Collect the print out of the message "Your Mobile Number Registered successfully"
After successful registration, 2 messages will sent to the registered mobile number that provide mBanking Application URL link for downloading and Application password and MPIN respectively.
9.    Now, click on the URL link in the SMS message and downloads the Mobile Banking application on Mobile.
10.  The Icon for UCO m-Banking will appear on Mobile.

Modification in UCO Dhan-Varsha Fixed Deposit Scheme


 Salient features of the new fixed deposit scheme ‘UCO DHAN-VARSHA’ are as under:
1.    The scheme would be applicable from May 10th, 2012 and will remain valid up to September 30th, 2012 (extension of the scheme duration revised w.e.f.01/07/2012). However, the Bank would reserve the right to modify, withdraw or extend the scheme anytime without any prior notice.
2.    Eligible Depositors under the Scheme would be same as eligible depositors in Fixed Deposit Scheme currently available in the Bank.
3.    Period of Deposit: 444 days
4.    Amount of Deposit Minimum Amount: ` 5000/- and thereafter in multiples of 1000/-. Maximum Amount:  5crore (enhancement of maximum deposit cap revised w.e.f.06/08/2012)
5.    Rate of Interest:  9.25% per annum compounded quarterly. The quarterly compounding would be done for the first four quarters and simple rate of interest would be paid on the compounded amount after the four quarters for the remaining number of days of the above deposit period. In addition to the payment of interest along with the principal at the time of maturity, Interest payment (at the option of the customer) is allowed also at quarterly rests.
6.    In all cases of premature withdrawals, the interest would be payable at 1% below the applicable rate under the normal fixed deposits for the period for which the deposit has remained with the Bank as on the date of deposit or present rate, whichever is lower.
7.    Facility for availing loan/overdraft against Deposits under the Scheme would be available as per existing guidelines for availing loan/overdraft against Bank’s own Fixed Deposits.
8.    The facility of nomination would be available under the Scheme.
9.    In the event of the death of the depositor, the deposit would be paid to the nominee/legal heirs as per the existing rules
10. No auto renewal is permitted under ‘UCO Dhan-Varsha Fixed Deposit Scheme’.  However, wherever no specific instructions are received from the depositors. Maturity proceeds will be renewed for a period of 1 year under Banks Normal Term Deposit Scheme
11.    Tax would be deductible at source as per the prevailing Income Tax rules
12. Transfer of Fixed Deposit under the Scheme within any branch of the Bank would be permissible without any charge as per the existing procedure.
13. Senior Citizen : Additional 0.50% or @ 9.75%










Tuesday, August 07, 2012

Modification in UCO Dhan-Varsha Fixed Deposit Scheme


The pattern of Deposit under UCO Dhan-Varsha fixed deposit schemes for 444 days has undergone a little modification. The maximum deposit amount of Rs. 100 lac is now enhanced up to Rs. 500 lac. There is no change in minimum amount of deposit i.e. Rs 5000/- and deposits in multiples of Rs. 1000/-thereof.


Friday, August 03, 2012

Registration of UCO m-Banking through ATM


1.    Visit any UCO Bank's ATM to register
2.    Inserts ATM card in the ATM machine
3.    Enter ATM Card's PIN
4.    Select “Other Services” ---> Mobile Banking Registration
5.    Enter Mobile number (only  10 digits )
6.    Select <Confirm> button.
7.    Select the Account Type options <CURRENT> or <SAVINGS>
8.    Collect the print out of the message "Your Mobile Number Registered successfully"
After successful registration, 2 messages will sent to the registered mobile number that provide mBanking Application URL link for downloading and Application password and MPIN respectively.
9.    Now, click on the URL link in the SMS message and downloads the Mobile Banking application on Mobile.
10.  The Icon for UCO m-Banking will appear on Mobile.

Thursday, August 02, 2012

Verified by VISA


¢  Verified by Visa (VbV) is an easy to use, secured online payment service from UCO Bank that lets our customers secure online shopping using UCO Bank Visa Debit Card.
¢  Cards must be registered for VbV through the link provided in UCO Bank Website.
¢  At the time of on-line payment the customer can select any VISA payment gateway.
¢  At the time of on-line payment the customers has to provide the 3D-secure password selected by the customer  at the time of Registration process of VbV.
¢  With the power of Visa Debit cards, making online payment is simple and safe.
¢  Followings are the simple steps to do VbV:
1.    Open UCO Bank Website www.ucobank.com.
2.    Select Verified  by VISA
3.    Click on Register button { Existing users have to Enter Card Number, Password & click on Login Button to Login}
4.    Accept all terms & conditions and Click on “I Accept” button
5.    Enter ATM card number
6.    Enter ATM Expiry Date  
7.    Enter ATM PIN
8.    Now, click on “Next” Button.
9.    Enter other required details and
10. Click on “Submit” Button
(Remember the password for further transactions)

Wednesday, August 01, 2012

Mobile Recharge through UCO m-Banking


Follow the steps described below for recharging your mobile with Rs 10/- to Rs 10000/- using UCO m-banking facility on your mobile set:-
1.    Click on UCO m-Banking application
2.    Enter Password to Login
3.    Select My Services from Main Menu
4.    Select Mobile Recharge option from My services menu
5.    Select Recharge option
6.    Enter mPIN
7.    Enter Mobile Number
8.    Press OK
9.    Press Yes
10. Enter Amount (Minimum 10 & Maximum 10000)
After this steps mobile will be recharged and 2 sms will be received. The one sms will have message as: “Your payment is successful. No further steps are required to be followed by the customer-UCO mBanking”.
The other sms will have message related to the recharge amount.