The Government of India is extending Interest Subvention of Rs.1% on below conditions;
1. The loan availed to be maximum Rs.15 lakhs.
2. The cost of project to be maximum Rs.25 lakhs.
3. The loan to be availed by Scheduled Commercial Banks, Regional Rural Banks or Housing Finance Companies.
The Government has made Budgetary allocation of Rs.400 crore for 2012-13 for implementing the scheme.
The National Housing Bank is the authority to implement the scheme.
The banks normally extend the benefit to housing loan customer within one month of release of loan and inturn claim the amount from National Housing Bank on monthly basis. The subvention amount will be credited to housing loan of borrower which will effect in reducing the principle amount of loan.
If you are planning to raise loan from bank, ensure that you get the benefit mentioned above.
Sep 23, 2012
White label ATMs
Till now the ATMs in our country are installed and managed by the Banks itself. Although there are over 90000 ATMs in our country, most are located at Tier I and II centres. There is need to install more and more ATMs in Tier III and Tier VI cities. In this direction Reserve Bank of India has formulated guidelines which allow non-banking companies to install and manage ATMs in our country. Such ATMs are called White Label ATMs. And the operators of such ATMs are called White Label ATM Operators (WLAO).
The RBI wants to allow non-banking companies who have Net Worth of at least Rs.100 crores to operate WLAs. Its Memorandum/Articles must allow it to provide such services. If any FDI is involved then necessary permissions from concerned to be held.
There are three schemes formualted by RBI for WLAOs;
Scheme-A
Install minimum 1000 ATMs in Ist year of operation
Install minimum 2 times ATMs installed in Ist year in 2nd year of operation
Install minimum 3 times ATMs installed in 2nd year in 3rd year of operation
The ratio of installation will be 3:1. For every 3 ATMs intalled in Tier 3 to 6 cities they can install 1 ATM at Tier 1 and 2 cities.
Scheme-B
Install minimum 5000 ATMs in each 3 years of operation
The ratio of installation will be 2:1. For every 2 ATMs installed in Tier 3 to 6 cities they can install 1 ATM in Tier 1 and 2 cities.
Scheme-C
Install minimum 25000 ATMs in 1st year of operation and another 25000 in next 2 years of operation.
The ratio of installation will be 1:1. For every 1 ATM installed in Tier 3 to 6 cities they can install 1 ATM in Tier 1 and 2 cities.
The WALO has to inter into agreement with sponsor bank. The WALO can enter agreement with more than one sponsor bank.
The WALO cannot charge anything from the users of ATMs.
The Cash has to be provided by sponsor bank.
The WALO can advertise in ATMs which are approved by Advertising Council of India and RBI.
The WALO is responsible for settlement of accounts/failed transactions etc.
Only cards issued by banks can be used at WALs.
Acceptance of deposits is not permitted at WALs.
WALO can offer value added services as per guidelines of RBI.
WALO can receive fee from card issuer bank for using its ATM resources.
With the start of this we expect tier 3 to 6 cities to have good number of ATMs and participate in growth of banking in India.
The RBI wants to allow non-banking companies who have Net Worth of at least Rs.100 crores to operate WLAs. Its Memorandum/Articles must allow it to provide such services. If any FDI is involved then necessary permissions from concerned to be held.
There are three schemes formualted by RBI for WLAOs;
Scheme-A
Install minimum 1000 ATMs in Ist year of operation
Install minimum 2 times ATMs installed in Ist year in 2nd year of operation
Install minimum 3 times ATMs installed in 2nd year in 3rd year of operation
The ratio of installation will be 3:1. For every 3 ATMs intalled in Tier 3 to 6 cities they can install 1 ATM at Tier 1 and 2 cities.
Scheme-B
Install minimum 5000 ATMs in each 3 years of operation
The ratio of installation will be 2:1. For every 2 ATMs installed in Tier 3 to 6 cities they can install 1 ATM in Tier 1 and 2 cities.
Scheme-C
Install minimum 25000 ATMs in 1st year of operation and another 25000 in next 2 years of operation.
The ratio of installation will be 1:1. For every 1 ATM installed in Tier 3 to 6 cities they can install 1 ATM in Tier 1 and 2 cities.
The WALO has to inter into agreement with sponsor bank. The WALO can enter agreement with more than one sponsor bank.
The WALO cannot charge anything from the users of ATMs.
The Cash has to be provided by sponsor bank.
The WALO can advertise in ATMs which are approved by Advertising Council of India and RBI.
The WALO is responsible for settlement of accounts/failed transactions etc.
Only cards issued by banks can be used at WALs.
Acceptance of deposits is not permitted at WALs.
WALO can offer value added services as per guidelines of RBI.
WALO can receive fee from card issuer bank for using its ATM resources.
With the start of this we expect tier 3 to 6 cities to have good number of ATMs and participate in growth of banking in India.
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