Impact 
Many of you may be aware that with effect from January 1, 2013 mutual fund houses will have to will have to provide direct plans in their existing and new schemes with a separate Net Asset Value (NAV), for investors who do not want distributor support.
But mutual fund distributors seem to unveiling some discomfort over this move and requesting mutual fund houses to go slow with the roll-out of this plan. In fact some of them are looking apprehensive and have also started contemplating to look at other alternative sources of business (viz. insurance and real estate) which earns better commissions for them.
It is expected that treasury of several big banks and corporate houses (which comprise the largest investor group in MFs) will sidestep intermediaries and opt for direct plans in mutual funds since they save onto their cost by about 50-75 basis points (bps), provides flexibility and earns them better returns.
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Now you could simply dial one number from your mobile to access all your bank accounts (28-Nov-2012 )
Many of you would agree that technology has become very much a part of our daily life. Be it booking a movie ticket, travel, or even accessing bank account(s) can all be done via your beloved smart phone or tablet. So, it can be said that technology has become an enabler / facilitator. It has infused ease in the way we transact and kept ourselves abreast with host of things.
Perhaps recognising the importance which technology holds today and its potential going forward, Finance Minister, Mr P. Chidambaram at the annual bankers' conclave (Bancon) in Pune, outlined the Government’s strategy to shift most transactions to the electronic mode. The Government is pushing "mobile banking" in its endeavour to provide those in the rural areas the opportunity to access their "Aadhar accounts" even if banks are not around nearby.
Very soon, as bank account holders you will be able to access your accounts, transfer funds, check balances and request for a cheque book, by simply dialing *99# from even the most basic GSM mobile phone handset, irrespective of the cost, operating system and telecom provider. While some lenders have already rolled out similar services, *99# will be a universal code to access account details across all banks.
This similar to the system used in pre-paid phones to check balances. As a user, all that you require to operate your bank account is numerical literacy. It is noteworthy that since the system is not based on SMS or GPRS connectivity, there’s no charge levied on you. What sets apart the *99# initiative (which is the brainchild of the National Payment Corporation of India) from other mobile telephony services currently offered is that the *99# connectivity is under the Unstructured Supplementary Service Data (USSD) platform where each dial-in results in a live connection with the bank's server.
We are of the view that, with the introduction of this facility banks and telecom companies have come together at the industry level, and this in turn would infuse ease by which bank account holders transact. Moreover, majority of the users are availing GSM service and thus strategy is well targeted as well. However, we think that the mainstay of this electronification strategy is intended to link "Aadhar" numbers with bank accounts, and to ensure that those who do not have an account open one as well, so that Government benefits such as pension, scholarships and subsidies can be transferred directly to individual accounts.
Perhaps recognising the importance which technology holds today and its potential going forward, Finance Minister, Mr P. Chidambaram at the annual bankers' conclave (Bancon) in Pune, outlined the Government’s strategy to shift most transactions to the electronic mode. The Government is pushing "mobile banking" in its endeavour to provide those in the rural areas the opportunity to access their "Aadhar accounts" even if banks are not around nearby.
Very soon, as bank account holders you will be able to access your accounts, transfer funds, check balances and request for a cheque book, by simply dialing *99# from even the most basic GSM mobile phone handset, irrespective of the cost, operating system and telecom provider. While some lenders have already rolled out similar services, *99# will be a universal code to access account details across all banks.
This similar to the system used in pre-paid phones to check balances. As a user, all that you require to operate your bank account is numerical literacy. It is noteworthy that since the system is not based on SMS or GPRS connectivity, there’s no charge levied on you. What sets apart the *99# initiative (which is the brainchild of the National Payment Corporation of India) from other mobile telephony services currently offered is that the *99# connectivity is under the Unstructured Supplementary Service Data (USSD) platform where each dial-in results in a live connection with the bank's server.
We are of the view that, with the introduction of this facility banks and telecom companies have come together at the industry level, and this in turn would infuse ease by which bank account holders transact. Moreover, majority of the users are availing GSM service and thus strategy is well targeted as well. However, we think that the mainstay of this electronification strategy is intended to link "Aadhar" numbers with bank accounts, and to ensure that those who do not have an account open one as well, so that Government benefits such as pension, scholarships and subsidies can be transferred directly to individual accounts.
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