Page 28 - Banking Finance August 2017

ARTICLE

ment by waving off the need for two factor authentication transactions these cards can also be used to perform offline
for transactions less than Rs 2,000 through cards. Multiple contactless(Quick Tap) transactions for speed and conve-
players have introduced their version of contactless pay- nience. The key features of RuPay Contactless are as under:
ments but the most promising would be the one where the 1) It supports online (contact & contactless) & offline
customer can make a payment through a simple gesture (contactless only) transactions
within a fraction of second (Quick Tap). 2) There are dedicated storage areas for merchants/op-
erators to offer services through the same card along
Ministry of Urban Development sensed these technological with a stored value (Card balance) which is used for
advances and felt it was the right time to offer standards offline contactless transactions
which operators can adopt and offer ubiquitous payments
3) It contains the provision of topping up the stored value
across the country.They released the NCMC guidelines
(card balance) with Cash at customer service point at
(based on open loop RuPay Contactless specifications) with
the option of the issuing entity.
the vision to have a National common mobility card that will
operate across all open loop payment infrastructure. 4) It can be used for transit, toll, parking, merchant pay-
ments & all such similar low value payments
5) RuPay Contactless card can be issued as debit, credit
or prepaid with stored value (Card balance)
6) Since the transaction is permitted against available
balance, there is no opportunity of any loss to the bank.

Recently three projects went live in the country based on
NCMC contactless guidelines. They areBengaluru Metropoli-
tan Transport Corporation, Kochi Metro Rail Limited and
Ahmedabad Smart City. These projects have highlighted
successful deployment of open loop payment systems in the
country each in a specific area of consumer utility i.e. Metro,
Bus and Citizen Services keeping the objective of cost, con-
venience and speed intact. The transformation has only just
RuPay Contactless specification is a dual interface specifica- started and the future holds some exciting developments.
tion which can be used to issue dual interface card. Apart
from the standard online contactPOS, ATM and E-commerce The views expressed by the author are personal.

15 names recommended for ED in PSBs: Banks Board Bureau

Recommendation of 15 names for the post of Executive Directors in various Public Sector Banks has been made to the
Government. Following are the names recommended by the Banks Board Bureau: H Bhaskar; Chaitanya Gayatri
Chinthapalli; Govind N Dongre; Kul Bhushan Jain; Rajesh Jindal; Krishnan S; Atul Kumar; Birupaksha Mishra; Debashish
Mukherjee; Lingam Venkata Prabhakar; Murali Ramaswami; Matam Venkata Rao; Bajrang Singh Shekhawat; Ajay Kumar
Srivastava; and Rajesh Kumar Yaduvanshi.

Citi India net profits up by 12%

During 2016-17, Rs. 2,34,181 crore of loans were disbursed by Citi India, including those booked in offshore locations,
representing a 13.4 per cent growth over the previous year. It reported 12.15% increase in net profit for the year
ended March 31, 2017 at Rs. 3,626 crore. "Our results are a consequence of our execution focus, judicious expense
controls and sound risk management. Citi in India is well placed and committed to supporting our clients' investments
and growth," Parekh said in a statement.

28 | 2017 | AUGUST | BANKING FINANCE

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