Page 229 - DMGT303_BANKING_AND_INSURANCE

Banking and Insurance

Notes 11.10 Terms in Tele-banking

Customer Identification Number (CIN): Unique 6 digit number allotted by Flex cube.
Telephone Personal Identification Number (TPIN): Password for query purpose.

Financial Telephone Personal Identification Number (FTPIN): Password for transaction purpose.
Eligibility

For telebanking facility, customers have to enter into an agreement with the bank by signing a
declaration. The following are eligible for this service:
1. Individuals

2. Joint account holders with either or survivor operation condition.
3. Proprietorship concern
4. PA of NRIs.

Ineligibility

The following account holders are not eligible for the tele-banking services as per the bank's
policy:
Illiterate persons, blind persons, minors, joint accounts with operation condition jointly,
encumbered accounts, blocked accounts, inoperative accounts, Hindu Undivided Family account.
However, the karta of HUF can avail this facility by providing an indemnity letter.

Procedure to avail Tele-banking Services

1. Submit the application forms in duplicate at bank branch for avail of tele-banking facility.
2. On receipt of the duly forwarded application from the branch, TPINs, FTPINs are generated
centrally and dispatched to customer through courier.

Over view of Microfinance

There are a rich variety of financial institutions serving poor people. Microfinance refers to the
provision of financial services to low-income clients, including consumers and the
self-employed. The term also refers to the practice of sustainably delivering those services.
Microcredit (or loans to poor microenterprises) should not be confused with microfinance,
which addresses a full range of banking needs for poor people.
More broadly, it refers to a movement that envisions "a world in which as many poor and near-
poor households as possible have permanent access to an appropriate range of high quality
financial services, including not just credit but also savings, insurance, and fund transfers."
Those who promote microfinance generally believe that such access will help poor in getting
out of poverty.

11.11 New Banking Products/Services

Products
Banking products are characterized under following heads:

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