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  • You can pay with mobile soon

    People in areas that do not have access to banks should be able to open accounts linked to their cellphones and be allowed withdrawals of up to Rs 5,000 a day, according to a mobile banking framework presented by a government committee on Friday.

    “The framework envisages creation of mobilelinked no-frills accounts by the banks, which will have various transaction limits,” said the Inter Ministerial Group (IMG) in its report to Telecom Regulatory Authority of India (Trai).

    Under the framework, a
    person with mobile-linked account will be allowed to undertake five basic transactions through banking correspondents or their subagents appointed by banks.

    IMG, constituted by the Cabinet Secretary in 2009, has suggested that people can keep money in their nofrills accounts, where there is no requirement of minimum deposit. Such account holders are not issued any chequebooks.

    The report assumes significance considering the growing number of mobile subscribers among the rural population and the disadvantaged sections. — PTI
    MOBILE CASH Cash deposit, credit customer’s mobile-linked no-frills account, cash withdrawal, peer-to-peer transfer and balance inquiry can be executed through a mobile based PIN system.

    No requirement of minimum deposit. No cheque books or passbooks will be issued.

    The ceiling for withdrawal is `5,000 per day and `25,000 per month.

    Transactions can be done through mobile banking points of sale or through bio-metric based micro ATMs of banking correspondents (who can be even a shopkeeper) or their sub-agents.

    1.55 lakh post offices across the country would also be used to provide banking services with the help of cellphones to people in rural areas.

    Source : DC

  • India in top 4 among B-school destinations

    India in top 4 among B-school destinations.

    MUMBAI: That the US and the UK are the most popular destinations for management studies is not big news. But the findings of a survey conducted by the Graduate Management Admission Council (GMAC), which conducts GMAT, a B-school entrance test used globally, have thrown up some surprises. Number 4 on the list of the Top 10 preferred destinations for B-school aspirants is India, with Canada at No. 3. Israel and Spain are the other surprise entrants.

    According to experts, India’s foray into the elite league has a lot to do with the emergence of institutions such as the Indian School of Business, Hyderabad, which was ranked No. 12 globally in the Financial Times ( London) Global MBA rankings earlier this year. The IIMs, which use GMAT as an entrance test for their executive MBA programmes, are also responsible for India’s popularity.

    ”B-school aspirants are looking at a return on their investment, and with the investment being lower for management education in India when compared to the US and the UK, the returns are higher,” said an expert. Many feel that India can soon emerge as a hub for management studies amongst Asian countries such as Singapore and the Philippines as the country will be a far less expensive destination than western giants.

    Although making it to the US has, for long, been the great Indian dream, it is not the only North American country that’s attracting desi students. Many are now making a beeline for Canada, which not only has a robust economy and liberal visa policies but also promises good job prospects. ”In testing year 2010, India was the top foreign country that sent score reports to Canadian graduate management programmes,” reveals GMAC’s survey.

    According to the report, 78% of full-time MBA programmes in Canada received the largest number of foreign applications from Indians. Not surprisingly, all Canadian management programmes that recruited foreigners targeted India, as did 44% of European programmes that undertook special recruitment efforts to attract overseas candidates.

    Source: TOI

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