Indian Bank’s Association Current Affairs - 2020

Finance Minister launches ‘eBkray’ auction platform for assets attached by banks

Union Finance Minister Nirmala Sitharaman has launched eBkray or eBक्रय,  an common e-auction platform to enable online auction of attached assets transparently and cleanly for the improved realization of value by banks. The e-auction platform is now linked on Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal and guidelines have been made available.

About eBkray platform

Objective of Portal: To enhance user experience through seamless access to information by search based on type and location of property put up for e-auction by banks in India.

It will provide navigational links to all Public Sector Banks (PSBs) e-auction sites, property search feature and will present single-window access to information on properties up for e-auction, comparison of similar properties, as well as contains videos and photographs of uploaded properties.

The platform will help buyer to easily navigate to bank e-auction site after a notified property is selected. It also helps user to search property using State-wise, District-wise and bank-wise details.

Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal

It is an initiative of Indian Banks Association (IBA) under policy of Department of Financial Services (DFS), Union Ministry of Finance, to provide details of mortgaged properties to be auctioned online by banks, starting with PSBs. Buyers can use the IBAPI portal to search and get properties details and participate in auction process. Currently, 21 banks are onboard on this portal.

RBI constitutes high-level committee to review ATM charges

The Reserve Bank of India (RBI) has constituted a high-level committee under the chairmanship of VG Kannan, Chief Executive of Indian Banks’ Association (IBA) to review the entire gamut of ATM charges and fees.

Key Highlights

  • Background: There are around 2 lakh ATMs in India. At end of April 2019, there were over 88.47 crore debit cards and 4.8 crore credit cards in function, and as per RBI data during April only 80.9 crore transactions were done through debit cards on ATM.
  • Need: Over the years, uses of ATMs have grown significantly and there have been persistent demand of changing ATM charges and fees. Thus amid demands for reviewing the levies by bank, RBI constituted high-level committee.
  • Constitution: The six member committee chaired by of VG Kannan, will consist of members namely- Dilip Asbe (CEO, National Payments Corporation of India (NPCI)), Giri Kumar Nair (CGM, State Bank of India (SBI), Sanjeev Patel (CEO, Tata Communications Payment Solutions (TCPSL)), S Sampath Kumar (Group Head, Liability Products, HDFC Bank), and K Srinivas (Director, Confederation of ATM Industry (CATMi)).
  • Function:
  • It will examine existing patterns of costs, charges and interchange fees by banks for automated teller machines (ATMs) transactions.
  • It will review overall patterns of usage of ATMs by cardholders and also assess impact (if any) on charges and interchange fees levied by banks.
  • It will assess entire range of costs in respect of ATM ecosystem within the country.
  • It will make recommendations on optimal charge or interchange fee structure and pattern.
  • Timeframe: It will submit its report to RBI within two months from date of its first meeting.