I T IN BANKING

By

Dr. R. Rajeswari, Reader in Commerce & Principal,

Sri Sarada College for Women (Autonomous), Salem-16.

INTRODUCTION

India’s banking sector has made rapid strides in reforming and aligning itself to the new competitive business environment. Indian banking industry is in the midst of an IT revolution. Technological infrastructure has become an indispensable part of the reforms process in the banking system, with the gradual development of sophisticated instruments and innovations in market practices.

AN OVERVIEW OF IT IN BANKING

Indian banking industry, today is in the midst of an IT revolution. A combination of regulatory and competitive reasons have led to increasing importance of total banking automation in the Indian Banking Industry. Information Technology has basically been used under two different avenues in Banking. One is Communication and Connectivity and other is Business Process Reengineering. Information technology enables sophisticated product development, better market infrastructure, implementation of reliable techniques for control of risks and helps the financial intermediaries to reach geographically distant and diversified markets.

Entry of new banks resulted in a paradigm shift in the ways of banking in India. The growing competition, growing expectations led to increased awareness amongst banks on the role and importance of technology in banking. The arrival of foreign and private banks with their superior state-of-the-art technology-based services pushed Indian Banks also to follow suit by going in for the latest technologies so as to meet the threat of competition and retain their customer base.

With the fierce competition and liberalized policies, the banks have diversified into non-traditional areas like:

• Merchant banking.
• Lease Finance.
• Project Finance.
• Trust and Pension Management.
• Executor / Trusteeship Business.
• Free Based Services.
• Investment Banking.
• Cash Management Product.
• Real Estate Financing, especially Housing Finance.
• Negotiating and Syndicating borrowings for Corporate Customers in international markets.
• Forex Loans.
• Securities Operations.
• Gold and gold related Products.
• Management Consultancy for Corporate Customers.
• Mergers, Acquisition and Divestitures.
• Factoring Forfeiting.

Today, technology has changed the contours of three major functions performed by banks, i.e., access to liquidity, transformation of assets and monitoring of risks. Further, Information technology and the communication networking systems have a crucial bearing on the efficiency of money, capital and foreign exchange markets.

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They describe each credit card in detail, mentioning whether it has a low interest rate, a rewards program or cash back bonuses. There are many other type of credit cards out there, including those that are reserved especially for students, those that have interest free days or balance transfer. The list is made complete by no fee credit cards, those that have debit facilities or airline rewards. In the end, it all depends on what you are interested in.

Let’s take the example of MasterCard credit cards, which are indeed used throughout the entire world. One can easily trust the Internet and its specialized resources in order to compare MasterCard credit cards, enjoying all the benefits that they are able to provide. As a prospective customer, the Internet user will be informed about the different types of credit cards available under MasterCard, including details on interest rates and annual fees. MasterCard credit cards can offer important rewards and they are always included within cash back programs, so you may want to pay increased attention to everything that is being said online whereas such offers are concerned.

MasterCard is not the only strong name present online. As a concerned consumer, you will also have the opportunity to compare Visa credit cards, discovering the best one for your requirements. Visa credit cards often represent the first choice of many consumers, given the fact that they guarantee increased security and protection from identity thieves. Cardholders have a wide range of information presented through specialized resources, being able to compare the features of different cards and take a decision that is based on actual facts, not just hear say.

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Although Mastercard firms are tightening their access to consumer credit, masses of cardholders have ended up with too much Visa card debt. Now they have to settle their debt with the credit card issuer and start over. For many consumers, bankruptcy might not be mandatory or desirable, and it is possible for cardholders to agree credit card debt themselves.

John’s story is typical-for years he blithely charged dinners and entertainment and home contraptions on his 3 mastercards. He racked up a credit card debt consolidation of $15,000, his rate of interest was 18 p.c, and his minimum payments were $450 per month. If he paid the minimum every month it would probably take John twenty-four years to pay off his credit cards and he will have paid over $15,000 in interest!

Unless John could seriously restructure his debt he would shortly have to choose between paying his mortgage or paying his credit card. Or not eating.

Negotiating Your Own Mastercard Debt

John chose to take matters into his very own hands and work at once with his Visa card issuers. Anyone can do this, but John was prepared-and you can be prepared, too. Dealing with creditors yourself can save you cash, but it is not without a degree of risk. Here are the significant tips to bear in mind.

Prepare in advance

Before you pick up the telephone, have your information in front of you. This involves the following :

A copy of your most recent credit card bill

Any communication from your creditor offering a settlement

A specific dollar value you’re able to pay should a settlement be reached. You can shoot for either an one-off sum or a once per month repayment plan.

the 1st Call

You’ll be routed to a consumer service representative in the collections office. Show patience and polite! Collectors must go thru a scripted process and verify your private info including your telephone number, work, and home address. They are going to want to get a payment from you or at least a guarantee to pay. Some client service delegates are permitted to supply settlement arrangements, while others will insist that a settlement agreement is very unlikely. When you call, be clear that you have an interest in a settlement.

Find a Decision-Maker

If your customer service representative will not debate a settlement, you have 3 selections :

1. Politely thank them for their time and cancel the call.

2. Ask to chat to a supervisor or department manager. These people may be allowed to make payment agreements or settlements.

3. If the telephone call doesn’t get results, write a letter to the dept executive describing your intention to pay off or settle your account. Be specific relating to the dollar value you can pay and when you will be making the payments.

One of John’s cards was in arrears and he owed $700 in back payments. The debt had been turned over to the collections dept of the credit card company. The card company offered to set up a repayment plan under the condition that John paid the $700 late balance. This would send his account out of collections and back to the standard payments processing office. John immediately agreed. He sent his payment of $700 and his card issuer-after terminating his ability to use the card-gave John a special low rate of 2 percent that would be guaranteed as long as he made regular payments.

The Visa card company would rather get some money from you than no money. The objective of settling a card account is to get payments reduced to a controllable amount. In the negotiation process, do not forget to protect yourself. Keep a record of all your chats with customer service delegates and include the date, time, and the person’s name you spoke with. Always get a statement from the personal loans creditor with the bartered quantity of the settlement or monthly payment arrangement.

Know your rights! Review the Fair Debt Collection Practices Act by visiting The Fed Trade Commission web site. Research the credit card laws in your state. If you do your homework you may be in a position to settle with your credit card company.

About the Author:

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Shopping around might get you a better deal so you are definitely recommended to compare credit cards before taking a final decision. Use the Internet and compare MasterCard credit cards or any other type for that matter.

Specialized websites only ask two things of you, meaning your occupation (are you student, for example) and what type of credit card you are interested in (no fee credit cards). They want you to get the best deal for your needs, keeping you up to date with the latest offers from major credit card companies and always making sure that you have understood the given information precisely. If you are interested in MasterCard credit cards, they will outline all the existing offers from this financial provider and provide specialized assistance in case you desire.

Whether you are interested in MasterCard or Visa credit cards, the truth is that there are a few basic factors you should take into consideration. Compare Visa credit cards by analyzing the interest rate (APR or annual percentage rate), the existence of a free introductory period or cash back programs. Each and every detail matters when it comes to deciding on which credit card to use, including the things that were mentioned above. The ideal credit card should have a low standard annual percentage rate, balance transfer cash back programs (loyalty points). You are free to compare Visa credit cards and also the ones from other financial providers, considering the benefits that each might bring into the picture.

Don’t be scared about the wealth of information present online when it comes to credit cards. All you have to do is find an online resource that is both professional and reliable, allowing you to compare credit cards without problems. You can compare ANZ credit cards in an instant, provided that you resort to a comparison service that is 100% professional. You will have to discover the benefits ANZ credit cards, analyzing each offer in particular. It is recommended that you choose a credit card that fits your circumstances, including your buying needs and available budget. If you are still not certain about the final choice, discuss it with someone who has experience in the field and learn how to avoid getting into debt because of credit cards.

It is true that no fee credit cards present an increased number of benefits, at least for the moment. Use the same resources and compare no fee credit cards from different financial providers, making sure that you have all the facts. Learn the difference between low interest and no fee credit cards, find out what the best credit card actually is and do not hesitate to analyze the offers from various issuers. The deeper you digger, the more interesting offers you are likely to find!

About the Author:

Compare credit cards from Australia’s leading credit card issuers and apply online instantly. Credit Cards Heaven offers credit card reviews and tables to Compare Visa Credit Cards.

Thieves are working hard more than ever to steal your identity. They do not care who is affected with it, young or old. Their main objective is to steal for their own benefit. What can you do to make it harder for the thieves to steal your identity?

Know that there are simple measures that you can incorporate in your daily life to prevent thieves from stealing your identity. Make it harder for them to put your life into ruins because believe it or not what you have earned for years will go down the drain if you are not careful enough.

Identity theft affects millions of people at present. Its debilitating result is more than enough reason for you to guard your identity. Here are simple but very important measures to take to shield your identity.

1. Social security card must be placed in a safe place in your home not in your wallet. This is where your identity gets stolen when you lost your wallet and/or your wallet gets stolen.

2. All documents with your personal information need to be shredded and not tossed in the trash. Thieves are not hesitant to get dirty to steal your identity.

3. Make it harder for thieves to steal your identity by renting a mail box so that they do not have an easy access to your mails. A mail box that is not locked invites thieves to dig into it without sweating.

4. Invest in a good shredder. A cross-cut one is better.

5. Monitor your credit report, financial statements, and report any unusual activity.

To go to the next level in protecting your identity, simply get a company that can show you the odds on how to handle these things. Get the legal team on your side.

About the Author:

Learn more about identity theft so you can better guard yourself from this crime. Knowing what to do can guide you how to avoid being a victim. You cannot underestimate the work that needs to be done if you are a victim of identity theft. Prevention is the best route to take. Equip yourself. Visit http://www.myidentityhelpshield.blogspot.com and discover the benefits of having a legal team on your side today.

If the answer to either of these two questions is yes, then you should definitely keep on reading this article. Find out more information on using an online comparison website and how to decide upon the features of different credit cards. This article intends to help the concerned consumer, highlighting the advantages of using the Internet in order to search for different credit cards and financial providers. It is up to you to decide whether you want to read this information or not.

Once you have found a website that allows one to compare credit cards, prepare yourself to spend some time on finding the right credit card. The good news is that such websites offer a lot of useful information on the subject, whether you are interested in a certain financial provider or in all of the names present on the market. You can compare MasterCard credit cards and receive expert advice at the same time, choosing a credit card that is based on your actual needs. There are different types of MasterCard credit cards out there, so it is only logical that you should take your time and compare their features. Only then you can be certain that you are taking the best decision, avoiding getting into debt because of a wrongful selection.

The same goes in case you decide to compare Visa credit cards. Think about the purpose of the credit card and for what will the expenses be used. Inquire about balance transfer, interest rates and loyalty bonuses when searching for Visa credit cards. You might not be aware of it but every detail matters when comparing credit cards, the smallest piece of information making all the difference in the world. Take a good look at the most important features of various credit cards and compare the advantages that each might bring into the picture. You do not want to go out there and select a credit card without being informed. Why? Because you will simply end up taking the wrong decision.

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When faced with a mountain of credit card debt, the money in your 401k may be a tempting target. However, draining your retirement funds is fraught with danger.

The main danger in using a 401k for anything besides retirement is that you may not be able to pay it back. Especially in this economy, continued employment isn’t something that can be counted on; even giant companies have had rounds of layoffs.

Hector Milla Editor of the “Credit Card Debt Free” website — http://www.CreditCardDebtFree.org — pointed out;

“…Plus, if you’ve gotten deep into debt, it shows that you have encountered financial difficulties. Without making some serious changes, those same difficulties can easily prevent the replenishment of money from your 401k. It is doubtful that you really want to risk being forced to get a job once you’re in your 70s. The 401k is your bulwark against finding yourself in the workforce when you have no desire whatsoever to still be there…”

Using a credit card debt settlement service is a great alternative to draining your 401k. These services work with you and your creditors to bring your payments down to affordable levels while still eliminating the debt. Sometimes known as debt consolidation services, these companies set a single monthly payment, and that payment is applied to your debts according to the plan you agree on. This single payment takes the place of all the individual credit card bills, and is often smaller than what the other bills would have cost you. Therefore, you don’t have to dip into your savings to pay it.

There are two main ways credit card debt consolidation companies work. One method is to collect your payments into an escrow account, which is then used to pay off your creditors in lump-sum amounts the service negotiates for you. Others actually loan you the amount you need for a payoff, and then disburse the proceeds to your creditors. You then pay back this consolidation loan. In either case, it results in a single bill each month, and this bill is almost always lower than your original ones.

“…If your credit card bills have become overwhelming, it is imperative that you resist the temptation to pay it all off with your 401k plan or other retirement savings. You’ve worked hard to accumulate enough money to retire on, and no credit card company deserves to be able to rob you of a comfortable retirement. Consult with a credit card debt settlement company instead, so you can both pay off your bills and retire at the age you intended to…” added H. Milla.

Further information about trusted and reputable companies for credit card debt settlement by visiting; http://www.CreditCardDebtFree.org

About the Author:

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

If you have found yourself to be in financial difficulty, you are probably wondering what you should do.

Should you get a bank loan and pay off all your bills or should you try to settle your bills with the companies you owe? It can be difficult to decide but each of these has pros and cons. Your credit rating can be impacted by the decision you make.

Hector Milla Editor of the “Credit Card Debt Free” website — http://www.CreditCardDebtFree.org — pointed out;

“…There are many companies that will offer to give you a bank loan for your credit card and other debt you might have accumulated. In many cases, these loans will come with a premium, meaning, you will pay more in interest for them. The fact that you are in need of this service automatically will give companies a reason to charge more for the loan. They can simply say that you are a bad risk based on your past credit card history and in most cases, they would have a right to ask for this higher rate. However, if you can get such a loan and pay it back on time, every month you will go a long way to repairing your credit. If you are approved for this type of loan, you need to consider if you can pay the loan amount monthly. If you can’t pay the minimum they quote you, don’t even bother taking out the loan, you will just be perpetuating the issue. In that case, you might think about debt settlement options…”

Debt settlement works a number of ways. You can try to negotiate settlements with your creditors on your own, you can get a loan from a debt settlement company after they negotiate for you and then you owe them or you can pay a company to negotiate the settlement but then you pay the creditor yourself based on the arrangements that you were able to reach.

Creditors do not have to accept a settlement. In some cases, they can accept a settlement and not repair your credit with them. When you decide to go this route, you need to understand and get in writing the agreement you are making, the terms of the agreement and what the creditor is willing to report, after the settlement is paid, to the credit reporting agencies.

“…Either one of these can be a viable answer to your financial difficulties but both have slightly different outcomes. It is up to you to decide which one suits your needs best…” added H. Milla.

Further information about trusted and reputable companies for credit card debt settlement by visiting; http://www.CreditCardDebtFree.org

About the Author:

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

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Tags: irs tax help , disaster prevention , tax help , tax forms , irs forms , copy of tax return , irs contact information , emergency tax plan

Create a Backup Set of Records Electronically

Taxpayers should keep a set of backup records in a safe place. The backup should be stored away from the original set.

Keeping a backup set of records –– including, for example, bank statements, tax returns, insurance policies home, etc. –– is easier now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet. Even if the original records are provided only on paper, they can be scanned into an electronic format. With documents in electronic form, taxpayers can download them to a backup storage device, like an external hard drive, or burn them to a CD or DVD.

Document Valuables

Another step a taxpayer can take to prepare for disaster is to photograph or videotape the contents of his or her home, especially items of higher value. The IRS has a disaster loss workbook, Publication 584, which can help taxpayers compile a room-by-room list of belongings.

A photographic record can help an individual prove the market value of items for insurance and casualty loss claims. Photos should be stored with a friend or family member who lives outside the area.

Update Emergency Plans

Emergency plans should be reviewed annually. Personal and business situations change over time as do preparedness needs. When employers hire new employees or when a company or organization changes functions, plans should be updated accordingly and employees should be informed of the changes.

Check on Fiduciary Bonds

Employers who use payroll service providers should ask the provider if it has a fiduciary bond in place. The bond could protect the employer in the event of default by the payroll service provider.

IRS Ready to Help

If disaster strikes, an affected taxpayer can call 1-866-562-5227 to speak with an IRS specialist trained to handle disaster-related issues.

Back copies of tax returns and all attachments, including Forms W-2, can be requested by filing Form 4506, Request for Copy of Tax Return. Likewise, transcripts can be ordered using Form 4506-T, Request for Transcript of Tax Return. Returns or transcripts can also be ordered by calling 1-800-829-1040.

There is no fee for a transcript or tax return copy for a taxpayer located in a federal disaster area qualifying for individual assistance. Taxpayers should put the assigned Disaster Designation in red ink at the top of the request form.

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http://www.irstaxhelp.com

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http://www.irstaxlien.com

http://www.payemployees.com

http://www.leslieandassiciates.com

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Prepare For Disasters By Safeguarding Tax Records

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Factoring is a form of asset-based financing and is the process of selling commercial accounts receivables by a business in order to obtain immediate cash payment of the accounts before their actual due date.

Factoring differs from borrowing in that the accounts receivables are actually sold rather than merely offered as collateral. The net result is that your company can convert its receivables into immediate operating cash so that you will not have to wait 30, 60, 90 days or more for your customers to pay.

This process places the time, cost, and effort of collection into the hands of a funding company, allowing you the time to concentrate on what you do best – run your company. Your company receives the cash it needs, when it needs it, so that you may best manage your business.

Factoring can be a great option for companies that need money quickly, but who aren’t able to secure a conventional, bank loan. Factoring is known by other names. Receivables factoring, invoice discounting, invoice factoring and debtor financing are other commonly used names.

Factoring benefits both companies. The seller gets the capital that they want or need and the factor is able to make money by charging the seller a discount fee on the invoice.

A good factoring company will research the credit history of the seller’s customers prior to purchasing the invoices. They will want to be confident that these companies have a history of paying their bills.

Factoring is a way for companies to infuse cash into their business without taking on additional debt. By selling their accounts receivables at a discount, they can get money right away without having to wait to collect it themselves. In exchange, the factor, is able to make money on the invoices by charging the company a discount fee for their services. One company gets the money they need to continue operating and/or grow their business, while another one has the opportunity to make money by helping businesses grow and prosper.

About the Author:

Paragon Financial is a full service factoring company. Factor your receivables and improve cash flow without additional debt with our experts in invoice factoring, purchase order financing, accounts receivable financing, and government contract financing. Call 800.897.5431 today or visit www.ParagonFinancial.net