Mobile banking

Mobile banking is a system that allows customers of a financial institution to conduct a number
of financial transactions through a mobile device such as a mobile phone or assistant. The scope
of offered services may include facilities to conduct bank and stock market transactions, to
administer accounts and to access customized information." Typical mobile banking services
may include:
Account information:
1. Mini-statements and checking of account history
2. Alerts on account activity or passing of set thresholds
3. Monitoring of term deposits
4. Access to loan statements
5. Access to card statements
6. Mutual funds / equity statements
7. Insurance policy management
Payments, deposits, withdrawals, and transfers:
1. Cash-in, cash-out transactions on an ATM
2. Domestic and international fund transfers
3. Micro-payment handling
4. Mobile & Direct to Home package recharging
5. Purchasing tickets for travel and entertainment
6. Commercial payment processing
7. Bill payment processing
8. Peer to Peer payments (e.g., Pop money, Isis)
9. Withdrawal at banking agent
10. Deposit at banking agent

Asian Clearing Union (ACU)

ACU means Asian Clearing Union. It was established at the initiative of United Nations
Economic and Social Commission for Asia and the Pacific (ESCAP). ACU was formed on
December 1974. The Draft agreement, establishing the ACU, was finalized at a meeting at
Bangkok in 1973 with the senior Govt Officials and Officials of Central Banks. The ACU started
its function/operation in November, 1975. ACU is the simplest form of payments arrangement
whereby the members settle payments for inter regional transactions among the participating
Central Banks on a multilateral basis. The name of the ACU currency is Asian Monetary Unit
(AMU). The value of one AMU is equivalent to one US dollar. The head quarter of Asian
Clearing Union situated at Tehran, Iran. There are 08 (seven) member countries setting their
respective import & export payments through ACU currencies: India, Iran, Mayanmar
(Burma), Sri Lanka, Nepal, Pakistan, Bangladesh and Bhutan.
Objectives & functions of ACU:

a. To settle the import & export payment claim of member countries easily.
b. Not to use the currency of other countries except the currency of member countries.
c. To expand the use of currency among the member countries of ACU.
d. To establish financial cooperation among the regional countries.
e. Providing short term credit facilities by the system to the debtor participants for a period
of two calendar months.