Onboarding Bank
Note
Only a platform admin can onboard a bank.
A checker approval is needed to successfully onboard a bank.
Introduction
The DFX platform facilitates the onboarding of bank through administrator login. Upon submitting the bank details on the platform, the details are automatically forwarded to the checker for verification. Once the details are verified and approved, the bank gets successfully onboarded on the platform. This section walks you through the process of adding a bank in the platform.
How To Access On DFX Platform
Platform Panel -> Banks
Steps to onboard a bank to the DFX platform
The following are the steps of onboarding a new bank to the DFX platform as an admin. After filling in all the required bank information, click Submit button at the bottom of the page to complete onboarding the bank to the DFX platform.
Go to DFX platform.
Enter Email ID and Password.
Click Login.
Go to Banks section.
Click + Add New Bank. Enter the bank information as follows:
Note
All fields are mandatory.
Bank Profile
Bank Name - Enter the official name of the bank you are onboarding.
Bank Code - Enter the unique bank code assigned to the bank.
Bank Email - Enter the official email address of the bank.
Bank Account Details
Account No. - Enter the bank account number associated with the DFX platform.
Bank IFSC - Provide the Indian Financial System Code (IFSC) of the bank account.
Branch Name - Specify the branch name of the bank you are onboarding.
Contact Person Details
Contact Person Name - Enter the name of the primary contact person at the bank.
Contact Person Phone Number - Provide the contact number of the contact person.
Contact Person Designation - Enter the contact person’s designation at the bank. For example, Manager, Relationship Manager, and so on.
Additional Details
Bank Address - Enter the complete address of the bank branch.
Financier Type - Select the appropriate financier type from the dropdown menu. The menu includes options, such as BANK and NBFC.
Email Receiver - Enter the email addresses of additional recipients who need to receive copies of the communication. Use commas to separate multiple email addresses.
FTP ID - Enter the bank’s File Transfer Protocol (FTP) ID.
FTP Directory - Add the specific directory within the bank’s FTP server for file uploads.
FTP Password - Provide the password for the bank’s FTP account.
FTP URL - Enter the bank’s FTP URL link.
Limit Locking Required -
Risk User Email -
Image URL - Upload an image logo or icon to represent the bank on the platform.
Actions
Submit - Click this button to submit the onboarding details.
Confirm - Upon clicking this button, the bank details are forwarded to a checker who reviews, validates, and approves the submitted details. Once the details are approved, the bank gets successfully onboarded on the platform.
Manage Repo Rates
What is Repo Rate?
Repo rate refers to the rate at which commercial banks borrow money by selling their securities to the Central Bank of our country, that is, the Reserve Bank of India (RBI), to maintain liquidity in case of shortage of funds or due to some statutory measures.
When you borrow money from the bank, the transaction attracts interest on the principal amount. This is referred to as the cost of credit. Similarly, banks also borrow money from RBI during a cash crunch on which they are required to pay interest to the Central Bank. This interest rate is called the repo rate.
Technically, repo stands for 'Repurchasing Option' or 'Repurchase Agreement'. It is an agreement in which banks provide eligible securities such as Treasury Bills to the RBI while availing overnight loans. An agreement to repurchase them at a predetermined price will also be in place. Thus, the bank gets the cash and the central bank the security.
Additional Info
Learn more about Repo Rate.
Configuring Repo Rates
Note
The repo rate is initially set by the platform's backend team. The admin can later update the repo rate based on communications from the banks using the following steps.
Go to Repo Rates option in the Manage Rates dropdown menu.
Click Edit.
Choose RBI Revision Date. This is the date from which the repo rate becomes effective.
Enter Repo Rate value.
Click Save.
Click Confirm.
Click OK. Upon clicking this button, the repo rate gets successfully updated and activated in the platform.
Manage MCLR Rates
What is MCLR?
Marginal Cost of Funds based Lending Rate (MCLR) is the minimum lending rate below which a bank is not permitted to lend. MCLR replaced the earlier base rate system to determine the lending rates for commercial banks.
RBI implemented MCLR on 1 April 2016 to determine rates of interests for loans. The MCLR is an internal reference rate for banks to determine the interest they can levy on loans. For this, they take into account the additional or incremental cost of arranging an additional rupee for a prospective buyer.
Additional Info
Learn more about MCLR Rates.
Configuring MCLR Rates
Note
The MCLR rate is initially set by the platform's backend team. The admin can later update the MCLR rate based on communications from the banks using the following steps.
Click Edit icon next to the desired bank to update its MCLR rate.
Click Manage MCLR Rates.
Click Edit.
Choose Bank Revision Date. This is the date from which the MCLR rates become effective.
Enter the Benchmark Rate % as needed for each corresponding Benchmark Tenure.
Click Save.
Click Confirm.
Click OK. Upon clicking this button, the MCLR rates get updated successfully.
Manage Bank Holidays
This is a comprehensive guide on managing bank holidays in the DFX platform. The guide includes precise steps required to add holidays for the banks. Managing holidays ensures continuity of service excellence between bank and their corporates, thus maintaining integrity of service commitments between both parties. This guide is designed to be straightforward and easy to follow, enabling you to effectively manage bank holidays.
Note
You require maker login to manage bank holidays.
Steps to add a holiday for the bank
The following are the steps to add a holiday for the bank in the platform:
Click Edit icon next to the desired bank to add its holiday.
Click Manage Holiday.
Click Add New Holiday.
Select Date, add suitable Description, and choose Holiday Type from the dropdown menu.
Click Submit.
Click Confirm.
Click OK. Upon clicking this button, the holiday is forwarded to a checker who reviews, validates, and approves the submitted date. Once the date is approved, the holiday is successfully added on the DFX platform.
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