Category: finance

Features of buisness watsapp

watsapp which well known to people of all generations including kids,now a days it is main source of communication or intraction between people’s.

Now a days buisness are going online so meta company also introduced a best application for buisiness it is watsapp buisines, although everyone who are reading this blog are familiar with this application but please spend some of your valuable time in reading this in which we know best updated buisines watsapp Together with WhatsApp chatbot, WhatsApp Business is a very powerful tool for commerce. Thanks to many new features that the platform keeps on releasing, WhatsApp is becoming a great retail place, especially during remote times. Even if you are not going to build a WhatsApp chatbot, there

Let’s look closer at WhatsApp Business app features that you might enjoy as much as we do:

1. Business Profile
2. Quick Replies
3. Automatic Greeting Message
4. Automatic Away Message
5. Contacts Labels
6. Message Statistics
7. Catalogs

1.Business Profile

Create a business profile with helpful information for your customers, like your address, business description, email address, and website. Business accounts help brands to gain a user’s loyalty. A business profile gives the company a familiar “face” and identity. To have a “Verified” badge next to your company name, WhatsApp has to confirm that this is a verified business account.

Steps to add details about your business: Go to WhatsApp Business app – Open Settings > Business settings > Profile.

3.Quick Reply

These are frequent messages to answer common questions. Quick replies let you save and reuse messages you frequently send so you can easily answer common questions in no time. Simply press the “/” on your keyboard to select a quick reply and send.

3.Automatic Greeting Message

WhatsApp for business enables you to create a greeting message that users will receive when they start a dialog with your company or after 14 days of inactivity. By sending an instant message, you welcome and introduce a company to a new potential customer with no delays and waiting time.

Steps to set up a greeting message: Settings > Business settings > Greeting message. From here, you can create a new greeting message or edit an existing one.

4.Setting Away Message

Away messages are like greeting messages. They send a custom message to people who are trying to connect with the company after your working hours. You can write a custom message or send your working hours. You can set up for them to activate at the chosen time.

Steps to set up an away message: Settings > Business settings > Away message > “Activate away message                                     

You can also edit your away message from here and schedule when you want to send this message. You can choose from Always send, Custom schedule, or after your work hours

5.Label Contacts

Businesses can organize their contacts and categorize them with labels for easy access. This way, you can easily search through your contacts and keep them grouped and organized.

Steps to add a label to a new contact: Click the menu button on the client’s chat page > choose a label and then save.

Steps to add a new label: Click the menu button on the client’s chat page > click “ New label” > click save

6.Access Message Statistics

WhatsApp for Business lets you access vital metrics like how many of your messages were sent, delivered, and read.

Steps to access statistics: Tap the Menu button > Settings > Business Settings > Statistics

7.Catalogs and Collections

The other feature that will be beneficial for your business is Catalogs. They look like this:

Catalogue for bakery

For each item in your catalog, you can add information, including price, description, and product code. This is so much easier for your customers than having to ask you about each item separately or go from WhatsApp to the website.

In October 2021, WhatsApp added Collections to make shopping even easier. They will act as folders to group items inside a business account. Users can navigate to the category they’re looking for right away without scrolling through the whole product list.Once added, you’re free to modify the Collection just like items to keep the information up to date.

Pro Tip: think of collections as categories on ecommerce websites. “Last chance” or “Sale” could be as converting in WhatsApp as they are on the website. Using these on WhatsApp Business account means providing similar well-paved shopping experience.

@channa2021

Thank you for reading this blog i believe this is helpful to you

BASE RATE AND DRI SCHEME: A SUPERIOR LENDING RATE

Credit: PlanAdvisor

Introduction

The Financial and Banking sector of any country plays a paramount role in the functioning of the economy through intermediation. This sector has undergone numerous reforms in the past few years. One of the outcomes of these reforms is that now banks are more liberalized and have the freedom to determine the interest rates on their own. Banks are allowed to determine the lending rates on loans and advances concerning the base rate. The Base Rate is one of the amendments to the lending rate introduced by the RBI. Let’s now discover what it is, the term associated with it, and the factors determining it. 

What is Base Rate?

A Base rate is defined as the minimum interest rate set by the country’s central bank below which banks are not permitted to lend to their customers. This rate is usually taken as the standard interest rate by all the banks functioning in the country. Introduced in June 2010, the base rate is simply regarded as the standard lending rate offered by commercial banks. 

Why is Base Rate System used?

In the earlier days, the ostensible problem with the credit market was the lack of transparency. There used to be some segments in the banking system that were hidden or kept unknown to the customers. Banks use to give no clear information on the interest rate charged for a loan. So, to bring transparency and awareness to the credit field and to ensure that banks pass the benefit of lower interest rates to borrowers, the RBI implemented the notion of Base Rate across all the banks.

Factors Determining the Base Rate

Base Rates must consider and include all the elements of lending rates which are across various categories of borrowers. It is practicable that the base rate may be different for different banks. The four significant components that typically decide or determine the base rate set by a particular bank include

  • Cost of Funds i.e., interest rates provided by the banks on deposits
  • Operating Costs
  • The Minimum rate of Returns
  • Cost of the Cash Reserve Ratio.

So, the base rate presented by one bank can be dissimilar to the rate of another bank owing to any one or more of the above-declared factors. The most prevalent factor is the difference in interest rates provided by the banks on deposits.

What is DRI Scheme?

DRI Scheme stands For Differential Rate of Interest Scheme. It was launched to provide credit access to the low-income group. It is better known as DIR Scheme. This scheme was set in motion from the year 1972. The loan scheme empowers or authorizes the banks to lend money to weaker and incapable sections of society at a concessional interest rate. In simpler terms, DRI Scheme was introduced to financially assist low-income groups. The loan scheme visualizes lending by banks to the incapable section of the society at a uniform concessional rate of interest. There is no requirement or obligation of collateral or third-party guarantee. The assets which are created or bought from the loan amount will be hypothecated to the banks.

Conclusion

Every bank must review its base rate quarterly. Since the primary intention of implementing the base rate is transparency in the prices of the lending product, every bank has to reveal its base rate details in all their branches and on their official websites too. DRI Scheme is enhancing the Financial Inclusion Goal of India. In April 2016, RBI introduced a new concept known as MCLR (Marginal Cost of Lending Rates) as a replacement for the Base Rate. So, the MCLR is the new internal benchmark that all institutions will follow.

References

  1. https://www.creditmantri.com
  2. https://economictimes.indiatimes.com
  3. https://www.investopedia.com