The finance minister said easy access and efficiency in providing banking services will help in revival of businesses which are restarting operations after the lockdown.
NPCI has launched several consumer friendly systems including one that allows users to transfer money to people over mobile phones across India.
The bank will have around 501 branches.
It seems like the Twitter-selfie craze compels the PM to put on a mega show every few months
PM has asked the Reserve Bank to prepare a 20-year road map for financial inclusion
Amendments to RBI Act likely soon
The Modi government's array of economic policy has been impressive.
Modi govt says its economic score on all coutns is very good.
He said digitisation was aimed at bringing in accountability and added that more cash would bring with it social evils.
As households age, they pile up debt, a peculiarity unique to Indians, a Financial Stability and Development Council report has found. Here are the key takeaways.
ICICI Bank has 317 branches in hitherto unbanked villages.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
AG Mukul Rohatgi led the Indian delegation at the UN Human Rights Council.
Public sector banks have lost nearly Rs 2.85 lakh crore on account of loan dues of 13 corporates even as the banks are used to bail out ailing financial institutions such as Yes Bank and IL&FS, United Forum of Bank Unions alleged on Monday. In a press release, UFBU's convener B Rambabu said the organisation calls for a two-day all India bank strike on December 16 and 17 protesting against Banking Laws (Amendment) Bill 2021 and opposing the Centre's alleged move to privatise PSBs. According to the statistics given by the UFBU, the 13 corporates' outstanding dues were at Rs 486,800 crore and it was resolved at Rs 161,820 crore resulting in a loss of Rs 284,980 crore.
80% of beneficiaries in 300 districts to be linked with direct benefits transfer
The PM said Japan and the Indian diaspora has a big role to play in India's growth story.
While most economies contracted in the second quarter of 2020, the Chinese economy grew by 3.2 per cent.
Pulbic banks have no reason to cheer Budget announcement.
80-85 per cent of about 700 major infrastructure projects within the Centre's domain have been delayed.
The government must not enter into what will be a little more than a large-scale transfer of taxpayers' money to the operators of private hospitals.
Customers taking small and convenient steps and some degree of care and precaution while paying digitally will ensure safety and security from new threats that emerge every day, says Avinash Luthria
Brokers also want tax rebates, removal of additional tax on dividends, streamlining of GST...
Prime Minister Narendra Modi on Tuesday met business leaders to hear their grievances on issues ranging from high capital cost to ease of doing business to certainty on taxation matters, as he interacted for the first time with the Indian industry chambers since taking charge over a year ago.
Banks now ride on what is defined as a "banking outlet". This is a fixed-point service unit, manned by either the bank's staff or its business correspondent (BC), where all kinds of services - acceptance of deposits, encashment of cheques, cash withdrawal or lending of money - are provided for a minimum of four hours per day, for at least five days a week. Banks are now turning to reposition the manner in which they acquire customers, report Abhijit Lele and Raghu Mohan.
Payments banks are niche banks which will be allowed to function with several restrictions.
The Prime Minister stressed on achieving financial inclusion.
Pradhan Mantri Jan Dhan Yojana and Make in India -- are not covered here.
One of the big takeaways from the recently released data on India's merchandise trade is that gold imports have, once again, skyrocketed.
The government is doubling down on existing 'temporary' restrictions on the import of gold. Some were introduced under the last administration, and had a transitory effect, reducing gold imports through the official channel.
In the last couple of months, the Prime Minister has visited Japan and the US and launched the Make in India campaign to lure foreign investments into manufacturing sector.
Steps taken by the government over the past few months signal a determined effort to reform the subsidy regime.
The Governor, who completes one year in RBI on Wednesday, has stabilised the rupee and is getting a fix on inflation.
Sitharaman cancels Myanmar trip at last moment citing launch of Modi's Jan Dhan Yojana.
The currency with the public is 10.3 per cent higher than it was in the week preceding November 8, 2016 - from Rs17.97 trillion to Rs18.76 trillion.
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The first phase would comprise universal access to banking facilities. Under this, basic bank accounts with zero balance, RuPay debit card and financial literacy, will have to be completed in the next one year, officials said.
Only national service can save the nation, and not politics: Modi
Your promise to protect bankers for their commercial decisions is a huge confidence booster, but how does one define a commercial decision? Are our investigative agencies well equipped to dissect lending decisions of bankers?
'The BJP gets most of its contributions in cash.' 'Now they may show that donations are made in small amounts, less that Rs 20,000, but everyone knows this is just absurd.'
A bench comprising Chief Justice T S Thakur and Justice D Y Chandrachud said, "We will examine both aspects (inconvenience and constitutional validity) of the matter. Come on Friday at 2 pm".
Since 2014, many of Mohan Bhagwat's speeches have acted as cues for government policy.
