Concerned over the rise in mis-selling of products by banks and non-banking financial companies (NBFCs), the Reserve Bank of India (RBI) is examining whether to come up with norms to curb such practices. Observing that pushing financial products, such as insurance, indiscriminately to unaware consumers may be detrimental to their well-being, RBI Deputy Governor M Rajeshwar Rao said, "We are examining whether it necessitates framing of guidelines to address mis-selling of financial products and services by REs (regulated entities)."
In an email to bank officers and staff, he hailed their contribution in "successfully" rolling out the scheme but added a word of caution against slackening.
Of the total cash outgo Rs 40,000 crore is towards enhanced expenditure under Mahatma Gandhi National Rural Employment Guarantee Program and Rs 33,771.48 crore have been sought for direct benefit transfer under Pradhan Mantri Jan Dhan Yojana and National Social Assistance Programme.
Finance Minister Arun Jaitley announced several reforms.
The finance ministry on Friday said 5.52 crore (55.2 million) bank accounts have been opened till October 7 and deposit of Rs 4,268 crore (Rs 42.68 billion) have been mobilised under Pradhan Mantri Jan Dhan Yojana (PMJDY).
In view of the "runaway success" of the scheme, now it has been decided to make it open-ended with more incentives
Taking a dig at the system, Prime Minister Narendra Modi on Monday said things have started moving in India under him and the Jan Dhan scheme was being implemented at a rapid pace despite initial reluctance of RBI and bureaucracy.
Fully know your customer-complaint Jan Dhan account holders will be allowed to withdraw Rs 10,000 per month from their account, while limited or Non KYC compliant account holders can withdraw Rs 5,000 per month.
With rising disposable incomes in cities beyond metros, the penetration of credit cards - and consequently, credit card spending - is growing at a much faster pace than in traditional metro cities, primarily driven by e-commerce spending.
The meeting will review annual financial performance of public sector banks, credit offtake in the economy, priority sector lending and progress made under various social sector schemes, including Atal Pension Yojana (APY) and Pradhan Mantri Jan Dhan Yojana.
Union Human Resource Development Minister Smriti Irani on Friday described Prime Minister Narendra Modi as a "great economist", who she said has given a positive direction to the nation's economy.
The Union Finance Ministry on Tuesday said that aggregate business of public sector banks (PSBs) has shown strong growth of 11 per cent in the first half of the financial year 2024-25 (H1FY25) to touch Rs 236 trillion. The operating and net profit were also robust. At Rs 1.5 trillion, operating profit grew by 14.4 per cent year-on-year (Y-o-Y) while the net profit saw an impressive 25.6 per cent jump at Rs 85,520 crore in the first half of FY25.
To kick-start the work under MGNREGA after the lockdown is lifted, the government has already prepared plans and states have also submitted their work plans.
Post Office has 1,54,000 rural branches.
The NDA government has asked states to enrol all MNREGA workers under the three newly-launched social security schemes.
CPGRAMS -- an online platform available to citizens 24x7 to lodge their grievances to public authorities on service delivery -- has existed for close to two decades. But it has never been this active, points out Tamal Bandyopadhyay.
Apart from Gujarat, Shah claimed that co-operative movement is still active in many other states, such as Maharashtra, Karnataka and Rajasthan.
Addressing a G20 Summit session, Modi also presented his '5-I' vision to maximise digital technology for social benefit.
Third parties can be used to launder the proceeds of fraud schemes by criminals who gain illegal access to deposit accounts by recruiting them as 'money mules'
The data show close to 72.5 million accounts have been opened till November 10 with an average 500,000 opened every day.
Department of Financial Services is regularly emphasising the early issuance of RuPay Debit Cards, e-KYC based account opening, Aadhaar seeding, financial literacy and the progress in survey made.
The states will be asked to tap the Centre's JAM trinity.
Prime Minister Narendra Modi is addressing the nation for the seventh time from the ramparts of the Red Fort on Independence Day on Saturday and it will be his second speech of the second term in office.
Syed Firdaus Ashraf/Rediff.com lists 11 Modi flagship schemes that may have been gamechangers in the Lok Sabha election.
Recently, the government announced yet another ambitious scheme aimed at providing health insurance to 50 crore individuals.
Praising Prime Minister Narendra Modi's style of functioning, Union Minister M Venkaiah Naidu on Sunday said the leader neither sleeps nor allows his Cabinet colleagues to do so.
'Today, let us reaffirm our commitment to strive to realise Gandhiji's dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin - indeed, the true source of rights is duty. Today we recall his lessons in compassion too - compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.'
The assessment of PMJDY should be done within the context of the programme.
Introducing the 128th Constitution Amendment Bill, which was approved by a two-thirds majority in the Lok Sabha on Wednesday, Meghwal recounted the measures initiated by the Narendra Modi government for the empowerment of women over the last nine years.
Can welfare schemes truly transform from being flagship to flag-bearers for a government that is looking to get a second term in 2019?
The former RBI Governor also emphasised on the need to boost economic productivity and attract investments.
According to BJP strategists, PMJAY and the PM Ujjwala Yojana will form the nucleus of the Modi government's re-election campaign.
Inaugurating the Grameen Bharat Mahotsav, the Prime Minister exuded confidence that villages will play a key role in pushing forward the dream of Viksit Bharat by 2047.
Prime Minister Narendra Modi announced the financial inclusion scheme in his first Independence Day speech last year.
Tax deduction limit up Rs 50K for investment in pension fund.
Prime Minister Modi has said it is their small units that drive the Indian economy.
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.
Around 10 crore bank accounts opened under the Jan Dhan scheme.
'Those who thought they are above law and above courts of the country are now approaching courts praying bail; some people have already gone inside (jail) which is their rightful place.'
President Pranab Mukherjee addressed a joint session of Parliament ahead of the budget session which began on Tuesday. Here are the highlights of President Pranab Mukherjee's speech:
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