Aadhaar will be used for proof of address and identification.
Stating some consolidation in the banking system was inevitable, Finance Minister P Chidambaram on Saturday said India must have two or three world size banks.
Merger of state-run banks should be done with a view to bring in good synergies, on mutual interests of the concerned entities and government will not compel the consolidation process on individual banks, Financial Services Secretary, R Gopalan said at Bancon conference in Mumbai.
This is not a new or unknown problem, but every time it crops up, our policy-makers have tried to wish it away. In the present circumstances too, the government has stopgap arrangements. It is borrowing from the World Bank (that's window-dressing fiscal deficit), says Ajit Ranade.
Last year, State Bank had recruited around 25,000 people. The banking major also have plans to go for lateral recruitments in the middle-management level in the current year.
State Bank of India's chairman O P Bhatt on Monday said that interest rates are likely to go up in the coming months if the Reserve Bank of India (RBI) tightens its monetary stance.
The top performing microfinance institutions the world over are achieving high growth and profitability.
Finance Minister P Chidambaram on Thursday put several riders before public sector banks attempting to consolidate through mergers and acquisitions, saying such a process should not merely create behemoths.
The National Bank for Agricultural and Rural Development is in the process of announcing a scheme for small and marginal farmers with an estimated fund of Rs 15,000 crore (Rs 150 billion).
The growth in gross domestic product will surpass 7 per cent in the current financial year, finance minister P Chidambaram said Friday.
The banking sector in the country will have to raise Rs 60,000 crore (Rs 600 billion) as additional capital in the next five years, Finance Minister P Chidambaram said on Friday.
Kalam has asked banks to create and nurture five rural development projects similar to bio-fuel project so as to create additional employment for at least 10 million youth.
Upbeat over India's economy, International Monetary Fund said on Wednesday that the country had the potential to grow at 10 per cent annually for several years, higher than the Tenth Plan target of 8.0 per cent.
A 13-member group, headed by RBI Executive Director R Gandhi, has made various recommendations on G-Sec market, retail participation and interest rate derivatives market.
Raghuram Rajan called for purposeful and effective action to counter the atmosphere of cynicism, which has slowed down the decision making process.
Till March 2011, things were manageable.
The Reserve Bank has taken some steps to shore up the domestic currency.
Addressing bankers and economists at Bancon 2013, a flagship event of the Indian Banks' Association, Chidambaram told the lenders to deal firmly with wilful defaulters, but handhold those who are reeling under the impact of the economic slowdown.
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