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?
Right now there are about 30 lakh (3 million) subscribers under the Swavalamban scheme.
The 30-share Sensex closed at a record high of 26,391 and the Nifty gained 83 points to close at a high of 7,874.
White labeled ATMs are set up by private non-bank companies that own and operate their own brand of ATMs.
Prime Minister Narendra Modi announced the financial inclusion scheme in his first Independence Day speech last year.
To achieve this, the bank plans to hire 15,000 business correspondents, who will help people in the rural areas to open bank accounts.
The committee's suggestion that existing commercial banks be allowed to hold payment banks as subsidiaries is also seen as unviable by RBI and the finance ministry.
Barring stray references such as the 'dual control' of banks and shifting the goalposts during demonetisation, he is not in a fault-finding mode with the government, notes Tamal Bandyopadhyay.
179 million debit cards were issued during December 2016 to June 2018. A mere 2,000 ATMs were opened in the same period.
During a video conference, Bill and Melinda Gates Foundation co-chair Bill Gates and Prime Minister Modi agreed that given India's willingness and capacity to contribute to global efforts, it was important for New Delhi to be included in the global discussions for coordinating responses to the pandemic.
Payment banks may not be viable option to attain financial inclusion.
Private sector banks are way behind their PSU peers when it comes to opening financial inclusion accounts under the Prime Minister's Jan Dhan Yojana
'Those who should have been affected benefitted from demonetisation.' 'And the vast majority who should not have been affected lost out.' 'That is the ultimate result of demonetisation.'
It can be an useful tool in achieving the objective of Pradhan Mantri's Jan Dhan Yojana
Policymakers should consider the challenges of beneficiary identification, distributor opposition and beneficiary financial inclusion.
Issuance of new bank licences proves that the apex bank wants the financial sector to flourish.
Prime Minister Narendra Modi on Friday called for developing a template by the Shanghai Cooperation Organisation (SCO) to effectively deal with the challenges of extremism and radicalisation.
The government plans a mega launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) by Prime Minister Narendra Modi on August 28, which is likely to see opening of one crore bank accounts on the first day itself.
The All India Bank Officers' Confederation has condemned the purported "unsavoury attack" on SBI chairman Rajnish Kumar by Finance Minister Nirmala Sitharaman during a banking event last month in Guwahati. The association claimed that an audio clip has gone viral on social media that revealed the finance minister coming down heavily on the SBI chief, accusing him of poor credit uptick, during an outreach programme in late February.
The government has created a comprehensive budget with sharp focus on sustaining economic activity and investment but more clarity is needed on areas like taxation framework for adopting remote working on a long-term basis, IT body Nasscom said on Monday. The industry association noted that the IT/ITeS (Information Technology-enabled Services) industry has been a key driver of growth and jobs in 2020 and there is an opportunity to significantly accelerate it further. "For the IT sector, one of the biggest needs ahead of us is the development of future business models, with hybrid working becoming a reality. "We look forward for the government to provide clarity on providing a framework in direct taxes and indirect taxes for the industry to adopt WFH/remote working on a long-term basis," Nasscom said in a statement.
WhatsApp's ambitious payment services' blueprint in India has been caught in a bind over concerns around authentication and its data storage practices.
RBI's licensing norms require a bank to bring down promoter holding to 40 % within 3 years of operation - which, for Bandhan Bank, will be by Aug 23
The Reserve Bank of India will soon appoint an external agency to assess the claims of complete financial inclusion in different states of the country.
Rejecting IMF and World Bank's "unduly" pessimistic projections, Prime Minister's key economic advisory council chairman C Rangarajan on Thursday exuded confidence that the growth would be around 5.5 per cent in the current fiscal.
The move would help tax authorities get leads on evasion.
India needs a paradigm shift in personal data management that transforms the current organisation-centric data sharing system to an individual centric approach that promotes user control on data sharing for empowerment, said Niti.
If the CBDCs don't offer interest, why will people shift from cash to CBDCs?, asks Tamal Bandyopadhyay.
This will cost the government Rs 3.1 trillion, about 10 per cent of its annual expenditure, and higher than any other spending item in its Budget.
The task force will look at emerging markets, technology, regulatory and monetary policies, loss of trust in financial services, and financial inclusion.
Categories such as lifestyle, food and electronics accounted for over 1,350 sellers across the country last year.
/We will stay away from corporate loans,' C S Ghosh, managing director and chief executive officer of Bandhan Bank, tells Namrata Acharya.
The Jan-Dhan accounts are zero balance accounts, comes with a life cover of Rs 30,000 per person, and an accidental cover of Rs 100,000. An active user of the account can also get overdraft facility of Rs 5,000 from banks.
The panel also recommended unified Financial Redress Agency under Finance Ministry for customer grievances.
After hoisting the National Flag from the ramparts of Red Fort, Prime Minister Narendra Modi delivered a 65-minute extempore in Hindi where he unveiled a roadmap for his government, announcing a financial inclusion scheme for the poor to open bank account with built-in insurance, development of model villages by MPs and launching of a scheme for elimination of open defecation.
The solution to this problem lies only in making the system more efficient, he said.
Asserting that the self reliant India programme will help revive the global economy, Prime Minister Narendra Modi on Thursday told global business community that his government aims to transform the country through access, inclusion and empowerment while also ensuring complete data security. Addressing the World Economic Forum's online Davos Agenda Summit, where he also interacted with global business leaders, Modi also said India offers a predictable and friendly environment from tax regime to FDI norms. He said Aatmanirbhar Bharat movement is committed to global good and global supply chain while the country's digital profile has been completely transformed.
A paper authored by Rajan said, state-linked banks can be a first step in altering the ownership structure of some PSBs, where the government brings down its stakes to below 50 per cent, creating distance from operations of banks, and improving governance along the way.
As many as 24.27 crore accounts have been opened under the scheme and the percentage of zero balance has come down to 24.43 per cent
In its annual policy review on April 1, the central bank had proposed a ban on prepayment penalties.
The venture is applying to the Reserve Bank of India for approvals.
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