The Prime Minister also warned that 'prolonged' uncertainty and instability in Europe will hurt other countries too and suggested that the IMF can help rescue the situation.
The Reserve Bank of India has formulated strategic polices to enhance growth in banking sector.
Most adult Indians should have access to bank deposits, credit and remittance facilities as well as insurance and mutual fund products in the next decade, and technology will play a big role in this transformation, says Tamal Bandyopadhyay.
Welcoming the launch of the Bharatiya Mahila Bank, India Inc on Wednesday said the initiative will propel women's financial inclusion, encourage female entrepreneurs and empower women in the country.
Remunerate Business Correspondent Channel to bring sustainability and scalability in the model
Gold loan companies offer loans to financially-excluded customers and MSMEs by enabling them to monetise their gold without the need for documentary proof of income
RBI had received 72 applications for small finance bank licences.
The Finance Ministry has asked all banks, including private sector lenders, to open branches in locations with population of more than 5,000 in the under-banked districts by September, 2012.
Bandhan Financial Services, which is to start banking operations soon, has received a combined equity commitment of Rs 1,600 crore (Rs 16 billion) from International Finance Corp (IFC) and GIC, Singapore's sovereign wealth fund.
The board has decided to expand into all financial services for the rural population. SKS would, however, continue to be a strong player in the microfinance business. Financial inclusion would continue to be in the centre of our activities.
Against National Democratic Alliance's 75 million target, United Progressive Alliance added 61 million in 2013-14.
ICICI works on similar lines; alternative to Business Correspondents to reach financial inclusion targets.
To ensure its financial inclusion drive is not restricted to meeting branch opening targets, the Union finance ministry is to ask banks for a performance report of the 'ultra small' branches set up in the past two years in about 73,000 villages.
The government's plan to tap into India's vast postal system to reach out to the unbanked population by utilising offices across the country as banks is expected to take some shape this year as the proposal has been sent to the Finance Ministry for its nod.
A total of 41 companies had applied for the permit
Brokers also want tax rebates, removal of additional tax on dividends, streamlining of GST...
Bankers need to take a call on whether they will allow technology firms to run banks or banks themselves will turn into tech firms, says Tamal Bandyopadhyay.
With Narendra Modi about to make his first Independence Day speech, there is a buzz in Delhi that Modi will make some big announcements to signal major reforms and directional shifts. But we have to wait and see if it happens, says Mohan Guruswamy.
A healthy track record and 17 years of experience in financial services would be the key strengths of Edelweiss Financial Services in setting up a bank, says chairman and chief executive officer Rashesh Shah, in an interview with Business Standard.
Bankers have hailed the Prime Minister's call to end "financial untouchability" and opened millions of accounts on the inaugural day itself.
Ravi Gopalakrishnan, head-equities, Canara Robeco Mutual Fund, tells Ashley Coutinho that earnings growth will pick up once the benefits of reform initiatives accrue.
There are allegations that MFIs are charging exorbitant interest rates and using strong-arm tactics to recover the loans.
An Irda official said the idea was to improve the penetration levels of insurance and deepen financial inclusion.
Seeking to insulate small and marginal farmers from exploitation by moneylenders, United Progressive Alliance chairperson Sonia Gandhi has asked banks to provide credit to farming community at lower rates of interest.
Called 'Swabhiman', the programme, to be launched by UPA chairperson Sonia Gandhi, was to be introduced earlier, but put off twice.
As the Andhra crisis continues to deepen, proponents of financial inclusion might find both unexpected challenges and inspiration in a short film called 'The Future of Money'.
Do these events call for serious introspection about these buzz terms?
Backed by technology banks are expanding the branch network - and adding more to the workforce.
The Unique Identification Number, renamed as 'Aadhaar', would be issued soon to Indian residents, Nandan Nilekani, chairman of Unique Identification Authority of India (UIDAI) said on Wednesday.
According to a communication by the ministry to the heads of PSBs, it will be a bottom-up consultative process from the branch level onwards which will involve discussions at the branch or regional level, state level and national level.
MFs continue to find it difficult to attract and retain long-term money from investors
The RS allows the regulator, innovators, financial service providers and customers to conduct field tests to collect evidence on the benefits and risks of new financial innovations, while carefully monitoring and containing their risks.
Tata Consultancy Services TCS) said it has bagged a Rs 85-crore three-year deal for implementing smart card-based Financial Inclusion Solution (FIS) for Indian Bank.
The decision of the Reserve Bank of India (RBI) to allow banks to engage companies with large retail outlets as business correspondents has the potential to change the future of financial inclusion and branch banking in India.
The gist of the reactions from various quarters to the Reserve Bank of India's (RBI's) discussion paper on entry criteria for new banks in the private sector, as published by RBI, shows that most would like RBI to ensure utmost transparency and discretion in the next stage of growth of Indian banking.
The Indian postal network is the largest in the world with 155,015 post offices in the country, 90 per cent of which, that is 139,144, are in the rural areas.
Finance Minister Pranab Mukherjee on Tuesday asked banks to tap the vast opportunity provided by the semi-urban and rural markets by converting savings in these areas into financial assets.
The Reserve Bank of India (RBI) has decided to give new banking licences to create more capacity and competition in the Indian banking space but the right size is yet to be determined. "The right size of a bank remains a debate for the industry," said Deputy Governor Subir Gokarn.
The apex bank has come out with a discussion paper on entry of new private banks to broaden the reach of banking in the country.
The Reserve Bank is looking to use mobile phones as a medium for taking banking facilities to the remote and far flung areas.
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