The Budget for 2016-17 has announced a massive rollout of ATMs and micro-ATMs.
Enthused by India's financial inclusion drive, US-based Accion, one of the biggest micro finance organisations in the world, has renewed its focus in India. Michael Schlein, bottom, left, chief executive officer of Accicon, tells Namrata Acharya in an email interview the Wall Street and Silicon Valley are eager to participate in opportunities presented by the issuance of the small finance and payment bank licences, the expanded banking correspondent opportunities, and the Jan-Dhan Yojna.
Payments banks are niche banks which will be allowed to function with several restrictions.
The year 2014-15 could well go as one of long-pending financial sector reforms, expected to have a lasting impact.
The bank will have around 501 branches.
Hardening its stand on the issue, the Delhi government has recommended power regulator Delhi Electricity Regulatory Commission to revoke the license of Reliance Infra-backed power distribution companies if they fail to pay dues to NTPC and resort to long outages in large parts of the city citing fund crunch.
Jignesh Shah, the promoter of Financial Technologies India Ltd, on Wednesday resigned from the board of MCX Stock Exchange, amid continuing Rs 5,600 crore (Rs 56 billion) payment crisis at group company NSEL.
'The recalculated ranking showed India should have had a higher ranking earlier (113 in 2012 instead of 132) and lower ranking later (114 in 2018 instead of 100).' 'This would mean that there has been no change in India's climate of doing business across two regimes.' 'This is exactly consistent with the reality on the ground,' observes Debashis Basu.
At least nine such NGOs that had 'gau' or 'cow' in their names are on the list.
Taxi booking, shopping and transfer of money will be easy.
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.
When, recently, Bharti Airtel announced a Rs 21,000 crore rights issue, analysts pointed out that its structure was similar to that of Reliance's issue in June 2020. One similarity is that shareholders in both companies have to pay only 25 per cent of the money on application. The rest is to be paid in two tranches. In Bharti Airtel's case, it is within 36 months; in Reliance Jio's, it is within 17 months.
But their trajectory and direction have been largely influenced by politics and the political leadership's understanding of how the economy needs to be managed, explains A K Bhattacharya.
'Amendments in the past have created fear. This will take it further.'
One can expect significant changes at India's banks in ensuing months.
Dy Governor notes it's an era of job changes for better.
India's willingness to play a big role in the manufacturing and to allow some of those vaccines to go to other developing countries will be an absolutely critical part of containing the pandemic, said Gates.
With a sole mandate of inflation targeting, RBI wears many hats.
For existing technologies, unless appropriate financing is available, deployment at scale is difficult.
Indian banks have started exploring opportunities in the space, including lending to crypto exchanges, and accepting bitcoins as collateral, among others.
'Life will not improve overnight; it will happen in a gradual manner.'
A basic problem is that the cost of spectrum and licences relative to earnings is too high.
Cos can apply for PAN card number online through e-Biz portal.
Things are expected to change dramatically in a few years for urban consumers.
Your complete guide to preparing for the National Aptitude Test in Architecture.
Relationship problems? Let Love Guru help.
These banks need to build a significant deposit base to start full-fledged banking.
Capital markets regulator Sebi Chairman U K Sinha advocated the listing of bourses and greater competition among exchanges.
'If the RBI board forces the management's hand on all the key issues, it should be prepared for resignations by the governor and the key deputy governor, Viral Acharya,' warns T N Ninan.
Ayan Pramanik reports on former Infosys CFO V Balakrishnan's fintech firm, which aims to make borrowing easy for small firms and individuals.
The defence sector is seeing renewed interest by Indian corporates, says Jyoti Mukul
Sharma says efforts on to bring dissenting ministries on board eBiz platform.
The origin of the challenge is the so-called "fresh start" process. Many in the MFI industry apprehend that such a law in India will encourage small unsecured borrowers to default and destroy the credit culture. So, while'Fresh start' is a welcome step as it will free up the debtors from the archaic laws of the colonial era, debtors need handholding and counselling to prevent any misuse, says Tamal Bandyopadhyay.
MCX Stock Exchange, set up by crisis-hit NSEL's promoters, on Friday appointed Saurabh Sarkar as CEO and announced plans for fresh capital infusion by its existing shareholders among measures to boost business.
Raghuram Rajan, who has been pilloried by his critics for keeping interest rates high and has also been accused of stifling growth.
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.
Auto stocks led the rally with Tata Motors, Hero MotoCorp and Maruti Suzuki leading the gains.
Every day when Akhilesh returns after a joust with political adversaries to his Camelot, which is Lucknow's 5, Kalidas Marg, it is time to hold court with advisors and loyalists.
