The country has come a long way in the process of financial inclusion, Raghuram Rajan said, but "still has a way to go".
The department of financial services has decided to give banks commission, to ensure these accounts are kept active.
During that period, the World Bank Group's private sector arm, IFC, committed $1.2 billion in India.
In a time of tight credit, the facility will support grants to bank and non-bank institutions for activities to increase access to financial services, such as savings, credit, payments and insurance, in rural areas in developing countries as profitable business lines, the World Bank said.
Some of the public banks showed improvement; much more still needs to be done
The poor and unbanked can take their rightful place as consumers of financial services only if the Modi government encourages different entities to advance the financial inclusion agenda, say Vikram Gandhi & Chandni Ohri.
Warning that India's farm subsidy had mounted to 5.6 per cent of agriculture GDP, the World Bank on Wednesday said the country should instead be investing more in rural education, social and infrastructure development.
The Department of Posts has decided to hire a professional agency to prepare a roadmap for its proposed banking initiative.
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
The most important lesson is that you have to build your political proposition, and sell it yourself. You can't leave it to the courts, media, NGOs and civil society and expect them to play the role of the Opposition. That's precisely what Mr Modi's challengers have been doing and we know the results, notes Shekhar Gupta.
Regulators will need to allow the model to evolve to allow profits to flow, says Una Gulani.
The ED slapped criminal charges of money laundering on the basis of the Mumbai Police FIR that was filed in August this year, which itself was filed on the basis of a similar complaint by the state economic offences wing.
"It is important that development agencies be able to continue their work unhindered by fear or violence, the bank said.
The Reserve Bank of India on Wednesday retained its growth projection at 7.2 per cent for the current fiscal on the back of improvement in urban demand and gradual recovery in rural India. Unveiling the third monetary policy for the current fiscal, RBI Governor Shaktikanta Das said the Indian economy remained resilient, and the central bank will continue to support growth. The RBI expects growth in the first quarter of the current fiscal at 16.2 per cent, which will taper to 4 per cent by the fourth quarter.
The department has a network of more than 150,000 post offices across the country.
Finance ministry may peg farm credit target for commercial banks, regional rural banks and cooperatives close to Rs 1,50,000 crore (Rs 1500 billion) this fiscal after the resounding success in 2004-05.\n\n
Reminiscent of the past two years, the market has made positive strides ahead of the Union Budget 2023-24 (FY24). The benchmark National Stock Exchange Nifty has gained 1.8 per cent in the last month. Typically, markets tend to gain ahead of the Budget as investors build in optimism.
Bandhan Financial Services, which was given a banking licence on Wednesday, hopes to come up with a unique business model, with a mix of doorstep and retail banking.
The IPPB, which is currently running pilot services in Raipur and Ranchi, needs a go-ahead from RBI for the software used for system integration
With this India will continue to retain the position of being the fastest growing emerging economy. And by 2021, its growth rate is projected to be 1.5 per cent more than China's 6 per cent.
It all started with a city-based IT solutions company setting out to build a technology platform for agricultural cooperative societies that would enable provision of banking services in rural areas at just two percent extra cost compared with urban bank branches.
The All India Bank Employees' Association (AIBEA), which represents the employees of the public-sector banks, has threatened to go on a two-day strike from August 22, against the government's proposed Banking Bill, closure of rural branches and other set of banking sector reforms.
The Budget for 2016-17 has announced a massive rollout of ATMs and micro-ATMs.
Benchmark equity indices Sensex and Nifty closed higher on Friday after two days of fall, helped by buying in metal, telecom and auto stocks amid a firm trend in global markets. Automakers led by Maruti Suzuki India, Hyundai, Mahindra & Mahindra reporting robust wholesales of passenger vehicles and GST collections crossing Rs 1.50 lakh crore for the third straight month in May also added to the optimism. The 30-share BSE Sensex climbed 118.57 points or 0.19 per cent to settle at 62,547.11.
State-run power sector lenders Power Finance Corp and Rural Electrification Corp are mulling a foray into the banking space, a move that would foster greater competition in infrastructure funding.
Even as the World Bank has revised India's growth figures by 0.4 percentage points as compared to its January forecast, India remains the fastest growing major economy in the world, the World Bank officials said.
All lenders, including public, private, rural and cooperative banks, have been asked to make arrangements to gather information on deposits of the Specified Bank Notes.
Rajasthan is all set to vote on Saturday to elect members of a new assembly with the Bharatiya Janata Party aiming to unseat the ruling Congress, which is fighting hard to change the trend of alternate governments in the state.
'Investors should ideally consider equity allocations from a medium-to-long term perspective.'
If the Bank's numbers are wide of the mark, they will make a difference to the poverty debate.
Moody's has revised to positive the outlook on the long- term ratings of private sector lenders
'As the Indian economy continues to expand over the next three years, mid- and small-caps should do well as they have higher exposure to the domestic economy than large-caps.'
This will be the last visit of Zoellick as President of World Bank as he is retiring on June 30.
RBI has invited case studies from participant banks by January 31.
While some are relatively new in this business, Vodafone, which has 1.8 million touch points in the country, has been offering basic banking and payment services through its pre-paid mobile digital semi-closed wallet called M-Pesa since 2012.
'Although mid- and small-cap funds have the potential for higher growth, they come with inherent higher volatility.'
'The BJP is doing politics 24x365, but the Congress revs up only during elections.'
