The finance ministry has asked state-run banks to stop making payments to their customers through cheques from July 1 and to "migrate totally" to electronic payment channels, a move aimed at cutting costs in a sluggish economy.  In a circular issued to chairmen of public sector banks and regional rural banks, the ministry said all payments to customers, staff, vendors and suppliers as well as disbursement of loans and payments towards...

-Down to Earth Biometric-based unique identity or Aadhaar is leading to huge problems for people working for the rural employment guarantee scheme and for others receiving welfare benefits. Not only have enrolments been done shoddily but the experience of the pilot projects shows that it is almost impossible to authenticate the work-hardened fingerprints of the poor, find Latha Jishnu and Jyotika Sood. Besides, there is the overwhelming issue of deficient online...

One of the key factors to inclusive growth is financial inclusion for all. Financial inclusion refers to universal access to a wide range of banking solutions and financial services in a fair, predictable and transparent manner at affordable costs. The poor tend to be ignored because the transaction costs in serving them are high. Initiatives that reduce these costs will allow service providers to begin thinking of financial services for...

For a change, Mangal Bedia did not board a crammed bus today and travel 15km to withdraw his old-age pension from a bank. The 70-year-old from Dohakatu village in Ramgarh district, along with 100-odd fellow elders, became the first citizens to access old-age pension by using their Aadhaar numbers with handheld ATMs on the doorstep. The banking service reached their village, thanks to the Unique Identification Authority of India (UIDAI). Until today,...

-The Financial Express   The Unique Identification Authority of India (UIADI) has launched a micro ATM device that would enable beneficiaries like MG-NREGA workers with Aadhaar to withdraw money near their doors through core banking system. "The beneficiary has to put his finger and Aadhaar number in to the micro ATM wireless device and get the money within 8 to 9 seconds from a business correspondent after verification about the beneficiary having that...