-The Economic Times Small and marginal farmers who constitute more than 80% of total farmer households in the country face exclusion from formal financial channels," says the Nair Committee on priority sector lending. The same report says "commercial banks have been prescribed targets since late 1960s for priority sector lending".  The banking system failed the farmers and the needy despite nationalisation, but is there a viable model that could help the millions...

-The Economic Times A panel headed by Nandan Nilekani, chairman of the Unique Identification Authority of India, has suggested all government payments above Rs 1,000 be gradually made or received electronically to cut graft, and bring about greater transparency and accountability.  The panel has also recommended creation of a network of 10 lakh interoperable micro-ATMs operated by business correspondents to allow people to access their accounts at their own convenience and said...

India moved a step closer to implementing cash transfers of direct subsidies and social welfare payments after a high-level panel presented the blueprint for effecting it through an Aadhaar-based payment gateway. Accepting the report, which details how all payments and cash transfers can be made electronically, finance minister Pranab Mukherjee indicated that it will be the key to plug leakages and ensure more targeted spending under the government’s social welfare programmes. The...

-The Business Standard   A Nandan Nilekani-led task force on an Aadhaar-enabled unified payment infrastructure has recommended setting up a network of one million interoperable micro-ATMs across the country. The ATMs will be operated by business correspondents. The task force, headed by the Chairman of Unique Identification Authority of India, submitted its report to Finance Minister Pranab Mukherjee on Thursday. The panel has suggested that in order to set-up this network quickly, a last-mile transaction...

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,...