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...
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At Rs 33,000, per capita debt in India increases by 23%
-The Economic Times The per capita income may have gone up by 14% during the last financial year, but the debt burden on every Indian - in the form of the government's debt - went up by 23%, latest official estimates show. According to finance ministry data, the per capita debt in India was estimated at nearly Rs 33,000 at the end of March 2012, compared to a little over Rs 26,600...
More »Mamata's blackmailing tactics: Centre ought to resist it
-The Economic Times On Saturday, Bengal chief minister Mamata Banerjee told New Delhi that it had 15 days to announce a debt-relief package for the state. She did not specify what would happen after the deadline, but said that her patience was wearing thin. The Centre cannot give in to such blackmail. Banerjee doesn't have to bother about the huge risk that this demand creates. The Centre has few powers to write...
More »The Raja Who Stole From The Poor-Ashish Khetan
As food and civil supplies minister in the previous SP regime, Raja Bhaiya swindled Rs 100 crore from the PDS. As he presides over the food ministry once again, Ashish Khetan exposes the shocking loot A LITTLE MORE than a month ago, Akhilesh Yadav, chief minister of Uttar Pradesh, earned a landslide victory on the idea of hope: Ummeed ki cycle. He had promised clean governance and a corruption-free government. When...
More »Banks asked to roll out new farm loan products-Dinesh Unnikrishnan
The finance ministry has asked public sector banks to devise products for Indian farmers to ensure they get adequate funding in emergencies. The government, the majority owner of such banks, wants them to roll out products such as emergency loans to farmers that will be linked to savings accounts, a weather index-based insurance product, and set up a credit guarantee fund that will aid farmers in the event of crop losses...
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