-Outlook Mumbai: RBI Governor Raghuram Rajan today said individuals without a bank account will soon be able to receive money from those with bank accounts, using automated teller machines (ATM). "We have recently approved the in-principle setting up of a payment system which will facilitate funds transfer from bank account holders to those without accounts through ATMs," he said, delivering the DR Gadgil lecture here. Rajan said the move is driven by the...

-The Business Standard The challenge to anti-inflation policy lies in better institutions and better evidence-based policy Our failure to rein in inflation has been costly. Economically, it has hurt growth. Poor and urban middle-class households have been affected the most. A combination of slowing growth and high inflation has weakened our macro-fundamentals: households fled financial savings, domestic and foreign investors lost confidence, and the rupee plunged. Politically, it has been a disaster. For...

-The Times of India NEW DELHI: The government has accepted before Parliament's Public Accounts Committee that the findings of the Comptroller and Auditor General on UPA's Rs 52,000 crore farm debt waiver scheme were correct. The auditor in its test check had discovered large-scale irregularities where undeserving farmers were given waiver benefit - at least one-third of the total disbursement were found questionable. On Thursday, the PAC will meet here to give...

-The Hindu The report of the Reserve Bank of India (RBI)-appointed Committee on Comprehensive Financial Services for Small Business and Low Income Households has been placed on the central bank's website for comments. Considering the voluminous nature of the report and even more pertinently its complex and, detailed treatment of the subject, the deadline for receiving comments, now set at January 24, would, in all probability, need to be extended. The report packs...

-The Hindu The report of an RBI-appointed committee on financial inclusion and financial deepening has stimulated a wide-ranging debate on these crucial areas. However, policy measures initiated by the government and the RBI while adding to the numbers of new bank branches, new accounts and so on did not really enhance the quality of such inclusive practices. In September last year, the RBI asked the committee chaired by Nachiket Mor...