-The Economic Times The government may increase the annual target of the banks for lending to the agriculture sector by 22% in the upcoming union budget to 7 lakh crore, in view of the revised classification of priority sector loans issued by the Reserve Bank of India. "Banks will be pushed to achieve their direct lending targets and focus on the new improved Kisan Credit Card scheme," said a finance ministry official,...

-Frontine Walmart’s disclosure that it spent huge amounts of money on lobbying in India and the allegation that it entered the retail sector through indirect means highlight the power of global capital in dictating the country’s policies. The world’s largest multi-brand retailer Walmart’s disclosure to the United States Senate that it had spent $25 million (Rs.135 crore) since 2008 on its various lobbying activities, which include enhancing access to the Indian...

-Live Mint The International Monetary fund (IMF) has warned India against licensing corporate entities to step into the business of commercial banking, saying the risks associated with such a move potentially outweigh the benefits of creating more banks. IMF’s Financial System Stability Assessment Update said it would be prudent for India to first put in place and gain sufficient experience in implementing a comprehensive framework for the purpose before considering the entry...

-The Indian Express Lucknow: Nearly 3,000 new bank branches will be set up in rural areas of the state till 2014. Reserve Bank of India Governor D Subbarao assured CM Akhilesh Yadav on Tuesday that the villages selected under Dr Ram Manohar Lohia Samagra Gram Vikas Scheme will be given preference for opening new branches.   Subbarao met the CM at his residence in Lucknow. The chief minister pointed out that on the basis...

-The Economic Times The government plans to introduce direct cash transfer for food subsidy in six Union Territories and 'willing states' for PDS scheme, taking a key step to plug leakages in welfare schemes. In the pilot project, expected to be rolled out from April, beneficiaries will receive the subsidy amount in their bank accounts, and will buy rice and wheat from the fair price shops. The fair price shops will sell...