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...

The Economic Intelligence Council will discuss the issue when it meets at the end of this month The government is likely to form a central agency to regulate so-called multi-level marketing (MLM) schemes after the Economic Intelligence Council found they had become a “preferred” mode of fraud. In the wake of an increasing number of economic offences, the United Progressive Alliance government has also decided to set up a multidisciplinary school...

Move could save banks significant money spent on record-checking and documentation In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts. The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements. This will pave the way for...

Under fire over data integrity issues, the government has tasked a panel to revise the wholesale price index (WPI) with the mandate to "enhance the reliability" of official statistics on all inflation measures.  The 31-member panel, to be headed by Planning Commission member Saumitra Chaudhuri, has also been asked to explore the possibility of getting a single agency to collect data for compiling WPI and industrial production that are hitherto dealt...

Most of us don’t even get a single shot at making history — Manmohan Singh has a second chance The fiscal deficit is an outcome, not a policy. It is the net resolution of the policies pertaining to taxes and expenditure. It is worth analysing separately the two components of the deficit. The table reports the results of relating the tax and expenditure share of GDP to per capita income for...