-PTI The postal department plans to enter the banking business with the Reserve Bank of India deciding to grant new bank licences to entities with credible track-record. Consultant appointed Sources said the Department of Posts, which has a strong foot print in rural areas, has appointed Ernst and Young (E&Y) as the consultant for the proposed ‘Post Bank’ “Ernst and Young is expected to submit a detailed project report by April, after which all...

-PTI The jobs scheme has expedited the financial inclusion of the rural population, says Manmohan Singh Prime Minister Manmohan Singh on Saturday said bank and post office accounts opened under the Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) will help the government provide direct cash transfers to the people. “MNREGA has brought momentum in the financial inclusion of our rural population. Besides direct financial benefit, the scheme has given many indirect benefits...

-Economic and Political Weekly The proposed legislation on the National Food Security Act has been steadily watered down since it was fi rst mooted in 2009. The Parliamentary Standing Committee that examined the 2011 Bill has disappointingly continued with "targeting". If the government passes the bill incorporating the committee's suggestions, a historic opportunity to combat hunger and malnutrition would be lost. Ankita Aggarwal (aggarwal.ankita87@gmail.com) is a Research Scholar at the Centre for...

-The Hindu Hyderabad: Completion of Aadhaar enrolment, opening of Bank Accounts for all beneficiaries of welfare schemes and seeding of unique identity numbers with the Bank Accounts in the State is likely to take over six months, notwithstanding the government plans to wind up the work over the next two months. Official sources told The Hindu that it would take nothing less than four months to complete the exercise in all respects...

-The Times of India When the PMO was finalizing the direct benefit transfer (DBT) scheme in October using Aadhaar as the basic platform, at least three other agencies suggested they could implement the new plan equally well. The home ministry's NPR plan prompted the government to divide the work of issuing ID cards in two segments, shrugging off the department of financial services' suggestion that banks and debit cards could be used...