Bid to add social content to UID scheme, otherwise in limbo With the AADHAR scheme apparently in limbo, the Centre is making a desperate effort to provide it social content. As of now, only 3.5 crore unique identification cards have been issued as against an enrolment of 10 crore people across the country. Matters turned worse when the Reserve Bank of India issued a directive that bank accounts could not be opened on...
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Neoliberal Plan by Venkitesh Ramakrishnan
The Planning Commission's Approach Paper to the Twelfth Plan sticks with the neoliberal agenda despite claims of inclusive growth. INCLUSIVE was one word that came up time and again in the early announcements of the Planning Commission on the Twelfth Five-Year Plan. “Faster, Sustainable and More Inclusive Growth” was the slogan coined for the Plan and there was the promise of widespread consultations as never before as part of the processes...
More »States holding up plan to recapitalize regional rural banks by Remya Nair & Anup Roy
The Union government’s plan to recapitalize 40 of the 82 regional rural banks (RRBs) is at risk as some of the state governments are either delaying or refusing to pay their share of money. Due to this, the government has only been able to recapitalize around 12 RRBs, with the stakeholders collectively infusing Rs. 300 crore. The cabinet had approved the Rs. 2,200 crore recapitalization plan of 40 RRBs in February,...
More »Aadhaar alone isn’t enough for a full-fledged bank account by Surabhi Agarwal, Remya Nair & Anup Roy
The finance ministry may have amended the Prevention of Money Laundering Rules, 2005, to notify Aadhaar as adequate to meet KYC norms for opening bank accounts, putting it alongside other identity proofs, but banks are still confused Is a unique ID number or Aadhaar number issued by the Unique Identification Authority of India (UIDAI) enough to satisfy the so-called know-your-customer (KYC) norms that banks have to ensure every account they open...
More »Reasons for inflation known, but no light at the end of tunnel by Ashok Dasgupta
Planning Commission, RBI officials hold brainstorming deliberations with experts With the persistent near double-digit headline inflation, despite sustained increases in key policy rates by the Reserve Bank of India, turning out to be “a frustrating experience for policymakers,” senior officials from the Planning Commission, the Finance Ministry and the RBI met with a group of academic economic experts and representatives of the International Monetary Fund (IMF), the World Bank and the...
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