THE Reserve Bank of India (RBI) has decided to accept NREGS job cards or Aadhar letter as official documents for opening accounts in rural cooperative banks for persons covered under the scheme. This will enable the job card holders or the workers to keep their money is safe custody. An RBI communique to the state and district cooperative banks has said that the accounts can be opened with certain conditions attached as...
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RTI reveals RBI apathy over National Litigation Policy by Vijaysinh Parmar
The National Litigation Policy (NLP) aimed at reducing the cases pending in various courts in India is nine months old, but the Reserve Bank of India (RBI) which is supposed to implement the pro-citizen policy in the banking sector is unaware of it. The Department of Banking Operations and Development in the RBI's central office in Mumbai has told a Right to Information (RTI) activist that it does not have any...
More »MNC may need govt nod to buy local pharma firm by Khomba Singh
The government may approve acquisitions of local drugmakers by global firms on a case-by-case basis on certain conditions to ensure availability of medicines at affordable prices, despite calls for restrictions on such deals in the wake of a spate of takeovers in the last three years. Multinationals may have to move buyout proposals through the Foreign Investment Promotion Board (FIPB), allowing the government to understand the firm's rationale for buying a...
More »Satyam auditing not the only slip-up in India, admits Price Waterhouse India by John Samuel Raja & Sangita Mehta
Five audit firms of Price Waterhouse India have admitted to the US markets regulator, the Securities and Exchange Commission (SEC), that deficiencies in their auditing process were not restricted to Satyam Computer , but extended to other companies audited by them in India as well. This disclosure by PW India is in two documents released by the SEC on April 5 while concluding its findings on the Satyam accounting fraud case....
More »Status of Muslims in West Bengal by Maidul Islam & Subhashini Ali
Misleading data cited in a seminar paper on the situation of the minority community in the State tend to detract from the Left Front government's exceptional record on this count. Abusaleh Shariff, the Chief Economist of the National Council of Applied Economic Research, who was the Member-Secretary of the Sachar Committee, presented a paper on the socio-economic development of Muslims in West Bengal, at a seminar organised by the Institute of...
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