Farmer Dharamshyam Kujur put the hitherto nondescript village of Doba in Kudu block of Lohardaga district on the banking map of India today as he withdrew Rs 100 from his newly opened account. Watching him create history was Reserve Bank of India (RBI) governor D. Subbarao, who, as part of RBI’s ambitious outreach programme aimed at financial inclusion, inaugurated a smart card-based satellite banking system in the village earlier in the...
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Labourers selling MGNREGA cheques in Jharkhand: official
In the absence of adequate banking services in rural areas in Jharkhand, some labourers sell their MGNREGA cheques to “middlemen” for a discount to get the money on the spot, a top official suggested on Wednesday. “Recently I went to Chatra and learnt that a MGNREGA labourer had sold his Rs. 100 cheque to get Rs. 70,” state Chief Secretary Ashok Kumar Singh said at a programme in presence of RBI...
More »MasterCard Develops Payment Solution for ‘Aadhaar’ in India
MasterCard Worldwide, a leading global payments company, today said it has developed a payment solution for ‘Aadhaar’. ‘Aadhaar’ is a 12-digit Unique Identification Number (UID) that captures basic demographic and biometric information of Indian residents. The UID will make it possible for residents to establish their identity with financial institutions thereby providing them a gateway into the formal banking system. This payment solution will enable Aadhaar holders to perform payment...
More »Aadhaar leading a surge in bank accounts: Nilekani
The Unique Identification Authority of India is already seeing a massive explosion for bank accounts among people enrolling for Aadhaar or the unique IDs issued by the authority, its chairman Nandan Nilekani said. Some 80% of people enrolling for the IDs want bank accounts, he said at a lecture here organised by the Indian Institute of banking & Finance on Thursday. “If we are able to provide every such person with...
More »Farmers give mixed response to GIDC's new LA Policy by Rutam Vora & Sohini Das
While the Gujarat government may have announced a 'farmer-friendly' land acquisition policy developed by the Gujarat Industrial Development Corporation's (GIDC), farmers have so far given mixed reactions to it. Right ahead of the Vibrant Gujarat Summit scheduled in January,GIDC has gone all out to ensure a hassle-free land acquisition process, as the upcoming meet is likely to generate demand for large tracts of land for industry.Saurabh Patel, state industries minister,...
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