Reports of a possible global food crisis could not have come at a worse time for India. Food inflation is still over 16% and though plentiful rains this year hold out the promise of one of our best agricultural years ever , last week’s warning by the US administration of ‘dramatically’ lower supplies of corn, rice and wheat could force the RBI to tighten more than otherwise warranted in order...
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RBI for timely payment of rural job scheme workers by KA Gupta
The Reserve Bank of India (RBI) is to consider a proposal for opening of weekly branches in unbanked panchayats in the state. Gumla is one among the 16 districts, which have been classified as under-banked districts in the state. Delay in disbursing wages under MGNREGA and executing other welfare schemes will now be sorted out by reaching banking services to hitherto unbanked areas and new measures have also been initiated. Before the...
More »State Bank to jack up rural lending by 25% by Anita Bhoir
State Bank of India, the country’s largest bank, plans to scale up its rural book in keeping with its objective to increase financial inclusion. The bank plans to increase its rural lending book by 25% and its deposit base by about 28%,’’ said Jayanta K Sinha chief general manager, rural business, SBI. The bank is also in the process of teaming up with corporates, who would be Business Correspondents(BC). “In keeping...
More »Towards another green revolution by NV Krishnakumar
Soon, the National Food Security Act will become law. The ruling United Progressive Alliance flagship social security programme of providing every Below the Poverty Line (BPL) family with 25 kg of rice or wheat at Rs 3 per kg per month is a welcome step to alleviate some of the human trauma that haunts the poor in our country. The government also hopes that the Act will secure freedom from...
More »RBI targets mobile banks to cover rural India in 5 years by Vaibhav Aggarwal
Reserve Bank of India has set a projection of fove years by which mobile banks would be penetrating to every village of India, said KC Chakraborty, Deputy Governor of RBI. Chakraborty firmly said that in five years time every villager would be financially included. Mobile bank is a movable vehicle which reaches a particular region at a specified time. Every mobile bank is authorized by some bank and is operated by bank...
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