The finance ministry has asked state-run banks to stop making payments to their customers through cheques from July 1 and to "migrate totally" to electronic payment channels, a move aimed at cutting costs in a sluggish economy. In a circular issued to chairmen of public sector banks and regional rural banks, the ministry said all payments to customers, staff, vendors and suppliers as well as disbursement of loans and payments towards...
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UIDAI: Finance Ministry gives cold shoulder to Aadhaar project
-The Times of India The national project to give unique identity numbers to all Indians, and enable welfare payments electronically, is now facing a snub from the very part of the government that funds it, and has been its most staunch supporter so far: The finance ministry. Two moves initiated by the banking division in the finance ministry over the past three months appear to duplicate and bypass the work being done...
More »Study Shows Unique ID’s Reach to India’s Poor-Amol Sharma
When India embarked on its “unique ID” project in the fall of 2010, pledging to distribute unique 12-digit numbers to 1.2 billion people, the hope was that hundreds of millions of Indians who don’t have a passport, driver’s license or other credible identity document would get one – and with it, a ticket to essential government and private sector services. A new survey led by Arun Sundararajan, a professor at New...
More »What determines MGNREGA wages? by Sandip Sukhtankar
Officials may pocket the wage increases, but the wage level in MGNREGA seems just enough to induce workers to turn up. This year marks the sixth anniversary of the implementation of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), India's landmark right-to-work programme. The Act guarantees 100 days of paid employment to every rural household in India (up to 850 million people), regardless of eligibility criteria, and establishes the government's...
More »Govt may amend Act to make Aadhaar data valid ID proof-Remya Nair & Surabhi Agarwal
Move could save banks significant money spent on record-checking and documentation In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts. The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements. This will pave the way for...
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