-The Business Standard The scheme can be named as 'Social Security Scheme' or 'We The People Scheme'; would not offer high returns like chit funds Kolkata: West Bengal Chief Minister Mamata Banerjee today proposed to launch a government-sponsored deposit-taking scheme to provide a secured saving option to the rural people of the state as an alternative. "To provide proper facility in the wake of growing financial insecurity, we are thinking of a social...
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Action Against Banks if Guilty: RBI on Cobrapost Sting
-Outlook Reserve Bank of India (RBI) today said it has completed investigations against banks following the Cobrapost expose and will take action if they are found guilty of violating prudential banking norms. "We have done investigations, we have prepared an internal report. There are processes to be followed to take investigations to its logical closure... "The first is action against individual institutions who are involved in practises which are not consistent with the...
More »Antyodaya Anna Yojana for Subsidised Foodgrains
-Press Information Bureau In order to make the Targeted Public Distribution System (TPDS) more focused and targeted at the poorest of the poor, Antyodaya Anna Yojana (AAY) was launched in December, 2000 in all States/UTs for one crore families to be identified from the Below Poverty Line (BPL) families. Coverage under this scheme has been expanded thrice since then i.e. during 2003-04, 2004-05 and 2005-06 covering additional 50 lakh households each...
More »Banks under fire for Saradha mess -Srikumar Bondyopadhyay
-The Times of India KOLKATA: It's not only Cobrapost that seems to be stinging public sector banks. State-owned banks have come under fire and are accused of being hand-in-glove with willful defaulters like Ponzi kingpin Sudipta Sen. In a 25-page statement that the CBI deems a confession, Sen has detailed how he acquired Global Automobiles, a company with a bank debt of Rs 186 crore. Formed in 2005, the company's owner Shantanu...
More »Food Security Bill could violate India’s subsidy pledge at WTO -Amiti Sen
-The Hindu Business Line As the Food Security Bill awaits Parliament clearance, India fears that implementation of obligations under the Bill may lead to breach of farm subsidy limits fixed by the World Trade Organisation (WTO) and attract penalties if some global rules are not amended. New Delhi is, therefore, scouting for support at the WTO in seeking an amendment to the Agreement on Agriculture (AOA) to remove limits on public stockholding...
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