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5.6 crore Indians plunged into poverty in 2020, says World Bank

-Scroll.in Data from a survey conducted by think tank CMIE had to be used as India has not published official figures since 2011, the financial body said. A total of 5.6 crore Indians slipped into poverty in the pandemic year of 2020, the World Bank said in a report on Wednesday, citing data from a household survey conducted by think tank Centre for Monitoring Indian Economy. The findings of the Consumer Pyramids Household...

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Demonetization under Supreme Court scanner -R Balaji

-The Telegraph Over two dozen petitions have challenged the legal and constitutional validity of DeMo A five-judge constitution bench headed by Justice Abdul Nazeer will on Wednesday start hearing a batch of petitions challenging the Narendra Modi government’s demonetisation of high-value currency notes in November 2016. Over two dozen petitions have challenged the legal and constitutional validity of the demonetisation and the short window offered to citizens to exchange the demonetised notes. A three-judge...

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Inclusion success

-The Hindu Business Line The Centre should build on the success of PMJDY to promote other financial products for the lower sections of society As the Pradhan Mantri Jan Dhan Yojana (PMJDY) completes its eighth year, it is becoming increasingly clear that this is a rare State-initiated welfare scheme that has not just met but exceeded its initial promise. That the scheme has made a material difference to financial inclusion is evident...

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Public sector banks have ensured financial inclusion, finds a new empirical study

Are public sector banks (PSBs) important for the economy? Have the PSBs served the purpose for which they were created? Could the PSBs compete efficiently against the private sector banks (PVBs)? These are some of the questions, which have been answered by a chapter in the RBI Bulletin's August edition. Efficiency of PSBs Co-authored by Snehal S Herwadkar, Sonali Goel, and Rishuka Bansal (2022) of the Banking Research Division, Reserve Bank of...

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Gujarat school children given jobs under MGNREGA, govt cracks down on local officials

-IANS/ National Herald In a shocking incident, four school-going children were issued job cards, and Bank Accounts were opened in their names, under the MGNREGA in Gujarat's Chhota Udaipur district In a shocking incident, four school-going children were issued job cards, and Bank Accounts were opened in their names, under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) in Gujarat's Chhotaudepur district. As the district administration learned about this, the District Development...

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