-The Times of India NEW DELHI: Raising doubts on the genuineness of the government's plan expenditure, the Comptroller and Auditor General (CAG) has written to the finance ministry saying its data provided on schemes worth over Rs 3 lakh crore for 2012-13 "points to serious deficiencies". The auditor said a detailed scrutiny had revealed that government in several cases was giving post-dated sanctions - in some instances sanctions were granted by the...

-The Times of India NEW DELHI: In a report on Union government accounts tabled in Parliament last week, the comptroller and auditor general (CAG) has raised serious questions on the government's claim of its expenditure, saying the "integrity of the data provided to audit on Plan expenditure was doubtful". There is huge variation in Plan expenditure as per data maintained by different wings of the government. According to the finance accounts, the...

-The Business Standard   A Nandan Nilekani-led task force on an Aadhaar-enabled unified payment infrastructure has recommended setting up a network of one million interoperable micro-ATMs across the country. The ATMs will be operated by business correspondents. The task force, headed by the Chairman of Unique Identification Authority of India, submitted its report to Finance Minister Pranab Mukherjee on Thursday. The panel has suggested that in order to set-up this network quickly, a last-mile transaction...

-The Economic Times   A government-appointed committee has recommended a complete overhaul of government accounting norms with a view to enforcing transparency and better monitoring of public spending.  In its report submitted to finance minister Pranab Mukherjee, the C R Sundaramurti Committee has suggested rationalisation and reorganisation of the existing account classification of list of major and minor heads of accounts (LMMHA) of centre and states."  The proposed accounting classification structure will provide a...

Recent events in south Asia have led to an unexpected reversal in the narrative of microfinance, long presented as a development success. Despite charges of poor treatment of clients, exaggeration of the impact on the poorest as well as the risks of credit bubbles, the sector can play a non-negligible role in reaching financial services to low-income households. In regulating the sector, there is need for caution in setting interest...