A recent report by the National Bank for Agriculture and Rural Development (NABARD) enlightens one about the state of farmers' income and indebtedness in 2015-16. Entitled NABARD All India Rural Financial Inclusion Survey 2016-17 – in short NAFIS 2016-17 – the report says that between 2012-13 and 2015-16 the average monthly income for agricultural households grew by around 39 percent. One may recall that the Key Indicators of Situation Assessment Survey...
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After public outcry, Govt drops FRDI Bill
-The Hindu Business Line Controversial ‘bail-in’ clause had unnerved bank depositors New Delhi: The government has decided to drop the controversial Financial Resolution and Deposit Insurance (FRDI) Bill, thus allowing bank customers to breath easy. The Union Cabinet, which met on Wednesday, decided to drop this Bill, a senior Cabinet Minister told BusinessLine. This means the present system of insurance deposits will continue and customers will not have to worry about the ‘bail-in’...
More »Crop insurance shocker: Maharashtra farmers receive meagre Rs 1 to Rs 5 as compensation
-PTI While 773 farmers got Rs one each as compensation, 669 farmers received Rs two each from the insurance company. MUMBAI: Over 2,000 farmers in a tehsil in Maharashtra have received crop insurance compensation ranging from Rs one to Rs five each, an official said. While 773 farmers got Rs one each as compensation, 669 farmers received Rs two each from the insurance company. Rs three each were deposited into the bank accounts...
More »Failing banks: Govt looking at refund mechanism to protect depositors -Richa Mishra & KR Srivats
-The Hindu Business Line Bonds to make up for shortfall being considered New Delhi: To ensure that a depositor does not lose his/her money during a resolution or insolvency process of any failing bank, the government was considering a refund mechanism. The newly proposed resolution and insolvency framework for financial entities envisages the framing of a new scheme for refund of depositors’ monies in troubled banks, while providing higher protection to them, sources...
More »Time to go to FRDI Bill's roots -Rajrishi Singhal
-Livemint.com Controversy around the bail-in clause aside, FRDI Bill’s clauses 58 and 62(1) regarding governance of a firm declared critical are inherently conflicting Much has been said and written about the Financial Resolution and Deposit Insurance Bill, 2017. The FRDI Bill was scheduled for discussion in Parliament this winter session but will now have to yield to more immediate concerns such as the Gujarat election results and the Central Bureau of Investigation...
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