A recent report of the Ministry of Statistics and Programme Implementation (MoSPI) brings forth the dichotomy between digital divide and India’s transition towards a cashless economy. The rural-urban divide in access to computer and internet is quite stark, according to the report entitled 'Key Indicators of Household Social Consumption on Education in India, July 2017 to June 2018'. The 75th round National Sample Survey (NSS) report on education finds that...
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The perils of RBI's fixation on inflation -Pulapre Balakrishnan
-The Hindu The central bank’s shift of focus from financial stability to inflation targeting could have led to regulatory infirmity Inflation is back in the news and attention has willy-nilly turned on the Reserve Bank of India (RBI). This would lead us to recognise what the central bank is mandated to do and assess how much of its objective it actually achieves. The establishment of some of the world’s oldest central Banks was...
More »NPA divergence of Rs 29,000 cr in 12 Banks: Why there is more to accounting jugglery than meets the eye -Dinesh Unnikrishnan
-Firstpost.com * The stark divergence in Banks’ estimates vs that of the RBI has raised many eyebrows in the investor community prompting them to avoid such companies till clarity emerges * Recently, Bank of Baroda reported a divergence of Rs 5,250 crore in gross NPAs for the year ended March 2019 * Ever since divergences came to public, Banks have begun to make higher provisions to cover up the mess An element of trust...
More »Debit cards in circulation fall 15% to 2-year low in October
-BusinessToday.in Almost 155 million debit cards reportedly went out of the market due to the migration from magnetic strip debit cards to EMV-based debit cards The number of debit cards in circulation fell 15 per cent on annual basis to 843 million in October as Banks moved to migrate to EMV-chip-based cards. The downturn came as the debit cards in India seemed poised to touch the 1-billion mark a year ago, with...
More »RBI's 2018 notification excluded Muslims from Pakistan, Bangladesh to open bank account in India -Manoj Sharma
-BusinessToday.in The notification was first issued in March 2018 after a nod from the Ministry of Home Affairs and the Department of Economic Affairs, following which it was made mandatory for Banks to mention the religion of a person from Pakistan and Bangladesh for opening an account in India Even as the protests over the recently passed Citizenship Amendment Act have brought India to a standstill, the Reserve Bank of India (RBI)...
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