The finance ministry is putting shape to a new social security scheme for unorganized sector workers, creating for the first time a safety net for millions of underpaid and overworked people, many of whom living in abject poverty. The ministry has discussed with the Life Insurance Corporation (LIC) and the four state run non-life insurance companies the contours of this scheme that will provide life insurance, health cover and retirement pension...
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Asset quality, less credit to rural areas a concern: RBI
-The Economic Times The Reserve Bank today expressed concern over asset quality of banks and lower credit flow to rural areas, despite the fact that performance of Indian banks improved during the 2010-11 period. In its report titled 'Trend and Progress of Banking in India 2010-2011', RBI said that the Indian banking sector demonstrated continued revival from the peripheral spill over effects of the recent global financial turmoil in 2010-11, but despite...
More »Centre allows cash payment of MGNREGA wages by K Balchand
The UPA government has decided to allow cash payment of wages to workers under the Mahatma Gandhi National Rural Employment Guarantee Act in a desperate bid to increase demand for jobs that had gone down due to delayed payment of remuneration. Union Minister for Rural Development Jairam Ramesh on Monday made the announcement stating that the facility would be allowed in all the 60 left wing extremist (LWE) affected districts where...
More »‘Massive’ collections in Swiss black money probe by Ritu Sarin
Investigations say they have already mopped up a “massive amount” — running into “hundreds of crores” — as unpaid taxes from among the 700 numbered Bank Accounts held by Indians in HSBC Bank in Geneva in the ongoing scrutiny of what is considered a sprawling black money trail. In fact, Rs 40 crore has been recovered from Delhi-based account holders and Rs 60 crore from just one account holder in Chennai...
More »Jairam seeks to modify flagship schemes for Maoist-hit districts by Aman Sethi
Warning that delays in wage payments were crippling the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) in Chhattisgarh's Maoist-affected districts, Union Minister for Rural Development Jairam Ramesh outlined his Ministry's latest attempts to jumpstart development in these areas. In the past, Mr. Ramesh has spoken of prioritising development in the country's 60 ‘Left Wing Extremism' [LWE] districts as a crucial prong in his government's battle against the guerilla army of...
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