-NDTV.com In February 2015, Prime Minister Narendra Modi, in a speech in Parliament, ridiculed the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) program as a symbol of the policy failures of the previous United Progressive Alliance (UPA) government headed by Dr. Manmohan Singh and, in his typical coarse style, taunted that he would bleed the program to a slow death. Exactly six years later, on February 12, 2021, Finance Minister Nirmala...
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Why Sensex Is On Fire -Aunindyo Chakravarty
-NDTV blog If you had invested all your savings in the stock market at the end of March last year, by now, you would have almost doubled your money. But in the same period, India's GDP in today's prices would have slid by at least 9-10 percent. Anyone who looks at this divergence will say that the markets have completely 'decoupled' from the economy. Conventional wisdom tells us that this is a...
More »One nation one ombudsman: RBI to integrate consumer grievance redressal scheme
-PTI/ The Hindu The RBI is targeting to roll out the e-Integrated Ombudsman Scheme in June 2021 The Reserve Bank on Friday announced it will be integrating consumer grievances redressal under a single ombudsman as against three schemes working at present. There are dedicated ombudsman schemes devoted to consumer grievance redressal in banking, non-bank finance companies and digital transactions, respectively, at present. “To make the alternate dispute redress mechanism simpler and more responsive to...
More »Over 2.9 lakh cyber security incidents related to digital banking reported in 2020: Dhotre
-PTI/ The Hindu The Minister of State for Electronics and IT Sanjay Dhotre noted that the rising popularity of non-banking financial companies (NBFCs) along with e-commerce has also expanded the scope of digital payments. Over 2.9 lakh cyber security incidents related to digital banking were reported in 2020, Parliament was informed on Thursday. As per the information reported to and tracked by Indian Computer Emergency Response Team (CERT-In), a total number of 1,59,761;...
More »Fiscal transparency jacks up ‘expenditure’ numbers in the Union Budget 2021-22
In order to understand why the Union Budget 2021-22 is being termed as ‘transparent’, it has to be read simultaneously with the 15th Finance Commission Main Report for 2021-26. But first, let us discuss 'fertilizer subsidy'. The budget documents for Union Budget 2021-22 show that the spending on ‘fertilizer subsidy’ was slashed from Rs. 1,33,947 crore in 2020-21 (revised estimate) to Rs. 79,530 crore in 2021-22 (budget estimate). However, the budgetary...
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