The Unique Identification Authority of India is already seeing a massive explosion for Bank Accounts among people enrolling for Aadhaar or the unique IDs issued by the authority, its chairman Nandan Nilekani said. Some 80% of people enrolling for the IDs want Bank Accounts, he said at a lecture here organised by the Indian Institute of Banking & Finance on Thursday. “If we are able to provide every such person with...
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MasterCard Develops Payment Solution for ‘Aadhaar’ in India
MasterCard Worldwide, a leading global payments company, today said it has developed a payment solution for ‘Aadhaar’. ‘Aadhaar’ is a 12-digit Unique Identification Number (UID) that captures basic demographic and biometric information of Indian residents. The UID will make it possible for residents to establish their identity with financial institutions thereby providing them a gateway into the formal banking system. This payment solution will enable Aadhaar holders to perform payment...
More »Why microfinance is not half the villain it seems to be by R Jagannathan
A man, crawling on all fours, is searching for something under a tree on a hot summer’s day. A curious passerby stops and asks: “What are you looking for?” The man replies: “I’ve lost my watch.” The passerby asks: “Are you sure it fell near this tree?” The answer: “It’s cooler looking in the shade”.Governments work something like this. They do what they think is easier to do rather than...
More »Increasing cases of irregularities in MGNREGS
The Ministry received 153 complaints of irregularities in the implementation of MGNREGA up to 2007-08; 645 complaints in 2008-09; 528 complaints in 2009-10 and 272 complaints in 2010-11 so far. With a view to make the scheme more accountable, the following steps have been taken by the Ministry:(i) States have been asked to deploy adequate number of dedicated staff with the implementing authorities. Administrative expenses, out of which salary of such...
More »Panel proposes UID-linked direct subsidy by Utpal Bhaskar
The government is planning a complete overhaul of the way the power sector is financed and subsidies are delivered, attempting to address a funding shortfall delaying the construction of electricity projects and worsening a chronic power deficit that threatens to sap growth in India’s energy-hungry economy.This exercise is based on a report submitted by a panel headed by Montek Singh Ahluwalia, deputy chairman of the Planning Commission, to the power...
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