-PTI The postal department plans to enter the banking business with the Reserve Bank of India deciding to grant new bank licences to entities with credible track-record. Consultant appointed Sources said the Department of Posts, which has a strong foot print in rural areas, has appointed Ernst and Young (E&Y) as the consultant for the proposed ‘Post Bank’ “Ernst and Young is expected to submit a detailed project report by April, after which all...
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NABARD scraps controversial scheme for corporate warehousing -Shalini Singh
-The Hindu The National Bank for Agriculture and Rural Development (NABARD), whose funding of corporate warehousing projects on terms far softer than those offered to poor and often suicidal farmers was highlighted by The Hindu last month, has withdrawn its controversial scheme with retrospective effect under pressure from the Reserve Bank of India. The minutes of a meeting of the sub-committee of the NABARD Board held last month confirm that the RBI...
More »3.5 crore MGNREGA post office accounts can now be used for cash transfers -Priscilla Jebaraj
-The Hindu With a single stroke, the government has made over 3.5 crore existing post office accounts ready for its new Aadhaar-linked cash transfer scheme. The accounts, which belong to MGNREGA workers over the country, were originally to be used only for receiving wages under the rural employment guarantee scheme. However, the government has now woken up to the potential of using the ready-made network of accounts to directly transfer benefits such...
More »Nitish Kumar, half his Cabinet colleagues are crorepatis-Santosh Singh
-The Indian Express Patna: Fifteen out of 29 Bihar ministers, including Chief Minister Nitish Kumar and his deputy Sushil Kumar Modi, are crorepatis. As a part of their anti-graft measures, started in 2011, the CM and his ministerial colleagues declared their moveable and immoveable assets this New Year. Four new entrants have joined the crorepati club this year. Thy are Ashwini Kumar Choubey, Shyam Rajak, Bhim Singh and Bijay Choudhary. Parveen Amanullah is...
More »Tougher EPFO norms for employees -Neeraj Chauhan
-The Times of India NEW DELHI: The EPFO (Employees' Provident Fund Organization), which manages lifetime savings of 6.15 crore individuals, has just made life tougher for workers. Employees will now have to prove that their employers deducted the statutory dues while giving them salaries, a move that will further benefit construction companies and contractors in particular who often claim that they have paid salaries to thousands of workers without actually transferring...
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