Given a positive regulatory environment, banks and other financial intermediaries will certainly be interested in using the smart card opportunity. Dr Arvind Virmani, with a Ph.D. from Harvard and 30 years of professional experience, is one of the most valued economists in the Government. Before he retired as Chief Economic Advisor in 2009, he had served in the Finance Ministry and the Planning Commission. A researcher par excellence, his research papers...
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New draft of MFI Bill to give more teeth to RBI by Dinesh Unnikrishnan
The earlier draft covered only non-NBFC MFIs incorporated as trusts and non-governmental organizations that constitute a very small part of the total industry The proposed microfinance Bill for governing India’s Rs. 22,000 crore microlending industry is set to give more teeth to the Reserve Bank of India (RBI) to regulate larger microfinance institutions (MFIs). This will be done by removing such entities from the purview of laws enacted by state governments...
More »Buffett seeks higher FDI in Indian insurance sector
Wants limit to be raised to 49% Keen to enter the growing insurance sector, U.S. billionaire Warren Buffett on Friday wondered if India would raise the FDI limit in the sector to 49 per cent. The U.S.-based company is keenly watching the developments regarding further opening of the sector to foreign investment. Mr. Buffett, whose group Berkshire Hathaway recently entered the Indian insurance market, called on IRDA Chairman J. Harinarayan here and...
More »A new State-level Advisory Council for Rajasthan by Mohammed Iqbal
Ashok Gehlot's Budget speech lays emphasis on social welfare measures Chief Minister Ashok Gehlot's Budget speech in the Rajasthan Assembly here on Wednesday laid emphasis on “positive results” of the State Government's work during the previous year for development of various sectors, and made a number of announcements for the welfare of different sections of society. In a significant declaration, Mr. Gehlot said a State-level Advisory Council would be constituted shortly in...
More »Aadhaar sets stage for cash transfers by Surabhi Agarwal
In line with finance minister Pranab Mukherjee’s budget announcement on Monday that the government is looking at direct cash transfers as an alternative to the current subsidy on kerosene and fertilizers and to prevent leakages, the Unique Identification Authority of India (UIDAI) is planning to open Aadhaar-linked bank accounts for the purpose. These can be used for other financial transactions as well. The authority is in the process of empanelling banks...
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