-The Economic Times The government is likely to shoot down the department of financial services’ (DFS) plan to appoint common banking correspondent companies for transferring cash to poor people, and replace it with a countrywide network of ‘micro ATMs’, as it seeks to finalise the last-mile payment architecture for cash transfers.   In a meeting on Monday evening, Rural Development Minister Jairam Ramesh, UIDAI Chairman Nandan Nilekani, and Planning Commission officials met Finance...

-Rediff.com In a move that shows the urgency and seriousness with which the UPA 2 is planning the execution of first phase of direct cash transfer scheme before the January 1, 2013, deadline it has set for itself, the Union government has notified formation of two core committees -- called Mission Mode Committees -- tasked with rollout of the scheme. One can imagine the urgency and importance accorded to the direct...

-The Business Standard Full country coverage, in stages, by April 2014 UIDAI, FinMin given prime responsibility to work with ministries, states for national coverage The government today made its intention clear of exploiting an Aadhaar-based direct cash transfer system as a political plank in the next Lok Sabha polls, due in 2014. Prime Minister Manmohan Singh today cleared the schedule for implementation from January 1 of government subsidies and entitlements to beneficiaries...

-The Indian Express Cash transfers seem to be the latest fad. With elections looming, the Prime Minister’s National Committee on Direct Cash Transfers has been tasked with an ambitious mandate to provide vision and direction to enable direct cash transfers of subsidies under various government schemes and programmes to individuals to enhance efficiency. Certain activists warn against an ill-considered and hasty transition from food to cash. Others believe directly transferring the...

-Outlook Kochi: Reserve Bank Governor D Subbarao today ruled out introduction of Islamic banking in the country but said other methods for channelising funds based on the principles of Islamic law can be looked at. "Islamic banking is not possible", he said, adding the central bank could look at other vehicles based on Islamic banking principles to channelise NRI funds. Replying to a question on the issue, Subbarao said: "There are some legal...