-The Economic Times KOLKATA: West Bengal chief minister Mamata Banerjee's plan to start a savings scheme with the aim of protecting the poor from losing their money to deposit schemes that promise high returns will be going ahead with the Reserve Bank of India having cleared the participation of state-run banks in the programme. The state government is to launch the plan on November 6. State-run West Bengal Infrastructure Development Finance Corporation...
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Electronic payment can save 1.6% of India's GDP: WB-Somesh Jha
-The Business Standard Says electronic payments can help manage fraud and leakage risks in government payment programmes The role that technology plays in the economy has become so integral that it can't be ignored, said a recent report by the World Bank. According to the report, electronic payments can save over one per cent of India's gross domestic product (GDP). "Cash may still be king at times, but compared with electronic payments, cash...
More »Sex workers learn to spot fake notes
-AFP KOLKATA: Sex workers are being trained to identify counterfeit currency to prevent punters from conning them in the dimly-lit brothels of one of Asia's biggest red light districts. Prostitution is illegal in India, meaning the country's estimated three million sex workers cannot complain to police if they are paid with fake notes. But a campaign group known as the Committee for Indomitable Women has now begun a training programme in Kolkata's notorious...
More »Direct cash transfers: 'The previous system was so much more convenient' -Ruhi Tewari
-The Indian Express Rajasthan/ Delhi: Three states where the UPA govt has rolled out direct cash transfers go to polls later this year. On the ground, the scheme has not quite turned out the game-changer the government reckoned it would. A frail Gori Sahaab, 90, instructs his son to pour mustard oil into a tiny diya in his one-room house. He once used a kerosene lamp but has stopped buying that fuel....
More »Aadhaar, fingerprint scan enough to open bank account-Mayur Shetty
-The Times of India MUMBAI: A few weeks after RBI governor Raghuram Rajan stressed on building credit histories of individuals based on the Aadhaar number, one bank has introduced unique identity-based eKYC for opening loan and savings accounts. Axis Bank, which is using payment company Visa's network to access Aadhaar database , will introduce the eKYC facility in around 25 branches next week. The branches will open loan and deposit accounts based...
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