Union Finance Minister Pranab Mukherjee presented Budget 2011-12 in Parliament on Monday promising to stimulate growth and bring down inflation. Admitting that food inflation remains a matter of concern, Pranab said that the economy could have performed better. He said that the development needs to be more inclusive while announcing increased outlay on social sector schemes. "Total food inflation is down from 20.2 per cent last year to 9.3 per cent...

Take a host of initiatives to ramp up presence in rural markets. With increased focus on directing funds towards agriculture, banks are confident of meeting their farm sector lending targets this financial year. “We had 60 rural branches last year and will take it to 125 by next month. This will give a major fillip to the agri lending business,” said S Chakrabarthy, deputy managing director, Axis Bank. According to the Trend and...

The electronic post office launched this week has brought the familiar red and grey counters to your drawing room, making tiring trips and queuing up things of the past. The website www.epostoffice.gov.in offers money order service, stamps and e-tracking of registered posts to start with. It creates a virtual post office on computer screens and leads customers to the counters. The decision to launch an electronic post office was part of the...

A funding crisis has hit the government's efforts to leverage the banking correspondent model to provide banking services to the beneficiaries of its flagship rural employment guarantee scheme. Work has stopped in Orissa, the first state to adopt the model in all districts, after State Bank of India (SBI) refused to bear the cost of this financial inclusion drive for the beneficiaries of the Mahatma Gandhi National Rural Employment Guarantee...

The government may allow post offices to set up automated teller machines, or ATMs , at rural areas, in an attempt to further strengthen the role of India Post in financial inclusion. India Post, which is working on major improvements in the payment process for social sector schemes like NREGA, will set up ATM networks in selected areas to give people access to online banking services. "Central, state and local governments are...