-The Hindu Business Line Pune: Noticing that some banks had diverted the first instalment of Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme to farmers’ loan accounts, the Maharashtra government has instructed banks to return the money to farmers. Speaking to BusinessLine, Maharashtra’s Commissioner of Agriculture, Suhas Diwase, said that banks that had diverted the PM-Kisan instalment to farmers’ loan accounts have reversed the transactions after the government’s instructions: “There are strict instructions...
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Cash in system surges: Informal sector's back? -Mayur Shetty
-The Times of India MUMBAI: Currency in circulation touched a new high of Rs 20.65 lakh crore on January 18, 2019, way above the pre-demonetisation high of Rs 17.97 lakh crore. The increase in currency usage points to a recovery in 'informality' in the economy as the government goes easy on goods and services tax compliance and businesses continue using cash, according to Pranjul Bhandari, chief economist, India, HSBC. The acceleration of...
More »MGNREGA workers in Jharkhand demand increase in wages and number of days of guaranteed work
-Press release by NREGA Watch (Jharkhand) dated 2nd February, 2019 Thousands of NREGA workers across Jharkhand spilled to the streets today to express their anger at the continued denial of their entitlements. In over 30 blocks of the state, workers raised their voice against the abysmal wage rate, acute shortage of work, increasing delays in payment of wages, and violation of several other rights. They also demanded work and submitted grievances...
More »Managing the stimulus -Neelkanth Mishra
-The Indian Express The income transfer scheme was the highlight of the budget. But its success will need deft manoeuvring. Like in each of the previous two years, the run-up to the budget this year was rife with fears of significant fiscal slippage if the government caved in to political compulsions. And like in prior years, these fears turned out to be exaggerated. The decline in fiscal deficit ratios has indeed...
More »Banks lost Rs 41,167 crore to fraud in 2017-18: RBI -George Mathew
-The Indian Express There were 5,917 instances of bank fraud in 2017-18 as against 5,076 cases the previous year, show the data released Friday. Fraudsters have looted Rs 41,167.7 crore from the Banking System in 2017-18, a sharp jump of 72 per cent from Rs 23,933 crore the previous year, despite “stringent monitoring and vigilance”, according to data released by the Reserve Bank of India (RBI). There were 5,917 instances of bank...
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