The government has asked banks to accept identity proofs issued in other states as valid documents for opening no-frills bank accounts, in a move that will help millions of migrant workers, including domestic helps and drivers, access banking services. At a specially convened meeting to push the Financial Inclusion agenda, the finance ministry asked bankers to accept the identity proofs and use their branch network in other states to verify the...
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Fighting for the 99 per cent in times of austerity
-The Hindu As the head of the largest trade union federation, Sharan Burrow represents the face of the worker at the high-tables of the world. Ms Burrow is the general secretary of the International Trade Union Confederation (ITUC), which represents 175 million workers in 153 countries. Ahead of this week's G20 Summit in Cannes, Ms. Burrow has, in meetings with the International Monetary Fund (IMF) and European leaders, warned of the...
More »Keeping track of wage payments for rural jobs scheme by Viswanath Pilla
The Smart Card Project is helping nearly 12.7 million poor people in Andhra Pradesh to get timely payment of wages It was conceived as a vehicle to promote Financial Inclusion by taking banking services to the unbanked poor, harnessing information and communications technology to ensure the benefits of public welfare programmes reach those they are intended for by plugging leakages. The Andhra Pradesh Smart Card Project, launched in 2007, is...
More »The failure of a hopeful idea
-Live Mint The poor remain poor because they lack resources. And the formal finance sector does not want to lend them because they are too poor, costs are high and they hardly have anything to offer as collateral. That is, they are trapped in the vicious circle of poverty. This was so until the arrival of microfinance—successfully demonstrated by the Bangladesh model that the poor are “good” borrowers. It was held...
More »Can you have Nilekani without UID? by Subir Roy
Both Nandan Nilekani and his well-wishers are today, two years after he set out on his unique identification (UID) journey, wiser if not a more disillusioned lot. Right at the outset he had acknowledged concerns over privacy issues, saying, “India does not really have a privacy law. So all this will act as an impetus to define the privacy framework for Indians.” That gaping hole is still staring us in...
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