Govt working to facilitate cashless transaction for workers
The Dollar Business Bureau The government on Thursday announced it is currently working on facilitating cashless transfer of wages to workers with an aim to encourage digital transactions in the country. The MoS for Labour & Employment, Bandaru Dattatreya, said the ministry has already taken several initiatives to support measures taken towards this objective. On November 26, the government launched a campaign for opening bank accounts for workers in the unorganised sector like beedi, construction, Anganwadi and daily wage labourers who still do not possess bank accounts. “The objective of the campaign is to ensure that all workers come into the banking fold and their wages are paid directly into their account. This will not only prevent exploitation of workers and payment of wages without ...
RBI puts Rs.10k withdrawal limit on Jan Dhan accounts
The Dollar Business Bureau The Reserve Bank of India (RBI) said on Wednesday that withdrawals from Jan Dhan bank accounts will be limited to Rs.10,000 a month for the time being. The regulatory authority called it ‘a move to protect farmers and other innocent people from money launderers.’The account holders can be allowed withdrawals of more than Rs.10,000 only when the banks established the authenticity of cases and document them in records. Limited or non-KYC compliant account holders will only be allowed to withdraw Rs.5,000 per month from the money deposited by them through new banknotes after November 9, from within the total limit of Rs 10,000.The decision comes as a result of the reports in the media that after the ban on banknotes of Rs.500 ...
Bank deposits in Telangana up Rs. 16,595 crore in Sep qrtr
PTI The deposits of banks grew by Rs.16,595 crore at Rs.3,73,913 crore in Telangana during the quarter ending September, a top official of State Bank of Hyderabad said today. Total advances of the banks grew by Rs 28,828 crore at Rs 4,18,481 crore, State Bank of Hyderabad (SBH) Managing Director Santanu Mukherjee, who is also President of State Level Bankers Committee (SLBC), said in the Quarterly Review meeting of the Committee."CD ratio at 111.92 per cent at the end of September 2016 increased by 287 bps and continues to be one of the highest in the country. Banks have lent Rs 15,205 crore under Kharif during the first quarter achieving 87 per cent of the Kharif targets," SBH release quoted him as ...
Not all bank accounts in India are active: World Bank
The Dollar Business Bureau India saw strong growth in Bank account ownership between 2011-14 from 35% to 53%, but there were many dormant ones too, said World Bank’s ‘The Global Findex Database 2014’ report which, is the index for Measuring Financial Inclusion around the World. The report added that, in August 2014, the Indian government launched the Pradhan Mantri Jan Dhan Yojana scheme for comprehensive financial inclusion with the goal of opening a bank account for every household. To encourage new accounts, the scheme offered attractive features such as zero balances, overdraft facilities, and free life insurance. By the end of January 2015, it had led to the opening of 125 million new bank accounts; as a point of comparison, ...
Recognise the economic potential of Eastern India, RBI told
The Dollar Business Bureau The Prime Minister of India, Narendra Modi, on Thursday, urged the Reserve Bank of India to encourage the financial institutions in setting better targets for financial inclusion over the coming 20 years. Addressing the inaugural session of RBI Conference on Financial Inclusion, Narendra Modi also urged the RBI to set goals for achieving intermediate targets of 2019, 2022, 2025 and 2035-100 years of RBI. The Prime Minister further stressed on need for considering geographic parameters besides economic and social parameters, in order to achieve financial inclusion. In this regard, the Prime Minister urged the banking sector to recognize the economic potential of Eastern India and urged to make plans for the improvement of the same. ...
