1. PM Modi launches Jan Dhan Yojana, 1.5 crore bank accounts opened
Prime Minister Narendra Modi today formally launched the government's
financial inclusion programme - the Pradhan Mantri Jan Dhan Yojana.
The project. which will help provide a bank account for every Indian household is widely seen as the first comprehensive financial inclusion scheme in the country.Speaking at the ceremony, Finance Minister Arun Jaitley said 1.5 crore accounts will be opened on first day of the scheme.
He said the scheme will be carried out on a "mission mode". He said the scheme hopes to rope in 7.5 crore accounts by Jan 26th, 2015.
Speaking at the event, Prime Minister Narendra Modi said more than 1.5 crore people getting insured in one day is a big record in the banking history and that the scheme will provide confidence to people.
He said the scheme's objective was to eradicate poverty and eliminiate the "financial untouchability" that exists in the country.
Modi said the scheme is a big step towards women empowerment as they "can now save their money in a safe place".
With a bank account, every household will gain access to banking and credit facilities. In the first phase, every account holder will get a RuPay debit card with a Rs 1,00,000 accident cover. Additionally, those who open accounts by Jan 26, will be entitled to an additional life insurance of Rs 30,000.
It will also give customers an overdraft facility of up to Rs 5,000 to Aadhaar-enabled accounts after satisfactory operation in the account for six months.
Ahead of the launch, RBI also relaxed some KYC norms. Trying to ease the process for migrant workers, RBI has allowed users to submit just one address (either current or permament) as proof. For people, who don't have valid documents, RBI has allowed opening of 'small accounts' through self-attestation.
The small accounts, which will be valid for a year but can be extended for another year, have limitations on credits, withdrawals and balance.
2. Mumbai EOW, CBI uncover Rs 1,000 crore banking fraud at Dena Bank, IOB, other PSBs
The Mumbai Economic Offences Wing on Thursday said it had uncovered a largescale banking racket involving multiple persons who conspired to perpetrate widespread fraud at Dena Bank and Oriental Bank of Commerce, as well as some other banks.
The quantum of the fraud, part of which is being investigated by the Central Bureau of Investigation, is likely to be close to Rs 1,000 crore, sources said.
The criminal syndicate allegedly also carried out large-scaled Fixed Deposit scams at other public sector banks, including UCO Bank, Syndicate Bank, Bank of Baroda, Vijaya Bank, and Dhanalakshmi Bank.
3. Persistent inflation hurting India's sovereign ratings: Moody's
India's sovereign ratings are constrained by persistently high inflation that is weighing on an otherwise promising economic recovery, Moody's Investors Service said in a release on Thursday.
"Recurrent inflationary pressures ... keep domestic capital costs high, erode domestic purchasing power as well as savings and lower international competitiveness," the rating agency said.
Moody's also said the supply response to inflation has been weak and the government-directed food distribution system has made worse the food supply constraints.
Without a significant increase in food output, the risk from continued inflation could limit India's growth prospects, Moody's said.
4. Ministry asks LIC to consider life cover for all Jan Dhan beneficiaries
The Finance Ministry has asked State-owned Life Insurance Corporation to see if the insurance behemoth could provide life cover of Rs30,000 to each of the 15 crore new bank account-holders proposed to be covered under the Jan Dhan Yojana.
If agreed to by the LIC, the life cover will be in addition to the accident cover of Rs1 lakh to be provided under the Jan Dhan Yojana.
5. Ratan Tata invests in Snapdeal
Snapdeal.com confirmed that Ratan Tata, Chairman Emeritus, Tata Sons, has made a personal investment in the company. The company did not disclose the exact amount Tata has invested.
India’s e-commerce space is attracting a lot of interest of late. Azim Premji and Narayana Murthy are among the investors who have evinced interest in the sunrise sector.
Premji, through his personal investment Premji Invest, has made a strategic investment in Snapdeal and fashion e-tailer Myntra (now part of Flipkart).
6. Soon, public Wi-Fi access in cities with over 1 m people
oon, you will be able to watch your favourite movie or listen to live streaming music on your phones and tablets even if you do not have a 3G or 4G connection. The Government is embarking on an initiative to enable Wi-Fi services in public areas in cities with a population of more than 1 million.
This is part of the Digital India project being monitored by Prime Minister Narendra Modi. The Department of Telecom has been asked to work out the modalities of the project, including having a separate licensing framework for private players interested in offering Wi-Fi services.
Currently, Wi-Fi enabled Internet services are available only within select campuses, malls and airports. Globally, there are a number of cities such as Barcelona and Amsterdam where Wi-Fi-based Internet access is available even in public areas such as bus stops and metro trains.
7. Exim Bank to set up project development firm in Africa
he Export-Import (Exim) Bank of India is planning to bring on board Bank of Baroda for setting up its project development company in Africa. The new company is to be formed by the end of this fiscal.
The other partners in the proposed company include IL State Bank of India (SBI) and African Development Bank (AFDB).
According to Yaduvendra Mathur, Chairman and Managing Director, Exim Bank, each partner will bring in an equity base of $5 million (around Rs. 30 crore at the current exchange rate).
“We are in talks with the Bank of Baroda to bring it on board as the fifth partner. The project development company will have an equity base of around $25 million (around Rs. 150 crore),” he told newspersons on the sidelines of the FICCI Banking Conclave.
8. Business correspondents to get minimum monthly pay of Rs. 5,000: IBA
To give the financial inclusion drive under the ‘Pradhanmantri Jan Dhan Yojana’ a fillip, banks will ensure that the foot soldiers (or business correspondents) undertaking the task on their behalf will get a minimum compensation of Rs. 5,000 per month.This move comes in the backdrop of a recent RBI survey that almost half of the business correspondent (BC) agents are untraceable.
So far, there were no guidelines governing remuneration for BCs, resulting in banks engaging corporate BCs who were least expensive.
According to Indian Banks’ Association Chief Executive MV Tanksale, individual BCs appointed by banks will get a minimum compensation of Rs. 5,000 per month.
This remuneration will motivate BCs in rural areas to reach out to vulnerable groups such as weaker sections and low-income groups so that they get universal access to financial services and timely and adequate credit.
9. Shah Rukh is Interpol’s Turn Back Crime ambassador
Internationally-renowned Bollywood superstar Shah Rukh Khan has been roped in as an ambassador for Interpol’s “Turn Back Crime” campaign to promote awareness of how everyone can play a role in preventing crime.
SRK, said to be the first Indian to be made an ambassador for the global campaign, is lending his voice to help spread the message that all of society benefits when citizens respect law and fight crime. “It’s a very special honour to be a part of Interpol’s Turn Back Crime campaign as an ambassador,” said Shah Rukh.
10. Kavita, L Subramaniam honoured by New Jersey Assembly
Renowned singer Kavita Krishnamurthy and her violin maestro husband L. Subramaniam have been honoured by the New Jersey Assembly for their contributions to world music.
New Jersey State Assembly Deputy Speaker Upendra Chivukula honoured the couple with special Assembly proclamations at a ceremony organised by America Tamil Sangam and Shri Vari Foundation in New York.
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