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1.5 cr households given bank accounts on day 1

August 29, 2014

New Delhi, Aug 28: Prime Minister Narendra Modi on Thursday kicked off his government’s ambitious financial inclusion plan here, which on the first day itself handed out a bank account each to 1.5 crore poor households across the country along with an accident insurance of Rs 1,00,000 and a life cover of Rs 1,30,000.

Jan-Dhan YojanaLaunching what is billed as the largest ever banking programme so far, named “Jan Dhan Yojana”, the prime minister vowed to free the country of “financial untouchability” by bringing 7.5 crore households under banking system by January 26.

Earlier, the government had set August 15, 2015, as the deadline to fulfill the mission.Over 40 per cent of country’s population still does not have access to banking.

“Providing a bank account is the first step towards connecting a person to the economic mainstream. For the poor, it is a form of security. I can see the festive mood among those who have got the bank accounts here today,” Modi said as he gave away a RuPay debit card along with zero-balance bank accounts to five households at the launch ceremony.

The RuPay debit card has an inbuilt accident cover for the account holders. The programme was simultaneously launched at 80,000 places across the country by 20 chief ministers and several Union ministers.

The government will make special provision in the Budget for accident and life cover of Rs 1,30,000 to each account holder. The life insurance will be provided by public sector insurer Life Insurance Corporation.

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Agencies
August 6,2020

Mumbai, Aug 6: Former Reserve Bank of India governor Raghuram Rajan said on Thursday that overly focusing on what sovereign rating agencies think can take one's eyes off what needs to be done for the economy.

"It is also important to convince both domestic and international investors that after the crisis associated with the pandemic is over, we will return to fiscal responsibility over the medium term, and the government should do more to convince them of that," Rajan told the Global Markets Forum.

India was placed under one of the strictest lockdowns in the world in late March for more than two months to stem the spread of the coronavirus, but cases have continued to rise steadily since the government eased restrictions in June, stymieing hopes of an economic recovery.

The government has announced several initiatives to help the poor and small- and medium-size businesses, but actual cash outgo from the government's measures has been estimated at just about 1% of GDP.

Several attribute the fiscal prudence to fear of a downgrade after Moody's cut India's rating and outlook in early June followed closely by a change in outlook from Fitch.

The central bank on its part too has reduced the key lending rate by 115 basis points on top of the 135 bps last year and is widely expected to cut rates by another 25 bps later on Thursday.

"The RBI and government have certainly been cooperating, but it seems like it is elsewhere, the ball is in the government's court to do more," Rajan said.

He said the RBI needs to focus on whether credit is reaching the stressed areas of the economy and also if the viable firms were able to access credit and not the unviable ones.

"And I think that's where it has to focus its attentions, because resources, as you well know, are limited in India today."

Recently analysts, however, have cited the growing possibility the RBI may prefer to pause and cut rates only at its October meeting.

Government officials too have suggested the possibility of any more fiscal stimulus being announced, would only come in the second half of the fiscal year, once a recovery has taken root and coronavirus cases have peaked.

"What India should focus on at this point is protecting its economic capabilities, so that when it has dealt with the virus it can go resume activity in a reasonable way. That should be the focus," Rajan said.

"And if it does that, there is no reason why the rating agencies will not see that as an appropriate policy".

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News Network
February 18,2020

New Delhi, Feb 18: Delhi Transport Minister Kailash Gahlot is the richest minister in the AAP government, according to a report released by the Association for Democratic Reforms (ADR) on Monday.

In a statement, the NGO said, Delhi Election Watch and ADR have analysed the self-sworn affidavits of all the seven-party leaders including Chief Minister Arvind Kejriwal.

According to the statement, the minister with the lowest declared total assets is Gopal Rai with assets worth Rs 90.01 lakh.

"The minister with the highest declared total assets is Kailash Gahlot from Najafgarh constituency with assets worth Rs 46.07 crore," it stated.

The report by ADR comes on the day Kejriwal and his six ministers took charge after the formation of the new AAP government.

Chief Minister Kejriwal and his cabinet colleagues took charge of their respective offices on Monday and asserted that they would work to fulfil the promises made in the "guarantee card", released during the poll campaign, including reduction in pollution and expansion of metro network.

Members of his Cabinet are -- Manish Sisodia, Satyendar Jain, Rajendra Pal Gautam, Imran Hussain, Gopal Rai and Kailash Gahlot.

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News Network
February 9,2020

Srinagar, Feb 9: Authorities on Sunday snapped mobile internet services in Kashmir as a precautionary measure to prevent any law and order disturbance on the seventh death anniversary of Parliament attack convict Mohammad Afzal Guru, officials said.

The mobile internet services were suspended early in the morning as the authorities apprehended violence in the valley in view of the bandh call given by separatist outfits, the officials said.

The authorities had restored 2G internet services in Kashmir on January 25, more than five months after snapping all communication facilities in the valley following abrogation of Article 370 on August 5 last year.

Police on Saturday lodged an FIR against the banned Jammu Kashmir Liberation Front (JKLF) for calling a strike on Afzal Guru's death anniversary.

Guru was hanged in 2013 inside Tihar jail for his role in the Parliament attack in December 2001.

Two journalists were summoned by police for reporting the JKLF press release, which had called for strike on Sunday and Tuesday -- the death anniversary of the outfit founder Mohammad Maqbool Bhat.

They were let off after five hours of questioning. Bhat was hanged in 1984 and is buried inside Tihar jail.

Meanwhile, normal life in Kashmir was affected due to the strike, the officials said.

Markets and business establishments remained closed, while public transport was largely off the roads, they said.

There have been no reports of any untoward incident from anywhere in the valley so far, the officials added.

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