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RBI issues final norms for small finance, payment banks
FM raises target for opening accounts under PMJDY
Chinese firms sign MoUs worth $2.5 bn with India
Toyota recalls over 40k cars
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Direct selling industry clocks revenue of
Rs 7,472 cr in FY14
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RBI issues final norms for small finance, payment banks
Mumbai, November 27 The move, aimed at deepening financial inclusion and boost saving habits, comes within seven months of RBI issuing two full-fledged banking licences in April this year after a gap of over a decade. As per the guidelines, those seeking to set up these two new categories of banks would need minimum Rs 100 crore of capital and fulfil the necessary ‘fit and proper’ criteria, among other conditions. Those interested, would need to apply before January 16 for first round of such permits, while RBI may come up with another round at a later stage. Among others, existing NBFCs and micro finance lenders would be allowed to set up small finance banks, while large public sector enterprises and big industrial houses would not be allowed to establish such banking entities. For payment banks, which would not be allowed to undertake lending activities, the state-run entities would be eligible to apply. Such banks will initially be restricted to holding a maximum balance of Rs 1 lakh per individual customer. They will be allowed to issue ATM/debit cards as also other prepaid payment instruments, but not the credit cards. They can also distribute non-risk sharing simple financial products such as mutual funds and insurance products, but non-resident Indians will not be allowed to open accounts. RBI said it wants the new banks to leverage on technology and have a presence through internet banking, but was quick to clarify that it will not allow any “virtual” bank without a physical presence on the ground. While such niche banks are common in advanced economies, there are 27 state-owned and 22 private sector banks with full fledged banking operations at present in India. The small finance bank will primarily undertake basic banking activities of acceptance of deposits and lending to un-served and under-served sections, including small business units, small and marginal farmers, micro and small industries and unorganised sector entities, RBI said. — PTI The guidelines
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FM raises target for opening accounts under PMJDY
New Delhi, November 27 The Finance Minister also discussed the possibility of integration of PMJDY with National Rural Livelihood Mission (NRLM) through convergence with Self-Help Groups and integration of MGNREGA Scheme with DBT. This will amount to opening of one account for each household in the country. The Finance Minister also asked the officers that Aadhaar card numbers may also be seeded with bank accounts as the same will help in directly transferring the subsidies to the bank accounts of the desired sections of society under Direct Benefit Transfer (DBT) scheme. Jaitley was speaking while chairing the meeting of the Mission of PMJDY. The meeting was also attended by Telecom Minister Ravi Shankar Prasad and Rural Development Minister Birender Singh among others. More than 7.64 crore bank accounts have already been opened under the scheme out of which public sector banks (PSBs) have opened 6.15 crore accounts, regional rural banks (RRBs) 1.28 crore accounts and private sector banks 20 lakh accounts. The Finance Minister has called for more active participation by the private sector banks under PMJDY. In terms of deposits, Rs 6,015 crore has been collected and out of the 7.64 core accounts opened, 5.74 crore accounts are with zero balance. Jaitley asked the bankers that efforts should be made to raise the deposit level in the zero balance accounts through financial literacy programme. He also asked the Mission to take up financial literacy to promote savings and other financial services. The Finance Minister said dovetailing of various Central and State Schemes in the PMJDY accounts will also help to increase transaction/deposits in these accounts. Jaitley also asked the bankers to ensure availability and activation of RuPay cards issued under PMJDY. He also directed for setting up of required number of bank mitras and close monitoring of their services so as to ensure availability of banking services to the people at large. Arun Jaitley’s suggestions
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Chinese firms sign MoUs worth $2.5 bn with India
New Delhi, November 27 He noted that as two large countries with growing economies, the relationship between India and China transcends bilateral scope and has regional, global and strategic significance. He was speaking when a high-level Chinese delegation led by Xia Baolong, chairman of the Standing Committee of Zhejiang Provincial People’s Congress, People’s Republic of China and comprising senior officials and business leaders called on him here yesterday. Xia Baolong informed the FM that the visit of the Chinese delegation was very successful and agreements (MoUs) estimated at $2.5 billion were concluded between Chinese and Indian firms. |
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Tokyo, November 27 Toyota’s recall for driver-side air bags is the latest in the widening safety problems related to Takata Corp. air bags. The recall involves three models: Vitz, Yaris and RAV4 vehicles made in 2002 and 2003. Daihatsu Motor Co said it’s also recalling more than 27,000 Mira models in Japan for the same air bag problem linked to an inflator. — AP
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Direct selling industry clocks revenue of
Rs 7,472 cr in FY14
New Delhi, November 27 The direct selling industry is keen to facilitate the Make in India initiative and entities are willing to reduce import of finished goods to less than 10% by 2019-20. Wellness and healthcare products continues to lead by 44% share in total sales turnover. Chavi Hemanth, secretary general, IDSA, said the direct selling industry reached Rs 7,472 crore in 2013-14 from Rs 7,164 crore in 2012-13. Due to regulatory bottlenecks, the sector has marked a significant decline in its overall growth this year, she said. The total sales revenue by firms during 2013-14 can be split up in to total sales revenue of Rs 7,024 crore by the companies belonging to organised sector and Rs 448 crore by the unorganised sector. Ajay Khanna, chairman, IDSA, said as per the survey, Bengaluru was ranked the most attractive market followed by Delhi, Ludhiana, Mumbai and Jaipur in 2013-14. The northern region registered a growth of 12.2% in 2013-14 as against 33% in 2012-13. Bengaluru most attractive market
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