In its guidelines for licensing of payments banks, the Reserve Bank of India (RBI) said the move is intended to "further financial inclusion", which is among the top priorities of Narendra Modi government. The government has set a target to open 100 million new accounts under Pradhan Mantri Jan Dhan Yojana by 26th January 2015. The scheme was launched on 28th August 2014.
Narendra Modi government has set an ambitious target to improve India's ranking in ease of doing business to among the top 50 in the next two years. The goal looks very difficult and ambitious because India is ranked at 142 among 189 countries in the latest World Bank's ease of doing business index. In fact, India's ranking has taken a hit in the recent years. It slipped by 11 spot in the past two years.
One of the top agendas of Narendra Modi government is to build 100 smart cities. This will be the biggest city-building exercise in the Indian history. The government has already set the ball rolling, making budgetary provision of Rs 7,060 crore for the project in the current financial year.
The new government has started an ambitious financial inclusion plan that aims to bring every household under the banking net by 26th January 2015. Financial inclusion has been a buzzword for quite some time.
The Reserve Bank of India (RBI) has been hawkish on policy rates for the past four years to contain inflation. The central bank has maintained tight monetary policy despite reservations from the elected representatives and the government. What's worse, the hawkish stance had little perceptible impact on the price rise, as the inflation remained stubbornly high.
More than half of India's 1.25 billion people defecate in the open and more than half of the people in the world who defecate in the open live in India.
The benefits of RuPay Debit cards, insurance and overdraft facilities associated with accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) will also be applicable for Cooperative Banks accounts opened under the scheme, according to top Finance Ministry officials.
Wide fluctuations and sharp revisions in macro-economic data like GDP, industrial output and inflation raises questions over the credibility of these numbers. In the past couple of years there have been sharp and multiple revisions in economic growth, industrial output, foreign trade and inflation data. Moreover, a wide fluctuation in these data on month-on-month or quarter-on-quarter basis has dented the credibility.