Thursday, February 19, 2009
Opening of bank accounts
Lok Sabha
Raghuram Rajan Committee Report had observed that over 40 per cent of India's working population earn but have no savings. Some of the major recommendations of the committee include:
i. expanding access to financial services;
ii. freedom to banks to setup branches and ATMs;
iii. creating more efficient and liquid markets;
iv. greater participation of foreign investors in domestic market;
iv. creating a growth-friendly regulatory environment; and
v. creating a robust infrastructure for credit.
The Government of India has taken the following steps to ensure opening of more bank accounts, especially in the rural areas of the country including Andhra Pradesh:
• Banks, have been advised to make available a basic banking 'ïî frills' account either with 'nil' or very low minimum balances.
• Small borrowers with loans settled under the one time settlement scheme have been made eligible to access fresh credit.
• Banks have been advised to issue General Credit Cards to eligible beneficiaries without insistence on security, purpose or end use of credit.
• Banks have been permitted to utilise the services of Non-Governmental Organisations, Self Help Groups, Micro Finance Institutions and other Civil Society Organisation as intermediaries in providing financial and banking services.
• All Scheduled Commercial Banks and Regional Rural Banks have been advised to achieve the target of adding 250 rural household accounts during this year. Most of the Public Sector Banks have achieved their targets for the year 2008-09.
This information was given by Minister of State for Finance, Shri Pawan Kumar Bansal in reply to a question raised by Shri K.J.S.P. Reddy and Shri Abdullakutty in Lok Sabha today.
i. expanding access to financial services;
ii. freedom to banks to setup branches and ATMs;
iii. creating more efficient and liquid markets;
iv. greater participation of foreign investors in domestic market;
iv. creating a growth-friendly regulatory environment; and
v. creating a robust infrastructure for credit.
The Government of India has taken the following steps to ensure opening of more bank accounts, especially in the rural areas of the country including Andhra Pradesh:
• Banks, have been advised to make available a basic banking 'ïî frills' account either with 'nil' or very low minimum balances.
• Small borrowers with loans settled under the one time settlement scheme have been made eligible to access fresh credit.
• Banks have been advised to issue General Credit Cards to eligible beneficiaries without insistence on security, purpose or end use of credit.
• Banks have been permitted to utilise the services of Non-Governmental Organisations, Self Help Groups, Micro Finance Institutions and other Civil Society Organisation as intermediaries in providing financial and banking services.
• All Scheduled Commercial Banks and Regional Rural Banks have been advised to achieve the target of adding 250 rural household accounts during this year. Most of the Public Sector Banks have achieved their targets for the year 2008-09.
This information was given by Minister of State for Finance, Shri Pawan Kumar Bansal in reply to a question raised by Shri K.J.S.P. Reddy and Shri Abdullakutty in Lok Sabha today.
Bogus caste certificates
Some complaints of appointment on the basis of fake caste certificates have come to the notice of the Government.
If it is established that a candidate secured employment on the basis of a fake certificate, he is removed from service. Instructions have been issued that the caste status of a candidate claiming to belong to Scheduled Caste, Scheduled Tribe or Other Backward Class should be verified at the time of initial appointment as well as at the time of every important upturn of employee’s career so that any person may not get appointment on the basis of fake certificate. Information about fake caste certificates is not centrally maintained.
This information was given by the Minister of State in the Prime Minister’s Office and Ministry of Personnel, Public Grievances & Pensions, Shri Prithviraj Chavan in a written reply to a question in the Rajya Sabha today.
If it is established that a candidate secured employment on the basis of a fake certificate, he is removed from service. Instructions have been issued that the caste status of a candidate claiming to belong to Scheduled Caste, Scheduled Tribe or Other Backward Class should be verified at the time of initial appointment as well as at the time of every important upturn of employee’s career so that any person may not get appointment on the basis of fake certificate. Information about fake caste certificates is not centrally maintained.
This information was given by the Minister of State in the Prime Minister’s Office and Ministry of Personnel, Public Grievances & Pensions, Shri Prithviraj Chavan in a written reply to a question in the Rajya Sabha today.
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