1. RBI constitutes Deepak Mohanty Committee to frame action plan on financial inclusion
The Reserve Bank of India (RBI) constituted a committee to
work out a five-year (medium-term) action plan for financial inclusion. The 14-member panel will be headed by RBI executive director Deepak Mohanty.
The Committee will work to spread the reach of financial services to unbanked population.
The terms of reference of the Committee are as under:
(i) To review the existing policy of financial inclusion including supportive payment system and customer protection framework taking into account the recommendations made by various committees set up earlier.
(ii) To study cross country experiences in financial inclusion to identify key learnings, particularly in the area of technology-based delivery models, that could inform our policies and practices.
(iii) To articulate the underlying policy and institutional framework, also covering consumer protection and financial literacy, as well as delivery mechanism of financial inclusion encompassing both households and small businesses, with particular emphasis on rural inclusion including group-based credit delivery mechanisms.
(iv) To suggest a monitorable medium-term action plan for financial inclusion in terms of its various components like payments, deposit, credit, social security transfers, pension and insurance.
(v) To examine any other related issues.
The committee was constituted in reference to Prime Minister Narendra Modi’s address on the occasion of the Reserve Bank’s 80th anniversary wherein he asked the Bank to take the lead in encouraging financial institutions and to set a medium-to-long term target for sustainable financial inclusion.
2. World Youth Skills Day observed globally
The World Youth Skills Day (WYSD) was on 15 July 2015 observed globally for the first ever time. The day was observed under the theme Youth skills for work and life in the post-2015 agenda. The theme is in line with the upcoming Sustainable Development Goals (SDGs) for 2030.
To mark the day, the United Nations organized several events at UN Headquarters in Bonn (Germany), New York (USA), Addis Ababa (Ethiopia) and elsewhere.
3. ADB retains India growth forecast at 7.8% for 2015-16
Supported by a healthy monsoon and new investments, the Asian Development Bank (ADB) has retained its India economic growth forecast for 2015-16 at 7.8 percent.
This growth forecast is the same level as projected in March this year by ADB in its flagship publication ‘Asian Development Outlook’ (ADO).
For 2016-17, the growth forecast remains unchanged at 8.2 percent with expectations of strong services sector growth bolstering overall performance.
In its ADO update released on Thursday, the Manila-headquartered development bank has however cautioned that risks to growth prospects could emerge from further delay in passing some legislations crucial to easing land acquisition for industry and implementing an uniform goods and services tax (GST).
The ADO update said that underlying indicators suggest that India was on track to achieve the ADO 2015 growth forecast of 7.8 percent in 2015-16.
4. IndusInd Bank launches instant money transfer service `QuickPay’
Private sector lender IndusInd Bank launched customer responsive service called QuickPay, allowing the bank customers to send money instantly to their personal contacts and/or business parties through SMS, E-mail and social media platforms.
This does not require the beneficiary bank account details. The sender can transfer money and a personalised message to the recipient through net banking from the bank website instantly, by just filling the E-mail Id or Mobile Number of the receiver. “Moreover, customers can choose to send E-Gift Cards through the QuickPay platform to anyone, anywhere, anytime,” the bank said in a statement.
The sender gets a ‘Quick code’ that is shared with the recipient for completing the transfer. Quickpay happens via NPCI’s Immediate Payment Service (IMPS Person to Account) that is instant and 24X7, the statement added.
5. Home Ministry gives nod to Huawei to set up unit in Tamil Nadu
nion Ministry of Home Affairs (MHA) has given nod to Chinese Telecom manufacturer Huawei to set up a manufacturing unit in Tamil Nadu for its components. The security clearance was given by MHA in subject to certain conditions which the company must fulfil. It also includes condition of appointing of Indian nationals at key positions of Company. In 2013, Huawei had first approached government for clearance purpose to set up a unit for electronics, telecom hardware and support services at SIPCOT SEZ at Sriperumbudur.
6. Manipur Legislative Assembly unanimously resolved to withdraw MRVTMW Bill, 2015
Manipur Legislative Assembly unanimously resolved to withdraw the Manipur Regulation of Visitors, Tenants and Migrant Workers (MRVTMW) Bill, 2015. The one-day special session of the state legislature was called for the sole purpose of withdrawing the Bill.
It was withdrawn as people were sceptical about the effectiveness of the Bill to protect indigenous communities of the State.
The Bill was passed by the Manipur Legislative Assembly on 16 March 2015 and it was submitted to the Governor on 20 March 2015. Later on 23 June 2015, the Governor referred the Bill to the Ministry of Home Affairs for consideration with the President of India. The Bill was referred to the President on the 8 July 2015.
The MRVTMW Bill was passed to experiment the effectiveness of monitoring non-local people through the directorate of registration. If such a directorate would have been set up, it would have become mandatory for all non-locals who are staying in hotels or private houses as tenants to submit their particulars to the directorate.
1. RBI constitutes Deepak Mohanty Committee to frame action plan on financial inclusion
The Reserve Bank of India (RBI) constituted a committee to
work out a five-year (medium-term) action plan for financial inclusion. The 14-member panel will be headed by RBI executive director Deepak Mohanty.
The Committee will work to spread the reach of financial services to unbanked population.
The terms of reference of the Committee are as under:
(i) To review the existing policy of financial inclusion including supportive payment system and customer protection framework taking into account the recommendations made by various committees set up earlier.
(ii) To study cross country experiences in financial inclusion to identify key learnings, particularly in the area of technology-based delivery models, that could inform our policies and practices.
(iii) To articulate the underlying policy and institutional framework, also covering consumer protection and financial literacy, as well as delivery mechanism of financial inclusion encompassing both households and small businesses, with particular emphasis on rural inclusion including group-based credit delivery mechanisms.
(iv) To suggest a monitorable medium-term action plan for financial inclusion in terms of its various components like payments, deposit, credit, social security transfers, pension and insurance.
(v) To examine any other related issues.
The committee was constituted in reference to Prime Minister Narendra Modi’s address on the occasion of the Reserve Bank’s 80th anniversary wherein he asked the Bank to take the lead in encouraging financial institutions and to set a medium-to-long term target for sustainable financial inclusion.
2. World Youth Skills Day observed globally
The World Youth Skills Day (WYSD) was on 15 July 2015 observed globally for the first ever time. The day was observed under the theme Youth skills for work and life in the post-2015 agenda. The theme is in line with the upcoming Sustainable Development Goals (SDGs) for 2030.
To mark the day, the United Nations organized several events at UN Headquarters in Bonn (Germany), New York (USA), Addis Ababa (Ethiopia) and elsewhere.
3. ADB retains India growth forecast at 7.8% for 2015-16
Supported by a healthy monsoon and new investments, the Asian Development Bank (ADB) has retained its India economic growth forecast for 2015-16 at 7.8 percent.
This growth forecast is the same level as projected in March this year by ADB in its flagship publication ‘Asian Development Outlook’ (ADO).
For 2016-17, the growth forecast remains unchanged at 8.2 percent with expectations of strong services sector growth bolstering overall performance.
In its ADO update released on Thursday, the Manila-headquartered development bank has however cautioned that risks to growth prospects could emerge from further delay in passing some legislations crucial to easing land acquisition for industry and implementing an uniform goods and services tax (GST).
The ADO update said that underlying indicators suggest that India was on track to achieve the ADO 2015 growth forecast of 7.8 percent in 2015-16.
4. IndusInd Bank launches instant money transfer service `QuickPay’
Private sector lender IndusInd Bank launched customer responsive service called QuickPay, allowing the bank customers to send money instantly to their personal contacts and/or business parties through SMS, E-mail and social media platforms.
This does not require the beneficiary bank account details. The sender can transfer money and a personalised message to the recipient through net banking from the bank website instantly, by just filling the E-mail Id or Mobile Number of the receiver. “Moreover, customers can choose to send E-Gift Cards through the QuickPay platform to anyone, anywhere, anytime,” the bank said in a statement.
The sender gets a ‘Quick code’ that is shared with the recipient for completing the transfer. Quickpay happens via NPCI’s Immediate Payment Service (IMPS Person to Account) that is instant and 24X7, the statement added.
5. Home Ministry gives nod to Huawei to set up unit in Tamil Nadu
nion Ministry of Home Affairs (MHA) has given nod to Chinese Telecom manufacturer Huawei to set up a manufacturing unit in Tamil Nadu for its components. The security clearance was given by MHA in subject to certain conditions which the company must fulfil. It also includes condition of appointing of Indian nationals at key positions of Company. In 2013, Huawei had first approached government for clearance purpose to set up a unit for electronics, telecom hardware and support services at SIPCOT SEZ at Sriperumbudur.
6. Manipur Legislative Assembly unanimously resolved to withdraw MRVTMW Bill, 2015
Manipur Legislative Assembly unanimously resolved to withdraw the Manipur Regulation of Visitors, Tenants and Migrant Workers (MRVTMW) Bill, 2015. The one-day special session of the state legislature was called for the sole purpose of withdrawing the Bill.
It was withdrawn as people were sceptical about the effectiveness of the Bill to protect indigenous communities of the State.
The Bill was passed by the Manipur Legislative Assembly on 16 March 2015 and it was submitted to the Governor on 20 March 2015. Later on 23 June 2015, the Governor referred the Bill to the Ministry of Home Affairs for consideration with the President of India. The Bill was referred to the President on the 8 July 2015.
The MRVTMW Bill was passed to experiment the effectiveness of monitoring non-local people through the directorate of registration. If such a directorate would have been set up, it would have become mandatory for all non-locals who are staying in hotels or private houses as tenants to submit their particulars to the directorate.
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