Microfinance News Digest

Credit Cards to form part of new financial inclusion drive in India – News Digest

Banks officials, insurance companies & Nabard to prepare inclusion plan for each district
Credit cards are set to become an integral part of a new countrywide financial inclusion drive that will pitch gram panchayats as the basic planning unit for delivery of financial services. ET

NHB to set up Rs 1,200-cr default guarantee fund for urban poor
The National Housing Bank (NHB) will set up a loan guarantee fund of Rs 1,200 crore for the urban poor. The broad contours of this proposal announced during the Budget 2011-12 guarantees housing loans up to Rs 5 lakh for the urban poor in metros and other cities.BS

Unique ID number ‘Adhaar’ to redefine banking
Participating in a panel discussion on ‘Profitable models for financial inclusion, agriculture and rural development’, Mr Rajesh Bansal, Assistant Director-General of Unique Identification Authority of India, said that by 2017, nearly 1.2 billion people in the country would be enrolled under Aadhaar. HBL



Financial inclusion, an emerging opportunity in urban centres too
By 2015, almost 45 million urban households are expected to be in the less-than-Rs 2 lakh income category, for whom financial inclusion will be relevant. HBL

Banks eyeing low-cost alternatives to reach out to 400 million in villages
With cost of operations on their mind, banks are now looking at alternative ways to reach out to the 400 million financially excluded people. HBL

Uniform know-your-customer likely for entire financial sector
Soon, you may be able to buy mutual fund units, shares, insurance policies, bank deposits and other such financial products with a single Know Your Customer (KYC) compliance. BS

Assocham wants stock broking firms to run banks
BANGALORE: Stock broking firms should be permitted to operate banks as they are monitored by the regulator Securities and Exchange Board of India (SEBI), the Associated Chambers of Commerce and Industry (Assocham) said Saturday.ET

India uncomfortable with Bill Gates’ ‘Robin Hood’ tax
Even as Microsoft founder Bill Gates threw his weight behind a “Robin Hood” tax at the G20 Summit here Thursday, proposing levies on equity and bond trading to fund the poor, India was clearly uncomfortable with the idea. ET

RBI relaxes norms for AMC’s to open branches
The Reserve Bank of India has allowed authorised money changers (AMCs), including banks, to open additional branches in metros without adhering to the old criteria of maintaining a ratio in number of branches in metro and non-metros cities. ET

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