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Millions of rural Indians now have debit cards, yet lack access to ATMs. Such drivers are expected to contribute to the growth of ATMs in the rural regions

India's deployment of a direct cash transfer scheme and other similar social welfare programmes is a logical marvel, the International Monetary Fund (IMF) said on Wednesday.
From India, there is a lot to learn. There is a lot to learn from some other examples around the world. We have examples from pretty much every continent and every level of income. If I look at the case of India, it is actually quite impressive, Paolo Mauro, Deputy Director of the Fiscal Affairs Department at the IMF, told reporters at a news conference here.
In fact, just because of the sheer size of the country, it is a logical marvel how these programmes that seek to help people who are at low-income levels reach literally hundreds of millions of people, he said in response to a question on the impressive direct cash transfer programme being successfully implemented by the Indian government.
There are programmes that target specifically women. There are programmes that target the elderly and farmers. Perhaps 

Online Payment

Real Time Gross Settlement or RTGS system has cut short the risk to high-value payment settlements among financial institutions. It is used by central banks worldwide. Find out more about the system

Money transfer, NEFT, online banking, banking

Swift transfer of money between bank accounts has made all types of transactions smooth. Through IMPS, we can now transfer money within seconds. Let's get some clarity about this efficient platform

epfo

Retirement fund body EPFO has launched a facility for bulk transfer of funds from exempted establishments through a single payment.
Exempted establishments are those which have been granted exemption under Section 17 of EPF & MP Act, 1952 and manage the provident fund of members themselves under overall supervision of the Employees' Provident Fund Organisation (EPFO).
"Apurva Chandra, Secretary (Labour & Employment) launched a new facility of bulk transfer of funds and data from exempted trusts to EPFO through a single payment, during his first visit to EPFO headquarters, on 7th October, 2020," a labour ministry statement said.
EPFO has now released the functionality for bulk transfer of funds from exempted establishments to EPFO through a single payment.
This facility will enhance ease of doing business by increasing the speed of funds transfer for exempted establishments.
On change of employment of a member from exempted to unexempted establishment, his past accumulations ...

cash, currency, notes, funds, investment, shares, growth, profit, loss, tax, money, income, earnings

The Assam government on Wednesday announced that a minimum sum of Rs 830 per month  would be deposited in the bank account

Need cash now? Avoid taking a personal loan for discretionary purchases

These include cash assistance of Rs 500 per month given to 200 million women with Pradhan Mantri Jan Dhan Yojana (PMJDY) bank accounts

State identifying more beneficiaries for the Rs 1,000 relief

coronavirus, migrant workers

State governments told to expedite data collection of migrant labour

Given the nature of cash transfer plans, the govt would need large revenues and may have turn a blind eye to the fiscal deficit

Now, transfer your money via SMS

The move is a follow-up to instances of illicit deposits - after demonetisaton - in bank accounts opened under the Pradhan Mantri Jan-Dhan Yojana

Funds transfer image via Shutterstock

Economists Maitreesh Ghatak of London School of Economics, Chinmaya Kumar and Sandip Mitra studied Bihar's Mukhyamantri Cycle Yojana

Half of India's population between the age of 30-55 years believes 59 years should be the age of retirement and thirty-two years is when one should ideally start retirement planning,

investment,saving, money, retirement, rupee

The Apple iPhone 15 Pro Max stands out within the iPhone 15 series and offers substantial improvements over the previous generation model, the iPhone 14 Pro Max

Apple iPhone 15 Pro Max - Natural Titanium

India has been expanding its electronics manufacturing sector as companies diversify production beyond China amid growing Washington-Beijing tensions

Chromebook, Google laptop

Stock market holiday: After Mahatma Gandhi Jayanti on October 2, the market will be closed on October 24, Tuesday, for Dussehra

Stock market, NSE

Even if generative artificial intelligence has been overhyped, it's safe to assume that ChatGPT-type bots will only get better at routine tasks like writing computer software

jobs, IT jobs, IT industry, AI

Asian Games 2023, Day 7 Highlights: India thrashed Pakistan 10-2 in hockey and beat them 3-2 in Squash to win the men's team gold. The contingent finished with 10 Gold, 14 Silver and 14 Bronze medals

Rohan Bopanna and Rutuja Bhosale were highlights for India's September 20, Day 8 at the Hangzhou Asian Games 2023. Photo: SAI

Rohan Bopanna

Here is the best of Business Standard's opinion pieces for today

Big Tech

The Finance Ministry has notified October 1 as the date for implementation of the amended GST law provisions for taxing e-gaming, casinos and horse racing.
According to the changes to the Central GST Act, these supplies will henceforth be treated as "actionable claims" similar to lottery, betting and gambling and subject to 28 per cent Goods and Services Tax (GST) on full face value of bets.
The amendments to Integrated GST (IGST) Act makes it mandatory for offshore online gaming platforms to take registration in India and pay taxes in accordance with domestic law.
In its meetings in July and August, the GST Council, comprising finance ministers of Centre and states, had approved amendments to the law to include online gaming, casinos and horse racing as taxable actionable claims, and clarified that such supplies would attract 28 per cent tax on full bet value.
Parliament last month passed amendments to the Central GST and Integrated GST laws to give effect to the Council's ...

Finance Ministry, Ministry of Finance

The century-old Roshanara Club in Delhi - the cradle of Indian cricket - was on Friday sealed by the Delhi Development Authority, which also took possession of the historic club, officials said.
The action was taken in the early hours and comes nearly six months after an "eviction notice" was served on the club by the DDA as its lease had expired earlier, a senior official said.
The historic club was established on August 15, 1922 and had turned 100 last year.
Endowed with natural beauty, green pastures and colonial-era charm, Roshanara Club, located in north Delhi, has emerged as one of the most prestigious clubs in the country.
"Following court orders, that inter alia upheld its eviction order dated, 12.04.2023, the Delhi Development Authority today evicted and took possession of the premises of Roshanara Club Ltd, the leases for which had expired 11 years back in 2012 and six years back in 2017," the DDA said in a statement.
This action was taken under provisions of section 5 (

Roshanara Club

The Indian Railways on Friday said more than 2.14 lakh people participated in 1,934 activities with man hours of 6,62,990 in the first 14 days of the "Swachhata Hi Sewa" (SHS) cleanliness drive.
The fortnight-long campaign was launched on September 15 by the chairperson and CEO of the Railway Board, who administered a cleanliness pledge to all the railway employees at the Rail Bhawan here.
The participants in the campaign are railway employees, passengers and other stakeholders. The campaign aims at fostering a much greener and more eco-friendly railway system.
"Indian Railways, with its extensive nationwide network, plays a vital role in the Swachh Bharat Abhiyan," the railway ministry said in a statement.
This year, the railway ministry has become a part of the joint SHS campaign launched by the Ministry of Housing and Urban Affairs and Ministry of Jal Shakti.
"Activities of SHS are integrated with day-to-day activities of Swachhata Pakhwada. The theme for Swachhata Hi Sewa camp

Swachh Bharat to external debt: Here're key points to know about Eco Survey

The lenders of Future Retail Ltd have rejected the bid submitted by Space Mantra for the debt-ridden firm, which is currently going through Corporate Insolvency Resolution Process (CIRP).
The Resolution Plan submitted by Space Mantra for Future Retail Ltd (FRL), failed to get the required number of votes in the e-voting process of the Committee of creditors (CoC).
It was put "for the consideration of the CoC on July 19, 2023... and pursuant to the decision taken by CoC through e-voting, concluded on 30th September 2023 at 9 PM (IST), the resolution plan submitted by Space Mantra Private Limited has not been approved by CoC", FRL said in a regulatory filing on Monday.
It further added: "In view of the resolution plan not having been approved by the CoC, the next steps would be taken in accordance with the Insolvency & Bankruptcy Code 2016."
Space Mantra was the single bidder for FRL. According to some media reports, Space Mantra had offered around Rs 550 crore, which was very close

Future Retail

The Indian contingent added seven medals, with three silver and four bronze, on Monday as it retained its fourth position on the overall tally

Parul Chaudhary and Priti

The broadcast on X, formerly Twitter, lasted 52 minutes, of which the first dozen were spent setting up the stream correctly, with a staffer helping Musk

Elon Musk

Jammu and Kashmir Lieutenant Governor Manoj Sinha on Monday handed over the land allotment orders to the landless beneficiaries of 'Pradhan Mantri Awas Yojana Gramin (PMAY-G).'The LG handed over the land allotment orders during the 'Swachh Bharat Diwas' Celebration event organized by the Department of Rural Development and Panchayati Raj at Raj Bhawan, Srinagar. LG Sinha also inaugurated the 'Cashless Panchayats', adoption of BHIM-UPI mode of transactions in Gram Panchayats of the Union Territory.A total of 245 landless PMAY-G beneficiaries from across the J & K were identified for land allotment orders on the occasion of Gandhi Jayanti today, said officials. He also dedicated 13 Block Development Council buildings across J & K to the Panchayati Raj Institutions (PRI) representatives to mark the occasion.In his address, the Lt Governor expressed gratitude to Prime Minister Narendra Modi for shaping a new destiny for Jammu and Kashmir, which has achieved a historic milestone of

Jammu and Kashmir Lieutenant Governor Manoj Sinha

Jammu and Kashmir Lieutenant Governor Manoj Sinha addresses the National Seminar on Anti Human Trafficking oganised by National Commission for Women, at Sher-i-Kashmir International Convention Centre (SKICC) located on the banks of Dal Lake, in Srin

President of the 78th session of the United Nations General Assembly (UNGA) Dennis Francis, on the occasion of Gandhi Jayanti, urged people to embrace the message of Mahatma Gandhi of establishing world peace."There is no way to peace, peace is the way. Today's International Day of Non-Violence marks the birth anniversary of #MahatmaGandhi - a beacon of peace  &  non-violence," posted the UNGA President on the social media platform, X.The birthday of Mahatma Gandhi, October 2, is also observed as International Day of Non-Violence. It was established on June 15, 2007, according to the UNGA resolution A/RES/61/271."Let us embrace #Gandhi's message and invest in peace; this is an investment in our collective prosperity," the post added.The Permanent Mission of India to the United Nations also observed the Gandhi Jayanti saying every Indian is proud to see the bust of Mahatma Gandhi at the UN Headquarters in New York. Taking to X, formerly known as Twitter, the Permanent Mission of ...

Silhouette of the statue of Mahatma Gandhi seen during the partial solar eclipse, at Marina Beach, in Chennai. (Photo: ANI)

Cash transfers

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