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Reco

Increasing outreach of banking outlets of Scheduled Commercial Banks /Payments
Banks/ Small Finance Banks, to provide banking access to every village within a 5 KM
radius/ hamlet of 500 households in hilly areas by March 2020.
Reco Move towards an increasingly digital and consent-based architecture for customer onboarding by March 2024
Reco Every willing and eligible adult who has been enrolled under the PMJDY (including the young adults who have recently taken up employment) to be nrolled under an insurance scheme (PMJJBY, PMSBY, etc.), Pension scheme (NPS, APY, etc.) by March 2020.
Reco Make the Public Credit egistry (PCR) fully operational by
arch 2022 so that authorised financial entities can leverage on he same for assessing credit
proposals from all citizens.
Reco Operationalize a Common Toll-Free Helpline which offers response to the queries
pertaining to customer grievances across banking, securities, insurance, and pension sectors by March 2022
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More from @logic see all

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Srikanth ஸ்‌ரீகாந்த்
@logic
#CashlessConsumer Much has been talked about #ZeroMDR amidst lot of panic based misinformation, half truths.

1.1.2020 marked 3 significant changes to payment industry all of which have deep implications. #Thread
Facts first and opinions later.

On 30 Dec, FinMin clarified provisions in Finance Act relating to digital payments

1. 269SU meant for large companies > 50 Crores, mandating to accept "prescribed modes"

2. 271DB - Penalty for violating 269SU
incometaxindia.gov.in/communications… - Link to notification.

269SU makes #ZeroMDR, but important to note its applicable only for large businesses and only for "prescribed modes"

Prescribed modes came via incometaxindia.gov.in/communications…
Read 16 tweets
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Srikanth ஸ்‌ரீகாந்த்
@logic
livemint.com/companies/peop…
India took 3 big productivity leaps: Nilekani

Lets do a statement by statement break down the PR lies that never get questioned. (Oh livemint didn't note that he is their minority shareholder)
Nilekani said that Aadhaar-based identification gave a boost to the government’s financial inclusion plan

Fact Check :- Besides exclusion, fraud, Reliance on #Aadhaar and #AePS instead of cards is actually denying poor their DBT money put by govt
"The roll-out of Aadhaar, the Unified Payments Interface (UPI), and account aggregators"

AA is not yet rolled out, because we don't have a privacy law in place.
Read 7 tweets
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Srikanth ஸ்‌ரீகாந்த்
@logic
QR code option may be must for shops toi.in/AkXzyY66/a24gk via @TOIBusiness | This take over of cash by a lobby is suicidal for the economy. #Thread time #CashlessConsumer
The above story starts from 29th @GST_Council meeting where GoM on digital payments discussed incentivising digital payments. The minutes are at gstcouncil.gov.in/sites/default/… …

Start at Page 29.
The incentive is restricted to @NPCI_BHIM and @RuPay_npci cards - casually mentioned in 8.13 as "Government·oflndia owned cards i.e. RuPay (Debit card) and tlle BHIM application"

Plain lies being used to divert sovereign tax to a private company. If this is not scam, what is?
Read 6 tweets

Related threads

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V K Jain
@veekay_jain
#Banking is a business of #trust. With trust gone, the biggest bank will collapse in no time.

This is a true story that happened about 30 years ago. In a village near Faridabad, Govt had acquired some land & paid the farmers in cash. One of them got 10 lacs, which was
1/n
big money at that time. As keeping the money at home was risky, this guy (let's call him "A") came to the town & deposited the entire amount into an FD in a bank.

About a week later, someone ("B") in the village told this A that he (B) had been to the same bank & saw
2/n
the Bank Manager giving out big loans to many people and if they didn't return the loan, the manager may not be able to return his (A's) money also.

The worried A immediately rushed to bank. By the time he reached, it was late evening & bank was closed. He parked himself
3/n
Read 11 tweets
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शिक्षित बेरोज़गार
@kaul_vivek
This one statement tells us that this FinMin like the last one and the one before that and the one before that and the one before that... Should make an effort to understand how interest rates really move.
The RBI can keep cutting the repo rate, but unless deposit growth improves, there is no way interest rates are going to come down significantly.
Also, returns on post office schemes and FDs need to be at similar levels.
The credit deposit ratio, the last I checked was 76 5%. This basically means after maintaining a cash reserve ratio of 4% with the RBI and having to maintain a minimum SLR of 19%, the banks are lending out all the deposits they have. So how are interest rates going to come down?
Read 34 tweets
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Opeoluwa Ashimi
@ceo_pnp
DAY 11: FUNDING YOUR ENTERPRISE

This begins a new thread on funding tips with focus on micro, small and medium enterprises (MSMEs). What is an enterprise? An enterprise is a for-profit business (for this thread) involved in creating & trading of goods and service at small scale.
Enterprises in Nigeria with sole proprietorship structure are called VENTURES and only cost N5,000 ($14) to register (business name). The owner is fully financially liable and responsible without limitation or accountability checks. Hence, ventures are not structured for equity.
How can these enterprises raise funding since they don't have the limited by share structure and accountability checks are non-existent? Also, growth of ventures are dependent on lifestyle and expertise of the founder hence solely responsible for funder's ROI and business growth.
Read 23 tweets
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JoanneDavis
@JoanneDavis
May 23rd – 2018
Part I – The FISA Court Grants The Authority, Not The Ability…
theconservativetreehouse.com/2018/05/23/par…

1) There is a meeting scheduled tomorrow between key congressional oversight committee heads (Nunes, Gowdy etc.) and leadership of the FBI (Director Wray),
2) DOJ (Edward O’Callaghan) and ODNI (Dan Coats). The meeting was set up by White House Chief of Staff John Kelly, and the purpose of the meeting is to come to some agreement on access to documents being withheld by the DOJ, DOJ-NSD and FBI.
3) However, amid the ongoing debate over spies & informants used by the CIA & FBI to conduct political surveillance, there’s an aspect of the ongoing investigation that seems to be entirely overlooked.

On January 7th, 2016 the Inspector General of the National Security Agency,
Read 25 tweets
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Akhilesh Mishra
@amishra77
RBI has come with an excellent paper on the benefits of #Demonetisation - with undeniable facts and data and not rhetoric that has been offered by newly minted economists or stale shayari from the Congress stable. Consider some facts in next few tweets.1/10
Currency in circulation (CIC): CIC was down by 8% Y-o-Y as against 17.2% rise in previous year. So as of 27th Oct 2017, CIC was around 91% of pre-demonetization levels and actually 81% if same growth rate had continued in absence of demonetization. 2/10
Currency in circulation as proportion of broad money (M3) fell to 12.3% on 13th Oct 2017 as compared to 14.4% on 11th Nov 2016. The conclusions in RBI paper are thus significant. 3/10
Read 11 tweets

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