Page 30 - Banking Finance June 2017

ARTICLE

Now , the Bank has started a monthly camp in that village mittances/ other payment instruments, creating awareness
for educating villages about FI. Since economic conditions about savings and other products, education and advice on
of this village has improved and people are started giving managing money and debt counseling, etc., has become
attention to other amenities like education, medical, road more helpful to Bank as well as customers also.
etc. etc. Mr. X , Branch Manager told that now total Ad-
vances of this branch to this village was early happened to Customers are now started using ATM facility being installed
be Rs. 50.00 lacs now comes to 8.34 crores and with no NPA in this village. They have also told the benefit of Aadhar Seed-
and CASA of his branch which was 27% of total deposits , ing. A workshop by the Bank is also organized to educate the
reached now to 38% as economic conditions of villages villagers on Financial Inclusion describing the various benefits
have improved. Now the Village has set an example of Re- being giving by the Govt. like insurance, pension, etc.
verse Migration where people were migrating for search of
job in nearby cities. This has happened in a short span of two and half years.
The Sarpanch has been awarded best Sarpanch of
Besides this, the e-banking percentage of the Branch has Panchayat and Branch Manger has also awarded best
also improved considerably. They have also appointed a BC worker of the year by the Governor on Independence day
(Banking Correspondent) to give services to nearby villages. by the State.
As BCs are permitted to perform a variety of activities which
include identification of borrowers, attend to collection of The whole miracle has clicked just from financial inclusion
small value deposit, disbursal of small value credit, recov- accounts opened under BSBDA/BSBDS, which are normally
ery of principal / collection of interest, sale of micro insur- taken otherwise by the Banks. There is ample scope if small
ance/ mutual fund products/ pension products/ other third extra efforts are put in, more miracles can be done in Bank-
party products and receipt and delivery of small value re- ing Industry especially in Financial Inclusion. T

LPG infrastructure to get boost

The Central Government aims to provide clean cooking fuel in the form of liquefied petroleum gas (LPG) to more than
95% households across the country in the next three years, entailing an investment of Rs30,000 crore. "To cater to the
demand, we envisage an investment of the order of Rs25,000-30,000 crore in LPG infrastructure including import
terminals, pipelines and bottling plants," Pradhan said.
Fuel retailers Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. are planning to add another
4,500 LPG distributors this fiscal to their existing LPG distributorship of 18,500. The state-owned companies would add
47 new LPG bottling plants over the next two years to the existing 189, expanding total capacity by nearly 25% to 21
million tonnes in 2018-19. The minister said priority is being given to districts where LPG consumption is below the
national average of 61% of households.

ICAI urged FinMin to conduct special audit on demonetization

ICAI requested the Finance Ministry and the Reserve Bank of India to allow its members to undertake focused "special
audit" of deposit flowing into the banking system during demonetization period. There is a need to assess the demon-
etization impact at each of the bank branches vis-à-vis the RBI circulars on this issue and gauge the extent of compli-
ance, Nilesh Vikamsey, President, Institute of Chartered Accountants of India (ICAI), said.

Cabinet approves listing of 11 PSUs

The Cabinet Committee on Economic Affairs approved listing of 11 public sector undertakings, including five railway
subsidiaries including Ircon International, Indian Railway Catering and Tourism Corporation (IRCTC), Rail Vikas Nigam,
Indian Railway Finance Corporation (IRFC) and RITES Ltd. The Department of Public Asset Management (DIPAM) has
initiated the process to fix a consultant for the listing of these two firms.

30 | 2017 | JUNE | BANKING FINANCE

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