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ECONOMIC AFFAIRS

over the preceding financial year, by investments) in situations where the Approximately 1.29 lakhs branch post
the non-resident entities undertaking foreign investor wishes to specify a offices (BOs) will be covered.
single brand retail trading entity, either particular auditor/audit firm having Currently 43,171 branch post offices
directly or through their group international network for the Indian have migrated under the DARPAN
companies. investee company. One of the auditors project which is targeted to complete
After completion of this 5 year should not be part of the same network, the project by March 2018.
period, the SBRT entity shall be according to the amended FDI policy. Core banking services like cash
required to meet the 30 per cent Prior to this change, the FDI policy deposit in savings bank (SB) and
sourcing norms directly towards its did not have any provisions in respect recurring deposit (RD), withdrawal
India operation, on an annual basis. of specification of auditors that can from savings bank, new account
The FDI policy has been amended be appointed by the Indian investee opening for SB and RD, higher value
to stipulate joint audits in investee companies receiving foreign withdrawal, mini statement, Aadhaar
companies (receiving foreign investments. seeding and daily transaction report
are offered by DARPAN.
The authorities will try to bring
BANKING rural population in contact with the
Darpan launched for financial inclusion department of posts. Enable banking
operations in the department of posts
of rural population will increase the traffic of rural
population and they will use banking
The Minister of Communications, on “financial inclusion” of un-banked services. Consequently, mail
21 December 2017, launched DARPAN rural population. operation process will be improved
– “Digital Advancement of Rural Post Under the 1400-crore project, each with automated booking and delivery
Office for A New India” Project to Branch Post Master will be provided of accountable articles and make
improve the quality of service, add with a low-power technology solution disbursements for social security
value to services and achieve to improve delivery services. schemes such as MGNREGS.

70 Competition Wizard March 2018