Page 38 - Banking Finance April 2016

PRESS RELEASE
State Bank of Bikaner & Jaipur (SBBJ) launches Systems for NeFMS e-
platform for MGNREGA Wage Payments
SBBJ has launched the systems for MGNREGA National
electronic Fund Management System (NeFMS) e-platform
in a function held at their Head Office, Jaipur . The system
was launched by Shri Jyoti Ghosh, Managing Director, SBBJ.
Ministry of Rural Development (MoRD), in order to
streamline the system of fund releases and to do away with
the delays, the National electronic Fund Management
System (Ne-FMS), has been introduced in MGNREGA.
National e-FMS (NeFMS) e-platform would assure transfer
Exim Bank's Study Highlights Potential for India's Engagements with SADC
Exim Bank's study on "Focus Africa: Enhancing India's En-
gagements with Southern African Development Community
(SADC)" was released at the hands of Gen. V. K. Singh
(Retd.), Hon'ble Minister of State for External Affairs, Gov- The study highlights broad strategies and recommendations
ernment of India; H.E. Kwesi Amissah-Arthur, Vice President,
Republic of Ghana; H.E. James Wani Igga, Vice President,
Republic of South Sudan; and Hon. Okechukwu Enelamah,
Minister of Industry, Trade & Investment, Republic of Ni-
geria, at the "11th CII- EXIM BANK Conclave on India Af-
rica Project Partnership", held in New Delhi on March 14,
2016.
The study dwells on the strategic importance of SADC coun-
tries as investment destination for India. The SADC region
accounts for nearly 30 per cent of Africa's GDP and is the
second-largest bloc in terms of economy size in the conti-
nent, after Economic Community of West African States
(ECOWAS). For India, especially, the SADC region is of stra-
tegic importance, accounting for nearly 40 per cent of its
total trade with Africa, and a substantial portion of India's
38 | 2016 | APRIL
of wages to the workers' accounts within 48 hours of issue
of the Fund Transfer Order by the Government. As almost
all the workers have a bank account either through PMJDY
or earlier, this will be of great use to the common people
of India and will avoid leakages and corruption.
SBBJ, which is the accredited Bank for the Ministry of Rural
Development at the national level, is handling the Payments
on All India basis, with the cooperation of different Banks. In
the state of Rajasthan, which is among the earliest states to
adopt this system, SBBJ is also handling the Payments directly.
While launching the Scheme, Shri Ghosh stated that "SBBJ
is privileged to be the accredited Banker for the Ministry
of Rural Development (MoRD), GOI and sponsor Bank for
the Rajasthan and Bihar States for DBT to the MGNREGA
beneficiaries and around 5 Crores transactions will be
processed by SBBJ as a sponsor Bank for the State of
Rajasthan and Bihar".
On this occasion, Directors on the Board, CGM-Retail
Banking Shri S.Venkataraman, CGM-Commercial Banking
Shri V.Srinivasan, members of the management committee,
senior Officials of Ministry of Rural Development & RD
Department, GoR and Bank staff were present.
investments, with major destinations like Mauritius,
Mozambique and South Africa, among others.
which could serve to facilitate and enhance two-way trade
and investment between India and SADC member states.
The study has also identified key investment areas for In-
dian investors/ companies in the SADC region.
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