Centre criticised for move to make available mobiles to BPL

“The poor want two square meals and not mobile phones and the Centre should pay attention to meet the hungry stomach”, said former union rural minister Raghuvansh Prasad Singh

Patna: RJD senior vice-president Raghuvansh Prasad Singh today castigated the Centre for its move to make available mobile phones to all BPL (below poverty line) families in the country without having identified their number, reports PTI.
Talking to reporters here, Mr Singh, former union rural minister alleged that the Centre has so far failed to identify the number of BPL families in the country and was now talking of providing mobile phones to all BPL families.
He accused the centre of misleading the BPL families by way of highlighting proposals which would fall flat.
“The poor want two square meals and not mobile phones and the Centre should pay attention to meet the hungry stomach”, he said adding the poor are not going to tolerate any compromise on the issue.
Mr Singh said that health facilities were in very bad shape in Bihar and therefore there was need for setting up of five AIIMS (All-India Institute of Medical Sciences) like hospital in the state.
He said when small states like Chhattisgarh and Jharkhand having comparatively low population can have AIIMS, why should not Bihar have five AIIMS.
“Casteism, communalism, regionalism and terrorism are major dangers before the nation”, Mr Singh said and alleged that chief minister Nitish Kumar was engaged in caste politics.
Mr Singh announced that the RJD would launch its campaign in Bihar against the rotten education system and problems of health facilities, from September.




5 years ago

Now with promises of free mobile handsets, AADHAAR card during the current century, a ‘zero’ balance bank account as part of ‘Financial Inclusion’ for all, hope of getting all government benefits credited to these ‘zero balance’ accounts which can be withdrawn with the help of AADHAAR-enabled White Label ATM cards, an NPS account into which GOI will credit Rs1000 every year (initially for the first five years) as matching contribution, several benefits like bagfuls of rice at Re1 a kilogram, free TVs, sewing machines and bicycles and what not from state governments, the common man is going to be pushed into a lifestyle from which he may find it difficult to move out. He will now stop worrying about potable water, shelter, healthcare and other mundane niceties and start grumbling about the low per capita availability of guns in India (as reported in ET on the same page) and to the dismay of Finmin ask for a revision of ‘minimum wages’ commensurate with all these basic needs which he is used to. We are progressing much faster than ‘curiosity’ and the Welfare State seems to be much closer than Mars.

RCap Asset Management launches mobile-based services
RCap launched mobile-based investment service using IMPS, in partnership with HSBC

New Delhi: Reliance Capital Asset Management (RCAM) has launched mobile-based investment service facilitating investment in mutual funds using mobile phones, reports PTI.
The service has been launched in partnership with HSBC, RCAM said in a release.
The Interbank Mobile Payment Service (IMPS) allows customers to use mobile technology as a channel for accessing their bank accounts and initiating inter-bank fund transactions.


SBI Q1 profit jumps 137% to Rs3,752 crore; NPAs cause of concern
The bank’s net non-performing assets (NPAs) rose to 2.22% of total loan book at the end of June, against 1.61% a year ago 

Mumbai: Public sector lender State Bank of India (SBI) today reported a 137% jump in net profit at Rs3,752 crore for the first quarter ended 30 June 2012, though rising non-performing loans continue to be a cause of concern, reports PTI.
The bank had a net profit of Rs1,583 crore in the April-June quarter of 2011-12 fiscal.
The bank’s net non-performing assets (NPAs) rose to 2.22% of total loan book at the end of June, against 1.61% a year ago, reflecting the impact of slowing economy.
The bank’s total income increased 16.89% in the quarter to Rs32,415 crore from Rs27,732 crore in the same period last year.
SBI, however, said it is hopeful of meeting the overall loan growth of 16-18% despite a dip in corporate lending as retail loan will make up for the shortfall. "We will meet the loan growth of 16-18% this fiscal, though I am not sure about corporate loan target due to the poor investment climate and the resultant slowdown in corporate loan demand. But I hope that retail loan book, especially auto and retail, will make up for the corporate slowdown," SBI Chairman Pratip Chaudhuri told reporters.
In value terms, SBI’s net NPAs increased to Rs20,324 crore (2.22% of loans) during the June quarter from Rs12,435 crore (1.61%) in the corresponding period a year ago.
Similarly the gross NPAs of the bank rose to Rs47,156 crore (4.99%) at the end of the first quarter, as against Rs27,768 crore (3.52%) in the last year period.
The sharp jump in NPA can be attributed to inability of corporates and other borrowers to timely repay the loans, mainly on account of poor performance of the economy.
Vaibhav Agrawal, vice president, research for banking at Angel Broking, said, "SBI’s numbers disappointed significantly on the NPA front. While we were expecting about Rs4,000 crore increase in its gross NPAs, the bank reported more than a Rs7,000 crore increase. The numbers are overall reflective of the weak macro-economic trends and while we will watch out for the management’s commentary on the outlook for slippages and recoveries, but overall for the next couple of quarters at least, asset quality concerns are likely to continue."
On bad assets, Chaudhuri said he expects gross NPA to come down to 4.75% from current 4.99%. "I see considerable reduction in NPAs in Q3. Our target is to get the net NPA down to 2%," he said.
SBI’s Net Interest Income (NII) increased to Rs11,119 crore in Q1 FY2013, a growth of 14.63% over Rs9,699 crore in the same quarter last fiscal.
On a consolidated basis, SBI reported a net profit of Rs4,874.7 crore for the quarter ended 30th June, a 94% increase from Rs2,512.47 crore in the last year period.
The consolidated total income increased to Rs46,839 crore from Rs39,126 crore in the April-June quarter of 2011-12.


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