Mizoram signs MoU with National Insurance for implementation of RSBY

The RSBY scheme is a nation-wide programme to enable people below poverty line to access health care free of costs

Mizoram government and National Insurance Company inked a memorandum of understanding (MoU) on 4th July to work together in 2011-12 even after the expiry of the agreement signed on the implementation of health care scheme for BPL (below poverty line) families.

The agreement had been signed on 31st August last year and the health care scheme is known as Rashtriya Swasthya Bima Yojana (RSBY). An official statement said the MoU was signed by R Lalrothanga, joint secretary Health and Family Welfare department on behalf the state government and Ranjit Singh, administrative officer of National Insurance Company. The RSBY scheme is a nation-wide programme to enable people below poverty line to access health care free of costs and enrollment for the BPL families would be open soon, the statement added.

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Post offices to introduce core banking solution by 2012

The Department of Posts is tying up with banks so that customers can use their India Post debit card at any ATM machine pan-India

The Department of Posts (DoP) plans to introduce core banking solution besides setting up India Post ATMs and debit cards for its customers.

"We have set target of bringing in core banking solution by 2012. It will ensure smooth online transactions. We are giving some e-payment services, but they are fragmented," a top official from Department of Post said.

He added that the work for setting up 1,000 India Post ATMs was in advanced stage and DoP had already held parleys with vendors on this front. "We will also issue debit cards to our existing savings account-holders," the source added.

The DoP is tying up with banks so that customers can use their India Post debit card at any ATM machine pan-India. With a network reach of over 1.44 lakh post offices, DoP hopes to transform itself into a post bank.

"Yes, this is very much possible. We are offering three-fourth of a bank's services and have the widest reach. The infrastructure is almost ready. In fact, we have given this proposal to the Ministry of Finance and are waiting for its comments," he added.

The lack of modern banking facilities in rural areas and dependence of villagers on informal sector for their credit requirements prompted government to establish a post bank. "The aim of establishing a post bank is to provide banking services to the rural poor who still do not have modern banking facilities and still have to depend on informal sector for their credit requirements," he said.

The Planning Commission had allocated Rs5 crore during the 11th Plan period towards this purpose under the head of 'studies and miscellaneous expenditure relating to setting up of Post Bank of India'. The DoP with its huge network already provides various financial services, including a post office savings bank, postal life insurance, pension payments and money transfer services.

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NSE launches Treasury Bill futures trading

T-91 Bills are the shortest tenure debt securities issued by the government to meet its short-term borrowing requirements

Leading stock exchange NSE (National Stock Exchange of India) on 4th July began trading in T-91 Bills, the shortest tenure debt securities issued by the government to meet its short-term borrowing requirements.

In a statement, NSE said the interest rate futures of T-91 bills or 91-day Treasury Bills were received well by the market and 39,755 trades worth Rs731.24 crore were conducted on the first day (4th July).

To meet its short-term borrowing requirements, the government issues three types of treasury bills through auction-91-day, 182-day and 364-day, which derive their names from their tenure or duration.

NSE said trading members, including 14 prominent PSU and private banks and corporate clients, participated in trading the interest rate futures on T-91 day bills.

The interest rate future for T-91 bills was announced by RBI in April last year, subsequent to which SEBI and RBI issued relevant circulars for the product and it was launched by the NSE.

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