UIDAI is currently working under an executive order as the Bill was rejected by the Parliamentary panel in view of lack of proper groundwork, unjustified cost, and instance failure of such exercises in other countries
New Delhi: The government will introduce a bill during the Monsoon Session of Parliament to give legislative powers to the Unique Identification Authority of India (UIDAI) to facilitate its work relating to collection of biometric data of residents.
"We will bring it [UIDAI Bill] in the next Monsoon Session of Parliament instead of the forthcoming Budget Session," Planning Commission Deputy Chairman Montek Singh Ahluwalia told PTI.
The Commission, which is providing administrative support to the Authority, has been asked to draft the Bill that would provide legal sanctity to the UIDAI. The authority is currently working under an executive order.
"In the Budget Session, there are other things, that have to be done. It is not a big decision. We have lots of things to do like annual Plan discussions [with states]. We don't want to be pressurised [with too many engagements]," he said.
Earlier the bill for providing legislative powers to the authority for collection of biometric data and issuing unique identification numbers to all residents, was put off by the Parliamentary Standing Committee on Finance headed by former Finance Minster Yashwant Sinha in December.
The bill was rejected by the Parliamentary panel in view of lack of proper groundwork, unjustified cost, and instance failure of such exercises in other countries.
The UIDAI has recently wriggled out of a row, that continued for a year between Planning Commission and Home Ministry.
While the Home Ministry had raised doubts over the authenticity of data collected by UIDAI, the Planning Commission pitched for the project arguing that it was required for inclusive development.
Banks are using credit bureau information for lending to retail investors, but there it is used less in case of corporate accounts
Mumbai: The Reserve Bank of India on Wednesday said it expects banks to use credit bureaux information not just for retail borrowers but equally for corporates also, reports PTI.
"Commercial banks are increasingly using information from the credit bureaux to extend loans to retail investors more in comparison to corporates. "The impression, we have sometime back is that this is used actively for retail and not so much for corporates," RBI Deputy Governor Anand Sinha told a meeting organised by Credit Information Bureau (India) Ltd (CIBIL).
Noting that banks are using credit bureau information for lending to retail investors, Mr Sinha pointed out that this is less used in case of corporate accounts now.
Mr Sinha asked these bureaux to furnish timely and accurately for greater relevance. "The data should be furnished timely and accurately."
The RBI Deputy Governor expressed the hope that going forward, banks would do a better balancing act. "Now, there are three more credit information companies. I am sure, situation will definitely improve."
Referring to creation of unique customer identification numbers, Mr Sinha said the central bank is looking at it. "We are looking at it. The Financial Stability Board is advocating it and G-20 is also in favour of it," he said, adding issuance of the Aadhar numbers provides a lot of hope in this regard.
Talking about the rationale behind creation of credit information agencies, he said this would help in increasing lending activity to SMEs and poorer section of the society.
"Without proper credit information, bank lending will be sub-optimal with bad borrowers. Also, credit information will help in increasing lending to SMEs and the poor."
Mr Sinha emphasised on creating awareness among the customers about credit information bureaux.
A retailer can log on to the portal and register with it for online purchase of government bonds and securities for high annualized yield
IDBI Bank has launched the country's first online G-Sec portal 'Samriddi' to enable retailers to purchase government bonds and securities for high yield.
Pursuant to RBI's desire that government bonds and securities should be made a popular mode of investment for retailers, the bank has taken the lead and launched the Samriddhi G-Sec portal for the purpose, IDBI Executive Director RK Bansal said.
A retailer can log on to the portal and register with it for online purchase of government bonds and securities for high annualized yield, he said.
Observing that retail investors' participation in government bonds and securities were much lower in India than countries like Japan, Mexico and Argentina, he said IDBI Bank will launch a series of awareness programmes to attract the retail investors.
Bansal said retail investors money was safe in government securities and bonds as there was a sovereign guarantee to the financial instrument and there will be no TDS on sale of such securities and bond upon redemption.