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<ul><li><keyword id="6354919" type="General" weightage="20" keywordseo="lt" source="Orion">L&amp;T</keyword> is amongst the largest infrastructure companies in India, with its business spread across engineering, construction, manufacturing among others. </li><li>In its annual report, the infra giant revealed large pay hikes to its top management, including CEO and MD <keyword id="887018" type="General" weightage="20" keywordseo="sn-subrahmanyan" source="Orion">SN Subrahmanyan</keyword>. </li><li>Here’s how much L&amp;T’s top management took home last year. </li></ul>Infrastructure major L&amp;T’s CMD SN <keyword id="3476596" type="General" weightage="100" keywordseo="subrahmanyan" source="Orion">Subrahmanyan</keyword> received a bumper payout in 2021-22 as his salary benefits doubled to ₹24 crore, without including post-employment benefits as listed in the company’s annual reports. However, Subrahmanyan was one of top executives of the company who took a voluntary pay cut during the pandemic year. His <a href="https://www.thehindubusinessline.com/money-and-banking/covid-19-lt-group-chairman-directors-take-voluntary-salary-cut-of-up-to-53/article32150260.ece">salary had then gone down b</a>y almost 44%. In real terms, currently his salary is much higher than it was before the pandemic. The company which has also been fighting off pandemic blues has booked orders to the tune of ₹1.9 lakh crore in the last financial year – which grew at 10%. The company’s CFO Shankar Raman’s salary too almost doubled to ₹16 crore. The biggest jump in salary however was reserved for SV Desai, the senior VP of construction – whose salary went up almost three times. It is to be noted however that their former CMD and the current group chairman AM <keyword id="50744" type="General" weightage="20" keywordseo="naik" source="Orion">Naik</keyword>’s salary barely changed during the year. This is in spite of the fact that he took a 24% salary cut during the pandemic. <div type="image" title="L&amp;amp;T remuneration hike 2021-22." msid="92877137" hostid="261" sizebytes="20180" caption="&amp;lt;p&amp;gt;Remuneration of L&amp;amp;amp;T&amp;#39;s key managerial personnel in FY22&amp;lt;/p&amp;gt;"></div> It’s not just the top executives who have received hikes. L&amp;T’s overall staffing costs too went up by 20% during the year. “As a percentage to revenue, it increased by 80 basis points, reflecting manpower ramp-up in the IT &amp; TS segment and salary revision,” the company said. The company also turned <a href="https://www.businessinsider.in/business/corporates/news/all-decks-cleared-for-lts-share-buyback-as-co-turns-debt-free/articleshow/92866225.cms">debt free</a> during the year and even before that its interest costs have gone down for the year. Earlier, a Motilal Oswal <a href="https://www.businessinsider.in/business/corporates/news/indias-biggest-companies-spend-nearly-11-lakh-crore-on-employee-expense-last-year/articleshow/92690317.cms">report</a> showed that the employee benefit expenses of Nifty 500 companies surged by ₹1.2 lakh crore in 2021-22 – from ₹9.6 lakh crore in the year before. This is an average increase of 12.5%. <div type="image" title="Nifty 500 emp benefit exp" msid="92877150" hostid="261" sizebytes="38268" caption="&amp;lt;p&amp;gt;Employee benefit expenses of Nifty 500 companies&amp;lt;/p&amp;gt;"></div> The NBFC sector offered the biggest salary hikes – at an average of 23%, while tech was a little behind at 19%. India’s four largest banks – SBI, ICICI Bank, HDFC Bank and Axis Bank, apart from HDFC – also figured in Forbes’ list of top performing companies last year. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/all-decks-cleared-for-lts-share-buyback-as-co-turns-debt-free/articleshow/92866225.cms">All decks cleared for L&amp;T’s share buyback as co turns debt free</a> <a href="https://www.businessinsider.in/finance/news/why-rbi-wants-international-trade-settlement-in-rupees/articleshow/92850515.cms">Explained: International trade settlement in Rupees and why RBI is doing it</a> <a href="https://www.businessinsider.in/retail/news/dmart-gets-it-mojo-back-from-monsoons-and-school-going-children/articleshow/92796927.cms">Unlockdowned - DMart gets it mojo back from monsoons and school-going children</a>

L&T CMD SN Subrahmanyan’s salary doubles after a pandemic cut but Naik’s pay remains the same

<ul><li>Over 10430 people surveyed 62% is from rural India while 38% is from urban India.</li><li>Overall household spending has increased for 63% of families surge by 7 percentage points from last month.</li><li>50% of families reflect increase spends on essentials items, 18% of households reported an increase in Non-essential purchases.</li><li>Digital (38%) is now the 2nd most important source of brand awareness after TV (44%).</li><li>36% of the consumers are planning to go beyond small-ticket purchases.</li><li>59% of the consumers hope for a more cheerful and happy Diwali this year compared to last year.</li></ul><keyword id="5043207" type="General" weightage="20" keywordseo="axis-my-india" source="Orion">Axis My India</keyword>, a leading consumer data intelligence company, released its latest findings of the India Consumer Sentiment Index (CSI), a monthly analysis of consumer perception on a wide range of issues. Reflecting the view of the majority, the survey for the month of October reveals that media consumption remains the same for 48% of the families while the same has increased for a 25%. In addition, a combined 82% said that they had seen more ads on TV and Digital platforms over others. The November net CSI score, calculated by percentage increase minus percentage decrease in sentiment, was recorded at +9, up from +7 last month and rising at a constant pace over the last three months, indicative of a positive shift in consumer consumption metrics. The sentiment analysis delves into 5 relevant sub-indices – Overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits &amp; mobility trends. This month, Axis My India’s Sentiment Index also delved deeper to understand consumers view on varied issues of national interest. These include privatisation of loss making public sector companies like that of Air India, views on economic recovery by 2022, alternatives to rising fuel prices, investment preferences, sentiments around Diwali and on brand advertisement placements. The surveys were carried out via Computer Aided Telephonic Interviews with a sample size of 10430 people. 62% belonged from Rural India while 38% belonged from urban counterparts. Commenting on the October report, Pradeep Gupta, CMD, Axis My India, said, “With the festivities at its peak, one can easily witness consumer’s excitement in terms of loosening their purse strings for varied expenses and experiences. While Diwali has triggered spending on products of personal indulgence (like 2-wheeler/4-wheelers or jewellery) and household items, the upcoming festivities and enthusiastic consumer sentiment will further set the momentum for the last half of this year. In addition, one can also witness a transition in terms of preferences amongst consumers’ like opting for EVs or cheering for privatisation of loss making companies. The growth of digital as a medium of advertising overtaking Print &amp; just after TV reflects the change in media consumption habits which was triggered by the pandemic. Lastly our survey shows that a vast majority of India is still not investing in this age of cryptocurrencies, it would be interesting to see how financial players beyond traditional banks can capture and convert their interests for investments using varied instruments.” Key findings: · Overall household spending has increased for 63% of families which reflects an 7% increase from the last month. This increase is highest in Northern India. · The increase in spends on essentials like personal care &amp; household items stands at 50% reflecting a surge by 5%. The net score which was +20 last month has increased to +27 this month. The growth in Rural India is slightly higher as compared to Urban markets. · Spends on non-essential &amp; discretionary products like AC, Car, Refrigerator has increased for 18% of families. For 73% spends on non-essential purchases remain the same which reflects an uptick of 3% from last month. The non-essentials November net score therefore lies at +9. The trend on spends on discretionary products reflect a fine balance between caution and indulgence. · With more exposure to outside activities, importance of health bounced back quickly. Consumption on health-related items increased for 47% of families as compared to 44% last month. The health score which has a negative connotation i.e. the lesser the spends on health items the better the sentiments, has a net score value of -27. · Consumption of media remains the same for a majority of 48% families and increased for 25% of the family, reflecting an overall Net score of -2 as compared to base value of 0 for the previous month. · Mobility net score reflects a constant improvement over the last four months. 88% families said that they are going out the same or more on getaways/staycations /mall/restaurants, with travel bans being lifted and double vaccination providing easier movement opportunities. The overall mobility score is at -4 which is an improvement over last month which was at -5. This reflects slow but consistent progress in people’s sentiments for engaging in out of home activities On topics of current national interest: · While the long awaited sale of Air India to the Tata group reflected a hopeful future for the airline. Axis My India further gauged consumer’s sentiment on whether or not the government should privatise other loss making public sector companies. 46% is in agreement to privatisation of such companies while 36% disagreed with this view. · When asked if economy/livelihood and business is expected to bounce back by January 2022, 41% believes that the same is possible and Southern India being more optimistic with 54% agreeing to this. · With rising prices fuel being a concern, 48% are optimistic of shifting to electric vehicles wherein 33% and 15% said that they will consider buying a 2-wheeler and 4-wheeler respectively in this segment. The younger age group of 18-35 have a more likelihood, with 53% in agreement to an EV shift. · In terms of brand advertisement placements, 44% and 38% of the consumers said that they have majorly seen ads on <keyword id="6357922" type="General" weightage="20" keywordseo="television" source="Orion">Television</keyword> and on Digital platforms respectively. While only 11% and 7% of the audience believe that they have seen ads on Print or Outdoor. This reflects the changing media consumption habit and the surge both in Digital consumption &amp; advertising. This digital growth is led by 26-35 yr audience. · Sharing their views on financial planning, a majority of 23% still prefers to park their money in savings account, while a combined 12% prefers to invest in Fixed Deposits, Shares/stock market and mutual funds. Gold is still seen as a reliable investment option for 4% of the consumers. 40% of the audience still don’t invest and interestingly 2% still save their money in post offices. · Gauging views around the Diwali festivities, Axis My India, further discovered that 36% of the consumers are planning to go beyond small-ticket purchases this festive season. While 24% are looking to spend on household or personal items like White Goods (AC, TV, Washing Machine, Refrigerator etc.), furniture, electronics and jewellery; 9% is looking to buy a 4-Wheeler or a 2-Wheeler. Further from a purely sentimental outlook, 59% of the consumers reflect the view of a more hopeful and cheerful Diwali this year!

Digital is now the second most important source of brand awareness after TV: Report

<ul><li>46% of families will shop clothes over big ticket items on account of Dusshera/Diwali.</li><li>76% of the families will use their personal savings for making purchases this festive season.</li></ul><keyword id="5043207" type="General" weightage="20" keywordseo="axis-my-india" source="Orion">Axis My India</keyword>, a consumer data intelligence company, released its findings of the India <keyword id="991354" type="General" weightage="20" keywordseo="consumer-sentiment-index" source="Orion">Consumer Sentiment Index</keyword> (CSI), a monthly analysis of consumer perception on a wide range of issues, for the month of September. The net CSI score, calculated by percentage increase minus percentage decrease in sentiment, was recorded at +7, rising at a constant pace over the last three months, indicative of a positive shift in consumer consumption metrics. The sentiment analysis delves into 5 relevant sub-indices – Overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits &amp; mobility trends. This month, Axis My India’s <keyword id="412367" type="General" weightage="20" keywordseo="consumer-sentiment" source="Orion">Consumer Sentiment</keyword> Index also delved deeper to understand perception around festival spends, pre and post Covid behavioural changes in terms of online purchase and UPI/wallet payment and citizen’s interest in IPL. The surveys were carried out via Computer Aided Telephonic Interviews with a sample size of 10639 people. 59% belonged from Rural India while 41% belonged from urban counterparts covering 28 states and 8 union territories. Commenting on the September report, <keyword id="182602" type="General" weightage="20" keywordseo="pradeep-gupta" source="Orion">Pradeep Gupta</keyword>, CMD, Axis My India, said, “As the pandemic retreats, we are seeing a steady return to normalcy, but with a cautious control over spending considerations. This is highlighted in the survey as 46% of the respondents will prefer spending on small ticket items such as clothes, while only 11% of the respondents will consider buying a two-wheeler or car. Expenditure on household essentials is more or less same since the last two months. However, expenditure on healthcare decreased compared to last month, suggesting people are being decreasingly affected by the pandemic. While 27% respondents reported an increase in UPI transactions, almost 49% still don’t use UPI/Wallets, suggesting a tremendous opportunity in digital payments. IPL has proved its unparalleled reach and what is emerging as a trend is that audiences are increasingly viewing it on digital especially in tier 3/rural markets which still have electricity cuts &amp; are single TV households." Key findings: ·Overall household spending has increased for 56% of families which is same as last month. ·The spends increase on essentials like personal &amp; household care is at 45%. The net score is almost the same as last month which is at +20. ·Spends on non-essential &amp; discretionary products like AC, Car, Refrigerator increased for 19% of families. This increase is highest in North &amp; East whereas the increase in South is only 8%. This increase still reflects an overall decrease by 2 percentage points from the previous month which stood at 21%. This can also be because 20th Sep – 6th Oct is considered the ‘Shradh period’ when high value purchases are postponed. The non-essentials September net score is at +7. ·Health continues to be an important consideration, with consumption on health-related items being increased for 44% of families and decreased only for 19% families. The health score which has a negative connotation i.e. the lesser the spends on health items the better the sentiments, has a net score value of -25. ·Consumption of media reflects increase for 26% families, with an increase of 1 percentage point over last month &amp; consumption remained same for 48%. Net score has improved from -3 last month to the base value of 0 this month. ·Constant improvement in mobility net score is being recorded since past three months which indicates a steady return to normalcy. In terms of mobility 88% families are saying they are going out the same or more on short vacations/mall/restaurants, with the overall mobility score is at -5 which is an improvement over last month which was at -8. This reflects a slight progress in people’s sentiments in terms of conducting outside activities. On topics of current national interest: ·When asked on shopping plans for Dusshera/Diwali, 46% of families said they will shop clothes while only 11% intend to buy a 4-wheeler or a 2-wheeler. More than 88% of the families denied any interest in buying white goods (AC, TV, Washing Machine, and Refrigerator) or jewellery this festive season. In addition, 92% showcased negative sentiment towards buying home, plot, or a commercial property. The consumer sentiment for the month also reflects that 76% of the families will use their personal savings for making these purchases while only 21% would prefer taking loan from the bank or financial companies. This gives an indication that while buying spirit is moderate this festive season, the ticket size for purchase still remains small reflecting a cautious spending behaviour without denting one’s personal savings. ·In terms of online shopping behaviours 33% are buying electronics like laptop, mobile etc. online while high value items like jewellery and groceries (fresh food, rice, oil and meat) are still bought physically, indicating the view of 90% and 92% of the consumers respectively. Furthermore, banking and investment behaviour reflect a combination of both offline and online hybrid behaviour standing at 19%. ·40% of Indian’s mentioned that they have watched IPL at least once. When asked, where will you continue to watch the remaining season of IPL, 31% of those who watching mentioned that they are watching it online. Interestingly percentage of audience watching online is higher in Rural India. ·Reflecting a transformation in consumer payment behaviour in the post-covid period, 27% have said that they have increased their usage of UPI/wallet payments (Paytm/Phonepe, Google Pay) while 49% still don’t use these online transaction mediums. Interestingly the increase in usage of UPI payments is gradually decreased with increase in age of respondents. The increase is highest for the age group of 18-25 years which is at 36%.

40% of India has watched IPL at least once, 31% of those watched have viewed it on a digital platform: Report

<a href="http://www.businessinsider.in/DoYou-Need-Aadhaar-Card-Govt-Says-Yes-Supreme-Court-Says-No/articleshow/22981267.cms">Controversy</a> is still raging over the mandatory use of <keyword id="144117" type="ORGANIZATION" weightage="100" keywordseo="AADHAAR">Aadhaar</keyword>, but an expert <keyword id="2006823" type="UNKNOWN" weightage="100" keywordseo="Committee-on-financial-inclusion">committee on financial inclusion</keyword> has already recommended that the <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> should leverage the <keyword id="2006820" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-network">Aadhaar network</keyword> to ensure that every Indian has a <keyword id="2006817" type="UNKNOWN" weightage="100" keywordseo="Free-bank-account">free bank account</keyword> by January 2016. The recommendation has come from the Committee on Comprehensive <keyword id="2006821" type="UNKNOWN" weightage="100" keywordseo="Financial-Services-for-Small-Business">Financial Services for Small Business</keyword> and Low-Income Households, which is headed by <keyword id="311391" type="PERSON" weightage="100" keywordseo="Nachiket-Mor">Nachiket Mor</keyword>, an <keyword id="2006825" type="UNKNOWN" weightage="100" keywordseo="RBI-board-member">RBI board member</keyword> and former <keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI Bank</keyword> executive. 
 <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> set up the committee last September and it has now sought comments from the public on the <keyword id="1180163" type="UNKNOWN" weightage="100" keywordseo="draft-recommendations">draft recommendations</keyword> on or before January 24, 2014. Other key members of the panel include former <keyword id="44473" type="CITY" weightage="80" keywordseo="Citigroup">Citigroup</keyword> CEO <keyword id="25396" type="PERSON" weightage="100" keywordseo="Vikram-Pandit">Vikram Pandit</keyword> and <keyword id="2006826" type="UNKNOWN" weightage="100" keywordseo="Axis-Bank-CMD">Axis Bank CMD</keyword> <keyword id="6356453" type="PERSON" weightage="100" keywordseo="Shikha-Sharma">Shikha Sharma</keyword>. 
 According to the report, every Indian resident over 18 years of age should be automatically issued a “universal <keyword id="2006829" type="UNKNOWN" weightage="100" keywordseo="Electronic-bank-account">electronic bank account</keyword> at the time of receiving his/her <keyword id="485058" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-number">Aadhaar number</keyword>.” One can choose his/her <keyword id="2006832" type="COMPANY" weightage="100" keywordseo="Preferred-bank">preferred bank</keyword> from the empanelled ones and need not pay any fee for opening an account. However, the bank can levy <keyword id="162862" type="UNKNOWN" weightage="100" keywordseo="transaction-charges">transaction charges</keyword>, the committee says. It also recommends setting up of a ‘unified’ redressal agency under the <keyword id="47209" type="ORGANIZATION" weightage="100" keywordseo="Finance-Ministry">finance ministry</keyword> to deal with <keyword id="786199" type="UNKNOWN" weightage="100" keywordseo="customer-complaints">customer complaints</keyword>. 
 About 90% of small businesses have no links to a <keyword id="154831" type="ORGANIZATION" weightage="100" keywordseo="financial-institution">financial institution</keyword> and 60% of Indians do not have bank accounts, the report states. “Aadhaar is the key piece of infrastructure to enable a customer to be identified and authenticated so that repudiation and fraud risks are minimised and therefore, should become the universal basis for authentication,” it adds. 
 The panel has also suggested that a special type of <keyword id="6368751" type="PERSON" weightage="100" keywordseo="Banks">banks</keyword> should be introduced to provide payment services and deposit products to small businesses and low-income households. Such banks could be categorised as <keyword id="2006841" type="UNKNOWN" weightage="100" keywordseo="Payments-banks">payments banks</keyword> and “they will be restricted to holding a <keyword id="2006842" type="UNKNOWN" weightage="100" keywordseo="Maximum-balance">maximum balance</keyword> of Rs 50,000 per customer,” the report says. Even <keyword id="2006844" type="UNKNOWN" weightage="100" keywordseo="Existing-lenders">existing lenders</keyword> can set up these payments banks as <keyword id="4128451" type="UNKNOWN" weightage="100" keywordseo="subsidiaries">subsidiaries</keyword>. The report also recommends setting up another category of wholesale banks that will provide funds to other banks and financial institutions that directly lend to low-income households. 
 On the face of it, the recommendations to introduce a multi-layered <keyword id="6354778" type="ORGANIZATION" weightage="100" keywordseo="Banking">banking</keyword> system make sound sense as these ‘proposed’ entities will be serving the <keyword id="2006855" type="UNKNOWN" weightage="100" keywordseo="Financially-weak">financially weak</keyword> segment of the country and overall, the inclusion plan for 2013-2016 looks good. 
 
Except for the Aadhaar part. 
 But before we go ahead, let us have a look at Aadhaar and what all it offers. Launched by the <keyword id="86474" type="ORGANIZATION" weightage="100" keywordseo="Unique-Identification-Authority-of-India">Unique Identification Authority of India</keyword> (<keyword id="6355252" type="CITY" weightage="100" keywordseo="UIDAI">UIDAI</keyword>), the <keyword id="804646" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-scheme">Aadhaar scheme</keyword> was initially introduced to ‘promote inclusion and benefits of the <keyword id="1389586" type="UNKNOWN" weightage="100" keywordseo="marginalised-sections">marginalised sections</keyword> of the society that has no <keyword id="2006861" type="UNKNOWN" weightage="100" keywordseo="Formal-identity-proof">formal identity proof</keyword>.’ Even today, Aadhaar-enabled services are essentially linked to various <keyword id="580043" type="UNKNOWN" weightage="100" keywordseo="government-welfare-schemes">government welfare schemes</keyword> – so that its beneficiaries can access the same in a hassle-free manner. 
 However, the ‘<keyword id="2006816" type="UNKNOWN" weightage="100" keywordseo="Banking-for-all">banking for all</keyword>’ initiative in its ‘suggested’ format cannot be a marginalised movement, aimed to serve only the under-banked/unbanked regions or the weaker section or those below the <keyword id="141042" type="ORGANIZATION" weightage="100" keywordseo="poverty-line">poverty line</keyword>. It has to have a <keyword id="2006866" type="UNKNOWN" weightage="100" keywordseo="Unified-structure">unified structure</keyword> across the country – involving every Indian citizen. In other words, it will be much like the ‘<keyword id="49358" type="UNKNOWN" weightage="100" keywordseo="voter-card">voter card</keyword>’ mechanism we have in place right now. At the age of 18, an Indian is entitled to get a voter card irrespective of the <keyword id="2006868" type="UNKNOWN" weightage="100" keywordseo="Financial-divides">financial divides</keyword>. Going forward, if the central bank intends to follow the same principle and wants to bring the entire population of the country under its <keyword id="2006870" type="UNKNOWN" weightage="100" keywordseo="Inclusion-umbrella">inclusion umbrella</keyword> (after all, one cannot leave one section of the citizens out of a <keyword id="2006871" type="UNKNOWN" weightage="100" keywordseo="Mass-initiative">mass initiative</keyword> just because they are financially more stable), opening an account at the stipulated age should become mandatory and that means a mandatory <keyword id="1953676" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-validation">Aadhaar validation</keyword>. 
 And that brings us back to the basic question – what is the legal status of Aadhaar in India? Is it just a <keyword id="107911" type="ORGANIZATION" weightage="100" keywordseo="Financial-inclusion">financial inclusion</keyword> tool for the economically weak or do the government agencies intend to turn it into an ‘all-inclusive’ tool required for every social and <keyword id="672932" type="ORGANIZATION" weightage="100" keywordseo="economic-activity">economic activity</keyword> – right from <keyword id="427269" type="UNKNOWN" weightage="100" keywordseo="Marriage-registration">marriage registration</keyword> to <keyword id="854003" type="UNKNOWN" weightage="100" keywordseo="land-registration">land registration</keyword>, from banking to <keyword id="6368952" type="ORGANIZATION" weightage="100" keywordseo="shopping">shopping</keyword> and more? 
 The RBI has already asked banks to ensure <keyword id="1953683" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-authentication">Aadhaar authentication</keyword> for <a href="http://www.businessinsider.in/Now-RBI-Wants-Aadhaar-Validation-For-Card-based-Transactions/articleshow/26473660.cms">card transactions</a> at merchant locations. “All new card present infrastructure has to be enabled for both <keyword id="1953693" type="UNKNOWN" weightage="100" keywordseo="EMV-chip-and-PIN">EMV chip and PIN</keyword> and Aadhaar (<keyword id="1953679" type="UNKNOWN" weightage="100" keywordseo="Biometric-validation">biometric validation</keyword>) acceptance,” the central bank stated in a notification on November 26 last year. 
 Although the <keyword id="6354977" type="ORGANIZATION" weightage="80" keywordseo="Supreme-Court">Supreme Court</keyword> has ruled that the <keyword id="6356006" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-card">Aadhaar Card</keyword> is not mandatory to get <keyword id="1739662" type="UNKNOWN" weightage="100" keywordseo="government-benefits">government benefits</keyword> and services, and the <keyword id="1878758" type="UNKNOWN" weightage="100" keywordseo="National-Identity-Authority-of-India-Bill">National Identity Authority of India Bill</keyword> is yet to get Parliamentary nod, Aadhaar seems to be enjoying a more hallowed status and getting its teeth deep into every key financial transaction one can think of. That might not be quite desirable at this stage as divulging <keyword id="441301" type="UNKNOWN" weightage="100" keywordseo="biometric-data">biometric data</keyword> (required for Aadhaar Card) is still considered voluntary and <keyword id="2006881" type="UNKNOWN" weightage="100" keywordseo="Secure-storage">secure storage</keyword> of the same cannot be guaranteed even now. 
 The rest of the recommendations by the committee dwell on the structure and requirements of the <keyword id="2006882" type="UNKNOWN" weightage="100" keywordseo="Proposed-banks">proposed banks</keyword>, <keyword id="6597293" type="UNKNOWN" weightage="100" keywordseo="priority-sector-lending">priority sector lending</keyword> and deposits, and classification of non-banking financial companies (NBFCs). 
 Interestingly, the payment banks will be required to meet the standard <keyword id="35038" type="ORGANIZATION" weightage="80" keywordseo="crr">CRR</keyword> terms and must also deposit the balance proceeds in approved <keyword id="838337" type="UNKNOWN" weightage="100" keywordseo="SLR-securities">SLR securities</keyword> with duration of no more than three months. As they won’t be permitted to assume any kind of <keyword id="854662" type="UNKNOWN" weightage="100" keywordseo="Credit-risk">credit risk</keyword>, which literally rules out any risk of default, the <keyword id="2006891" type="UNKNOWN" weightage="100" keywordseo="Minimum-entry-capital">minimum entry capital</keyword> for them will be Rs 50 crore instead of the Rs 500 crore required for full-service commercial banks in the country. Also, the wholesale banks cannot accept deposits bigger than Rs 5 crore from a single depositor. 
 The RBI had launched a three-year financial <keyword id="2006853" type="UNKNOWN" weightage="100" keywordseo="Inclusion-programme">inclusion programme</keyword> in April 2010, which prompted banks to open outlets in 200,000 villages. The current recommendations seek to deepen such access and experts even feel that the new banking licences, to be announced soon, can be categorised accordingly. But both the government and the RBI should ensure that the programme becomes ‘inclusive’ in the true sense of the term and validation issues should not throw a spanner in the works.

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L&T CMD SN Subrahmanyan’s salary doubles after a pandemic cut but Naik’s pay remains the same

Rounak Jain

Digital is now the second most important source of brand awareness after TV: Report

BI India Partner

40% of India has watched IPL at least once, 31% of those watched have viewed it on a digital platform: Report

BI India Partner

Aadhaar Gaining More Teeth, To Play Key Role In ‘Banking For All’

Sanghamitra Mandal

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