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MUMBAI: The <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> board has approved <keyword id="130" type="POSITION" weightage="20" keywordseo="Governor">Governor</keyword> <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>’s proposal for a radical overhaul of the institution aimed at shaking up a system seen as staid and rigid, by shrinking organisational bloat and reducing overlaps. It also seeks to establish the post of <keyword id="136383" type="POSITION" weightage="20" keywordseo="Chief-Operating-Officer">chief operating officer</keyword>, an executive who’s likely to be made responsible for executing the central bank’s reform agenda. 
 "RBI board has approved the broad contours of the restructuring plan, including the creation of a position of a COO," the central bank said in response to a query from ET. The new position may not be ranked at <keyword id="110158" type="POSITION" weightage="20" keywordseo="Deputy-Governor">deputy governor</keyword> level as sought by Rajan, at least for the time being, said two people familiar with the matter. The next rung, or the third-highest rank at the central bank, is that of executive director. 
 <keyword id="311391" type="PERSON" weightage="20" keywordseo="Nachiket-Mor">Nachiket Mor</keyword> is regarded as the most likely candidate for the COO’s job. Mor is a former executive director of <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> and also headed the RBI committee on financial inclusion. Rajan wants to trim the 27 different departments at the central bank. He’s also said to be keen on making lateral hires from the private sector as is done in the US and UK. 
 The board’s approval for his plan is a boost for Rajan, who has already taken steps to transform monetary policy-making by adopting the inflation-targeting framework suggested by his deputy Urjit Patel. This approach is cited as the reason for the two decades of prosperity before the 2008 credit crisis. Although the government has not yet formally approved this, statements from <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">finance minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> and others indicate that it’s broadly in agreement with this strategy. 
 
The creation of the new post will be discussed further with the government as it will require legislative changes. "Since that position is intended to be at the DG (deputy governor) level, the position’s status will have to be discussed further with the government, and then will require legislative change," said RBI. The COO will probably be entrusted with implementing the ambitious reforms that Rajan wants, including pushing financial inclusion, differentiated banks and developing new structures for <keyword id="60655" type="ORGANIZATION" weightage="20" keywordseo="financial-markets">financial markets</keyword>, said one of the persons cited above. 
 
It will not interfere with the existing structures that administer banks and financial markets, the person said. Rajan spoke highly of Mor in comments to ET when he chose him to head the financial inclusion panel last year. 
 
"We could not pick up a better and more capable person who has seen all aspects – the theoretical as well as the practical -- to give us a sense of the future of what we should be doing," Rajan had said. 
 
Rajan’s broader plan includes bringing every aspect of the central bank under just five functional departments that will be supervised by the four deputy governors and the COO. 
 Some departments such as the supervision and inspection departments of banks as well as non-banking <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">finance</keyword> companies could be merged to avoid overlap. Currently, these report to different deputy governors.

RBI Board Approves Raghuram Rajan's Proposal For Overhaul, Nachiket Mor May Be COO

<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.

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

New Delhi, Jun 23 () More than 100 private and not-for-profit entities have come together to launch a telemedicine platform 'Swasth' to help fight the COVID-19 pandemic in the country. "The mobile app-based service leverages India's technology prowess to deliver equal and affordable healthcare to 1.3 billion people, cutting across geographical and income divides," Swasth said in a statement. "Swasth has brought together the best of resources in the country to provide free healthcare to bring quick relief during the crisis," Swasth Governing Council member Kris Gopalakrishnan said. It will work to further public health goals and work in coordination with the Medical Council, public health organisations and the private sector to expand quality healthcare access to the masses, he added. Swasth facilitates remote interaction between registered medical practitioners and patients through multiple modes of video and telephony. It deploys AI based triaging to determine the care required, culminating in a digitally signed prescription and treatment advice, the statement said. Along with the free consultations, Swasth will also provide services like home quarantine assistance, diagnostics, pharmacies, hospital bed discovery and booking assistance at a subsidised cost, it added. Swasth Governing Council member Nachiket Mor said on the launch that Swasth is a unique non-profit coalition of members from multiple sections of the Indian healthcare ecosystem, including individual doctors, small and large hospitals, diagnostic labs, pharmacies, telemedicine platforms, insurance companies, and healthcare-technology companies. The members have joined hands with the goal of creating affordable healthcare for all Indians in every nook and corner of the country, so that they can immediately get the care that they need for this crisis, as well as for all their other healthcare needs, he added. "... we expect to bring in almost a lakh plus providers so that we can offer to the general public a concerted response as far as the COVID-19 is concerned," Mor said. Swasth is created by a not-for-profit consortium of different players across healthcare providers, telehealth platforms, entrepreneurs, technology experts and doctors, the statement said. It has received a grant of Rs 10 crore from the ACT Grants, an umbrella platform of entrepreneurs and investors backing start-ups fighting the pandemic, it added. AKT MKJ

COVID-19: Over 100 pvt, not-for-profit entities join hands to launch tele-health network

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RBI Board Approves Raghuram Rajan's Proposal For Overhaul, Nachiket Mor May Be COO

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