Coverage Report - Inclusive Finance...

Coverage Report

14th Inclusive Finance India Summit

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Date December 11, 2017Publication Business Standard

Page 8Editions Ahmedabad, Bengaluru, Bhubaneswar, Bhopal,

Chandigarh, Chandigarh, Chennai, Hyderabad,Kochi, Kolkata, Lucknow, Mumbai, New Delhi

and Pune




and Pune




and Pune

Date December 12, 2017Publication The Hindu Business Line

Page 4Editions Ahmedabad, Bengaluru, Chennai, Coimbatore,

Hubballi, Hyderabad, Kochi, Kolkata, Madurai,Malappuram, Mangaluru, Mumbai, Noida,

Thiruvanathapuram, Tiruchirapalli, Tirupati,Vijayawada, Visakhapatnam and New Delhi

Date December 12, 2017Publication The Hindu

Page 13Editions Ahmedabad, Bengaluru, Chennai, Coimbatore,

Hubballi, Hyderabad, Kochi, Kolkata, Madurai,Malappuram, Mangaluru, Mumbai, Noida,

Thiruvanathapuram, Tiruchirapalli, Tirupati,Vijayawada, Visakhapatnam and New Delhi

Date December 12, 2017Publication The Indian Express

Page 20Editions Ahmedabad, Chandigarh, Jaipur, Kolkata,

Lucknow, Mumbai, Nagpur, Pune, Vadodara,New Delhi

Date December 12, 2017Publication The Tribune

Page 12Editions Chandigarh, Gurugram, Jalandhar, Bathinda,

Jammu, Srinagar

Date December 12, 2017Publication Absolute India

Page 14Editions New Delhi, Mumbai

Date December 12, 2017Publication DT Next

Page 9Editions Chennai

Date December 12, 2017Publication Sakal times

Page 7Editions Pune

Date December 12, 2017Publication Business Standard- Hindi

Page 4Editions New Delhi, Kolkata, Chandigarh, Patna, Bhopal,

Mumbai, Raipur, Lucknow

Date December 12, 2017Publication Veer Arjun

Page 4Editions New Delhi, Lucknow, Dehradun

ONLINE

http://www.business-standard.com/article/economy-policy/digital-payments-revolution-to-transform-credit-disbursal-117121200067_1.html

https://www.aninews.in/news/business/business/farm-loan-waiver-cannot-be-justified-in-economic-terms201712111931360001/

https://timesofindia.indiatimes.com/business/india-business/loan-waiver-is-not-good-for-economic-or-credit-culture-former-rbi-governors/articleshow/62021998.cms

http://www.thehindu.com/business/ex-rbi-chiefs-oppose-farm-loan-waiver/article21417398.ece

http://www.livemint.com/Politics/aPNQMlVvd5WxMCkBBDl0sL/Farm-loan-waiver-gets-thumbs-down-from-former-central-banker.html

http://www.financialexpress.com/economy/farm-loan-waiver-gets-thumbs-down-from-former-rbi-governors-yv-reddy-c-rangarajan/969489/

http://www.newindianexpress.com/business/2017/dec/11/farm-loan-waiver-gets-thumbs-down-from-former-central-bankers-1724319.html

http://www.abplive.in/business/farm-loan-waiver-cannot-be-justified-in-economic-terms-615950?ani

https://www.ndtv.com/business/former-rbi-governors-disapprove-of-farm-loan-waivers-1786460

http://www.firstpost.com/business/farm-loan-waiver-gets-thumbs-down-from-former-reserve-bank-governors-4253377.html

http://www.moneycontrol.com/news/business/economy/farm-loan-waiver-gets-thumbs-down-from-former-central-bankers-2459315.html

https://www.bloombergquint.com/business/2017/12/11/farm-loan-waiver-gets-thumbs-down-from-former-central-bankers

http://htsyndication.com/htsportal/asian-news-international/article/-farm-loan-waiver-cannot-be-justified-in-economic-terms-/24787808

http://www.india.com/news/agencies/farm-loan-waiver-cannot-be-justified-in-economic-terms-2740022/

https://news.webindia123.com/news/articles/Business/20171211/3231514.html https://mumbainewsnetwork.blogspot.in/2017/12/14th-inclusive-finance-india-summit.html http://news.chennaipatrika.com/post/2017/12/11/14th-Inclusive-Finance-India-Summit-takes-

off-in-the-capital.aspx http://tennews.in/14th-inclusive-finance-india-summit-takes-off-capital/ https://thisweekindia.news/article/14th-inclusive-finance-india-summit-takes-off-in-the-

capital/11487 http://www.sify.com/finance/days-of-physical-banks-over-2020-will-be-turning-point-news-

finance-rmlraljjhdhcc.html http://www.bloncampus.com/news-wrap/politeco/farm-loan-waivers-a-counter-

view/article9994727.ece

http://www.chennailivenews.com/Business/News/20170421020416/14th-Inclusive-Finance-India-Summit.aspx

Date December 15, 2017Website Business Standard.com

http://www.business-standard.com/article/economy-policy/digital-payments-revolution-to-transform-credit-disbursal-117121200067_1.html

Digital payments revolution to transform credit disbursal

The pace at which this transformation can take place is breathtakingIshan Bakshi | New Delhi Last Updated at December 15, 2017 13:53 IST

Amitabh Kant. Chief executive officer, NITI Aayog

The digital payments revolution is likely to trigger a sea change in the way credit is disbursed inIndia.

“Data from the GST (goods and services tax) Network, eNAM and direct benefits transfer willprovide a wealth of information for data analytics,” said Amitabh Kant, chief executive officer ofNITI Aayog. “This information can be used by institutions to help drive credit (to the poor),which will help uplift them from poverty.”

Speaking at the Inclusive Finance India Summit-2017 on Monday, Kant said: “In value terms, wehave seen huge growth in digital transactions. A lot of innovation is taking place.” Others in thesession titled “Changing contours of the financial sector architecture”, concurred with Kant’sassessment.

Rajiv Lall, chairman and managing director of IDFC Bank, said: “Currently, credit is skewedtowards large corporates. But data is the new currency. It will usher in a change in the creditunderwriting culture in India. Partnering with MFIs (microfinance institutions) will also helplower costs for delivering financial services.”

H R Khan, former deputy governor, Reserve Bank of India, said: “Once small and mediumenterprises are formalised, then credit can flow. We also need to provide institutional credit forsmall and medium farmers who currently rely mostly on informal source of finance.”

The pace at which this transformation can take place is breathtaking. “In a short span, countrieslike Tanzania and Ghana have managed to leapfrog in terms of digital payments,” said MichaelWiegand, director of the Financial Services for the Poor program at the Bill & Melinda GatesFoundation.

Date December 11, 2017Website aninews.in

https://www.aninews.in/news/business/business/farm-loan-waiver-cannot-be-justified-in-economic-terms201712111931360001/

'Farm loan waiver cannot be justified in economic terms'ANI | Updated: Dec 11, 2017 19:32 IST

New Delhi [India], Dec 11 (ANI): With farm loan waiver being a populist election promise in theongoing Gujarat elections, Former Reserve Bank of India (RBI) Governor Y.V. Reddy today saidthat the practice is the decision of the political dispensation and cannot be justified in economicterms.

"It is not an economis or credit culture, Most political parties in government in India have doneit in one state or the other. It is a political decision cannot be justified in economic terms," hesaid whlie speaking to ANI on the sidelines of the Inclusive Finance India Summit 2017.

H.R. Khan, former Deputy Governor RBI also present on the event said that the farm loanwaiver is only a temporary solution and long term systematic reforms are needed to addressthe farmer issues.

"Farmer loan is a cure of syptoms, what is needed is the structural reforms, there are wholehost of issues which need to be resolved like regarding support price, marketing, irrigation,quality of seeds, extension. The problem will not be solved by giving credit but steps should betaken to strengthen the farmer's income," Khan added.

Speaking on the issue of Bitcoin which is registering record heights worldwide, Reddy said thatthere has to be a sovereign behind fiat money as only the sovereign can take unlimited risk andhas the capacity to withstand strain.

" If there is no sovereign behind fiat money then it cannot withstand strain.We do not knowwhat will happen when it comes under stress. I think it is better we take a definitive view. Nowthe main problem is for both for the governments and central banks to decide what to do,everybody is aware it is a big problem. How to handle it. What are the possible consequences,"Reddy said highlighting that there is huge uncertainty over something that is blowing up.

The Reserve Bank of India (RBI) had earlier called on those trading in Bitcoins and other virtualcurrencies regarding the risks involved in the same.

The central bank in an official release cautioned users, holders and traders of Virtual Currencies(VCs) including Bitcoins regarding the potential economic, financial, operational, legal,customer protection and security related risks associated in dealing with such VCs. (ANI)

Date December 11, 2017Website timesofindia.indiatimes.com

https://timesofindia.indiatimes.com/business/india-business/loan-waiver-is-not-good-for-economic-or-credit-culture-former-rbi-governors/articleshow/62021998.cms

Loan waiver is not good for economic or credit culture: Former RBI governors

PTI | Dec 11, 2017, 16:39 ISTNEW DELHI: With the farm loan waiver pitch getting shriller by the day, former RBI governor Y VReddy on Monday said the practice is not good for "economic or credit culture" and insistedthat ultimately it is a political decision and cannot be justified in the longer run.

Even former RBI governor C Rangarajan took a similar line, saying the alternative is to offerfarmers a longer window to pay off. Reddy noted that every political party in India has offeredsuch waiver in some state or the other or at an all- India level.

"Loan waiver is not good for economic or credit culture. Every political party in India has givenfarm loan waiver in some state or the other or at all India level. So, ultimately it is a politicaldecision, it cannot be justified in the longer run," he said on the sidelines of the InclusiveFinance India Summit 2017.

Rangarajan observed that instead of waiving farm loans, the government should give longertime to farmers to repay loan or perhaps waive the payment of instalment and rate of interestin that particular year.

"First thing to do is waiver of interest payments during the year of distress, second reschedulethe loans so that the farmers will get a longer timeframe for repayment and finally, if all thesethings don't succeed, then the government should think of farm loan waiver," Rangarajansuggested.

Both the former RBI governors' remarks assume significance, coming in the wake of suchannouncements by Punjab, Uttar Pradesh and Maharashtra.Recently, Congress leader Rahul Gandhi too tried a similar pitch during his campaign for Gujaratelections by promising farmers loan waivers if his party forms the government in the state.In 2008, the government wrote off farm loans to the tune of Rs 74,000 crore.

Rangarajan pointed out that increase in growth rate in the second quarter of the current fiscalindicates that the slowdown is bottoming out."My own assessment is that in the next two quarters, rate of growth will be 7 per cent so thaton an average for the year, GDP growth will be 6.5 per cent," Rangarajan said.

On surge in Bitcoin prices, Reddy said, "It is better we take a definitive view on Bitcoins. I thinkthe main problem for the government and the central bank is to decide what to do (withBitcoins), everybody is aware that it (Bitcoin) is a big problem," he added.

On sidelines of the same event, former RBI deputy governor H R Khan said investment inBitcoins is "dangerous" and people should understand this. Earlier, participating in a paneldiscussion with former RBI governors Bimal Jalan, D Subbarao and Reddy, Rangarajan saidfinancial inclusion is not an option, but a compulsion.

Concessions extended to corporates in the name of CDR etc. far more outweigh farmers'' loanwaivers. No one talks about it. Poor farmers had to cope with natural calamities on the onehand and lack

Jalan's prescription is inclusion has to be combined with financial stability. Subbarao explainedthat India is a large country and what works in Nagaland may not work in Kerala, which is why"we should have a diversified model for financial inclusion".

Former deputy governor Subir Gokarn moderated the session.

Date December 11, 2017Website thehindu.com

http://www.thehindu.com/business/ex-rbi-chiefs-oppose-farm-loan-waiver/article21417398.ece

Ex-RBI chiefs oppose farm loan waiver

Former RBI Governor Y.V. Reddy said farm loan waiver was not good for “economic or credit culture”and insisted that ultimately it was a political decision and cannot be justified in the longer run.

Another former RBI chief C. Rangarajan took a similar line, saying the alternative is to offer farmers alonger window to pay off.

Dr. Reddy said that every political party had offered such waiver in some State or the other or at an all-India level. Punjab, Uttar Pradesh and Maharashtra recently announced farm loan waivers.

Date December 11, 2017Website livemint.com

http://www.livemint.com/Politics/aPNQMlVvd5WxMCkBBDl0sL/Farm-loan-waiver-gets-thumbs-down-from-former-central-banker.html

Farm loan waiver gets thumbs down from former central bankers

Former RBI governor C. Rangarajan says the alternative to farm loan waivers is to offer farmersa longer window to pay off

Former RBI governor Y.V. Reddy says the practice of farm loan waiver is not good for economicor credit culture. Photo: Reuters

New Delhi: With the farm loan waiver pitch getting shriller by the day, former Reserve Bank ofIndia (RBI) governor Y.V. Reddy on Monday said the practice is not good for “economic or creditculture” and insisted that ultimately it is a political decision and cannot be justified in the longerrun.

Even former RBI governor C. Rangarajan took a similar line, saying the alternative is to offerfarmers a longer window to pay off. Reddy noted that every political party in India has offeredsuch waiver in some state or the other or at an all- India level.

“Loan waiver is not good for economic or credit culture. Every political party in India has givenfarm loan waiver in some state or the other or at all India level. So, ultimately it is a politicaldecision, it cannot be justified in the longer run,” he said on the sidelines of the InclusiveFinance India Summit 2017.

Rangarajan observed that instead of waiving farm loans, the government should give longertime to farmers to repay loan or perhaps waive the payment of instalment and rate of interestin that particular year. “First thing to do is waiver of interest payments during the year ofdistress, second reschedule the loans so that the farmers will get a longer timeframe forrepayment and finally, if all these things don’t succeed, then the government should think offarm loan waiver,” Rangarajan suggested.

Both the former RBI governors’ remarks assume significance, coming in the wake of suchannouncements by Punjab, Uttar Pradesh and Maharashtra. Recently, Congress leader RahulGandhi too tried a similar pitch during his campaign for Gujarat elections by promising farmersloan waivers if his party forms the government in the state.

In 2008, the government wrote off farm loans to the tune of Rs74,000 crore. Rangarajanpointed out that increase in growth rate in the second quarter of the current fiscal indicatesthat the slowdown is bottoming out. “My own assessment is that in the next two quarters, rateof growth will be 7% so that on an average for the year, GDP growth will be 6.5%,” Rangarajansaid.

On surge in bitcoin prices, Reddy said, “It is better we take a definitive view on bitcoins. I thinkthe main problem for the government and the central bank is to decide what to do (withbitcoins), everybody is aware that it (bitcoin) is a big problem,” he added.

On sidelines of the same event, former RBI deputy governor H.R. Khan said investment inbitcoins is “dangerous” and people should understand this. Earlier, participating in a paneldiscussion with former RBI governors Bimal Jalan, D. Subbarao and Reddy, Rangarajan saidfinancial inclusion is not an option, but a compulsion.

Jalan’s prescription is inclusion has to be combined with financial stability. Subbarao explainedthat India is a large country and what works in Nagaland may not work in Kerala, which is why“we should have a diversified model for financial inclusion”.

Date December 11, 2017Website financialexpress.com

http://www.financialexpress.com/economy/farm-loan-waiver-gets-thumbs-down-from-former-rbi-governors-yv-reddy-c-rangarajan/969489/

Farm loan waiver gets thumbs-down from former RBI governors YV Reddy, CRangarajan

With the farm loan waiver pitch getting shriller by the day, former RBI governor Y V Reddytoday said the practice is not good for "economic or credit culture" and insisted that ultimatelyit is a political decision and cannot be justified in the longer run.

With the farm loan waiver pitch getting shriller by the day, former RBI governor Y V Reddytoday said the practice is not good for “economic or credit culture” and insisted that ultimatelyit is a political decision and cannot be justified in the longer run. Even former RBI governor C

Rangarajan took a similar line, saying the alternative is to offer farmers a longer window to payoff. Reddy noted that every political party in India has offered such waiver in some state or theother or at an all- India level. “Loan waiver is not good for economic or credit culture. Everypolitical party in India has given farm loan waiver in some state or the other or at all India level.So, ultimately it is a political decision, it cannot be justified in the longer run,” he said on thesidelines of the Inclusive Finance India Summit 2017.

Rangarajan observed that instead of waiving farm loans, the government should give longertime to farmers to repay loan or perhaps waive the payment of instalment and rate of interestin that particular year. “First thing to do is waiver of interest payments during the year ofdistress, second reschedule the loans so that the farmers will get a longer timeframe forrepayment and finally, if all these things don’t succeed, then the government should think offarm loan waiver,” Rangarajan suggested.

Both the former RBI governors’ remarks assume significance, coming in the wake of suchannouncements by Punjab, Uttar Pradesh and Maharashtra. Recently, Congress leader RahulGandhi too tried a similar pitch during his campaign for Gujarat elections by promising farmersloan waivers if his party forms the government in the state. In 2008, the government wrote offfarm loans to the tune of Rs 74,000 crore.

Rangarajan pointed out that increase in growth rate in the second quarter of the current fiscalindicates that the slowdown is bottoming out. “My own assessment is that in the next twoquarters, rate of growth will be 7 per cent so that on an average for the year, GDP growth willbe 6.5 per cent,” Rangarajan said. On surge in Bitcoin prices, Reddy said, “It is better we take adefinitive view on Bitcoins. I think the main problem for the government and the central bank isto decide what to do (with Bitcoins), everybody is aware that it (Bitcoin) is a big problem,” headded. On sidelines of the same event, former RBI deputy governor H R Khan said investment inBitcoins is “dangerous” and people should understand this.

Earlier, participating in a panel discussion with former RBI governors Bimal Jalan, D Subbaraoand Reddy, Rangarajan said financial inclusion is not an option, but a compulsion. Jalan’sprescription is inclusion has to be combined with financial stability. Subbarao explained thatIndia is a large country and what works in Nagaland may not work in Kerala, which is why “weshould have a diversified model for financial inclusion”. Former deputy governor Subir Gokarnmoderated the session.

Date December 11, 2017Website newindianexpress.com

http://www.newindianexpress.com/business/2017/dec/11/farm-loan-waiver-gets-thumbs-down-from-former-central-bankers-1724319.html

Farm loan waiver gets thumbs-down from former central bankers

NEW DELHI: With the farm loan waiver pitch getting shriller by the day, former RBI governor Y VReddy today said the practice is not good for "economic or credit culture" and insisted thatultimately it is a political decision and cannot be justified in the longer run.

Even former RBI governor C Rangarajan took a similar line, saying the alternative is to offerfarmers a longer window to pay off. Reddy noted that every political party in India has offeredsuch waiver in some state or the other or at an all- India level.


Rangarajan observed that instead of waiving farm loans, the government should give longertime to farmers to repay loan or perhaps waive the payment of instalment and rate of interestin that particular year. "First thing to do is waiver of interest payments during the year ofdistress, second reschedule the loans so that the farmers will get a longer timeframe forrepayment and finally, if all these things don't succeed, then the government should think offarm loan waiver," Rangarajan suggested.

Both the former RBI governors' remarks assume significance, coming in the wake of suchannouncements by Punjab, Uttar Pradesh and Maharashtra. Recently, Congress leader RahulGandhi too tried a similar pitch during his campaign for Gujarat elections by promising farmersloan waivers if his party forms the government in the state.

In 2008, the government wrote off farm loans to the tune of Rs 74,000 crore. Rangarajanpointed out that increase in growth rate in the second quarter of the current fiscal indicatesthat the slowdown is bottoming out. "My own assessment is that in the next two quarters, rateof growth will be 7 percent so that on an average for the year, GDP growth will be 6.5 percent,"Rangarajan said. On surge in Bitcoin prices, Reddy said, "It is better we take a definitive view onBitcoins. I think the main problem for the government and the central bank is to decide what todo (with Bitcoins), everybody is aware that it (Bitcoin) is a big problem," he added.

On sidelines of the same event, former RBI deputy governor H R Khan said investment inBitcoins is "dangerous" and people should understand this. Earlier, participating in a paneldiscussion with former RBI governors Bimal Jalan, D Subbarao and Reddy, Rangarajan saidfinancial inclusion is not an option, but a compulsion.

Jalan's prescription is inclusion has to be combined with financial stability. Subbarao explainedthat India is a large country and what works in Nagaland may not work in Kerala, which is why"we should have a diversified model for financial inclusion". Former deputy governor SubirGokarn moderated the session.

Date December 11, 2017Website abplive.in

http://www.abplive.in/business/farm-loan-waiver-cannot-be-justified-in-economic-terms-615950?ani

'Farm loan waiver cannot be justified in economic terms'






"If there is no sovereign behind fiat money then it cannot withstand strain. We do not knowwhat will happen when it comes under stress. I think it is better we take a definitive view. Nowthe main problem is for both for the governments and central banks to decide what to do,everybody is aware it is a big problem. How to handle it. What are the possible consequences,"Reddy said highlighting that there is huge uncertainty over something that is blowing up.



Date December 11, 2017Website ndtv.com

https://www.ndtv.com/business/former-rbi-governors-disapprove-of-farm-loan-waivers-1786460

Former RBI Governors Disapprove Of Farm Loan Waivers

New Delhi: With the farm loan waiver pitch getting shriller by the day, former RBI governor Y VReddy today said the practice is not good for "economic or credit culture" and insisted thatultimately it is a political decision and cannot be justified in the longer run.

Even former RBI governor C Rangarajan took a similar line, saying the alternative is to offerfarmers a longer window to pay off.

Reddy noted that every political party in India has offered such waiver in some state or theother or at an all-India level.

"Loan waiver is not good for economic or credit culture. Every political party in India has givenfarm loan waiver in some state or the other or at all-India level. So, ultimately it is a politicaldecision, it cannot be justified in the longer run," he said on the sidelines of the InclusiveFinance India Summit 2017.



Both the former RBI governors' remarks assume significance, coming in the wake of suchannouncements by Punjab, Uttar Pradesh and Maharashtra.

Recently, Congress leader Rahul Gandhi too tried a similar pitch during his campaign for Gujaratelections by promising farmers loan waivers if his party forms the government in the state.

In 2008, the government wrote off farm loans to the tune of Rs. 74,000 crore.

Rangarajan pointed out that increase in growth rate in the second quarter indicates that theslowdown is bottoming out.

"My own assessment is that in the next two quarters, rate of growth will be 7 per cent so thaton an average for the year, GDP growth will be 6.5 per cent," Rangarajan said.

To a query on inflation, Rangarajan said, "My own view is probably inflation will be a little over4 per cent (by March 2018) as one does not know what will happen to oil prices. Butimprovement in agriculture should have a favourable impact on agriculture prices."

On surge in Bitcoin prices, Reddy said, "It is better we take a definitive view on Bitcoins. I thinkthe main problem for the government and the central bank is to decide what to do (withBitcoins). Everybody is aware that it (Bitcoin) is a big problem."

On sidelines of the same event, former RBI deputy governor H R Khan said investment inBitcoins is "dangerous" and people should figure this out.

Earlier, participating in a panel discussion with former RBI governors Bimal Jalan, D Subbaraoand Reddy, Rangarajan said financial inclusion is not an option, but a compulsion.

He added: "I think local character of regional rural banks (RRBs) is diluted. In my opinion, this isregression, not forward movement."

Jalan's prescription is inclusion has to be combined with financial stability.

Subbarao explained that India is a large country and what works in Nagaland may not work inKerala, which is why "we should have a diversified model for financial inclusion". Former RBIdeputy governor Subir Gokarn moderated the session.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Date December 11, 2017Website firstpost.com

http://www.firstpost.com/business/farm-loan-waiver-gets-thumbs-down-from-former-reserve-bank-governors-4253377.html

Farm loan waiver gets thumbs-down from former Reserve Bank governors

New Delhi: With the farm loan waiver pitch getting shriller by the day, former RBI governor Y VReddy on Monday said the practice is not good for "economic or credit culture" and insistedthat ultimately it is a political decision and cannot be justified in the longer run.


Reddy noted that every political party in India has offered such waiver in some state or theother or at an all-India level.




Both the former RBI governors' remarks assume significance, coming in the wake of suchannouncements by Punjab, Uttar Pradesh and Maharashtra.


In 2008, the government wrote off farm loans to the tune of Rs 74,000 crore.

Rangarajan pointed out that increase in growth rate in the second quarter of the current fiscalindicates that the slowdown is bottoming out.

"My own assessment is that in the next two quarters, rate of growth will be 7 percent so thaton an average for the year, GDP growth will be 6.5 percent," Rangarajan said.

On surge in Bitcoin prices, Reddy said, "It is better we take a definitive view on Bitcoins. I thinkthe main problem for the government and the central bank is to decide what to do (withBitcoins), everybody is aware that it (Bitcoin) is a big problem," he added.

On sidelines of the same event, former RBI deputy governor H R Khan said investment inBitcoins is "dangerous" and people should understand this.


Jalan's prescription is inclusion has to be combined with financial stability.

Subbarao explained that India is a large country and what works in Nagaland may not work inKerala, which is why "we should have a diversified model for financial inclusion".


Date December 11, 2017Website moneycontrol.com

http://www.moneycontrol.com/news/business/economy/farm-loan-waiver-gets-thumbs-down-from-former-central-bankers-2459315.html

Farm loan waiver gets thumbs-down from former central bankers


PTI@moneycontrolcom

With the farm loan waiver pitch getting shriller by the day, former RBI governor Y V Reddytoday said the practice is not good for "economic or credit culture" and insisted that ultimatelyit is a political decision and cannot be justified in the longer run.


Reddy noted that every political party in India has offered such waiver in some state or theother or at an all- India level.

"Loan waiver is not good for economic or credit culture. Every political party in India has givenfarm loan waiver in some state or the other or at all-India level. So, ultimately it is a politicaldecision, it cannot be justified in the longer run," he said on the sidelines of the InclusiveFinance India Summit 2017.


"First thing to do is waiver of interest payments during the year of distress, second reschedulethe loans so that the farmers will get a longer timeframe for repayment and finally, if all thesethings don't succeed, then the government should think of farm loan waiver," Rangarajansuggested. Both the former RBI governors' remarks assume significance, coming in the wake ofsuch announcements by Punjab, Uttar Pradesh and Maharashtra. Recently, Congress leaderRahul Gandhi too tried a similar pitch during his campaign for Gujarat elections by promisingfarmers loan waivers if his party forms the government in the state.

In 2008, the government wrote off farm loans to the tune of Rs 74,000 crore. Rangarajanpointed out that increase in growth rate in the second quarter indicates that the slowdown isbottoming out.

"My own assessment is that in the next two quarters, rate of growth will be 7 per cent so thaton an average for the year, GDP growth will be 6.5 per cent," Rangarajan said. To a query oninflation, Rangarajan said, "My own view is probably inflation will be a little over 4 per cent (byMarch 2018) as one does not know what will happen to oil prices. But improvement inagriculture should have a favourable impact on agriculture prices."

On surge in Bitcoin prices, Reddy said, "It is better we take a definitive view on Bitcoins. I thinkthe main problem for the government and the central bank is to decide what to do (withBitcoins). Everybody is aware that it (Bitcoin) is a big problem." On sidelines of the same event,former RBI deputy governor H R Khan said investment in Bitcoins is "dangerous" and peopleshould figure this out.


He added: "I think local character of regional rural banks (RRBs) is diluted. In my opinion, this isregression, not forward movement." Jalan's prescription is inclusion has to be combined withfinancial stability.


Former RBI deputy governor Subir Gokarn moderated the session.

Date December 11, 2017Website bloombergquint.com

https://www.bloombergquint.com/business/2017/12/11/farm-loan-waiver-gets-thumbs-down-from-former-central-bankers

Farm Loan Waiver Gets Thumbs-Down From Former Central Bankers

With the farm loan waiver pitch getting shriller by the day, former RBI governor YV Reddy todaysaid the practice is not good for “economic or credit culture” and insisted that ultimately it is apolitical decision and cannot be justified in the longer run.

Former RBI governor C Rangarajan took a similar stance, saying the alternative is to offerfarmers a longer window to pay off their debt. Reddy noted that every political party in Indiahas offered such a waiver in some state or the other or at an all-India level.

“Loan waiver is not good for economic or credit culture. Every political party in India has givenfarm loan waiver in some state or the other or at all India level. So, ultimately it is a political

decision, it cannot be justified in the longer run,” he said on the sidelines of the InclusiveFinance India Summit 2017.

Rangarajan observed that instead of waiving farm loans, the government should give farmerslonger to repay or waive the payment of instalment and rate of interest in that particular year.

First thing to do is waiver of interest payments during the year of distress, second reschedulethe loans so that the farmers will get a longer timeframe for repayment and finally, if all thesethings don’t succeed, then the government should think of farm loan waiver.

C Rangarajan, Former RBI Governor

The comments from former RBI governors assume significance, coming in the wake of suchannouncements by Punjab, Uttar Pradesh and Maharashtra.


In 2008, the government wrote off farm loans to the tune of Rs 74,000 crore.

Rangarajan pointed out that increase in growth rate in the second quarter of the current fiscalindicates that the slowdown is bottoming out. "My own assessment is that in the next twoquarters, rate of growth will be 7 percent so that on an average for the year, GDP growth willbe 6.5 percent," Rangarajan said.

On surge in bitcoin prices, Reddy said, "It is better we take a definitive view on bitcoins. I thinkthe main problem for the government and the central bank is to decide what to do (withbitcoins), everybody is aware that it (bitcoin) is a big problem," he added.

On sidelines of the same event, former RBI deputy governor HR Khan said investment inbitcoins is "dangerous" and people should understand this.

Earlier, participating in a panel discussion with former RBI governors Bimal Jalan, D Subbaraoand Reddy, Rangarajan said financial inclusion is not an option, but a compulsion. Jalan'sprescription is inclusion has to be combined with financial stability.



Date December 11, 2017Website mumbainewsnetwork.blogspot.in

https://mumbainewsnetwork.blogspot.in/2017/12/14th-inclusive-finance-india-summit.html

14th Inclusive Finance India Summit takes off in the capital

The 14th Inclusive Finance India Summit was inaugurated today at 9.00 AM at The Ashok Hotel.The Summit seeks to build consensus on strategies and helps in building a unified vision forachieving universal financial Inclusion in India. The summit witnessed the release andpresentation of the Inclusive Finance India Report, which provided an insightful analysis and anhonest critique of the financial inclusion progress during the course of the year.

Releases the Inclusive Finance India Report 2017

Release of a book- ‘Talking financial inclusion in liberalized India: Conversations withGovernors of the RBI’

Launch of ‘Buddhi Money’, an animated iconic character developed by Access

A book- ‘Talking financial inclusion in liberalized India: Conversations with Governors of theRBI’, edited by Prof. MS Sriram was also released during the inaugural session. Anotherimportant launch during this session was of “Buddhi Money”, an animated iconic characterdeveloped by Access. She is a youthful, neighbourhood superwoman who is chisel sharp,energetic, and wise on matters of finance and business. She has a ubiquitous presence andhelps in solving problems that the community constantly grapples with on matters relating totheir enterprises.

Speaking at the inaugural, Mr. Vipin Sharma, CEO Access Development Services said, “We aredelighted to welcome the delegates to the Summit and also thank all the stakeholders for theirsupport and contribution. The summit offers a platform for a plethora of information to all thethought leaders and industry veterans to debate and discuss the issues and challenges involvingthe Financial Inclusion in the country

Dr. C. Rangarajan, Former Governor, RBI, in his inaugural address highlighted the importanceand need for financial inclusion in the country. During the event, he commented that, “financialinclusion is not an option but a compulsion”.

The day unfolded with a session on the changing contours of the financial sector architecture.The session started with the discussion on the tectonic shift in the financial inclusion landscapewith the emphasis of the government on Direct Benefit Transfer (DBT) and UPI. Taking thediscussion further, Mr. Amitabh Kant, CEO, Niti Aayog suggested that DBT & UPI will create avast trail of data and will allow data analysis leading to an extension of credit to the unbankedsector. Credit is only one element of creating a viable scheme for India’s vulnerable. Therefore,a multi-dimensional approach is required to pull them out of the vicious circle of poverty.

Mr. HR Khan, Former Governor, RBI emphasized on the huge gap in the inclusion of theagriculture sector. Adding to the same, he said “Credit dimension for Agriculture and MSMEs iscrucial and technology must focus on addressing this concern.

The 2 day summit divided into 17 sessions will see the participation of 90 thought leaders fromacross the world who would discuss, deliberate and debate on the evolution of financialinclusion in the country highlighting the various trends and challenges.

Date December 11, 2017Website htsyndication.com

http://htsyndication.com/htsportal/asian-news-international/article/-farm-loan-waiver-cannot-be-justified-in-economic-terms-/24787808

'Farm loan waiver cannot be justified in economic terms'

With farm loan waiver being a populist election promise in the ongoing Gujarat elections,Former Reserve Bank of India (RBI) Governor Y.V. Reddy today said that the practice is thedecision of the political dispensation and cannot be justified in economic terms.


Date December 11, 2017Website india.com

http://www.india.com/news/agencies/farm-loan-waiver-cannot-be-justified-in-economic-terms-2740022/

‘Farm loan waiver cannot be justified in economic terms’



“It is not an economis or credit culture, Most political parties in government in India have doneit in one state or the other. It is a political decision cannot be justified in economic terms,” hesaid whlie speaking to ANI on the sidelines of the Inclusive Finance India Summit 2017.


“Farmer loan is a cure of syptoms, what is needed is the structural reforms, there are wholehost of issues which need to be resolved like regarding support price, marketing, irrigation,quality of seeds, extension. The problem will not be solved by giving credit but steps should betaken to strengthen the farmer’s income,” Khan added.


” If there is no sovereign behind fiat money then it cannot withstand strain. We do not knowwhat will happen when it comes under stress. I think it is better we take a definitive view. Nowthe main problem is for both for the governments and central banks to decide what to do,everybody is aware it is a big problem. How to handle it. What are the possible consequences,”Reddy said highlighting that there is huge uncertainty over something that is blowing up.



Date December 11, 2017Website webindia123.com

https://news.webindia123.com/news/articles/Business/20171211/3231514.html

Farm loan waiver cannot be justified in economic terms'






"If there is no sovereign behind fiat money then it cannot withstand strain. We do not knowwhat will happen when it comes under stress. I think it is better we take a definitive view. Nowthe main problem is for both for the governments and central banks to decide what to do,everybody is aware it is a big problem. How to handle it. What are the possible consequences,"Reddy said highlighting that there is huge uncertainty over something that is blowing up.



Date December 11, 2017Website chennaipatrika.com

http://news.chennaipatrika.com/post/2017/12/11/14th-Inclusive-Finance-India-Summit-takes-off-in-the-capital.aspx

14th Inclusive Finance India Summit takes off in the capital

The 14th Inclusive Finance India Summit was inaugurated today at 9.00 AM at The AshokHotel.The Summit seeks to build consensus on strategies and helps in building a unified visionfor achieving universal financial Inclusion in India. The summit witnessed the release andpresentation of the Inclusive Finance India Report, which provided an insightful analysis and anhonest critique of the financial inclusion progress during the course of the year.

A book- ‘Talking financial inclusion in liberalized India: Conversations with Governors of theRBI’, edited by Prof. MS Sriram was also released during the inaugural session.Anotherimportant launch during this session was of “Buddhi Money”, an animated iconic characterdeveloped by Access. She is a youthful, neighbourhood superwoman who is chisel sharp,

energetic, and wise on matters of finance and business. She has a ubiquitous presence andhelps in solving problems that the community constantly grapples with on matters relating totheir enterprises.

Speaking at the inaugural, Mr. Vipin Sharma, CEO Access Development Services said, “We aredelighted to welcome the delegates to the Summit and also thank all the stakeholders for theirsupport and contribution. The summit offers a platform for a plethora of information to all thethought leaders and industry veterans to debate and discuss the issues and challenges involvingthe Financial Inclusion in the country.





Date December 11, 2017Website tennews.in

http://tennews.in/14th-inclusive-finance-india-summit-takes-off-capital/

14th Inclusive Finance India Summit Takes Off In The Capital


A book- ‘Talking financial inclusion in liberalized India: Conversations with Governors of theRBI’, edited by Prof. MS Sriram was also released during the inaugural session. Anotherimportant launch during this session was of “Buddhi Money”, an animated iconic characterdeveloped by Access. She is a youthful, neighbourhood superwoman who is chisel sharp,energetic, and wise on matters of finance and business. She has a ubiquitous presence and

helps in solving problems that the community constantly grapples with on matters relating totheir enterprises.






Date December 11, 2017Website thisweekindia.news

https://thisweekindia.news/article/14th-inclusive-finance-india-summit-takes-off-in-the-capital/11487

14th Inclusive Finance India Summit Takes Off In the Capital


A book- ‘Talking financial inclusion in liberalized India: Conversations with Governors of theRBI’, edited by Prof. MS Sriram was also released during the inaugural session. Anotherimportant launch during this session was of “Buddhi Money”, an animated iconic characterdeveloped by Access. She is a youthful, neighbourhood superwoman who is chisel sharp,energetic, and wise on matters of finance and business. She has a ubiquitous presence and

helps in solving problems that the community constantly grapples with on matters relating totheir enterprises.






Date December 11, 2017Website sify.com

http://www.sify.com/finance/days-of-physical-banks-over-2020-will-be-turning-point-news-finance-rmlraljjhdhcc.html

'Days of physical banks over, 2020 will be turning point'

NITI Aayog CEO Amitabh Kant on Monday said the days of physical banks were ending, and thatbanks unable to make a transition to data analytics and digital banking would die by 2020. "Youwill see a huge transformation towards digital payments by 2020. My view is that 2020 willreally be the turning point," Kant said on the opening day of the two-day Inclusive Finance IndiaSummit here.

"Those banks which exist in the physical world, which are unable to do good data analytics andare not working online will not survive. They will all die. So, the days of physical banks is endingand everyone will be working online. And we are just two years behind that today," he added.

The NITI (National Institution for Transforming India) Aayog CEO said that huge governmentimpetus to Goods and Services Tax, e-NAM (National Agriculture Market), payment banks,point-of-sale machines and Direct Benefit Transfer scheme will lead to creation of tremendousdata which would require a lot of analysis. "In the next two-three years, everyone will have asmartphone. The day of feature phone will be over. The cost of smartphone will have soradically fallen that everyone will have a smartphone in India. By 2020, we will have a billionpeople connected to Internet," Kant said. He said the huge disruption caused by all thesetransitions would create so much credit history that credit flow would start happening on thebasis of people's digital transactions and digital record.

Date December 11, 2017Website HindustanTimes.com

http://www.hindustantimes.com/business-news/days-of-physical-banks-over-2020-will-be-turning-point-says-niti-aayog-ceo/story-wSou7XrmOxBzPRnfLsLhRI.html

Days of physical banks over, 2020 will be turning point, says NITI Aayog CEO

Amitabh Kant said one will see a huge transformation towards digital payments by 2020.

BUSINESS Updated: Dec 11, 2017 17:59 IST, Indo Asian News Service, New Delhi

NITI Aayog CEO Amitabh Kant on Monday said the days of physical banks were ending, and thatbanks unable to make a transition to data analytics and digital banking would die by 2020.

“You will see a huge transformation towards digital payments by 2020. My view is that 2020will really be the turning point,” Kant said on the opening day of the two-day Inclusive FinanceIndia Summit here.

“Those banks which exist in the physical world, which are unable to do good data analytics andare not working online will not survive. They will all die. So, the days of physical banks is endingand everyone will be working online. And we are just two years behind that today,” he added.

The NITI (National Institution for Transforming India) Aayog CEO said that huge governmentimpetus to Goods and Services Tax, e-NAM (National Agriculture Market), payment banks,point-of-sale machines and Direct Benefit Transfer scheme will lead to creation of tremendousdata which would require a lot of analysis.

“In the next two-three years, everyone will have a smartphone. The day of feature phone willbe over. The cost of smartphone will have so radically fallen that everyone will have asmartphone in India. By 2020, we will have a billion people connected to Internet,” Kant said.

He said the huge disruption caused by all these transitions would create so much credit historythat credit flow would start happening on the basis of people’s digital transactions and digitalrecord.

“This will drive our journey towards financial inclusion and bring people above the povertyline,” he added.

Date December 11, 2017Website chennailivenews.com

http://www.chennailivenews.com/Business/News/20170421020416/14th-Inclusive-Finance-India-Summit.aspx

14th Inclusive Finance India Summit

The 14th Inclusive Finance India Summit was inaugurated today at 9.00 AM at The Ashok Hotel. TheSummit seeks to build consensus on strategies and helps in building a unified vision for achievinguniversal financial Inclusion in India. The summit witnessed the release and presentation of the InclusiveFinance India Report, which provided an insightful analysis and an honest critique of the financialinclusion progress during the course of the year.

A book- ‘Talking financial inclusion in liberalized India: Conversations with Governors of the RBI’, editedby Prof. MS Sriram was also released during the inaugural session. Another important launch during this

session was of “Buddhi Money”, an animated iconic character developed by Access. She is a youthful,neighbourhood superwoman who is chisel sharp, energetic, and wise on matters of finance andbusiness. She has a ubiquitous presence and helps in solving problems that the community constantlygrapples with on matters relating to their enterprises.

Speaking at the inaugural, Mr. Vipin Sharma, CEO Access Development Services said, “We are delightedto welcome the delegates to the Summit and also thank all the stakeholders for their support andcontribution. The summit offers a platform for a plethora of information to all the thought leaders andindustry veterans to debate and discuss the issues and challenges involving the Financial Inclusion in thecountry.

Dr. C. Rangarajan, Former Governor, RBI, in his inaugural address highlighted the importance and needfor financial inclusion in the country. During the event, he commented that, “financial inclusion is not anoption but a compulsion”.

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