Financial Express - 29th September

Anuj Bhagat
Ankit Bahuguna
Sec I

Article 1: First UID numbers today:• First Unique Identification number named “Aadhaar” to be issued by prime minister to an Indian national at Tembhli in Maharashtra’s Nandurbar district today.
• 12 digit number to contain demographic details and a link to a bank account to facilitate access to government programmes.
• UID said to help illiterate villagers to access micro finance in the absence of a bank.

Article 2: RBI allows cos to be BCs, keeps NBFCs away:
• For furthering financial inclusion of large retail companies RBI on Tuesday allowed them to be Business Correspondents or BCs, but this excludes Non-banking financial institutions or NBFCs.
• Will allow large retail chains like Bharti Airtel and ITC to act as virtually quasi-banking units, will allow the retailers to have presence in remote areas also.
• Will help other banks also in the way that they will be able to use the outlets of retail chains for furthering their business, saving upon the cost of setting up new branch.
• BCs defined as retail agents engaged by banks for providing banking services at locations other than a bank branch or an ATM, so in turn will help general public to access the benefits of a bank through the BCs.
• BCs not allowed to collect fees from customers but banks can charge some fee in a transparent manner.



Article 3: Stringent action against firms making cold calls:• Action to be taken by government against unregistered tele-marketing companies sending bulk SMS and making telemarketing calls to mobile users.
• Communication and IT minister for state Mr. Sachin Pilot has asked TRAI and DoT to come up with stringent actions.
• According to the ministry out of total of 680 million mobile users only 10% have registered for DND i.e Do Not Disturb Service.
• Announced at Mumbai in the event to showcase the new initiative on mobile stock trading taken up by the Bombay Stock Exchange (BSE) which will allow the users with basic handset mobile to do trading on mobile.

Article 4: Supreme Court ends uncertainty, Ayodhya ruling on Thursday:
• Ayodhya verdict to be announced on Thursday after Supreme Court on Tuesday dismissed a plea to defer the verdict in the Ram Janmabhoomi-Babri Masjdi title suit.
• The Lucknow banch of Allahabad high court to pronounce its judgment on Thursday ideally before 1st of October 2010 i.e before the retirement of Justice DV Sharma, one of the three judges of the bench who heard the case.
Article 5: World in a ‘currency war,’ says Brazil finance minister:
• “The international currency war threatens us because it takes away our competitiveness”: Guido Mantega, Brazillian finance minister.
• War to begin governments manipulating their currency to improve their export competitiveness.
• According to Goldman Sachs, currently Brazilian currency is the most overvalued currency in the world.
• Being hit by recession and still in the process of recovery many countries are weakening their currencies to boost exports and improve trade balances.
• Currency intervention going to be one of the main topics of discussion at IMF next meeting scheduled between October 8 to 10.