Skip to main content

Government to rope in banks, financial institutions to push Swachh Bharat

Government to rope in banks, financial institutions to push Swachh Bharat
The government is looking at roping in state-run banks and financial institutions to give a push to its Swachh Bharat campaign. The finance ministry will prod lenders to increase credit towards industries, especially small and medium enterprises, involved in sanitation products."DFS (department of financial services) & MDWS (ministry of drinking water and sanitation) join hands to increase rural sanitation credit," financial services secretary Rajiv Kumar stated in a tweet.
The department held a video conference with all public sector banks and financial institutions to step up lending for rural sanitation under priority sector lending to households, self-help groups, and small and medium enterprises.State-run banks and financial institutions have been asked to use their corporate social responsibility (CSR) funds towards Swachh Bharat in the next financial year. The finance ministry has also directed all state-run lenders and insurers to provide access to clean toilets to their customers. Public sector banks have over 80,000 branches.
The government will also give a Swachh Bank award to the bank which works the most for this initiative. "DFS & MDWS to jointly institute Swachh Bank / FI Award. Selection through competition," Kumar noted in his tweet.The finance ministry will closely work with the Ministry of Drinking Water & Sanitation to ensure the success of this campaign.Under the Swachh Bharat campaign more than 75% households in rural India have got toilets compared to only 43.27% in 2014 when the mission kicked off.
On Thursday, the government will begin the largest-ever exercise to rank cities on cleanliness parameters, covering more than 40 crore people from 4,041cities.In his monthly radio address, Mann Ki Baat, prime minister Narendra Modi said 'Cleanliness Survey 2018', the largest in the world, will be conducted from January 4 to March 10, 2018 to evaluate cleanliness levels of urban areas.

The Economic Times, New Delhi, 03rd January 2018


Popular posts from this blog

RBI minutes show MPC members flagged upside risks to inflation

RBI minutes show MPC members flagged upside risks to inflation Concerns about economic growth and easing inflation prompted five of the six monetary policy committee (MPC) members to call for a cut in the repo rate, but most warned that prices could start accelerating, show the minutes of the panel’s last meeting, released on Wednesday. The comments reflected a tone of caution and flagged upside risks to inflation from farm loan waivers, rise in food prices, especially vegetables, price revisions withheld ahead of the goods and services tax, implementation of house rent allowance under the 7th pay commission and fading of favourable base effect, among others. On 2 August, the panel chose to cut the repurchase rate—the rate at which the central bank infuses liquidity in the banking system—by 25 basis points to 6%. One basis point is one-hundredth of a percentage point. Pami Dua, professor at the Delhi School of Economics, wrote that her analysis showed “a fading economic growth outlook, as …

Shrinking footprints of foreign banks in India

Shrinking footprints of foreign banks in India Foreign banks are increasingly shrinking their presence in India and are also becoming more conservative than private and public sector counterparts. While many of them have sold some of their businesses in India as part of their global strategy, some are trying to keep their core expertise intact. Others are branching out to newer areas to continue business momentum.For example, HSBC and Barclays Bank in India have got out of the retail business, whereas corporate-focused Standard Chartered Bank is now trying to increase its focus on retail “Building a retail franchise is a huge exercise and takes a long time. You cannot afford to lose it,” said Shashank Joshi, Bank of Tokyo-Mitsubishi UFJ’s India head.According to the Reserve Bank of India (RBI) data, foreign banks’ combined loan book shrunk nearly 10 per cent from Rs 3.78 trillion in fiscal 2015-16 to Rs 3.42 trillion last financial year. The banking industry, which includes foreign banks…

Differential Tax Levy under GST: Food Firms May De-Register Trademarks

Differential Tax Levy under GST:Food Firms May De-Register Trademarks The government’s decision to charge an enhanced tax rate on trademark food brands is leading several rice, wheat and cereal manufacturers to consider de-registering their product trademarks. Irked by the June 28 central government notification fixing a 5 per cent goods and services tax (GST) rate on food items packaged in unit containers and bearing registered brand names, the industry has made several representations to the government to reconsider the differential tax levy, which these players say is creating an unlevel playing field within these highly-competitive and low-margin industries. Sources say that the move has affected the packaged rice industry the hardest and allowed the un-registered market leaders, India Gate and Daawat, to gain advantage as compared to other registered brands such as Kohinoor and Lal Qilla. Smaller players are even more worried with this enhanced rate of tax (against the otherwise …