Socio-Economic Current Affairs - 2020

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RBI constitutes Deepak Mohanty Committee to frame action plan on financial inclusion

Reserve Bank of India (RBI) has constituted a committee to prepare a 5 year action plan to spread the reach of financial services across country to unbanked population.

The committee will be headed by RBI executive director Deepak Mohanty and comprise total of 14 members

Terms of References of the committee

  • It will review the existing policy of financial inclusion, including customer protection framework and supportive payment system.
  • In this regard it will take into account the recommendations made by various committees set up earlier.
  • Objective: Work out a medium-term or five-year measurable action plan for financial inclusion.
  • Suggest a monitorable medium-term action plan for financial inclusion. It will cover various components including payments, credit, deposit, social security transfers, pension and insurance.
  • Articulate the underlying institutional and policy framework for financial inclusion. Cover financial literacy and consumer protection, as well as delivery mechanism of financial inclusion.
  • For this the committee will encompass both households and small businesses, with more emphasis on rural inclusion including group-based credit delivery mechanisms.

It is expected that the Committee is expected to submit its report in four months from the date of its first meeting. It should be noted that, for promoting financial inclusion, Union government had launched Pradhan Mantri Jan Dhan initiative (PMJDY) in August 2014.

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MGNREGA world’s largest public works programme: World Bank Report

World Bank has ranked the Mahatma Gandhi National Rural Employment Gurantee Act (MGNREGA) as the world’s largest public works programme.

It was revealed in recently released World Bank Group’s report titled The State of Social Safety Nets 2015.

Report Highlights

  • MGNREGA (under Ministry of Rural Development) provides social security net to 182 million beneficiaries i.e. almost 15 per cent of the India’s population.
  • Mid-day meal scheme (under Ministry of Human Resource Development) has been classified as biggest school feeding programme. It benefits around 105 million beneficiaries.
  • Janani Suraksha Yojna (Under Ministry of Health and Family Welfare) is top-most social security programme with conditional cash transfers. It has 78 million beneficiaries.
  • Indira Gandhi National Old Age Pension Scheme (under Ministry of Rural Development) is the second-largest unconditional cash transfer social security progamme in the world.
  • Five middle-income countries running the world’s largest social safety net programmes are India, China, South Africa and Ethiopia.
  • The combined spending of 120 developing countries on social safety nets amounted to about 329 billion dollars from 2010 to 2014.
  • There is need to improve the efficiency of social safety net programmes such as social and beneficiary registries by strengthening individual countries capacity to target, administer, integrate and evaluate social protection programmes.

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