Pranab earmarks Rs.1,37,674 crore for social sector
February 26th, 2010 - 4:20 pm ICT by ANI
New Delhi, Feb 26 (ANI): Union Finance Minister Pranab Mukherjee, Friday increased the spending on social sector to Rs.1,37,674 crore.
Presenting the annual Budget in the Lok Sabha, Mukherjee said the spending on social sector has been gradually increased to Rs.1,37,674 crore and now stands at 37 per cent of the total plan outlay in 2010-11.
“Another 25 per cent of the plan allocations are devoted to the development of rural infrastructure,” he added.
Mukherjee, further said that with growth and the opportunities that it generates, the Government hopes to further strengthen the process of inclusive development.
Mukherjee has stated that to reach the benefits of banking services to the ‘Aam Aadmi’, the Reserve Bank of India had set up a High Level Committee on the Lead Bank Scheme.
“After careful assessment of the recommendations of this Committee, and in further consultation with the RBI, it has been decided to provide appropriate Banking facilities to habitations having population in excess of 2000 by March, 2012,” he said.
The Budget also proposed to extend insurance and other services to the targeted beneficiaries.
These services will be provided using the Business Correspondent and other models with appropriate technology back up. By this arrangement, it is proposed to cover 60,000 habitations.
In 2007-08 the Government had set up a Financial Inclusion Fund (FIF) and a Financial Inclusion Technology Fund (FITF) in the National Bank for Agriculture and Rural Development (NABARD) to reach banking services to the unbanked areas.
To give momentum to the pace of financial inclusion, the Finance Minister has proposed an augmentation of Rs. 100 crore for each of these funds, which shall be contributed by Government of India, Reserve bank of India (RBI) and NABARD. (ANI)
- Finance Minister promises to strengthen regional rural banks - Feb 28, 2011
- Jayalalithaa opposes rate hike on rural infra loans - Apr 27, 2012
- India's central bank unveils draft norms for new commercial banks - Aug 29, 2011
- State-run banks get Rs.6,000 crore - Feb 28, 2011
- Industry welcomes draft norms for new commercial banks - Aug 29, 2011
- RBI cautions investors against illegal finance companies - Jan 07, 2012
- Pranab Mukherjee promises more rural banks - Feb 11, 2011
- Centre for rural financing institutions to come up in Mumbai - Mar 21, 2012
- Biggest challenge before nation is to ensure inclusive growth: Mukherjee - Mar 12, 2011
- FM asks banks to achieve the target of providing banking, financial services to all by 2011 - Sep 07, 2010
- Mukherjee asks PSBs to accelerate financial deepening - Aug 14, 2010
- Pranab Mukherjee glad at 8.5 percent growth in current fiscal - Jul 19, 2010
- Andhra proposes non-banking finance body for self-help groups - Jun 21, 2011
- Financial inclusion to get more focus: RBI governor - May 18, 2011
- NABARD plans to set up rural credit bureaus - Jun 13, 2010
Tags: aam, allocations, appropriate technology, bank of india, banking services, business correspondent, careful assessment, crore, earmarks, government of india, lead bank, Lok Sabha, national bank, plan outlay, pranab mukherjee, reserve bank of india, rural development, social sector, technology fund, union finance minister