Nilekani to meet bankers on financial inclusion

The Indian Banks Association (IBA) has organised a meeting of the chairmen of some banks with the telecom companies to discuss issues for leveraging the unique identity....

The Indian Banks Association (IBA) has organised a meeting of the chairmen of some banks with the telecom companies to discuss issues for leveraging the unique identity (UID) project for the financial inclusion programme of the banks and in the process to interface with two technologies.

Nandan Nilekani, chairman,Unique Identity Authority of India.(UIDAI),will also participate in the meeting.

UIDAI is one of the ambitious projects launched by the government to provide unique identification number based on biometric to every citizen of the country. The government has already formed an empowered group of ministers,headed by Prime Minister to move the project on a fast track. The Reserve Bank of India (RBI) and the IBA are closely involved in achieving financial inclusion through UIDAI. Towards this,IBA is working on combining the UID project with that of the financial inclusion project of the banks and through this process,both banks and UID would get benefited mutually.

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For the UID project,the unique identification numbers can be allotted to the individuals with the help of the banks and in the process banks can open as many accounts as possible for the persons allotted the number. The accounts that are opened through the UID project would be called the UID enabled accounts (UEBA). This process will eventually help banks achieve financial inclusion.

IBA panel on IFRS

MUMBAI: IBA has set up a working group with members drawn from select banks to deliberate on issues for implementation of International Financial Reporting Standards (IFRS) on an ongoing basis and also to interact with RBI and other regulatory bodies. In this connection IBA conducted a survey to get feedback on challenges/problems perceived by the banks in implementation of IFRS.

Most of the banks pointed out the need for some form of regulatory guidelines to get clarity and directions on the issue. IBA has accordingly taken up the issue with the RBI. The Indian Financial System is poised to adopt IFRS and the government has announced 1st April 2011 as the transition date. This would require all Indian companies including banks and financial institutions to have their financial statement as of 31st March 2011 redrawn as per IFRS for comparison purpose when the financial statement as of 31st March 2012 has to be announced by all entities under IFRS. The ministry of corporate affairs has set up a core group on IFRS convergence. IBA is a member of the core group represented by the chief executive.

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