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Modi asks small businesses, labour to embrace cashless mode

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PM narendra modi, demonitisation, mobile banking, plastic money,  labour, Mann ki Baat

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New Delhi: In his first monthly radio address after demonetisation, Prime Minister Narendra Modi on Sunday urged small businesses and workers to embrace cashless transaction through mobile banking and plastic money.

“I would like to tell our small and micro businesses to take up this opportunity to enter the digital world. You too should download mobile banking applications, install POS (point of sale) machines for swiping cards,” Modi said in his customary ‘Mann Ki Baat’ speech on All India Radio.

“In the way that large malls expand their business through use of technology, small businesses too can increase turnover by using simple user-friendly technology,” he added. Modi told the country’s labour population how adopting digital technology would help end their exploitation.

“You have been exploited much…getting one wage on paper and another in hand. Besides, when you are paid every month, there is always someone outside the gates waiting to take a cut from your wages,” the Prime Minister said, addressing workers.

“Under this new project (demonetisation), we want your salary deposited in the bank account so that faithful payment of minimum wage is assured,” Modi said. “And you, in turn, can use your mobile phone like an e-wallet to make payments to your neighbourhood shops for your needs,” he added.

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CBI raids at 169 places across nation in bank fraud cases worth 7000 crore

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New Delhi: The CBI is conducting searches in 169 locations across the country in connection with 35 bank fraud cases, which were registered by it and involve funds of over Rs 7,000 crore, officials said on Tuesday.

The searches are going on in Delhi, Gurgaon, Chandigarh, Ludhiana, Dehradun, Noida, Baramati, Mumbai, Thane, Silvassa, Kalyan, Amritsar, Faridabad, Bengaluru, Tirupur, Chennai, Madurai, Quilon, Cochin, Bhavnagar, Surat, Ahmedabad, Kanpur, Ghaziabad, Bhopal, Varanasi, Chandauli, Bhatinda, Gurdaspur, Morena, Kolkata, Patna, Krishna and Hyderabad, they said. The agency refused to give further details as the search operations are still going on, they said.

Among the alleged frauds being probed by the agency are SEL Manufacturing in Bank of Maharashtra worth Rs 113.55 crore, Advance Surfactants in SBI worth Rs 118.49 crore, Eskay Knit worth Rs 42.16 crore in Dena Bank (now Bank of Baroda), Krishna Knitwear Technology worth over Rs 27 crore in Canara Bank, they said.

The cases pertain to State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra, Bank of India, and Punjab and Sind Bank, they said.

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