HYDERABAD: The Union Finance Minister, P. Chidambaram on Saturday launched an easy-to-use electronic remittance gateway, "insta remit," for overseas Indians developed by the Ministry of Overseas Indians Affairs in partnership with the UTI Bank.

The gateway enables Non-Resident Indians (NRIs) and People of Indian Origin (PIO) to send money to 14,500 Real Time Global Settlements (RTGS) across the country instantly.

The Finance Minister formally launched the facility on the first day of the fourth Pravasi Bharatiya Divas here on Saturday. UTI Bank chairman P. J. Nayak and CEO of Doha Bank R. Seetaraman were present.

Addressing the delegates, Mr. Chidambaram said three bills seeking amendments to banking sector and two others in the insurance and pension sectors would be introduced in the budget session of the Parliament.

Amendments to the Reserve Bank of India Act, the Banking Act and the Act on nationalisation of banks, which were pending for some time, would be introduced in both Houses of Parliament. The amendment to insurance sector would strengthen and liberalise it. He hastened to add that financial sector would continue to play key role in economic growth.

Firm on reforms

Stating that the UPA Government was firm on the path of economic reforms, he said the growth had touched 6.9 per cent after the Government came to power. "This year in the first current fiscal the growth rate was 8.1 and confident that the overall rate would be over 7 per cent and even touch 7.5 per cent," he added.

"India remains on the path of economic growth," he said and added that the three-pronged strategy for growth such as public-private partnership, viability of capital funding and setting up of India Infrastructure Finance Corporation Limited to raise money within the country to build infrastructure would benefit the nation. There was tight control over inflation, he pointed out. He said it was his belief that inflation rate would be kept below five per cent.

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