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HindustanTimes Wed,24 Sep 2014

Loan waiver package: Financial services dept pulled up

HT Correspondent, Hindustan Times  New Delhi, March 06, 2013
First Published: 00:12 IST(6/3/2013) | Last Updated: 00:15 IST(6/3/2013)

The Comptroller and Auditor General has pulled up the department of financial services (DFS) for not properly monitoring the implementation of the Rs.52,000-crore debt waiver package.

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The DFS, under the finance ministry, depended completely on nodal agencies for monitoring the scheme that was announced by finance minister P Chidambaram in the 2008-09 budget, the report said.

But, following the issue of the draft audit report, the ministry asked the RBI and NABARD in January to direct the scheduled commercial banks to take immediate corrective steps and recover the money paid to ineligible farmers.

The CAG, in the report, suggested that the ministry review the list of beneficiaries and focus on the states where indebtedness was high.

It also said that bank officials, internal auditors and central statutory auditors who certified the information required for approval must be made accountable for lapses.

WCD ministry in dock
Diversion of funds and poor monitoring are some of the key reasons behind India continuing to have one of the highest – 42 % -- of malnourished children in the 0-6 age group, a CAG report on Integrated Child Development Services (ICDS), a crucial centrally sponsored program to monitor health and nutrition of children has found.

The states have irregularly diverted funds to the tune of Rs.57.82 crore from ICDS to activities not permitted under the programme, the report by India’s top auditor has revealed.


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