The earlier draft covered only non-NBFC MFIs incorporated as trusts and non-governmental organizations that constitute a very small part of the total industry The proposed microfinance Bill for governing India’s Rs. 22,000 crore microlending industry is set to give more teeth to the Reserve Bank of India (RBI) to regulate larger microfinance institutions (MFIs). This will be done by removing such entities from the purview of laws enacted by state governments...
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Shillong RTI Convention concludes
Going with its slogan: “Our money our right,” the Shillong declaration of the 3rd National Right to Information Convention today resolved that the Central Government must subject “all public expenditure under social audit.” It was by far one of the most crucial of the other 11 resolutions passed in the Shillong Declaration and was only included after the strong insistence of RTI activist, Aruna Roy. She was amply supported by some...
More »Four weeks for Centre to clarify stand on CBI probe into ‘misuse' of MGNREGA funds: court by J Venkatesan
The Supreme Court on Monday granted four weeks to the Centre to take a clear stand regarding a CBI probe into alleged misuse of funds allocated to the States. The court was dealing with a petition alleging misappropriation of funds under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) in Orissa. In an interim order on the writ petition filed by the Centre for Environment and Food Security, a three-Judge Bench,...
More »The UID Project and Welfare Schemes by Reetika Khera
This article documents and then examines the various benefits that, it is claimed, will flow from linking the Unique Identity number with the public distribution system and the National Rural Employment Guarantee Scheme. It filters the unfounded claims, which arise from a poor understanding of how the PDS and NREGS function, from the genuine ones. On the latter, there are several demanding conditions that need to be met in order...
More »Funds for social schemes seem to be vanishing
In his general budget for 2011-12, finance minister Pranab Mukherjee has announced an increase in allocation for the Mahatama Gandhi National Rural Employment Guarantee Act (NREGA) of Rs10,000 crore to Rs58,000 crore.The finance minister has proposed an identical hike for the Bharat Nirman scheme, and also proposed to give Rs3000 core to the national agricultural development board, NABARD.Mukherjee also said the government has decided to index the wage rates notified...
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