Faced with a liquidity crunch, microfinance companies have asked RBI to direct banks to set up an emergency fund of Rs 1,000 crore to help them tide over slowdown in their business. Sources said the Microfinance Institution Network (MFIN) is trying to convince the central bank in this regard. The micro finance sector has been reeling under a liquidity crisis after the Andhra Pradesh government issued an ordinance to control interest...

Reiterating her stand on the Rajarhat land issue, Trinamool Congress chief and Railway Minister Mamata Banerjee on Saturday asked the Left Front government to put on hold all land acquisition in the new township till the Land Acquisition Act 1894 is amended. She said, she has communicated her view to the government about the changes in the current Act. “The state government should stop all its efforts of acquiring land. Their days...

India’s rapidly growing private microcredit industry faces imminent collapse as almost all borrowers in one of India’s largest states have stopped repaying their loans, egged on by politicians who accuse the industry of earning outsize profits on the backs of the poor. The crisis has been building for weeks, but has now reached a critical stage. Indian banks, which put up about 80 percent of the Money that the companies...

Fifty thousand jobs? The U.S. economy has lost that many every week, on average, for a straight 140 weeks since December 2007. Now that the media's gush and drool over the Obama visit has run dry — thanks to other far more interesting events — it might be worth looking at a couple of ‘outcomes' that much of our media seemed pretty taken with.‘Twenty deals worth 10 billion dollars that create...

The National Commission for Scheduled Castes Sunday rejected the Uttar Pradesh government's claims of bringing down incidents of violence against Dalits, terming them 'baseless and misleading'. The commission's newly-appointed chairman P.L. Punia said the state government released figures of only the first six months of this year, and atrocities against Dalits had actually registered a steep rise over the three-and-a-half year rule of Bahujan Samaj Party, according to statistics by National...