Recent events in south Asia have led to an unexpected reversal in the narrative of microfinance, long presented as a development success. Despite charges of poor treatment of clients, exaggeration of the impact on the poorest as well as the risks of credit bubbles, the sector can play a non-negligible role in reaching financial services to low-income households. In regulating the sector, there is need for caution in setting interest...
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Food inflation fanned by change in dietary habits: D Subbarao, Governor, RBI
-The Economic Times Governor of the Reserve Bank of India, D Subbarao said on Tuesday that India's food inflation was fanned by change in dietary habits. Commenting on high inflation, Subbarao said that underlying drivers of inflation have changed. "India needs to address challenge of food inflation. Food inflation has substantially come down but over the last 3.5 years since 2008-2009, average food inflation has shot up higher than the past 6...
More »Aadhaar-MGNREGA experiment to be launched in Ramgarh by K Balchand
Rural Development Ministry seeks to give the scheme a base Disregarding apprehensions sounded by Union Home Minister P. Chidambaram, the Ministry of Rural Development will press ahead with its pilot project to link payments under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) with the Aadhaar number issued by the Unique Identification Authority of India in a bid to give the scheme, which is currently stuck, a base. In Ramgarh district,...
More »RBI asked to name top 100 defaulting industrialists by Anuja & Remya Nair
The commission has now directed RBI to furnish the information by 10 December to the applicant and publish it on its website by the month-end The Central Information Commission (CIC), which enforces the Right to Information Act, has directed the central bank to make public the names of the top 100 industrialists who have defaulted on loans taken from public sector banks. The Reserve Bank of India (RBI) had declined to disclose...
More »Asset quality, less credit to rural areas a concern: RBI
-The Economic Times The Reserve Bank today expressed concern over asset quality of banks and lower credit flow to rural areas, despite the fact that performance of Indian banks improved during the 2010-11 period. In its report titled 'Trend and Progress of Banking in India 2010-2011', RBI said that the Indian banking sector demonstrated continued revival from the peripheral spill over effects of the recent global financial turmoil in 2010-11, but despite...
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