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...

Time magazine picked him as one of 100 people shaping our world. Today, he’s held responsible for bringing an exciting, inspirational business into disrepute. Oh, and his wife says he beat her and snatched their son. There could not be a more controversial torchbearer than Vikram Akula for an industry as quintessentially Indian as microfinance, the business of providing the poor with loans, as small as R5,000, secured not with...

"Inclusiveness" may be the UPA's winning mantra, but a government survey reveals that just 18% households in rural India have access to basis amenities -- drinking water, sanitation and electricity. Urban areas enjoy these facilities in 68% households. While the UPA regained power on its "aam aadmi" plank, the NSSO survey highlights that a vast majority in rural India still lack basic civic amenities. Around 65% of rural households have no sanitation...

Former chief justice of India KG Balakrishnan on Friday said the Right To Information (RTI) Act "was grossly misused" and needed amending to prevent the misuse. "It is time for introspection on the five-year-old RTI Act. It is grossly misused. Most of the applicants are applying the RTI not for public good, but for misuse," Balakrishnan said at a seminar on "RTI-Key to good governance", organised by the Institute of Secretariat...

The National Advisory Council (NAC) — which has been working hard over the last month to try and narrow down its differences with the Planning Commission and the government on the contentious issue of food security — is meeting here on Saturday to look at an amended proposal. The NAC's food hardliners have finally accepted, after several informal interactions with the Commission and government representatives, that universalisation of food security...