In India, commercial banks, both public and private, are required to direct a large chunk of their net credit to designated “priority sectors” seen as having a positive impact on India’s economy, and wider society – to ensure funds flow into areas the government deems important, but might otherwise be neglected. These sectors – designated by the Reserve Bank of India – currently include broad areas of agriculture, small scale industries,...
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New loan sharks by S Nagesh Kumar
The rural poor in Andhra Pradesh, a State showcased as a model for SHG-bank linkage, are caught in the vortex of microfinance. WITHIN a decade of their coming into operation, microfinance institutions (MFIs) have dealt a serious blow to the economy and the well-being of thousands of families in rural Andhra Pradesh. Harassment by their collection agents has allegedly driven at least 60 borrowers to death, and the number is...
More »Scheme for women agriculturists planned
The Union government intends to launch by January end a scheme aimed at improving the status of women as agriculturists and open up opportunities for their empowerment. The scheme, to be taken up by the Ministry of Rural Development, has been named Mahila Kisan Sashaktikaran Pariyojana (MKSP). It will be launched as a sub-component of the renamed, but yet to be launched, National Rural Livelihood Mission (NRLM), which was earlier known...
More »Ela Bhatt doing path-breaking work for women: Hillary by Narayan Lakshman
Ms. Bhatt has helped poor women attain dignity and independence “Investing in women is one of the most powerful ways to fight poverty” Ela Bhatt, founder of the Self-Employed Women's Association, was presented with the first Global Fairness Initiative Award by United States Secretary of State Hillary Clinton, “for her contribution to India and particularly the women of India, and to the global community.” Speaking at the awards ceremony held at the Kennedy...
More »Five myths about microfinance by TT Ram Mohan
The microfinance bubble has burst. The AP government ordinance, the AP oppositionfs campaign asking borrowers not to repay and the sheer public hostility towards MFIs . all these have put the brakes on MFI activities for now. We need to rethink the role of MFIs in the rural economy . In order to do so, we must first grasp some of the myths on which the MFI sector has rested...
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