Microfinance is an effective tool for financial inclusion. Here are some elements of the recently embattled sector The recent controversy surrounding the microfinance sector has entirely eclipsed the fact that it is the first effort in India to have delivered financial services to remote corners of the country in a self-sustaining manner. The stakes are high for India’s poor, and we have to pave the way for orderly growth in the...
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In India, greed creeps into microlending, critics say by Rama Lakshmi
The microcredit revolution has been celebrated for helping poor women in developing countries start small businesses. By borrowing money for purchases such as a buffalo or sewing machine, the women were able to help lift their families out of poverty. But critics say the microcredit model has been perverted by commercial greed in India, with reports of abusive collection methods and sky-high interest rates. "What began as a simple, innovative model...
More »Coal mining in Meghalaya: Child labourers in the ‘rat-holes’ by Anjuman Ara Begum
“Inside the mine everything is very fragile. Even the falling of a small rock can cause death sometimes. People from outside cannot imagine what the hell is inside the mine!” These are the words of 16-year old Muzzammal Haque who works in a coal mine in the Jaintia Hills, Meghalaya. He is yet another example of the bonded child labour in the various coal mines in the Jaintia Hills on...
More »NAC's compromise proposes wider food security coverage by Smita Gupta
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...
More »UN highlights importance of ICT sector in creating opportunities for the poor
Services and goods associated with information and communications technologies (ICTs) are creating opportunities for the poor, but those sources of income are unevenly distributed and not always sustainable, the United Nations Conference on Trade and Development (UNCTAD) said today in a new report. In Kenya, for example, there are now more than 18,000 agents for the M-PESA mobile telephone-based money transfer service, and Bangladesh has some 350,000 “village phone ladies,” UNCTAD...
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