The accumulated interest collected by microfinance institutions (MFIs) on loans shall not exceed the principal amount, according to the much-awaited ordinance promulgated by Governor E.S.L. Narasimhan here on Friday to put a check on their activities. However, the interest rate chargeable by the MFIs finds no mention in the ordinance as the government is of the view that this falls under the purview of the Reserve Bank of India (RBI), according...

Take a lesson from Commonwealth Games mascot Shera and “leap ahead” instead of whimpering like a “timorous puppy”, a food rights campaigner has said in a sharp attack on Sharad Pawar. The criticism in a Delhi newspaper has come from Belgium-born Jean Dreze, a prominent member of the Sonia Gandhi-led National Advisory Council. He is ostensibly riled by reports that Pawar’s food ministry has rejected two of the council’s key proposals...

Citi Centre of Financial Literacy, housed in the SEWA-promoted Indian School of Microfinance for Women  (ISMW), plans to train children in rural areas to open bank accounts across the country. The centre also plans to teach children the fundamentals of saving and the utilisation of financial resources. It aims to collaborate with the Indian Institute of Banking and Finance for this initiative. "We are planning to build a rural cadre of...

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...

Five years ago, when the proposed National Rural Employment Guarantee Act (NREGA) was a subject of fierce controversy, Bunker Roy compared the attitude of the government to that of a dog who crosses a road half-way, can’t decide whether to go forward or backward, and gets run over. This enlightening image applies again today, in the context of the proposed National Food Security Act (NFSA). The National Advisory Council (NAC) discussed...