Central bank sold its majority stake in Oct 2010; change will ensure entire equity is held by the govt The government will amend a law governing the National Bank for Agriculture and Rural Development (Nabard) to allow the Reserve Bank of India (RBI) to sell its 1% stake in the development lender. The central bank sold its majority stake in the lender to the government in October 2010. The government owns 99%...
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Irregularities alleged in MNREGA works in Seege Gram Panchayat-Sathish GT
Job card holders say they did not get wages Residents of villages in Seege Gram Panchayat in Hassan taluk alleged at a social audit meet here on Saturday that there were irregularities in the implementation of schemes under the Mahatma Gandhi National Rural Employment Guarantee Act. The Bangalore-based Association for Social Transparency, Rights and Action (ASTRA), a non-governmental organisation, conducted the audit, and employees from the Department of Rural Development and Panchayat...
More »Farm revolution: Indian farmers finally embrace mechanisation
-Reuters PERLE: As a shiny red harvester bounces across the black earth into the first row of sugar cane, excited schoolchildren run after it and several dozen men stand gaping in the wake of its swift progress. It's the first time that Perle, a village on the banks of the Krishna river in Maharashtra state, has seen a machine used for cutting the tough cane. "This machine will harvest my entire field today,"...
More »Rural penetration of banks has increased, says RBI-AJ Vinayak
The RBI’s monetary policy statement for 2012-13 has said that penetration of banks in rural areas has increased. It said that banks are now providing banking services in rural areas through 1,38,502 outlets. This includes 24,085 rural branches, 1,11,948 business correspondent outlets, and 2,469 outlets through other modes. In early March 2010, banks had only 21,475 brick and mortar branches in rural areas. No-frills accounts No-frills accounts have increased to around 99 million with...
More »Instead of celebrating the fall in poverty numbers, critics within & outside UPA keep carping-Arvind Panagariya
Evidence that poverty has declined since India began to liberalise in the 1980s, that the acceleration in growth to 8-9% range since the mid-2000s has resulted in accelerated poverty reduction and that these trends hold for each broad social group rather than just the aggregate population is as irrefutable as it gets in social sciences. In the accompanying graphic, taken from a recent study by Megha Mukim and the author, show...
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