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...
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Govt May Regulate MFIs
Taking a serious note on the suicides due to the purported harassment or embarrassment caused by the collection agents of Micro Finance Institutions (MFIs), Minister for Rural Development, IKP, Pensions, NREGP and Self-Help Groups, Vatti Vasanth Kumar stated that the government was contemplating making an Act to streamline the operations of MFIs in AP. Talking to media persons in the New Delhi, the minister said that the government would frame rules and...
More »India's Bitter Choice: Water for Steel or Food? by Abhishek Shanker
Global steel giants ArcelorMittal (MT) and Posco are leading $80 billion in planned spending in India, an investment that would vault the country ahead of Japan as the second-biggest steelmaker. There's one hurdle: India's farmers and their water supply. The farmers refuse to move from irrigated land in three states that hold more than half of India's reserves of iron ore, a key material used in the making of steel....
More »Oz sports minister launches Rs.200 mn programme for the disadvantaged
Australian Sports Minister Mark Arbib Wednesday launched a Rs.200 million (Aus$5 million) five-year programme aimed at developing sports facilities at the grassroots for the disadvantaged in India. 'Sports is much more than winning. Its the joy and happiness on the childrens' faces while playing which is the actual winning. Giving opportunities to play to the disadvantaged will help in building self-esteem, confidence and resilience,' said Arbib, who is here for the...
More »Forever Stuck in a Cycle of Debt and Death by Uddalak Mukherjee
According to the National Crime Records Bureau, since 2003, one Indian farmer has committed suicide every 30 minutes. In 2008, 16,196 farmers took their own lives, bringing the total number of farmer suicides in India between 1997 and 2008 to 199,132. (Significantly, P. Sainath is of the opinion that like all government data, these figures too are unreliable. For when women farmhands kill themselves, their deaths are not enlisted as...
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