SKS Microfinance, India's largest microfinance player, arrived with a bang with its hugely successful IPO in August. However, the recent sacking of its MD and CEO Suresh Gurumani  has opened up a pandora's box that is now threatening to expose the ugly underbelly of the sector which, many allege, is teeming with players who are no better than moneylenders but have so far been able to operate under the pious...

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...

The Haryana government Monday warned banks against recovering outstanding loans from the wages earned by people under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA). Haryana Financial Commissioner and Principal Secretary (panchayat and development department) P Raghavendra Rao said that banks, at their own level, could not recover their loan amount out of the monies received by them (banks) for payment as wages to those employed under MGNREGA. Rao said that...

Delhi is an anxious city this monsoon season, struggling to meet an onerous deadline. Preparations continue at a feverish pace for the 19th Commonwealth Games (CWG), which will bear down on the Indian metropolis October 3-14, along with some 8,500 athletes from the 71 states and territories that were once part of the British Empire. Around-the-clock construction and spells of heavy monsoon rain have turned Delhi into a swirl of mud...

The Aadhaar or UID project has grave implications for every Indian. It will enable the government to profile every citizen and track their movements and transactions. There is no guarantee that intimate personal information -- pre-existing illnesses, romantic relationships etc -- won't be shared with other agencies, warns Praful Bidwai. An elaborate charade has begun with the rolling out of the first Aadhaar unique identity numbers in a tribal district of Maharashtra by...