Under unrelenting pressure to act against corruption, the government on Monday swung into action. It said it would slap show-cause notices on 85 licence holders asking why their licences should not be cancelled for violating eligibility norms. It will also ask the ministry of corporate affairs to check if Swan Telecom acted as a front, as alleged by the Comptroller and Auditor General of India. The companies facing show-cause include Uninor,...

Contending that the use of the expression ‘keep' in a recent judgment to describe a woman was highly derogatory and a discrimination against women on grounds of marital status, Mahila Dakshta Samiti, a women's organisation has moved the Supreme Court for its recall. On October 21, a Bench of Justice Markandey Katju and Justice Gyan Sudha Misra in a judgment had said, “not all live-in relationship will amount to a relationship...

The SKS IPO and the Andhra Pradesh ordinance have suddenly changed everything. Will it be the death knell or will it usher in a reformed and healthy industry? There are three basic facts about micro-finance in India. First, most of what is described as micro-finance industry is actually micro-loans. There is hardly any provision of micro-savings, micro-investments, micro-insurance or micro-pensions. This is mostly because of regulatory reasons, i.e. accepting money...

Yaga Venugopal Reddy , former Reserve Bank of India governor credited with saving the nation’s financial system from the 2008 meltdown, has said what many finance experts believed, but did not have the courage to admit publicly: microfinance is India’s subprime. “Ultimately, it’s something like subprime lending,” Mr Reddy told ET in an interview ahead of his book release. “The same incentives are operating here... it was securitisation and derivatives that...

Six years after a Human Development Report on Gujarat was published, the state government has embarked on another survey for a similar report, albeit district-wise, whose publication date is yet to be decided. So far, study reports on five districts — Surendranagar, Jamnagar, Sabarkantha, Dangs and Surat — have been submitted whose drafts have been reviewed and sent back to the authors for consideration. G K Vyas, Director, Human Development, said that...