The National Rural Employment Guarantee Act (NREGA) completed five years this month. Pandurni village, in Nanded district in Maharashtra, is in high spirits. It has won the award for best performance in implementing the Rural Employment Guarantee Scheme for 2009-10. Around 1,500 people from this village are registered under this scheme, and over 800 have benefitted from it. Yahswant Suryavanshi is one of them. This owner of two hectares of agricultural land says...
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Malegam report to hurt microfinance by Krishnamurthy Subramanian
An empirical analysis of the microfinance industry shows that the recommendations of the Malegam committee would have significantly more detrimental consequences than have been anticipated in the report. The microfinance exchange (www.mixmarket.org) is the most comprehensive data source for MFIs across the world. Table 1 displays the information on several parameters of Indian MFI performance for 2009. Column 2 displays the average values of performance parameters across 88 Indian MFIs....
More »Who is responsible for India's poor – the state or the private sector?
Regulation in India's microfinance sector aims to address feckless borrowing and reckless lending – but will the new restrictions entrench poverty, rather than end it? One of the many crushing burdens for India's poor bear is debt; unable to make ends meet, they turn to traditional moneylenders. They are willing to extend credit, but at unconscionably high rates – sometimes exceeding 80%, and keeping borrowers in lifelong penury. Popular cinema and...
More »SKS may shut shop in Andhra Pradesh by Dinesh Unnikrishnan & Aveek Datta
SKS Microfinance Ltd on Thursday said it may downsize operations and even “shut shop” in Andhra Pradesh, which accounts for a quarter of its business, if the southern state retains its recent Act governing microcredit operations. “If the state Act is not repealed, we wouldn’t have a choice but to shut shop in Andhra and leave,” founder and chairman Vikram Akula said. India’s largest and only listed microfinance institution (MFI) would not,...
More »Sanjay Dixit, Central Employment Guarantee Council interviewed by Sreelatha Menon
Sanjay Dixit is a member of the Central Employment Guarantee Council, a statutory body set up under the National Rural Employment Guarantee Act (NREGA). He was initially chosen by Congress General Secretary Rahul Gandhi to head an NREGA cell in Uttar Pradesh where he has become an official whistleblower of sorts, unearthing several instances of fund diversion in many districts. He talks about the malaise in the five-year-old law that...
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