India’s rapidly growing private microcredit industry faces imminent collapse as almost all borrowers in one of India’s largest states have stopped repaying their loans, egged on by politicians who accuse the industry of earning outsize profits on the backs of the poor. The crisis has been building for weeks, but has now reached a critical stage. Indian banks, which put up about 80 percent of the money that the companies...

Time magazine picked him as one of 100 people shaping our world. Today, he’s held responsible for bringing an exciting, inspirational business into disrepute. Oh, and his wife says he beat her and snatched their son. There could not be a more controversial torchbearer than Vikram Akula for an industry as quintessentially Indian as microfinance, the business of providing the poor with loans, as small as R5,000, secured not with...

Now, India is saying what the government already knew. Two-thirds of India (66%) feel government programmes like the Mahatma Gandhi National Rural Employment Guarantee Act, Bharat Nirman and Rural Health Mission are the best way to ensure that the benefits of India’s steroid-charged growth rates reach those who have been left out of the "India Shining" story. A Hindustan Times-CNN IBN survey conducted by research organisation C fore of 1,621 adults...

The opening and closing ceremonies received wide acclaim but left many citizens like me a bit terrified and confused. Now that the terms of inquiry into the conduct of the Commonwealth Games have been extended, let us hope that the process of probe will be more open than was decision-making for the CWG. Let us also hope that the review will cover the opening and closing ceremonies as well, both in...

Amid the heat and dust over high interest rates charged by microfinance institutions and reports of coercive recovery methods by some lenders in Andhra Pradesh, MFIs in eastern India are trying to strike a more cordial note with borrowers by lowering interest rates. At least three MFIs based out of Kolkata are on the verge of slashing lending rates by nearly 500 basis points to 19.1% per annum, on reducing balance...