The nearly 10 crore farmers who hold kisan credit cards (KCC) will soon be able to use their card as a deposit account and a debit card.  This will help the government scale up its financial inclusion plan quickly without relying on bank accounts alone.  KCC, which has been instrumental in faster delivery of credit to farmers, is like an overdraft account with a bank that has to be operated through a...

-The Hindu To overcome the delay in payment of wages to the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) workers in Jharkhand, allegedly owing to administrative apathy, the Unique Identification Authority of India (UIDAI) has piloted a project in Jharkhand. Under the project, online authentication and Aadhaar Enabled Payment System (AEPS) in respect of MGNREGS was conducted in three blocks of three districts. First time in India For the first time in India,...

Neglected by conventional banks, low-income women in Satara have set one up themselves. Not long after Chetna Gala Sinha came to the drought-stricken region of Mhaswad in western Maharashtra to marry a farmer and prominent local social activist, she began putting her university degree in finance into action. Local women, she observed, were wearing themselves out in subsistence livelihood such as growing grapes or selling vegetables. In 1992, Chetna, who grew up...

The Finance Ministry has launched a concessional loan scheme for farmers to prevent distress sale of agricultural produce. Farmers who park their produce at warehouses will be able to avail short-term post harvest loan at 7% as against the prevailing rate of 11%-12%. Farmers making timely payment of the loans will further enjoy 3% interest subvention, bringing the real interest rate to 4%, according to the finance ministry directive. This will benefit...

The move to set aside 4.5% share for minorities, including Muslims, within an existing affirmative-action system for other backward classes (OBCs) is legally sound, Rajya Sabha deputy chairperson K Rahman Khan has said. Rahman Khan, whose “reservation” model for Muslims in Karnataka served as a model reference point for the government’s decision, however said declaring the entire community backward based on Sachar's findings alone, as demanded by many Muslims, was not...