-Frontline The problem in rural India is not one of too much credit to poor households that leads to debt waivers that damage bank balance sheets, but one of inadequate access to credit from formal sources. IF Reserve Bank of India Governor Raghuram Rajan is to be believed, efforts to help Indian farmers by providing them with cheap(er) credit and relieving them of an unsustainable debt burden only harms them in the...
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Question of survival -TK Rajalakshmi
-Frontline Despite the negative observations and criticisms, there is a strong case for MGNREGS works to be continued even in States with high per capita incomes. Hisar and Fatehabad: CONTRARY to general opinion, demand for work under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) is high in Haryana. Contrary also to the views in recent discussion papers, one of them commissioned by the Commission for Agricultural Cost and Prices...
More »The Political Economy of Shadow Finance in West Bengal-Subhanil Chowdhury
-Economic and Political Weekly The Saradha group's collapse has possibly bankrupted lakhs of small investors robbing them of their life svaings, and has rendered thousands of its agents jobless. The scam highlights the failure of the government and its regulatory agencies to reign in the mushrooming chit fund companies in West Bengal. It also brings under the scanner the Trinamool Congress' proximity with the tainted group. In the wake of the...
More »CAG finds lapses in Rs 52,000 cr farm debt waiver scheme
-PTI The BJP alleged there was a "big scam" worth Rs 10,000 crore in the implementation of the scheme and demanded strict action against those responsible Expressing serious concern over the implementation of the Rs 52,000-crore farm debt waiver scheme, government auditor Comptroller and Auditor General (CAG) on Tuesday said in several cases ineligible farmers were given benefit while deserving ones were left out. The CAG has also found instances of tampering of...
More »Bank officials, microfinance institutions cornered benefits of farm loan waiver: CAG report -Pradeep Thakur
-The Times of India The UPA-1's Rs 52,000 crore farm loan waiver scheme is turning out to be a big financial scandal. Out of 1 lakh farm loan waiver accounts audited in 700 bank branches across the country — involving disbursement of Rs 500 crore — about 30% of the waiver amount was allegedly found to have been siphoned off by a nexus of bank managers and microfinance institutions (MFIs). A comptroller...
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