The microcredit revolution has been celebrated for helping poor women in developing countries start small businesses. By borrowing money for purchases such as a buffalo or sewing machine, the women were able to help lift their families out of poverty. But critics say the microcredit model has been perverted by commercial greed in India, with reports of abusive collection methods and sky-high interest rates. "What began as a simple, innovative model...
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Rajasthan to start bajra procurement from Nov 1
On the approval and direction of Union Agriculture Ministry to contain stress sale by farmers, the Rajasthan Government will start procurement of fresh bajra produce at Minimum Support Price (MSP) of Rs 880 per quintal in 16 out of 33 districts from November one. Rajfed would buy bajra at 44 procurement centres, while Food Corporation of India at 25 centres, the Food and Civil Supply Minister Babulal Nagar told in a...
More »UIDAI to capitalise on financial inclusion plan by Kirtika Suneja
Getting rural India to register for Aadhaar, the unique identification number scheme, is going to be a rewarding experience for banks. Leveraging on the government’s financial inclusion agenda, the Unique Identification Authority of India (UIDAI) has decided to pay Rs 50 per enrolment to banks and Life Insurance Corporation of India, which are acting as its registrars, for signing up residents till March 2011. Besides, any person who is below...
More »Nabard objects to proposal on business houses taking over RRBs by Dinesh Unnikrishnan
Even before the Reserve Bank of India (RBI) finalizes the guidelines for handing out new bank licences, its draft proposal has evoked unease in the National Bank for Agriculture and Rural Development (Nabard), which oversees the country’s 82 regional rural banks (RRBs). Nabard has taken exception to the banking regulator’s proposal to allow industrial houses to take over RRBs and convert them into full-fledged banks, saying such a move could dilute...
More »Jharkhand to get one-day-per-week bank in every panchayat
The Reserve Bank of India has agreed to Jharkhand's request for banks having at least one-day-per-week branch in every panchayat to help beneficiaries draw wages under MGNREGA and money under social security schemes, a senior official said here today."The RBI has agreed to our request that banks should make efforts to open at least one-day-per-week branches in panchayats so that withdrawing wages under MGNREGA, (money under) social security and scholarships...
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