Technology is helping public sector banks find customers in rural India. This is part of the Centre’s efforts to include villages in the organized financial system; to ensure they are not cheated of their wages. Pilots show promise The current state of rural banking in the country is poor. A recent report, by the National Sample Survey Organization, revealed that 51.4 per cent of the 89.3 million total farmer households in...
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Food inflation inches up to 17.97% for the week February 6
India's food inflation rose for the fourth straight week in early February, heightening worries that it was driving up headline inflation past official forecasts and increasing the chance of the central bank pushing up rates. The food price index rose 17.97 percent in the 12 months to February 6, higher than an annual rise of 17.94 percent in the previous week, data released on Thursday showed. The fuel price index rose...
More »Basic economic freedom: why can’t we get it done?
Just as microcredit on its own does not represent full financial inclusion, it is our view that neither do business correspondent accounts In a country of 1.2 billion individuals, if we exclude children, we should at least have 900 million bank account holders before we can say the job of basic inclusion in banking is complete. No matter how we count, however, the actual number of bank account holders do not...
More »Maoism at Its Nadir: The Killings in Bengal by Vijay Prashad
Violence in West Bengal’s western districts has reached crisis proportions. Each day, one or more cadre member or sympathizer of the Communist Party of India (Marxist) [CPM] is killed either by Maoists or the Trinamul Congress (TMC). The Maoists have found common cause with the TMC, a breakaway from the Congress Party in Bengal. Mamata Banerjee, whose authoritarian populism draws from both Juan and Evita Peron, leads the TMC. Backed...
More »Private banks gear up to take on public banks in rural India by Anita Bhoir
India’s private sector banks are busy drawing up plans to attack public sector banks in their backyard—rural India—by opening hundreds of new branches. They don’t need to seek the Reserve Bank of India’s (RBI) nod any more to open branches in smaller towns and large villages, the so-called tier III to VI centres with population below 50,000. The Indian central bank has also permitted private and public sector banks to...
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