THE Reserve Bank of India (RBI) has decided to accept NREGS job cards or Aadhar letter as official documents for opening accounts in Rural cooperative banks for persons covered under the scheme. This will enable the job card holders or the workers to keep their money is safe custody. An RBI communique to the state and district cooperative banks has said that the accounts can be opened with certain conditions attached as...

The case of each areca grower who has taken loans from cooperative societies or banks will be studied individually to determine whether the farmer is genuinely unable to repay the loan. This decision was taken at a meeting of areca growers with Deputy Commissioner Subodh Yadav and officials of various departments on Thursday. Mr. Yadav made the suggestion after listening to a delegation of farmers, most of them members of the Karnataka...

After the sanctioning of education loans, the public and private sector commercial bankers have shown almost no interest in sanctioning farm loans this year. The farmers in Madhya Pradesh continue to face financial strain and have stayed away from bankers. But the bankers consider last year’s debt waiver scheme being responsible for the low agri credit flow. While state-owned cooperative bankers moved ahead in sanctioning and disbursing priority sector advances, private...

Non availability of timely credit has been a major drawback for the agricultural sector of India. In a country which relies mostly on agriculture, constant endeavors are needed to see that rural and agricultural credit facilities are enhanced with time. As a part of these efforts, agricultural credit cards got introduced in the agricultural lending system. Similarly cash credit facility was also being offered by many banks. However, a major shortfall...

A generally beleaguered microfinance industry was eagerly waiting for Yezdi Malegam for deliverance. Any conversation about the microfinance business would end with the expectation that the Malegam committee would deliver a healthy dose of oxygen to the choking microfinance industry. The report was expected to be the panacea for all that ails microfinance in India. The report, which came out on Monday, disappoints not only in its inability to meet these...