-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...
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Drilling holes in the Thirst Economy-P Sainath
-The Hindu As the borewells go deeper in Maharashtra, there have been worrying instances of ‘paleo-historic storages' being breached "Only two of them work," says Badri Kharat of his borewells in Roshangaon. That's hard - when you've sunk 36 of them spending millions of rupees, as he has. Kharat, a big landowner and local political personage, has been generous to his neighbours in this village of Jalna district. He pipes in drinking...
More »Private banks reluctant about rural lending -Dinesh Unnikrishnan
-Live Mint Experts say private banks achieve lending obligations by buying out loans from non-banking entities Most private banks in India have not been able to meet the needs of farmers although they are expanding their rural and semi-urban branch network. This is why the Reserve Bank of India (RBI) is insisting that at least one-fourth of the branches of the new banks that will be given a licence must be located...
More »Give More Info on Money Laundering: Fin Min to Banks
-Outlook Taking note of a sting operation that alleged money laundering by three leading private sector lenders, the Finance Ministry today said that it has asked banks for more details on the issue. "RBI has contacted the banks invloved...We have asked banks for more details on the expose," Banking Secretary Rajiv Takru said here. Meanwhile, RBI Deputy Governor Urjit Patel in Mumbai said the central bank is in touch with the concerned banks...
More »ICICI Bank to probe money laundering allegations-Somasroy Chakraborty
-The Business Standard Forms high-level inquiry committee to submit report in two weeks ICICI Bank today said it has constituted a high-level inquiry committee to probe allegations that it is one of the Indian banks that run a nationwide money laundering racket. The committee will submit its report within two weeks. "We are deeply concerned with the media reports. We want to assure our customers and all our other stakeholders that we are...
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