MICROFINANCE is an example of something that is sadly all too rare: an anti-poverty tool that usually at least breaks even. If you make small, uncollateralised business loans to groups of poor women, they almost always repay them on time. It has grown rapidly in many countries, not least Bangladesh and India. With nearly 30m clients each, these are now the world’s biggest markets for microfinance. Yet the industry has...

Admitting to irregularities in the export of non-basmati rice to some African countries during UPA-I tenure, the government on Friday said it has referred the matter to the CVC after slapping show-cause notices on officials of PSUs, involved in the transactions. The action follows an internal enquiry by the Department of Commerce which found that "the exporting public sector units did not follow the transparent procedure for selection of domestic associates...

Interest rates on loans from microfinance institutions (MFIs) are likely to be capped at around 24 per cent. Currently, MFIs are charging 26-40 per cent on small loans extended to their rural customers — many of whom are yet to get even a bank account — while urban customers get personal loans at 12 per cent from commercial banks. Though neither the RBI nor the government has fixed any ceiling on...

The minister for environment and forests, Jairam Ramesh’s order stopping Vedanta Aluminum Ltd and the Orissa Mining Corporation from mining bauxite in the Niyamgiri Hills to feed the company’s adjacent Lanjigarh aluminum refinery plant located in one of the country’s poorest districts in the name of tribal interest tends to miss the wood for the trees. It is based on the report of a four-member expert group under N C...

MONA SANGWAN, a teacher at a private school in Delhi, who earns just Rs. 4,000 a month and is her family’s sole earning member, had nearly begun to despair. How on earth was she going to raise Rs. 7,000 every month to buy the medicines her brother Ashwini, a kidney transplant patient, needed? Mona would have continued to despair had not the NGO Sarvohit Social Welfare Society stepped in. And to...