-Business World In the run up to Independence Day, Professor Ashok Gulati wrote a scathing critique of what he has described as “elitist biases in public policy”, that ignore the reality of the masses in rural areas. The reality he describes is that of low rates of growth in agriculture; a sector that majority of Indians still depend on. He lamented the excessive preponderance of economic policy discourse in the country...
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A bank account for Mary -Jayshree Venkatesan
-The Hindu The PMJDY celebrates success on its website, but thousands of Marys remain outside the banking system. This won’t change unless the scheme alters both design and implementation A few months ago, when the Pradhan Mantri Jan Dhan Yojana (PMJDY) was still being spoken of as a success for the largest number of accounts opened in a day, earning the government a Guinness world record, I visited the branch of a...
More »Too poor to qualify for loans -Mehboob Jeelani
-The Hindu Banks continue denying loans to low-income groups, insisting on sticking to a standard EMI route even though they are dealing with a complex social issue. In July 2012, Pradeep Kumar, a 36-year-old resident of Ladpur, a shanty town that sits on the north-western periphery of Delhi, applied for an employment loan at the magistrate’s office in Kanjawala district. Under the Pradhan Mantri Rozgar Yojana or PMRY — a funding policy...
More »Super rich defaulters push Indian banks towards collapse
-DNA What is worse is that just the top 30 cases of default account for a Rs 1.21 lakh crore, which is almost 40% of the Non Performing Assets (NPAs) in banks. The upper middle class, who usually takes loans of over Rs 1 crore, accounts for 33% of the total NPAs. It's not the poor farmers or the middle class who are defaulting on their loans. It's the country's super rich,...
More »Legal status, lack of coordination holding up Aadhaar and DBT -Ruhi Tewari
-The Indian Express The SC directive that Aadhaar can’t be made mandatory for any service — which the government can’t oppose until Aadhaar gets legal validity — has complicated the issue. On January 1, 2013, the Congress-led UPA government launched the Direct Benefits Transfer scheme, centred around the Aadhaar project begun a few years earlier. Teething troubles and implementation bottlenecks followed, the interest of the outgoing dispensation waned, and both Aadhaar...
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