The microcredit revolution has been celebrated for helping poor women in developing countries start small businesses. By borrowing money for purchases such as a buffalo or sewing machine, the women were able to help lift their families out of poverty. But critics say the microcredit model has been perverted by commercial greed in India, with reports of abusive collection methods and sky-high interest rates. "What began as a simple, innovative model...

Getting rural India to register for Aadhaar, the unique identification number scheme, is going to be a rewarding experience for banks. Leveraging on the government’s financial inclusion agenda, the Unique Identification Authority of India (UIDAI) has decided to pay Rs 50 per enrolment to banks and Life Insurance Corporation of India, which are acting as its registrars, for signing up residents till March 2011. Besides, any person who is below...

Bardani Logun sits on a plastic chair in the communal room of a hostel in Rohini, north Delhi, where she lives with her toddler, and speaks candidly about being beaten, abused and starved. She is one of countless young women from the tribal belt of India who have migrated to Delhi to find work as live-in maids, hoping to send their earnings back home to support impoverished families in Jharkhand, Orissa,...

As part of its financial outreach programme in tune with national priority, city-based private sector Karnataka Bank Limited is all set to launch KBL-Empower Biometric smart card  at Babbur in Hiriyur taluk of Chitradurga district on Wednesday. P Jayarama Bhat, managing director of the Bank, will launch the card in the presence of Range Gowda, CEO, Chitradurga ZP who will distribute the card to the beneficiaries. With this, the bank is...

The Commonwealth Games were no showcase, but a mirror of India 2010. If they presented anything, it was this — Indian crony, casino capitalism at its most vigorous. The Commonwealth Games over, we can now return to those of everyday Indian life. For all the protests, though, there was nothing in the corruption that marked the Games that does not permeate every town and city, all the time. Just that, in...