The accumulated interest collected by Microfinance institutions (MFIs) on loans shall not exceed the principal amount, according to the much-awaited ordinance promulgated by Governor E.S.L. Narasimhan here on Friday to put a check on their activities. However, the interest rate chargeable by the MFIs finds no mention in the ordinance as the government is of the view that this falls under the purview of the Reserve Bank of India (RBI), according...
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Rural children to be taught banking by Chitra Unnithan
Citi Centre of Financial Literacy, housed in the SEWA-promoted Indian School of Microfinance for Women (ISMW), plans to train children in rural areas to open bank accounts across the country. The centre also plans to teach children the fundamentals of saving and the utilisation of financial resources. It aims to collaborate with the Indian Institute of Banking and Finance for this initiative. "We are planning to build a rural cadre of...
More »Protests against finance firms as two more commit suicide
Two people committed suicide Monday in Andhra Pradesh after Microfinance companies allegedly harassed them for non-repayment of loans. Opposition parties have urged the government to take action against the firms while a rights panel has asked police to submit the reports on suicides. While an auto driver committed suicide in Warangal district, a woman ended her life in East Godavari district. Another woman attempted suicide by consuming pesticides in Karimnagar district...
More »Sewa founder worried over rural lenders' excesses
The controversy sparked by suicides and harassment of the rural poor by micro finance institutions has the Self-Employed Women's Association (Sewa) founder and Ramon Magsaysay award winner Ela Bhatt worried. Ahmedabad-based Bhatt, who set up Sewa in 1972 and is considered a pioneer in the field of micro credit in India, called the big boys of the micro finance industry for an informal chat on Monday. However, she is learnt to...
More »Struggles of rural women captured on celluloid by Priya M Menon
A strong protagonist who overcomes all odds, a village scoundrel who takes advantage of the ignorance and naivete of the people around him, family drama Usha Rajeswari's new directorial venture has all this and more. But Shakti Pirakkudhu' (A New Strength Is Born) is not your regular Tamil feature film. The protagonist is a middle-aged woman with two kids, and the odds she surmounts are the difficulties faced by women...
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