National Advisory Council chairperson Sonia Gandhi has requested Prime Minister Manmohan Singh to give “suitable directions” to rescue the MNREGA and ensure that all workers get paid in accordance with the Minimum Wages Act (1948). In a letter dated November 11, Sonia Gandhi, who is also UPA chairperson, has appended a 10-page note on the subject. The note details the concerns and outlines the legal arguments in support of paying workers...
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Five myths about microfinance by TT Ram Mohan
The microfinance bubble has burst. The AP government ordinance, the AP oppositionfs campaign asking borrowers not to repay and the sheer public hostility towards MFIs . all these have put the brakes on MFI activities for now. We need to rethink the role of MFIs in the rural economy . In order to do so, we must first grasp some of the myths on which the MFI sector has rested...
More »After RTI revelations, new CM may return flat
He got flat, meant for weaker sections, under MPs' quota Maharashtra's new Chief Minister Prithviraj Chavan may return a flat allotted in May 2003 under the MP's quota, now that a Right To Information application has revealed that he owns the flat provided under the discretionary quota. The application by RTI activist Anil Galgali, seeking the names of those who owned flats under the Chief Minister's discretionary quota, showed that Mr. Chavan...
More »Need to regulate microfinance institutions: AIDWA by Parvathi Menon
Among the several resolutions passed on Thursday by the 9th conference of the All India Democratic Women's Association (AIDWA) in Kanpur, one of the most important ones was on the need to regulate microfinance institutions (MFIs), which are exercising an iron grip on poor women debtors in several States of the country. The resolution drew attention to the “spate of suicides as a result of the harassment and strong-arm tactics employed...
More »SKS Microfinance threatens to sue over loan repayment
Leading micro-lender SKS Microfinance today hinted that it could move the courts if the recent Andhra Pradesh notification prohibiting collection of loan repayments on a weekly basis is not withdrawn.The notification stipulated that the periodicity of repayment by self-help group (SGH) members to MFIs should not be less than a month, even under existing loan agreements.However, microfinance institutions operating in the state have railed against the move."In the event the...
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