-Reuters SUPALI: Two years ago, Vilas Yelmar took out a 200,000 rupee ($3,610) bank loan to develop a small grape orchard in a dusty hamlet southeast of Mumbai. The bank has repeatedly asked for the loan to be repaid, but Yelmar, whose annual income has risen to 2 million rupees, has spent the money on a new sport utility vehicle and a lavish family wedding. He is one of an increasing number...

Delhi high court to hear central bank challenge to CIC order seeking information on defaults by top industrialists The Reserve Bank of India (RBI) has challenged an order by the Central Information Commission (CIC) asking the central bank to disclose names of the top 100 industrialists who have defaulted on loan repayments. In a writ petition to the Delhi high court, which is scheduled to be heard on 29 May, the central...

The finance ministry has asked public sector banks to devise products for Indian farmers to ensure they get adequate funding in emergencies. The government, the majority owner of such banks, wants them to roll out products such as emergency loans to farmers that will be linked to savings accounts, a weather index-based insurance product, and set up a credit guarantee fund that will aid farmers in the event of crop losses...

-PTI   Mamata had said that co-operative banks would not be allowed to attach properties of farmers for loan recovery in cases of default Refinance institution Nabard today said it would oppose any amendment to West Bengal Cooperative Societies Act of, 2006 as suggested recently by state Chief Minister Mamata Banerjee. "If the West Bengal government goes ahead with amending the Act without informing Nabard, then we will oppose it," National Bank for Agriculture...

-The Telegraph Former chief minister Buddhadeb Bhattacharjee today blamed Mamata Banerjee’s recent expressions of intolerance towards critics on her “lack of self-confidence”. He described as “paglamo (madness)” the new government’s curbs on co-operative banks’ loan recovery processes, saying it would “destroy” such banking systems. Asked during a TV interview about his successor’s frequent admonitions to the Opposition to keep mum and allow the new government to work, Bhattacharjee said: “It’s not just the...