The Centre is planning to impose a ceiling of 18 per cent on the interest rate charged by MFIs on loans to SHGs. This was indicated by Union Finance Minister Pranab Mukherjee to Chief Minister K. Rosaiah during a telephonic conversation recently. Disclosing this at a media conference here on Monday, Minister for Rural Development V. Vasanth Kumar and Minister for Agriculture N. Raghuveera Reddy said Mr. Mukherjee informed that the...

The Andhra Pradesh Police on Friday said it has arrested three people working with SKS Microfinance and Spandana on a complaint of harassment by a borrower, and might book the companies' respective promoters Vikram Akula and Padmaja Reddy under a new Ordinance to check coercive methods of loan recovery. The borrower, Ammulu, filed the complaint with the Yemmiganur police station in Kurnool district, about 270 km from Hyderabad, last night. A...

Public uproar over 20 Suicides in two months has forced the Andhra Pradesh government to act to regulate micro-finance institutions. On October 14, the state government brought an ordinance making it compulsory for MFIs to register themselves, declare the effective rate of interest they charge, ensure that no security is sought for loans and no coercion is used for recovery. Non-compliance will be punished with a three-year prison term and a...

Even as the nation celebrated Dussehra, families of distressed farmers of Vidarbha  were mourning. Seven debt-ridden farmers, primarily cotton-growers, ended lives on the eve of Dussehra. The toll has risen to 30 in October and 622 farmers have killed themselves since January this year. The deceased include Waman Awari, Vijay Dandage, Dhyaneshwar Choudhari (all from Yavatmal district), Prabhakar Wakte (Akola), Ladhu Madavi (Chandrapur), Bhiagirath Pathorkar (Amravati) and Raju Lahorkar (Washim district). According...

Jatland may be basking in the golden glow of women medal winners at the Commonwealth Games but the average Haryanvi continues to disfavour the girl child, posting the worst gender skew in five years. The sex ratio in Haryana has skid to its lowest of 834 girls for 1,000 boys in the age group of 0-6 years in the past five years. In 2006, it was 857 girls for 1,000 boys...