-AP The microfinance industry pursued a path of rapid business growth in recent years; two investigations now link it to debtor suicides First they were stripped of their utensils, furniture, mobile phones, television sets, ration cards and heirloom gold jewellery. Then, some of them drank pesticide. One woman threw herself into a pond. Another jumped into a well with her children. Sometimes, the debt collectors watched nearby. More than 200 poor, debt-ridden residents of...
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No Bundle Packs Here by Anuradha Raman
Farmer suicides are endemic, who knew? Chances are no one’s heard about Azad’s death in Bachlapur village though Lalitpur, where the Congress, the BSP and the SP are in a battle for votes, is only 15 km away. Farmer suicides aren’t an election plank and parties prefer trading corruption charges. Rahul Gandhi’s much-touted Bundelkhand development authority proposal remains just that. More than 500 committed suicide in the Bundelkhand region last...
More »JNNURM, farmers’ loan waiver scheme under CAG lens by Pradeep Thakur
The Comptroller and Auditor General (CAG) is giving final touches to two reports where it has pointed out anomalies in allocation of funds under the centrally-runJNNURM scheme and UPA government's debt waiver to farmers in 2008, something the opposition may use as a stick to beat the government during the budget session. In the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), the CAG, sources said, is reviewing how central funds were...
More »RBI wants stay on CIC order on Panipat resident's RTI plea by Anita Singh
Reluctant to reveal the names of top 100 bank Loan Defaulter businessmen of the country, the Reserve Bank of India (RBI) has filed a petition in the Delhi High Court, seeking a stay on the orders passed by the Central Information Commission (CIC). On November 15, CIC, while deciding a petition filed by local RTI activist P P Kapoor, had directed the RBI to provide him the names of defaulters by...
More »What’s Wrong and Right with Microfinance by David Hulme and Thankom Arun
Recent events in south Asia have led to an unexpected reversal in the narrative of microfinance, long presented as a development success. Despite charges of poor treatment of clients, exaggeration of the impact on the poorest as well as the risks of credit bubbles, the sector can play a non-negligible role in reaching financial services to low-income households. In regulating the sector, there is need for caution in setting interest...
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