SKS Microfinance, India's largest microfinance player, arrived with a bang with its hugely successful IPO in August. However, the recent sacking of its MD and CEO Suresh Gurumani has opened up a pandora's box that is now threatening to expose the ugly underbelly of the sector which, many allege, is teeming with players who are no better than moneylenders but have so far been able to operate under the pious...
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Haryana asks banks to reduce rate of interest
Haryana Chief Minister Bhupinder Singh Hooda today said nationalised banks should reduce interest rates as has been done by state cooperative banks on short-term loans to small and marginal farmers in the state. This issue was raised with State Bank of India officers here today on the occasion of signing of Memorandum of Understanding (MoU) between Lakshya Food India and State Bank of India (SBI), an official release said. The...
More »State Bank to jack up rural lending by 25% by Anita Bhoir
State Bank of India, the country’s largest bank, plans to scale up its rural book in keeping with its objective to increase financial inclusion. The bank plans to increase its rural lending book by 25% and its deposit base by about 28%,’’ said Jayanta K Sinha chief general manager, rural business, SBI. The bank is also in the process of teaming up with corporates, who would be Business Correspondents(BC). “In keeping...
More »Training on MGNREGA and SGSY conducted
One day training on MGNREGA and SGSY for Pfutsero and Kikruma Blocks was held on September 20 at Nazareth Higher Secondary School Hall, Pfutsero. The training was sponsored by DRDA, Phek. 96 participants consisting of VDB Secretaries, VCC, VMC Chairmen (MGNREGA), Field workers/GRS from all the 28 villages attended the training on MGNREGA and another 52 participants representing SHGs and selected beneficiaries (swarosgaris) attended Training on SGSY. Japra Swuro, BDO,...
More »Wary SC judges take bank details off website by Dhananjay Mahapatra
After taking the historic step of putting details of their assets and liabilities on the Supreme Court’s official website, some of the judges had to scurry for cover in the face of looming threat from cyber criminals and had to change their bank account numbers. Speaking at a national consultative meeting on launching of cyber law enforcement programme on Sunday, Chief Justice K G Balakrishnan said, "We had put on...
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