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Govt to amend law so RBI can sell 1% stake in Nabard-Remya Nair

Central bank sold its majority stake in Oct 2010; change will ensure entire equity  is held by the govt The government will amend a law governing the National Bank for Agriculture and Rural Development (Nabard) to allow the Reserve Bank of India (RBI) to sell its 1% stake in the development lender. The central bank sold its majority stake in the lender to the government in October 2010. The government owns 99%...

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Ask in haste, repent in leisure-Devadeep Purohit and Meghdeep Bhattacharyya

A moratorium is not the magic bullet that can slay Bengal’s fiscal demons, several economists have said, pointing out that postponing the inevitable will be of little use unless backed up by a revenue mobilisation road map. Chief minister Mamata Banerjee had yesterday set a 15-day deadline for the Centre to announce a three-year moratorium on the payment of interest on the loans Bengal had taken. “A moratorium on repayment obligations can...

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No soft landing-N Madhavan

Will Vijay Mallya commit suicide for running up huge losses at Kingfisher Airlines," asks Talaka Rajiah, a farmer near Parkala town, 35 kilometres from Warangal in Andhra Pradesh's Telangana region. "He will not. The government has already thrown some lifelines for him and the airline sector in the Budget," says Rajiah, who also happens to be the secretary of the Telangana Farmers Association. "But when it comes to farmers the...

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Farm revolution: Indian farmers finally embrace mechanisation

-Reuters   PERLE: As a shiny red harvester bounces across the black earth into the first row of sugar cane, excited schoolchildren run after it and several dozen men stand gaping in the wake of its swift progress. It's the first time that Perle, a village on the Banks of the Krishna river in Maharashtra state, has seen a machine used for cutting the tough cane. "This machine will harvest my entire field today,"...

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Rural penetration of Banks has increased, says RBI-AJ Vinayak

The RBI’s monetary policy statement for 2012-13 has said that penetration of Banks in rural areas has increased. It said that Banks are now providing banking services in rural areas through 1,38,502 outlets. This includes 24,085 rural branches, 1,11,948 business correspondent outlets, and 2,469 outlets through other modes. In early March 2010, Banks had only 21,475 brick and mortar branches in rural areas. No-frills accounts No-frills accounts have increased to around 99 million with...

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