One of the key factors to inclusive growth is financial inclusion for all. Financial inclusion refers to universal access to a wide range of banking solutions and financial services in a fair, predictable and transparent manner at affordable costs. The poor tend to be ignored because the transaction costs in serving them are high. Initiatives that reduce these costs will allow service providers to begin thinking of financial services for...

-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...

-The Financial Express   Come next financial year, the PAN card is likely to become the most potent tool for the Income Tax Department to unearth black money, tax evasion and instances of criminal financing in the country. A recent directive of the Central Board of Direct Taxes (CBDT) to the I-T Dept has asked its officials to launch a special drive against those who have "not furnished their PAN (Permanent Account Number)"...

On a wall on Station Road, among posters of Khoonkar Darinde and The Dirty Picture, Amitabh Bachchan looks out of a row of yellow-and-red posters and says, “Do boond har baar.” Here in Moradabad, the town in western Uttar Pradesh that till recently exported, besides its intricate brassware, strains of the deadly polio virus, the posters have been around for long. The writing on the wall was clear: this was...

The nearly 10 crore farmers who hold kisan Credit Cards (KCC) will soon be able to use their card as a deposit account and a debit card.  This will help the government scale up its financial inclusion plan quickly without relying on bank accounts alone.  KCC, which has been instrumental in faster delivery of credit to farmers, is like an overdraft account with a bank that has to be operated through a...