The spurt in farm credit by commercial Banks, including regional rural Banks, has interestingly not led to any let-up in distress in the agrarian economy -- a mystery that continues to baffle academics, policy planners and, more recently, bankers Last week, a clutch of bankers and policy wonks gathered in Bangalore to review recent trends in farm credit. On the face of it, credit to the farm sector is on an...
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Asset quality, less credit to rural areas a concern: RBI
-The Economic Times The Reserve Bank today expressed concern over asset quality of Banks and lower credit flow to rural areas, despite the fact that performance of Indian Banks improved during the 2010-11 period. In its report titled 'Trend and Progress of Banking in India 2010-2011', RBI said that the Indian banking sector demonstrated continued revival from the peripheral spill over effects of the recent global financial turmoil in 2010-11, but despite...
More »Centre allows cash payment of MGNREGA wages by K Balchand
The UPA government has decided to allow cash payment of wages to workers under the Mahatma Gandhi National Rural Employment Guarantee Act in a desperate bid to increase demand for jobs that had gone down due to delayed payment of remuneration. Union Minister for Rural Development Jairam Ramesh on Monday made the announcement stating that the facility would be allowed in all the 60 left wing extremist (LWE) affected districts where...
More »‘Massive’ collections in Swiss black money probe by Ritu Sarin
Investigations say they have already mopped up a “massive amount” — running into “hundreds of crores” — as unpaid taxes from among the 700 numbered bank accounts held by Indians in HSBC Bank in Geneva in the ongoing scrutiny of what is considered a sprawling black money trail. In fact, Rs 40 crore has been recovered from Delhi-based account holders and Rs 60 crore from just one account holder in Chennai...
More »For rich or for poor? by Ashok Kotwal, Milind Murugkar and Bharat Ramaswami
'Food subsidy is a massive burden…if so much is spent on subsidies, what is left for development?' agriculture minister Sharad Pawar recently asked. It is a legitimate question that is on the minds of many but seldom gets asked for fear of appearing callous. Are we prematurely trying to be a welfare State? In the developed world, safety nets like food stamps are regarded as humanitarian obligations toward the poor....
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