Even before the Reserve Bank of India (RBI) finalizes the guidelines for handing out new bank licences, its draft proposal has evoked unease in the National Bank for Agriculture and Rural Development (Nabard), which oversees the country’s 82 regional rural banks (RRBs). Nabard has taken exception to the banking regulator’s proposal to allow industrial houses to take over RRBs and convert them into full-fledged banks, saying such a move could dilute...

In a bid to build up pressure before the meeting of the Forest Advisory Committee (FAC) to decide the fate of Posco’s mega steel plant in Orissa, those opposed to it stepped up the momentum. Project opponents, led by Posco Pratirodha Sangram Samiti (PPSS), the organization spearheading the agitation against the South Korean company, held a massive rally and protest meeting yesterday at Balitutha, entry point to the project site. People...

In 1957, the Communist Party of Kerala became the first democratically elected communist government in Asia. While many in the West feared that this election would help communism spread across South Asia and make Kerala the "Yan'an of India", the Keralite communists' actions were checked by Jawaharlal Nehru and the Congress party's control of the federal coffers. Instead, from within the political bounds of India's divided government, Kerala initiated what has...

The Centre is planning to impose a ceiling of 18 per cent on the interest rate charged by MFIs on loans to SHGs. This was indicated by Union Finance Minister Pranab Mukherjee to Chief Minister K. Rosaiah during a telephonic conversation recently. Disclosing this at a media conference here on Monday, Minister for Rural Development V. Vasanth Kumar and Minister for Agriculture N. Raghuveera Reddy said Mr. Mukherjee informed that the...

The 3-1 conclusion of the POSCO panel that all clearances to the Rs 50,000-crore project be scrapped should haven’t come as a surprise to at least one person: Environment Minister Jairam Ramesh. The panel’s report now wends its way through the Ministry’s official expert committees. For, Ramesh had handpicked these members and each of the three who opposed the project has, in the past, taken clearly stated positions on infrastructure projects,...