The Cabinet has decided to write off loans amounting to around Rs.254 crore taken by fishermen from various cooperative institutions in the State, Fisheries Minister S. Sarma told a press conference here on Tuesday. Of this amount, a sum of Rs.221.15 crore is towards the principal of the loan and Rs.20 crore towards interest on the loan disbursed through cooperative societies. A sum of Rs.12.44 crore disbursed as loans through the...

The poster boy of microfinance is now seeking some anonymity. In Andhra Pradesh, the epicentre of the worst crisis faced by microfinance in India, SKS Microfinance is playing down its identity and going into preservation mode. At its modest office in a residential colony in Warangal district, India’s largest microfinance company has taken down its board. At its head office in upmarket Begumpet in Hyderabad, it hung a cloth mesh...

Mohali/Chandigarh: *Govt refuses to give into concession demands*Deputy CM says demands unjustified*Balbir Singh Rajewal sits on hunger strike Even as the farmers from across the state on Monday launched an indefinite agitation to mount pressure on the state government to accept their demands — for a financial package to farmers and waiver of electricity bills—¿ the Punjab government refused to accept any of them. Hundreds of farmers from across the state descended...

At a time when agriculture production has become key to economic expansion, the Union Cabinet on Friday will consider a proposal to fulfill its promise of crop loans at a cheaper rate of 5% to farmers who make timely repayment. In the current year's budget, finance minister Pranab Mukherjee had proposed to give up to 2% interest rate subvention to farmers who do not default on their repayments, making the...

When flames from an open cooking fire raced through Fida Hussein's shack in northern India, it was a disaster for him and his poverty-stricken family. "We have nothing," said Hussein as he stood in the ruins of his hut through which the sky could be seen between the burnt roof timbers in a remote corner of Uttar Pradesh, India's most populous state. India's number of millionaires grew by 51 percent...