The city is teeming with guests. They are migrant workers from neighbouring states who are in the city for work, for better income, for better living conditions and for everything else that makes the city attractive. They are mostly employed in the unorganised sector, as vendors, contract workers at construction sites, rickshaw-pullers or domestic workers. The city does not seem to care for them. They stumble around learning the ways of...
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Five myths about microfinance by TT Ram Mohan
The microfinance bubble has burst. The AP government ordinance, the AP oppositionfs campaign asking borrowers not to repay and the sheer public hostility towards MFIs . all these have put the brakes on MFI activities for now. We need to rethink the role of MFIs in the rural economy . In order to do so, we must first grasp some of the myths on which the MFI sector has rested...
More »Jharkhand to get one-day-per-week bank in every panchayat
The Reserve Bank of India has agreed to Jharkhand's request for banks having at least one-day-per-week branch in every panchayat to help beneficiaries draw wages under MGNREGA and money under social security schemes, a senior official said here today."The RBI has agreed to our request that banks should make efforts to open at least one-day-per-week branches in panchayats so that withdrawing wages under MGNREGA, (money under) social security and scholarships...
More »Smart cards for NREGA, pension beneficiaries
As part of its financial outreach programme in tune with national priority, city-based private sector Karnataka Bank Limited is all set to launch KBL-Empower Biometric smart card at Babbur in Hiriyur taluk of Chitradurga district on Wednesday. P Jayarama Bhat, managing director of the Bank, will launch the card in the presence of Range Gowda, CEO, Chitradurga ZP who will distribute the card to the beneficiaries. With this, the bank is...
More »RBI for timely payment of rural job scheme workers by KA Gupta
The Reserve Bank of India (RBI) is to consider a proposal for opening of weekly branches in unbanked panchayats in the state. Gumla is one among the 16 districts, which have been classified as under-banked districts in the state. Delay in disbursing wages under MGNREGA and executing other welfare schemes will now be sorted out by reaching banking services to hitherto unbanked areas and new measures have also been initiated. Before the...
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