-PTI MUMBAI: The Reserve Bank of India has ordered Punjab and Maharashtra Co-operative (PMC) Bank not to do any business for six months and capped depositor withdrawals at Rs 1,000, throwing the lives of thousands of traders, self-employed and daily wage earners into disarray. The regulator has also appointed an administrator for the bank. Defaults appear to have surged in the past six months amid tight economic conditions and some lumpy loans...
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Will our farmers be thrown out like stateless immigrants?
-The Telegraph More than half of the country's small and marginal farmers continue to be left out of the ambit of formal finance A recent report by the Reserve Bank of India found that despite a plethora of schemes aimed at financial inclusion, only 40.9 per cent of small and marginal farmers have so far been covered by the banking system. Small and marginal farmers are defined as those with operational land...
More »Why India's growth figures are off the mark -Arun Kumar
-The Hindu The over-reliance on the organised sector for official GDP data is causing a gross miscalculation. During the global financial crisis, it was said that the experts were behind the curve. The International Monetary Fund (IMF) and financial sector experts continued to predict till October 2008 that the global economy would grow rather than shrink. They were way off the mark since the global economy was rapidly slipping into a great...
More »Financial exclusion: 40.9 per cent of small, marginal farmers not covered by banks -George Mathew
-The Indian Express Despite so many initiatives and schemes aimed at financial inclusion, only 40.90 per cent of SMF could be covered by the scheduled commercial banks (SCBs), the report submitted by the RBI panel has said. The Reserve Bank of India’s Internal Working Group (IWG) to review agricultural credit — headed by Deputy Governor MK Jain — has raised several concerns on the farm front as lakhs of small and...
More »RBI panel questions efficacy of populists schemes for farmers, in favour of more structural changes -Atmadip Ray
-The Economic Times The group is also in favour of revising the sub-target for small and marginal farmers to 10% from the existing 8% of adjusted net bank credit with a roadmap of two years. KOLKATA: A Reserve Bank of India working group on agricultural credit has questioned the efficacy of populist measures such as debt waiver and interest subsidy on crop loans, while suggesting a slew of structural changes to boost...
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