What is life like at a water-strapped village, after its 15 minutes of fame? The hitherto nondescript Doba under Kudu block of Lohardaga district, with a population of less than 1,500, was thrust into flashbulbs during Wednesday’s high-profile visit of Reserve Bank of India (RBI) governor D. Subbarao, who came with a team comprising chief secretary A.K. Singh and senior officials of nationalised Banks. Not surprisingly, a hasty whitewash preceded the celebrity...

Farmer Dharamshyam Kujur put the hitherto nondescript village of Doba in Kudu block of Lohardaga district on the banking map of India today as he withdrew Rs 100 from his newly opened account. Watching him create history was Reserve Bank of India (RBI) governor D. Subbarao, who, as part of RBI’s ambitious outreach programme aimed at financial inclusion, inaugurated a smart card-based satellite banking system in the village earlier in the...

The Jharkhand Police has arrested seven persons for reportedly siphoning off Mahatma Gandhi National Rural Employment Guarantee Scheme funds. The FIR, filed on Tuesday at the Lapung Police Station, accuses assistant post master Binod Jaiswal, SBI’s accountant Anil Kumar Sinha, and five officials of the Block Development Office — programme officer Samir Sagar, Rojgar Sevak Sanjay Oraon, Panchayat Sevak Mansa Kachhap, junior engineer Bindeshwar Singh and assistant engineer Rahul Kumar...

In the absence of adequate banking services in rural areas in Jharkhand, some labourers sell their MGNREGA cheques to “middlemen” for a discount to get the money on the spot, a top official suggested on Wednesday. “Recently I went to Chatra and learnt that a MGNREGA labourer had sold his Rs. 100 cheque to get Rs. 70,” state Chief Secretary Ashok Kumar Singh said at a programme in presence of RBI...

Indian Centre for Islamic Finance delegation makes presentation at Yojana Bhavan The Indian Centre for Islamic Finance (ICIF) has made out a strong case before Prime Minister's Economic Advisory Council member V. S. Vyas for introducing interest-free banking in the country at the earliest to ensure “inclusive growth with innovation” in accordance with the recommendations of the Planning Commission's Raghuram Rajan Committee. An ICIF delegation from New Delhi, led by its general...