Two months after the crisis in the microfinance industry broke out, resulting in the possibility of bank loans to the sector becoming non-performing, the government now wants to do a reality check. Last evening, the finance ministry dashed off a letter to public sector banks, Small Industries Development Bank of India and National Bank for Agriculture and Rural Development, asking them to furnish data on how much exposure they have to...

Agricultural Debt Wavier and Debt Relief Scheme (ADWDRS-2008), which was introduced by the Union Government in 2008 to provide debt relief to farmers, has backfired in Chickballapur district. Under the belief that the Government would come out with a similar debt wavier/relief scheme in the future, a majority of farmers have stopped repaying fresh agricultural loans they have taken during 2008-09 and 2009-10, subsequent to the implementation of ADWDRS-2008. Thereby, many farmers,...

The issues relating to the victims of endosulfan, sprayed in the plantations of Kasargod district in Kerala, have snowballed once again. “Earthworms emerged from the soil, and, subsequently, died. Then birds came to eat the earthworms and they died as well.”   “Some termites were killed in a cotton farm sprayed with endosulfan. A frog fed on the dead termites, and was immobilised a few minutes later. An owl which flew over...

Agriculture minister Sharad Pawar today said the government should take note of Ratan Tata’s statement that India risked turning into a “banana republic” and cautioned against the excessive use of the CBI. Pawar’s statement came in the middle of a CBI crackdown on an alleged bribes-for-loans scandal involving several top financial officials and real estate players in Maharashtra. Another real estate project, which was once associated with Pawar’s relatives, has been...

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...