The Centre is planning to impose a ceiling of 18 per cent on the interest rate charged by MFIs on loans to SHGs. This was indicated by Union Finance Minister Pranab Mukherjee to Chief Minister K. Rosaiah during a telephonic conversation recently. Disclosing this at a media conference here on Monday, Minister for Rural Development V. Vasanth Kumar and Minister for Agriculture N. Raghuveera Reddy said Mr. Mukherjee informed that the...
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MFI interest rate on loans likely to be capped at around 24 pc by Mashusudan Sahoo and George Mathew
Interest rates on loans from microfinance institutions (MFIs) are likely to be capped at around 24 per cent. Currently, MFIs are charging 26-40 per cent on small loans extended to their rural customers — many of whom are yet to get even a bank account — while urban customers get personal loans at 12 per cent from commercial banks. Though neither the RBI nor the government has fixed any ceiling on...
More »Give details of bribery in loan waiver scheme, banks told
THE government has directed public sector banks to provide data on corruption charges against bank officials involved in the agricultural loan waiver scheme after complaints that many of them took bribes for processing applications. The finance ministry wants to put such cases on fast track as the performance audit of the scheme has already been initiated by the comptroller and auditor general of India (CAG), the government’s statutory auditor. The...
More »NABARD assistance to SHGs in marketing their products by M Soundariya Preetha
In an effort to give a fillip to sale of products made by Self-Help Groups (SHGs) in the State, the National Bank for Agriculture and Rural Development (NABARD) helps the groups market their products at exhibitions and during festival seasons. According to V. Suresh, Assistant General Manager of the bank, for the last three years, the NABARD has been organising exhibitions in Chennai during Navarathri festival. Sales Last year, 28 stalls were put...
More »Panel to find ways for convergence of NREGA, water projects
Government has set up an expert group to devise better methods to achieve convergence of MGNREGA activities with that of various water conservation and management programmes. The 30-member expert group, constituted by the Rural Development Ministry, will be headed by the CEO of the National Rainfed Areas Authority. "It has been decided to constitute an expert group to devise process, methodologies and mechanisms for convergence of Mahatma Gandhi NREGA with...
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