The Economic Offences Wing of the Central Bureau of Investigation has unearthed a multimillion-rupee bribery scam and arrested top officials of public sector banks and financial institutions, including the Chief Executive Officer of the Life Insurance Corporation Housing Finance Limited. On Tuesday, the CBI conducted raids in Mumbai, Delhi, Chennai, Jaipur, Kolkata and Jalandhar and seized some documents. “Five separate cases have been registered,” Joint Director P. Kandaswamy told a press...

Yaga Venugopal Reddy , former Reserve Bank of India governor credited with saving the nation’s financial system from the 2008 meltdown, has said what many finance experts believed, but did not have the courage to admit publicly: microfinance is India’s subprime. “Ultimately, it’s something like subprime lending,” Mr Reddy told ET in an interview ahead of his book release. “The same incentives are operating here... it was securitisation and derivatives that...

The Navi Mumbai airport has finally got the green signal, with a compromise being worked out after one and a half years of tussling between the Environment Ministry on the one hand, and the Civil Aviation Ministry and the Maharashtra government on the other. The decision was announced jointly on Monday by Environment Minister Jairam Ramesh, his Civil Aviation counterpart Praful Patel and the new Maharashtra Chief Minister Prithviraj Chavan. While the...

Frustrated by the government's attitude to disability, an advocacy movement has sprung up in Madhya Pradesh, central India, fighting for the universal right of all children to attend school 'What are friends for? You listen for us and we'll see for you." The black-and-white photograph beneath the words shows a smiling boy with his arm around his partially sighted classmate. It encapsulates the inclusive education ideal – all children of all...

The MMRDA is in the process of signing an MoU with the Regional Centre for Urban & Environmental Studies (RCUES) to prepare a Human Development Report on the Mumbai Metropolitan Region (MMR). United Nations Development Programme has also agreed to be associated with the report. The scope of work for the RCUES would be introducing geography of MMR, demographics, economic dimensions, health, education, housing and shelter, quality of life and environment....