Neglected by conventional banks, low-income women in Satara have set one up themselves. Not long after Chetna Gala Sinha came to the drought-stricken region of Mhaswad in western Maharashtra to marry a farmer and prominent local social activist, she began putting her university degree in finance into action. Local women, she observed, were wearing themselves out in subsistence livelihood such as growing grapes or selling vegetables. In 1992, Chetna, who grew up...

-The Business Standard   Achieves total financial inclusion in Andhra Pradesh. State Bank of India (SBI) is planning to use the rural banking correspondent (BC) network for farm loan recoveries in addition to the services prescribed under the financial inclusion plan by the Reserve Bank of India. The SBI’s Hyderabad circle with operational jurisdiction extending to the entire state of Andhra Pradesh is one of the first to achieve total financial inclusion. It has...

JANGU, 40, a Dalit labourer in Paraspur village in Gonda district, 120 km northeast of Lucknow, displays his job card in complete disbelief. “My job card was made three years ago and shows three payments. But I was never given any work, so how was the payment made?” he asks, puzzled. The first entry shows a payment of Rs 1,400 but he received a paltry Rs 100. He never went...

Expenditure incurred on advertisements to be recorded in ‘shadow expenditure register' Advertisements inserted by candidates contesting the forthcoming Assembly elections in Uttar Pradesh will have to be signed by them as well as by two witnesses in order to differentiate these from paid news and deter the candidates from having their way. The district election officers would ensure that the expenditure incurred on the advertisements was recorded in the ‘shadow expenditure register',...

Recent events in south Asia have led to an unexpected reversal in the narrative of microfinance, long presented as a development success. Despite charges of poor treatment of clients, exaggeration of the impact on the poorest as well as the risks of credit bubbles, the sector can play a non-negligible role in reaching financial services to low-income households. In regulating the sector, there is need for caution in setting interest...