The nearly 10 crore farmers who hold kisan Credit Cards (KCC) will soon be able to use their card as a deposit account and a debit card.  This will help the government scale up its financial inclusion plan quickly without relying on bank accounts alone.  KCC, which has been instrumental in faster delivery of credit to farmers, is like an overdraft account with a bank that has to be operated through a...

The Planning Commission today said Nandan Nilekani’s unique identification (UID) numbers were a more practical option than P. Chidambaram’s smart cards when it comes to electronic transfer of benefits to the rural poor. Plan panel deputy chairman Montek Singh Ahluwalia said the UID numbers could be used even through “mobile telephones while the smart card can only be read by a card-reader”. The commission and the home ministry have both been pushing...

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...

-CNN-IBN CNN-IBN has exposed an employment guarantee scam in Congress Chief Sonia Gandhi's constituency Rae Bareli where fake job cards are being used to siphon off money. An RTI application has thrown up some uncomfortable facts in this constituency where in the last 2 years, Rs 280 Crores were spent in Rae Bareli's MNREGS projects, but God knows where exactly is the money going! The national rural employment guarantee scheme is credited with...

The Finance Ministry has launched a concessional loan scheme for farmers to prevent distress sale of agricultural produce. Farmers who park their produce at warehouses will be able to avail short-term post harvest loan at 7% as against the prevailing rate of 11%-12%. Farmers making timely payment of the loans will further enjoy 3% interest subvention, bringing the real interest rate to 4%, according to the finance ministry directive. This will benefit...