SKS Microfinance, India's largest microfinance player, arrived with a bang with its hugely successful IPO in August. However, the recent sacking of its MD and CEO Suresh Gurumani  has opened up a pandora's box that is now threatening to expose the ugly underbelly of the sector which, many allege, is teeming with players who are no better than moneylenders but have so far been able to operate under the pious...

The report of the Javid Chowdhury Committee facilitated the resumption, in February 2010, of vaccine production in the three public sector units, one in Himachal Pradesh and the other two in Tamil Nadu. Javid Chowdhury, a former Health Secretary of the Government of India, recommended that the suspension of their licenses for manufacturing vaccines in 2008 should be revoked in the public interest and on the strength of the compliance...

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...

Unhappy with law ministry's disclosure of then chief election commissioner N Gopalaswami's "confidential" complaint against his colleague Navin Chawla, the President's secretary had asked the personnel department to frame procedural guidelines and make requisite changes in the law to avoid such "embarrassing" situations. The department of personnel and training, after receiving a three-page communication from President's secretary Christy Fernandez in March, issued directions to all government departments to make public records...

Congress president Sonia Gandhi on Friday said that the central government would soon bring forth a food security bill for the benefit of the poorest sections of society. Addressing a Congress workers' 'Sadbhavna Rally' at Sewagram in Wardha district, about 85 km from here, Gandhi pointed out that the government has already legislated the Right to Education to ensure education for all children, and the food security bill will be the...