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 Reserve Bank of India (RBI) is to consider a proposal for opening of weekly branches in unbanked panchayats in the state. Gumla is one among the 16 districts, which have been classified as under-banked districts in the state. Delay in disbursing wages under MGNREGA and executing other welfare schemes will now be sorted out by reaching Banking Services to hitherto unbanked areas and new measures have also been initiated. Before the...

While there is all-round concern about how the NREGA funds are being utilised at the grass-roots level, the Union rural development ministry has initiated the process of inducting technology to streamline the delivery system under NREGA. This will have a revolutionary impact on programme delivery. With about 50 million people working on site in 2,50,000 panchayats all across the country, the magnitude of the task is daunting. However, once the initial...

The Prime Minister, Dr Manmohan Singh, on Friday reviewed the progress towards financial inclusion by banks in India. Dr Singh was briefed on the efforts being made by banks to reach Banking Services through information and communication technology based models and banking intermediaries to 73,000 rural habitations having population of over 2000 as per the 2001 census by March 2012. The Prime Minister also reviewed the safety and security measures...

`Financial Inclusion' as defined by the committee of financial inclusion is the process of ensuring access to financial services and timely and adequate credit, where needed by vulnerable groups, such as weaker sections and lower income groups at an affordable cost. Reserve Bank of India (RBI) has selected Baikunthpur village in Narayanpur block of Mirzapur district to provide Banking Services to the villagers under its financial inclusion programme. The programme...