-Business Standard The year-on-year growth in credit was just 6.6%, down from 9.3% a year ago Mumbai: Showing effect of demonetisation, bank credit in India shrunk by Rs 61, 000 crore (0.8% in fifteen days ended November 25, 2016) on the demand destruction. In contrast, banks are trying to cope with the huge inflow of money as people deposited Rs 4,03,000 crore during the same period. The outstanding credit of banking system in...
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Will note ban dry up informal loans in rural India? -Sayantan Bera
-Livemint.com Nearly 40% of loans taken by agricultural households come from informal sources, shows data New Delhi: Demonetisation of high value currency has impacted the rural and agriculture sectors in several ways. In the days following Prime Minister Narendra Modi announcing withdrawal of Rs500 and Rs1,000 notes, trade in wholesale markets took a hit due to the acute cash crunch and farmers resorted to distress sales of perishables like fruits and vegetables....
More »Narendra Modi's crop insurance scheme has few takers -Sayantan Bera
-Livemint.com Only 23.6% of farmers enrolled for the scheme in 2016, against 22.2% in 2015 New Delhi: Despite setting an ambitious target to cover half of all farmers under crop insurance, the first season rollout of the Pradhan Mantri Fasal Bima Yojana (PMFBY) has been tepid. According to the agriculture ministry, during the kharif 2016 season beginning June this year, 32.6 million farmers enrolled under PMFBY. While that is a 6.3% rise in...
More »Unable to enter banks for seven days, scrap dealer commits suicide in Delhi
-Hindustan Times New Delhi: When seven days of standing in long queues outside banks yielded no results, a 35-year-old scrap dealer allegedly committed suicide by hanging from a ceiling fan at his house in northeast Delhi’s Mustafabad on Thursday night. Mohammed Shakeel was reportedly frustrated because he couldn’t exchange old notes worth Rs 5,000. He had to pay instalments of two loans as well. Shakeel’s family said he went to banks early morning,...
More »Rural distress -TK Rajalakshmi
-Frontline.in To rural India, which is already reeling under multiple crises, demonetisation has come as yet another blow. WHEN the Prime Minister made the decision to withdraw Rs.500 and Rs.1,000 notes, he did not quite factor in the impact it would have on agriculture. Despite the rhetoric the concept of digital wallets has not yet entered rural India unlike in much of the country’s urban areas, and much of rural and...
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