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...
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Rural children to be taught banking by Chitra Unnithan
Citi Centre of Financial Literacy, housed in the SEWA-promoted Indian School of Microfinance for Women (ISMW), plans to train children in rural areas to open bank accounts across the country. The centre also plans to teach children the fundamentals of saving and the utilisation of financial resources. It aims to collaborate with the Indian Institute of Banking and Finance for this initiative. "We are planning to build a rural cadre of...
More »Punjab Dy CM requests RBI Governor to promote debt swap scheme for farmers
The Punjab Government Thursday requested the Reserve Bank of India that it should impress upon Public Sector banks to aggressively promote Agricultural Debt Swap scheme to free the farmers from the clutches of moneylenders. The Punjab Deputy Chief Minister Mr. Sukhbir Singh Badal raised this issue when Dr. D. Subbarao, Governor, RBI today called on him. The Deputy Chief Minister impressed upon the Governor that the Punjab farmers reeling under Rs....
More »RBI for timely payment of rural job scheme workers by KA Gupta
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...
More »A chink in the armour by Pratik Kanjilal
The Aadhaar universal ID has been rolled out to general applause and will soon change our lives across the board. The project should accomplish its mission, which is to improve the delivery of rural welfare. It may liberate the poor and marginalised from the cash economy and give them access to formal finance and banking. And if the ID is made mandatory for big transactions, it may reduce money laundering...
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