The government proposes to introduce a bill to regulate microfinance institutions (MFIs), accused of aggressive loan recovery practices, minister of state for finance Namo Narain Meena said on Tuesday. The move follows tight scrutiny of the fast-growing, largely unregulated, small loans sector after fears of large-scale defaults due to high interest rates and reports of suicides due to mounting debt. “The Department of Financial Services proposes to introduce the Micro Finance (Development...

The Expert Appraisal Committee of the Union ministry of environment & forests will submit its report soon to the ministry on the Posco project after scrutinizing the Comprehensive Environment Impact Assessment (EIA) submitted by the company. "The EAC would submit its report soon to the MOEF after scrutinizing the Comprehensive EIA submitted by Posco India. The EAC met yesterday for over three hours and there we reiterated our stand on issues...

Politicians, business persons, civil servants, a range of professionals, including doctors and organisers of sports events, and even the judiciary have been in the media spotlight on charges of corruption, nepotism, sleaze and worse. It was to be only a matter of time before the media and media professionals came under Public Scrutiny for similar acts of omission and commission. The expose on paid news content in the media was...

Time magazine picked him as one of 100 people shaping our world. Today, he’s held responsible for bringing an exciting, inspirational business into disrepute. Oh, and his wife says he beat her and snatched their son. There could not be a more controversial torchbearer than Vikram Akula for an industry as quintessentially Indian as microfinance, the business of providing the poor with loans, as small as R5,000, secured not with...

The poster boy of microfinance is now seeking some anonymity. In Andhra Pradesh, the epicentre of the worst crisis faced by microfinance in India, SKS Microfinance is playing down its identity and going into preservation mode. At its modest office in a residential colony in Warangal district, India’s largest microfinance company has taken down its board. At its head office in upmarket Begumpet in Hyderabad, it hung a cloth mesh...