The Unique Identification Authority of India is already seeing a massive explosion for bank accounts among people enrolling for Aadhaar or the unique IDs issued by the authority, its chairman Nandan Nilekani said. Some 80% of people enrolling for the IDs want bank accounts, he said at a lecture here organised by the Indian Institute of Banking & Finance on Thursday. “If we are able to provide every such person with...

Thirteen Dalit families living under an open sky for the past two months at Satpuda village in Chittaurgarh district of Rajasthan after their houses on the government's surplus land were destroyed by the people of dominant castes have demanded action against the culprits and land allotment under the ongoing “Prashasan Gaon Ke Sang” (administration with villages) campaign. Influential people of Satpuda demolished the houses of Meghwal and Kalbelia Dalits settled for...

Maharashtra weeded out 2.9 million bogus ration cards last year, launching an identity verification drive to make the system foolproof. Residents had to provide electoral roll numbers, electricity bills and rent receipts to receive a ration card. Migrants had to present an official document confirming their change in residence. That led to the exclusion of many poor, homeless and migrant families as they lacked the necessary papers. This is the kind...

The SKS IPO and the Andhra Pradesh ordinance have suddenly changed everything. Will it be the death knell or will it usher in a reformed and healthy industry? There are three basic facts about micro-finance in India. First, most of what is described as micro-finance industry is actually micro-loans. There is hardly any provision of micro-savings, micro-investments, micro-insurance or micro-pensions. This is mostly because of regulatory reasons, i.e. accepting money...

Yaga Venugopal Reddy , former Reserve Bank of India governor credited with saving the nation’s financial system from the 2008 meltdown, has said what many finance experts believed, but did not have the courage to admit publicly: microfinance is India’s subprime. “Ultimately, it’s something like subprime lending,” Mr Reddy told ET in an interview ahead of his book release. “The same incentives are operating here... it was securitisation and derivatives that...