Central bank sold its majority stake in Oct 2010; change will ensure entire equity is held by the govt The government will amend a law governing the National Bank for Agriculture and Rural Development (Nabard) to allow the Reserve Bank of India (RBI) to sell its 1% stake in the development lender. The central bank sold its majority stake in the lender to the government in October 2010. The government owns 99%...
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Ask in haste, repent in leisure-Devadeep Purohit and Meghdeep Bhattacharyya
A moratorium is not the magic bullet that can slay Bengal’s fiscal demons, several economists have said, pointing out that postponing the inevitable will be of little use unless backed up by a revenue mobilisation road map. Chief minister Mamata Banerjee had yesterday set a 15-day deadline for the Centre to announce a three-year moratorium on the payment of interest on the loans Bengal had taken. “A moratorium on repayment obligations can...
More »Farm revolution: Indian farmers finally embrace mechanisation
-Reuters PERLE: As a shiny red harvester bounces across the black earth into the first row of sugar cane, excited schoolchildren run after it and several dozen men stand gaping in the wake of its swift progress. It's the first time that Perle, a village on the banks of the Krishna river in Maharashtra state, has seen a machine used for cutting the tough cane. "This machine will harvest my entire field today,"...
More »Banks asked to roll out new farm loan products-Dinesh Unnikrishnan
The finance ministry has asked public sector banks to devise products for Indian farmers to ensure they get adequate funding in emergencies. The government, the majority owner of such banks, wants them to roll out products such as emergency loans to farmers that will be linked to savings accounts, a weather index-based insurance product, and set up a credit guarantee fund that will aid farmers in the event of crop losses...
More »National Rural Mission to link one woman from every poor family to SHGs
-The Hindu “Need for regulatory space for MFIs so they function without affecting SHGs” The National Rural Livelihood Mission (NRLM) would connect at least one woman from every poor household across the country with self-help groups (SHGs) in five years, Union Minister of Rural Development Jairam Ramesh said on Friday. “The objective of the programme is to ensure that in a five-year period one woman from every poor household becomes a member of...
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