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...

In what may change the way banks and cellphone companies as well as official agencies collect and process information about individuals, the government is proposing legislation that will empower citizens with sweeping rights to legal recourse against any misuse of Personal Data. The first draft of the proposed legislation has been released for public debate by the department of personnel and training (DoPT). The main aim of the umbrella legislation will be...

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...

India has lost nearly a half-trillion dollars in illegal financial flows out of the country, says a new study by Global Financial Integrity. India is losing nearly Rs.240 crore every 24 hours, on average, in illegal financial flows out of the country. The nation lost $213 billion (roughly Rs.9.7 lakh crore) in illegal capital flight between 1948 and 2008. However, over $125 billion (Rs.5.7 lakh crore) of that was lost in...

There has been a significant pick up in credit flow to industry, services and personal loan segments during the current financial year. However, credit flow to agriculture has declined further, data released by the Reserve Bank of India as part of Macroeconomic and Monetary Developments Second Quarter Review 2010-11 shows. While credit flow to industry was highest at Rs 1,07,386 crore, credit flow to agriculture contracted by Rs 13,481 crore during...