The earlier draft covered only non-NBFC MFIs incorporated as trusts and non-governmental organizations that constitute a very small part of the total industry The proposed microfinance Bill for governing India’s Rs. 22,000 crore microlending industry is set to give more teeth to the Reserve Bank of India (RBI) to regulate larger microfinance institutions (MFIs). This will be done by removing such entities from the purview of laws enacted by state governments...
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New MGNREGA social audit norms to make them independent by Anindo Dey
The social audit of schemes under the Mahatma Gandhi National Rural Employment Gurantee Act (MGNREGA) now permits the involvement of outsiders in the process as facilitators. A new set of rules FRAmed by the ministry of rural development for such audits has been approved. Christened Mahatma Gandhi National Rural Employment Gurantee Audits of Schemes Rules 2011, the rules ensure the audit process is independent of agencies implementing the scheme and the...
More »CACP backs subsidy tool for hybrid rice use by Sanjeeb Mukherjee
The Commission for Agricultural Costs and Prices (CACP), the government's main advisory body on pricing policy for farm produce, has favoured a subsidy mechanism to encourage use of hybrid rice varieties. The commission's views are likely to be a part of the recommendations it plans to send to the government on pricing of farm produce. "China has gone ahead in hybrid rice and around 63 per cent of its total area is...
More »Swami Agnivesh, journalists attacked in Dantewada by Aman Sethi
Collector, Senior Superintendent of Police transferred following reports of torching of villages A large group comprising Special Police Officers (SPOs) of the Chhattisgarh police and members of the Salwa Judum attacked social activist Swami Agnivesh on Saturday as he attempted to deliver relief to a village allegedly torched by security forces in Chhattisgarh's Dantewada district. On March 23, The Hindu published reports and photographs alleging that SPOs had torched about 300 homes,...
More »Auditing an ambitious scheme
Local communities without proper training might affect the outcome of the social audit planned for MGNREGS One criticism against the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) is that the scale of the programme defies its effective monitoring. In a country as diverse and large as India, monitoring huge social sector schemes often leads to the creation of an additional layer of bureaucracy. That may be about to change for...
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