Technology is helping public sector banks find customers in rural India. This is part of the Centre’s efforts to include villages in the organized financial system; to ensure they are not cheated of their wages. Pilots show promise   The current state of rural banking in the country is poor. A recent report, by the National Sample Survey Organization, revealed that 51.4 per cent of the 89.3 million total farmer households in...

Just as microcredit on its own does not represent full financial inclusion, it is our view that neither do business correspondent accounts In a country of 1.2 billion individuals, if we exclude children, we should at least have 900 million bank account holders before we can say the job of basic inclusion in banking is complete. No matter how we count, however, the actual number of bank account holders do not...

The ministry of personnel has shown a surprising lack of alacrity in prosecuting errant babus In August last year, Prime Minister Manmohan Singh was keynote speaker at the annual meeting of India’s premier anti-corruption agency, the CBI. There, addressing officers of the agency and state vigilance bureaus, he made a telling remark, “Our anti-corruption agencies must make the cost of corruption unacceptably high for those indulging in this evil practice.” The prime...

The Union government’s decision to revive a long-forgotten concept of primary producers’ companies (PPCs) ought to be welcomed. Such companies can help small farmers and individual craftsmen come together to derive economies of scale. The idea of farmers’ companies which extend the benefit of being a registered firm while allowing farmers to derive all the benefits of agricultural land ownership, was mooted nearly a decade ago. After much debate, the...

This has been quite a decade for global corporate leaders, volatile not only in terms of their actual fortunes, but even more so with respect to the shifting perceptions of society. When the decade began, large corporations and those at their helm were at the peak of their power, flush with riches delivered by the dotcom boom in the US economy as well as the vast opportunities created by easier...