The RBI Deputy Governor, V Leeladhar has joined the board of National Bank for Agriculture and Rural Development.
Setting up dairy cooperatives modelled on Gujarat's 'Operation Flood' could ease agrarian distress and stop suicides by farmers in the region.
The goverment has found serious irregularities in the functioning of the National Bank for Agriculture and Rural Development (Nabard), Finance Minister Jaswant Singh said in the Rajya Sabha Tuesday.
The scheme is in the lines of Nabard's self-help group bank linkage programme, which is recognised as one of the largest microfinance programmes in the country.
The National Bank for Agriculture and Rural Development, the apex financial institution for rural finance, will raise Rs 5,000 crore (Rs 50 billion) through capital gains bonds in financial year 2007-08.
The government plans to borrow Rs 4.17 lakh crore (Rs 4.17 trillion) from the market. Last year it had borrowed Rs 4.47 lakh crore (Rs 4.47 trillion).
A day after the Central Statistical Organisation projecting a sluggish agricultural growth this fiscal, Finance Minister P Chidambaram said on Friday the government will take all steps to ensure a four per cent expansion in the farm sector for next 10-20 years. "First charge on our resources is for agriculture, so that it grows at 4 per cent or more for next 10-20 years" Chidambaram said at a National Bank for Agricultural and Rural Development function in New Delhi.
'Binary fission will happen -- startups will lead to more startups.'
Employees of public sector banks (PSBs) on Thursday went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country. Many branches across different parts of the country were shut as the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) had given two day strike call. As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals might be affected due to the strike. But ATMs are expected to function as usual.
The RBI Governor also reiterated his reservation against repeated loan waivers by various state governments, saying the move distorts credit pricing, thereby also disrupting the credit market.
Fundraising activity in the debt market is gaining momentum ahead of the festival season. Several non-banking financial companies (NBFCs) and the National Bank for Agriculture and Rural Development (Nabard) are planning to raise at least Rs 5,560 crore in the next two days by issuing bonds, with a greenshoe size of Rs 6,370 crore. Ajay Malglunia, managing director and head of investment grade group at JM Financial, said, "The market likes certainty, the market will gain clarity after the US Federal Reserve's (Fed's) policy.
The National Bank for Agriculture and Rural Development is launching a non-banking financial company targetting the microcredit space in the country.
According to NABARD, around 60% of India's population lacks access to financial institutions.
This will be done across five cities - Delhi, Bengaluru, Coimbatore, Bhopal, and Shillong. Thereafter, it will be scaled up and launched in 100 cities over a period of six months, said a senior government official.
The accused were allegedly complicit in causing losses to the tune of Rs 1,000 crore to MSCB between 2007 and 2011.
The National Bank for Agricultural and Rural Development is in the process of announcing a scheme for small and marginal farmers with an estimated fund of Rs 15,000 crore (Rs 150 billion).
In a bid to augment its revenue, the postal department would soon commence life insurance business, Union Minister for IT and Telecom A Raja has said.
Indian Bank chairperson Ranjana Kumar, who turned around the ailing PSU bank last fiscal, is slated to take over as head of National Bank for Agriculture and Rural Development within a week.
The National Bank for Agriculture and Rural Development, a premier institution for agriculture financing, would be giving 100 per cent tax exemption on capital gains if they were invested in capital gains bond issued by it.\n\n\n\n
Finance Minister Nirmala Sitharaman on Tuesday announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled the Modi 3.0 government's first budget after the general elections.
The United Kingdom extracted USD 64.82 trillion from India over a century of colonialism between 1765 and 1900 and USD 33.8 trillion of this went to the richest 10 per cent -- enough money to carpet London in notes of 50 British pound almost four times over.
In spite of Budget's rural focus, the government has consistently stumbled in agriculture, says Shreekant Sambrani.
Deloitte India on Friday said it estimates India's GDP growth at 6.6 per cent in the current fiscal helped by consumption expenditure, exports rebound and capital flows. In its India's economic outlook report, Deloitte said the rapid growth of the middle-income class has led to rising purchasing power and even created demand for premium luxury products and services. With the expectation that the number of middle-to-high-income segments will be one in two households by 2030/31, up from one in four currently, we believe this trend will likely become further amplified, driving overall private consumer expenditure growth, it said.
'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
The IIM-B's 'Karnataka innovation report' has become the basis for the Congress party's election narrative, particularly to distinguish it from the 'Gujarat model of development', reports Archis Mohan.
Moody's Ratings on Tuesday said India's growing water shortage can disrupt farm and industry sectors and is detrimental to the credit health of the sovereign as rising food inflation and decline in income may spark social unrest. It said decreases in water supply can disrupt agricultural production and industrial operations, resulting in inflation in food prices and hence can be detrimental to credit health of sectors that heavily consume water, such as coal power generators and steel-makers.
Rural outlay may go up 23% to reduce pains of demonetisation
Attributing to three studies on agriculture, energy and migration, the ADB said on Wednesday the impacts of rising temperatures in Asia would fall disproportionately on the region's poor, and rural women from developing countries would be among the most affected groups.
'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
About 150 years ago, in British India, big farmers in the western region of Maharashtra agitated over unfair lending practices and demanded a more fair and inclusive financing structure. People say this is where the seeds of the cooperative movement, now omnipresent in the country, were sown. Today, more than 800,000 cooperative societies thrive in India, with 300 million members, a number close to the population of the United States. Despite a reach this deep--grass roots as they call it--cooperatives do not occupy a lion's share in the Indian economy.
The ruling Congress is seeking to retain power in Chhattisgarh by banking on the welfare schemes of the Bhupesh Baghel government, while the Bharatiya Janata Party is hoping to corner it on the issues of alleged corruption, religious conversions and unfulfilled poll promises.
Could the MPCE survey results be used as a basis of reconstructing the Consumer Price Index with new weights, asks Madan Sabnavis.
The central bank held 72.5 per cent equity in Nabard worth Rs 1,450 crore, of which 71.5 per cent amounting to Rs 1,430 crore were divested way back in October 2010 and the residual shareholding was divested on February 26, 2019.
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