This is the third installment of weekly News Digest 3 (ND3) that we had announced previously. The News Digest comprises of news summaries, press releases and important statements related to microfinance, banking, financial services and financial inclusion in India.
You can read the previous news digests at the following links - Microfinance News Digest 1 & Microfinance News Digest 2
Andhra Pradesh set to bring microfinance products under new act
Sensing foul-play in new products like loan for men and interest-free loans by microfinance institutions (MFI), the Andhra Pradesh government is all set to issue a notification to bring these products under the purview of the new MFI Act. DNA
The Tom and Jerry Show continues in Andhra Pradesh.
Indian MFIs should not charge more than 20 pc int rate: Yunus
Criticising Indian micro finance companies for ignoring social service activities and overcharging, micro credit guru and Noble laureate Muhammad Yunus said the interest rate on such loans should not exceed 20 per cent. ET
Laureate Yunus faces removal from Grameen Bank
DHAKA, Bangladesh — Muhammad Yunus, the Nobel laureate who pioneered small loans for the poor, is flouting Bangladesh retirement rules by serving as head of microfinance lender Grameen Bank, the central bank said, as a campaign to remove him intensifies. Seattlepi
Kotak to scale up financial inclusion in Gujarat
Kotak Mahindra Bank Ltd. (KMBL), one of India’s leading private banks, will scale up its financial inclusion initiatives in Gujarat through the Business Correspondent model. BS
Banks seeking microfinance module training
In the backdrop of microfinance institutions (MFI) coming under the Reserve Bank of India (RBI) scanner, India’s premier Bankers Institute of Rural Development (BIRD) is giving special emphasis to microfinance space in its training modules. BS
Bandhan makes FM’s constituency financially included; without banks
Farm loans at four per cent, enhancement of credit target for the sector by Rs 1 lakh crore, and a reminder to banks to focus on small and marginal agri-borrowers were some of the sops Finance Minister Pranab Mukherjee offered to the farmers — around 50 per cent of the country’s population — under the spectre of financial inclusion in his Budget proposals. BS
Banks to get Rs 140 for every ‘no frills’ account
The government will give Rs 140 to the banks for every ‘no-frills’ account opened by them as part of its initiative to expand the reach of banking services in the country, Finance Minister Pranab Mukherjee today proposed in Budget. BS
RBI raises capital adequacy ratio for deposit-taking NBFCs
The Reserve Bank of India (RBI) on day raised the minimum capital adequacy ratio (CAR) for deposit-taking non-banking financial companies (NBFCs) from 12 per cent to 15 per cent, effective from March 31, 2012. BS
RBI rejects NBFCs’ parity demand
Responding to a presentation made by NBFC representatives, RBI deputy Governor Shyamala Gopinath said: “Banks were governed by separate and more stringent set of rules and they have various statutory liquidity requirements. So there is no point in asking for parity with banks.” ET
Postman to turn banker in rural areas
The postal department and the country’s largest lender, State Bank of India (SBI), are gearing up to take basic banking services to the doorsteps of millions of people in rural areas who have no access to the country’s banking system. ET
A dummy’s guide to informal banking ‘Money transfer in India ? – ET
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