PSU lender, AP govt
may start NBFC for microfinance credit
HYDERABAD: A city-based
public sector bank is mulling to start a Non-Banking Financial Company , in
which the Andhra Pradesh government will join in the equity participation, to
extend microfinance credit to the poor, said a state government official said.
The state government move may spell doom to the already crippled microfinance institutions with significant exposure in the state.
the feasibility study has been entrusted to Andhra Pradesh Mahila Abhivruddhi Society (APMAS) a non- governmental public society stands under the Foreign Contribution Regulation Act.
MFI have preferred to focus more in the areas where banking network is active and on the groups that are already in the financial inclusion, taking advantage of the awareness of poor in group dynamics and lending methodology, the state government had earlier said.
The proposed NBFC would have Rs 500 crore of authorised capital and Rs 150 crore of paid-up capital.
Besides, a PSU Bank, both the central government and the state government would join the company as equity investors along with the National Bank for Agriculture and Rural Development (Nabard).
Once the feasibility study is completed, the proposal will be sent to Reserve bank for further proceedings and approvals, Subrahmanyam said, adding the NBFC will extend microfinance to mandal samakhyas in the state through self help group (SIG)-bank linkage programme.
The MFI lending in the State has come down drastically after the state government came out with a regulation to control microfinance activities.
Microfinance Institutions Network strongly criticised AP Microfinance Bill and said it the Bill will create hurdle for the legitimate RBI-registered microfinance in providing access to finance for the poor.
"The issue of unavailability of credit to 97 lakh borrowers and outstanding loans of Rs 7,500 crore is looming large before the industry and passing the bill without required amendments will impact the ability of MFIs to function smoothly," Alok Prasad MFIN CEO had said earlier.
The state government move may spell doom to the already crippled microfinance institutions with significant exposure in the state.
the feasibility study has been entrusted to Andhra Pradesh Mahila Abhivruddhi Society (APMAS) a non- governmental public society stands under the Foreign Contribution Regulation Act.
MFI have preferred to focus more in the areas where banking network is active and on the groups that are already in the financial inclusion, taking advantage of the awareness of poor in group dynamics and lending methodology, the state government had earlier said.
The proposed NBFC would have Rs 500 crore of authorised capital and Rs 150 crore of paid-up capital.
Besides, a PSU Bank, both the central government and the state government would join the company as equity investors along with the National Bank for Agriculture and Rural Development (Nabard).
Once the feasibility study is completed, the proposal will be sent to Reserve bank for further proceedings and approvals, Subrahmanyam said, adding the NBFC will extend microfinance to mandal samakhyas in the state through self help group (SIG)-bank linkage programme.
The MFI lending in the State has come down drastically after the state government came out with a regulation to control microfinance activities.
Microfinance Institutions Network strongly criticised AP Microfinance Bill and said it the Bill will create hurdle for the legitimate RBI-registered microfinance in providing access to finance for the poor.
"The issue of unavailability of credit to 97 lakh borrowers and outstanding loans of Rs 7,500 crore is looming large before the industry and passing the bill without required amendments will impact the ability of MFIs to function smoothly," Alok Prasad MFIN CEO had said earlier.
Sen
Panel to report on feasibility of silos under PPP model
NEW DELHI: An expert
panel, headed by Planning Commission member Abhijit Sen , will soon come up
with a comprehensive study on the economics and logistical feasibility of
building sufficient modern silos for food grain storage in the country under
the public-private partnership (PPP) model.
The study acquires significance given that the country's premier grain procurement and distribution agency, the Food Corporation of India , has of late come under criticism over the quantity of grain wastage and rotting in poor and unscientific storage facilities. According to the FCI, rotting and wastage has reduced to 0.015% of total grain offtake in 2010-11 from 0.02%.of the total grain offtake in 2009-10.
The study acquires significance given that the country's premier grain procurement and distribution agency, the Food Corporation of India , has of late come under criticism over the quantity of grain wastage and rotting in poor and unscientific storage facilities. According to the FCI, rotting and wastage has reduced to 0.015% of total grain offtake in 2010-11 from 0.02%.of the total grain offtake in 2009-10.
NREGA
scheme not been implemented well as wells get stolen
LATEHAR: Poonam
Nagisia's well was stolen last year. She has none to complain to. The wiry,
dark woman is distraught . "A bicholia (middleman) stole my well,"
she says.
Poonam's story goes like this. Last year, when she was pregnant, the authorities cleared her proposal for a well under the NREGA scheme. With the work just about to begin, she delivered her son.
This was when Vinod Nagisia from the neighbouring village came with an unusual request. '' He told me he would dig the well for 15 days and hand the work over to me, thereafter,'' she said nursing her baby inside her mud hut.
As per NREGA rules, Poonam was to get an amount to dig the well. But the deal she struck with Vinod meant 15 days payment for work done would go to him and the rest to Poonam, a trained mate who supervises NREGA work.
Poonam agreed. But, Vinod forgot his promise. He refused to hand the job back to Poonam. She pleaded with him and officials at the panchayat office. Her pleas fell on deaf ears. '' I was told to apply for the same job again. I did, but nothing happened.'' The well remained unfinished and Poonam got nothing out of the work.
Senior state government officials concede that ignorance about NREGA such as this is widespread, even though the scheme came into force more than five years ago. Economist Jean Dreze says, '' Vulnerability of the programme to corruption and abuse begins with this lack of awareness of their rights among NREGA workers. This powerlessness is also due to the absence of any effective grievance redressal system for NREGA.''
Poonam's story goes like this. Last year, when she was pregnant, the authorities cleared her proposal for a well under the NREGA scheme. With the work just about to begin, she delivered her son.
This was when Vinod Nagisia from the neighbouring village came with an unusual request. '' He told me he would dig the well for 15 days and hand the work over to me, thereafter,'' she said nursing her baby inside her mud hut.
As per NREGA rules, Poonam was to get an amount to dig the well. But the deal she struck with Vinod meant 15 days payment for work done would go to him and the rest to Poonam, a trained mate who supervises NREGA work.
Poonam agreed. But, Vinod forgot his promise. He refused to hand the job back to Poonam. She pleaded with him and officials at the panchayat office. Her pleas fell on deaf ears. '' I was told to apply for the same job again. I did, but nothing happened.'' The well remained unfinished and Poonam got nothing out of the work.
Senior state government officials concede that ignorance about NREGA such as this is widespread, even though the scheme came into force more than five years ago. Economist Jean Dreze says, '' Vulnerability of the programme to corruption and abuse begins with this lack of awareness of their rights among NREGA workers. This powerlessness is also due to the absence of any effective grievance redressal system for NREGA.''
Countdown
for PSLV C16 launch to begin on Monday
CHENNAI: The countdown
for the April 20 launch of the country's latest remote sensing satellite
Resourcesat-2 and two small spacecraft on board PSLV C16 rocket from the Sriharikota
spaceport, 90 km from here, will begin tomorrow.
With the Launch Authorisation Board for the mission giving its green signal at its meeting at Satish Dhawan Space Centre at Sriharikota yesterday, the 54-hour long countdown will commence at 4.12 AM on Monday.
The 98 kg YOUTHSAT, an Indo-Russian satellite for stellar and atmospheric studies and 106 kg X-SAT, a microsatellite for imaging applications built by Nanyang Technological University Singapore, will also be placed in orbit.
The LAB cleared the launch of PSLV-C16 at 10:12 hrs on April 20 after reviewing readiness of the launch vehicle, spacecraft systems and ground stations, an Indian Space Research Organisation statement said today.
The ISRO built 1,206-kg RESOURCESAT-2 is an advanced remote sensing satellite to facilitate study and management of natural resources.
During countdown, propellant-filling operations of liquid propellant second stage (PS2) and fourth stage (PS4) of the launch vehicle will be carried out, ISRO said.
Mandatory checks on the launch vehicle and spacecraft - including charging of batteries and pressurisation of propellant tanks will also be performed, besides checking the readiness of launch infrastructure and communication networks.
With the Launch Authorisation Board for the mission giving its green signal at its meeting at Satish Dhawan Space Centre at Sriharikota yesterday, the 54-hour long countdown will commence at 4.12 AM on Monday.
The 98 kg YOUTHSAT, an Indo-Russian satellite for stellar and atmospheric studies and 106 kg X-SAT, a microsatellite for imaging applications built by Nanyang Technological University Singapore, will also be placed in orbit.
The LAB cleared the launch of PSLV-C16 at 10:12 hrs on April 20 after reviewing readiness of the launch vehicle, spacecraft systems and ground stations, an Indian Space Research Organisation statement said today.
The ISRO built 1,206-kg RESOURCESAT-2 is an advanced remote sensing satellite to facilitate study and management of natural resources.
During countdown, propellant-filling operations of liquid propellant second stage (PS2) and fourth stage (PS4) of the launch vehicle will be carried out, ISRO said.
Mandatory checks on the launch vehicle and spacecraft - including charging of batteries and pressurisation of propellant tanks will also be performed, besides checking the readiness of launch infrastructure and communication networks.
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