The Indian budgetary system has become more transparent over the years, with the government providing significant information on the Budget, a survey has said. According to the Open Budget Survey 2010, released by the International Budget Partnership, India’s open budget index (OBI) score improved from 53 in 2006 to 67 in 2010. The survey is [...]
Archive for the ‘General Information’ Category
Open Budget Survey 2010: India’s Budget has become more transparent
Posted by admin on October 28th, 2010
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Banks refuse to lend MFIs even sanctioned line of credits
Posted by admin on October 28th, 2010
In a fresh blow to microfinance institutions, banks are refusing to lend them even a sanctioned line of credit, following recent controversies over opaque corporate governance and interest rates. The ensuing liquidity crisis has prompted many MFIs to seek a moratorium on loan repayment to banks. MFIs raise 75-80 per cent of their funds via [...]
Satyam fraud: SC cancels Raju’s bail
Posted by admin on October 28th, 2010
The Supreme Court on Tuesday cancelled the bails granted to Satyam Computer Services founder B Ramalinga Raju, his brother B Rama Raju and four others by Andhra Pradesh High Court in the Rs 14,000-crore (Rs 140-billion) accounting fraud. Hearing the Central Bureau of Investigation plea, a Supreme Court bench comprising Justices Dalveer Bhandari and Deepak [...]
FM: No regulator for MFIs
Posted by admin on October 28th, 2010
The government said on Tuesday it is not mulling a regulator for microfinance institutions, but wanted them to evolve a code for themselves, even as these lenders draw criticism over their exorbitant interest rates and coercive recovery methods. At Economic Editors’ Conference in New Delhi, Finance Minister Pranab Mukherjee said he has suggested to the [...]
Microfinance institutions needs to evolve code of conduct: FM
Posted by admin on October 27th, 2010
Microfinance institutions (MFI) today got some support from Finance Minister Pranab Mukherjee. The finance minister ruled out any immediate move to regulate these entities and also disclosed that he had suggested to the Andhra Pradesh government that some of the harsher provisions of the Ordinance promulgated by the state be amended. Mukherjee said he had [...]
MFIs reluctant & cautious on IPOs
Posted by admin on October 26th, 2010
In response to the developments in the Microfinance institutions (MFI) sector in Andhra Pradesh, microfinance institutions (MFIs) possessing an equity base of over Rs. 500 crore are now being cautious. Following the suicides among rural borrowers who allegedly did not have the ability to repay, the State Government issued an ordinance to verify the functioning [...]
