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All banks in Greece to reopen on Monday

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Athens: All banks in Greece will reopen on Monday after a three-week holiday, but capital controls will continue, an official said on Saturday.

Depositors will be able to reach the counters of bank branches from next week for a limited number of transactions, but the 60 euro daily limit in cash withdrawals remains, Xinhua reported, quoting the Finance Ministry.

The only difference was that as of Monday savers will be given the chance to “carry over” their withdrawal allowance into the next day up to 420 euros per week.

For example, if someone does not withdraw any money on one day or four consecutive days, they will be able to withdraw up to 420 euros by the end of the week.

 

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Australian Man Jacob Welsh from Geelong, Melbourne raises $4,000 to bring stray dog home from Greece

Welsh said he and Chance became inseparable after he found her lying in a pile of broken glass on the side of a busy road in Greece

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Jacob Welsh with the dog. Image source: Facebook

Melbourne, Sept 6, 2016: An Australian man Jacob Welsh has raised $4,000 to bring a stray dog home from Greece.

Welsh is from Geelong, 75 km from Melbourne, raised the money on a popular crowd-funding Website, to bring the dog, which he named “Chance,” back to Australia, Xinhua news agency reported on Tuesday.

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The resounding success of the campaign guaranteed Chance would have a home for the rest of her life, said Welsh.

“Thank you! She will not spend another night on the street thanks to all the help we’ve received,” Welsh wrote on social media on Tuesday.

Welsh said he and Chance became inseparable after he found her lying in a pile of broken glass on the side of a busy road in Greece.

“I called her over to me and she hesitantly approached, I gave her a little pat and ever since then she has followed me wherever I go,” he wrote on social media earlier.

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“I didn’t have the heart to leave her on the street after that so since then I have been sneaking her into my apartment, which has a strict no-pets policy.

“The sad reality of her going back on the streets is becoming more and more real as my time left in Greece comes to an end.

“Australia’s laws are very strict with this kind of thing but I have done the research and it is possible, just very expensive. If you can spare a few dollars Chance and I would really appreciate it.”

Costs involved in bringing an animal into Australia include a rabies vaccine, pet passport, plane tickets, airport transfers, de-worming medication and a pet carrier box. (IANS)

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Pakistan needs to deny safe haven to terrorists, says United States

Trudeau's remarks came after an attack on the American University in Kabul, which Afghan President Ashraf Ghani said was organised and orchestrated from Pakistan

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(Representational Image) Pakistan. Image source: Wikimedia Commons

Washington, Aug 26, 2016: The US has once again urged Pakistan to deny safe havens to terrorists, and said that Islamabad should not discriminate among terror groups in its territory.

US State Department Director of Press Office, Elizabeth Trudeau, on Thursday, said: “We have consistently raised our concerns to the highest level of the Pakistani government on the need to deny safe haven to extremists.”

“We have pressed the Pakistani government to follow up on their expressed commitment, their stated commitment, to not discriminate among terror groups regardless of their agenda or affiliation,” she said in a daily press briefing.

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There are other problems as well in the country as well that needs to be taken care of-

Trudeau’s remarks came after an attack on the American University in Kabul, which Afghan President Ashraf Ghani said was organised and orchestrated from Pakistan.

At least 12 people were killed in the attack that took place early Thursday in Kabul.

Ghani had called Pakistan Army chief General Raheel Sharif and demanded that action be taken against those behind the attack.

Pakistan's Army Chief General Raheel Sharif. Image source: www.newspakistan.tv
Pakistan’s Army Chief General Raheel Sharif. Image source: www.newspakistan.tv

Trudeau said the US has always encouraged the Pakistani and Afghan government to work together “not only in the wake of this attack but to ensure that such attacks do not happen again”.

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She insisted that the two neighbours needed to “increase their cooperation countering violent extremism writ large”.

According to Trudeau, Raheel Sharif has said that Pakistan “would not discriminate” against the terrorist groups on its soil but “this attack against the best and brightest of Afghanistan is a sign” that more efforts need to be taken to curb extremism.

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Being part of self-help group has become more of burden than help for Rural Women in India

Until June 2016, Rs 9,000 crore in loans disbursed under the National Rural Livelihood Mission had turned NPA since 2013-14, according to government data

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Rural Population in India. Image source: Wikimedia Commons

August 20, 2016: Nirmala Devaki borrowed Rs 50,000 for a cousin’s wedding from her self-help group (SHG) about 2 years ago. SHG is one of the 3.9 million across India that offers loans as small as Rs 10,000, including for marriages.

To Devaki, a landless farmer from Dastikoppa village in Karnataka’s northwestern Dharwad district and one of approximately 40 million SHG members nationwide, the monthly interest rate of 2 per cent charged by her SHG, Gayatri Sevasahaya, seemed easy to handle.

Today, Devaki owes the SHG nearly Rs 1 lakh, a sum the widow with five children says she, like 8 million women, cannot pay back. Her family survives on Rs 5,000, which it earns from selling the milk of its one cow. “Being part of a self-help group has become more of a burden than a help,” she complained.

Across India’s villages, over the last three years, Rs 9,000 crore given by banks to SHGs, under the National Rural Livelihood Mission (NRLM), a government programme set up five years ago to boost rural incomes, have turned into non-performing assets (NPA), or loans in danger of being written off, much like the bad-loan crisis unsettling India’s commercial banking system, with more than 5,000 wilful defaulters owing banks Rs 56,621 crore, as IndiaSpend reported in March 2016.

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At 12 per cent of the Rs 77,650 crore the NRLM has lent over the last three years, the NPA figure may appear low. The corresponding NPAs in the commercial banking system for corporate sector are 5.5 per cent up to March 2015, according to Reserve Bank of India data.

The scale of the NPAs in the SHGs pale in comparison to corporate NPAs: Rs 9,000 crore owed by 8 million women is less than the Rs 9,478 crore default of one commercial defaulter, Lloyds Steel, second on the corporate NPA list.

The defaults of the women from SHGs are warning signs of similar stress and indicate that the Mission’s goal of organising up to 90 million rural households into SHGs over the next decade may have overambitious targets, inadequate safeguards and could jeopardise the very livelihoods it hopes to improve.

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There are two rules to lend money, said micro-finance expert M.S. Sriram, an economics professor at the Indian Institute of Management, Bangalore: One, assess the creditworthiness of a consumer, as banks do; two, penalise defaulters, which means customers can assess their repayment ability.

NRLM. Image source: Wikimedia Commons
NRLM. Image source: Wikimedia Commons

Those rules were ignored by banks lending to India’s largest companies, and they are being ignored now, as the NPA crisis similarly grows in rural India.

There are two reasons for the unfolding rural debt crisis involving women. One, SHGs are not educating and training rural women on the basics of smart borrowing, how to invest and spend wisely. Money borrowed for income-generating activities such as stitching, candle making or farming, is often spent on personal expenses, from weddings to home construction. Two, banks are aggressively pushing loans through SHGs to meet the government’s loan targets, without similar efforts at checking where this money goes.

You can hear stories like Nirmala’s in rural north India too. Mamta Kanwar, of Niwaru village in Jaipur, borrowed Rs 50,000 from her SHG, Om. She then distributed it to the group’s members so they could invest in stitching units. But they spent the money for personal purposes. Today, three years later, the Rs 50,000 has become an NPA.

Until June 2016, Rs 9,000 crore in loans disbursed under the National Rural Livelihood Mission had turned NPA since 2013-14, according to government data.

Stories from rural India reveal why loans are turning bad: Bankers appear to be scrambling to meet government-set loan targets, sacrificing due diligence.

Consider the example of Kalghatgi. The town has 1,907 Stree Shakti (Woman Power) SHGs with more than 25,000 registered members, which is more than the town population of 17,000, according to the 2011 census. This is because each of these members is registered with more than one SHG.

“The NRLM is not a government subsidy scheme,” said B. Lokesh, senior mission executive (Financial Inclusion), NRLM. “It is basically helping banks increase business. SHGs are a priority sector under RBI (Reserve Bank of India) guidelines, which means banks have to lend a certain percent of their total credit to SHGs.”

Banks are given targets, starting with an initial loan of Rs 50,000. If this amount is repaid, banks have to finance that SHG with an amount of up to Rs 1 lakh, which can later be raised to Rs 3 lakh. The branch manager decides the final loan, based on an SHG’s records, book-keeping, and repayment. So far, each SHG has received, on average, Rs 2.5 lakh.

SHGs are judged on the basis of regular meetings, regular internal lending, and bank linkage. There are no clear instructions or conditions to loan money. “Banks do not enquire about the purpose of the loan from the self-help groups,” said Vasanth Gowda, a field worker from Ujjivan Mini bank in Dharward.

“Members show handmade items to the government official for loans,” said Gaourava Ningappa, a member of an SHG in Tabakadahonnalli village, Kalghatgi. “But once the loan is sanctioned, and the money is withdrawn, they will stop whatever business they took the loan for and use the money for personal expenses.” (IANS)

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