After 68 years, thousands get a nation

August 1, 2015

Bangladesh1Mashaldanga (Cooch Behar), Aug 1: At midnight between July 31 and August 1, 68 years of protracted struggle of nearly 55,000 people on either side of the Indo-Bangladesh border came to an end.

As a somewhat elaborate ceremony ushered in the witching hour, more than 15,000 people from various enclaves around Cooch Behar were welcomed into the Indian citizenry just as some 40,000 people were proffered the same privilege in Bangladesh. For the first time, the Tricolour fluttered in a remote corner of India not much unlike August 15, 1947.

The evening’s events were preceded by a formal ceremony at Chengrabandha border, where Pankaj Sharon, the Indian High Commissioner to Dhaka met Syed Mujammal Ali, the Bangladeshi High Commissioner to India. The two countries are set to exchange maps and other relevant documents soon.

The people’s ceremony was held at Mashaldanga, one of the largest Bangladeshi enclaves in India. On Friday, they marked their last day of statelessness by lighting 68 candles in every household of the enclaves in remembrance of the number of years they struggled with anonymity.

As the large gathering at Mashaldanga expressed joy with intermittent applause and ecstatic hoots, the older ones seemed concerned with what lies forward.

While they now have the opportunity to look forward to amenities that come with citizenship, community elders shared guarded thoughts on things they need – schools, health centres, power supply, irrigation and drinking water facilities, access to safety and security – what they have been deprived of for all these years. Will the government actually initiate the process of development they have dreamt of for so long? This was the question topmost on their minds.

Following the formal meeting between Prime Minister Narendra Modi and his Bangladeshi counterpart, Sheikh Haseena, earlier this year, the Central government announced funding of Rs 3,008 crore for running development projects in these areas, which will be dispensed through the state government in phases.

While this carries the promise and makes most people believe the government is serious about developing these areas, apprehensions are hard to rule out. Many of them fear that politicking between the state and the Centre could continue to leave them underprivileged.

But these apprehensions seemed short-lived at least on the evening of July 31 when all that mattered was the jubilation, even though somewhat subdued in keeping with the period of national mourning following the demise of former president A P J Abdul Kalam. Under strict instructions from functionaries of Bharat Bangladesh Enclaves Exchange Coordination Committee, which has been spearheading their movement for the past two decades, there were no fireworks. That, however, did not stop enclave residents from making the best of it, with beaming smiles and a skip in their step. “All’s well that ends well,” said, Mansur Miyan, one of the oldest residents of the area. Govrnment officials will hoist national flag in each of the enclave that will be part of India at 9 am on Saturday.

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March 2,2020

New Delhi, Mar 2: The Supreme Court on Monday dismissed a curative petition filed by convict Pawan Kumar Gupta who was sentenced to death in the 2012 Nirbhaya gang rape and murder case.

A five-judge bench headed by Justice N V Ramana said that no case is made out for re-examining the conviction and the punishment of the convict.

Other members of the bench were justices Arun Mishra, R F Nariman, R Banumathi and Ashok Bhushan.

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News Network
May 4,2020

Munbai/New Delhi, May 4: India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers said.

Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.

"There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said.

A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

"These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters.

The official and bankers declined to be named as they were not officially authorized to discuss the matter with media.

India's finance ministry declined to comment, while the Reserve Bank of India and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment.

The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases.

The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus.

India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

'RIDING THE TIGER'

Bankers fear it is unlikely that the economy will fully open up before June or July, and loans, especially those to small- and medium-sized businesses which constitute nearly 20% of overall credit, may be among the worst affected.

This is because all 10 of India's largest cities fall in high-risk red zones, where restrictions will remain stringent.

A report by Axis Bank said that these red zones, which contribute significantly to India's economy, account for roughly 83% of the overall loans made by its banks as of December.

One of the sources, an executive director of a public sector bank, said that economic growth had been sluggish and risks had been heightened, even ahead of the coronavirus crisis.

"Now we have this Black Swan event which means without any meaningful government stimulus, the economy will be in tatters for several more quarters," he said.

McKinsey & Co last month forecast India's economy could contract by around 20% in the three months through June, if the lockdown was extended to mid-May, and growth in the fiscal year was likely to fall 2% to 3%.

Bankers say the only way to stem the steep rise in bad loans is if the RBI significantly relaxes bad asset recognition rules.

Banks have asked the central bank to allow all loans to be categorized as NPAs only after 180 days, which is double the current 90-day window.

"The lockdown is like riding the tiger, once we get off it we'll be in a difficult position," a senior private sector banker said.

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March 2,2020

Feb 2: The Supreme court on Monday decided to hear on March 4 a plea seeking registration of FIRs against politicians for hate speeches which allegedly led to violence in the national capital.

A bench headed by Chief Justice S A Bobde agreed to hear the plea filed by riots victims.

The petition was mentioned for urgent listing by senior advocate Colin Gonsalves, appearing for the riots victims.

Gonsalves said that the Delhi High Court has deferred for four weeks the matters related to riots in the national capital despite the fact that people are still dying due to the recent violence.

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