Amid rift with govt, reports say RBI Governor may resign

Agencies
October 31, 2018

Bengaluru, Oct 31: Reserve Bank of India Governor Urjit Patel may consider resigning from his post given a breakdown in relations with the government, TV channels reported on Wednesday, sparking a sell-off in the rupee and bonds.

Indian television channels CNBC-TV18 and ET Now cited sources as saying that Patel could quit.

The RBI and the finance ministry declined to comment.

The government has invoked never-before-used powers under the RBI Act that allow it to issue directions to the central bank governor on matters of public interest, the Economic Times newspaper reported.

It said the government had sent letters to the RBI governor in recent weeks exercising powers under Section 7 of the RBI Act on issues ranging from liquidity for non-bank finance companies, capital requirements for weak banks and lending to small- and medium-sized companies.

Section 7 says that 'the Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest', a statute that has not been used in independent India, according to the Economic Times.

The 10-year benchmark bond yield rose to 7.87% from its previous close of 7.83%.

The rupee fell to 73.99 to the dollar from 73.6750 on Tuesday, after touching 74.04, its lowest since October 15.

"It is difficult to believe that the RBI governor will resign because it is unprecedented and would look quite irresponsible and (an) immature step," said a senior trader at a foreign bank. "But it is quite worrisome to see the government trying to continuously interfere into the RBI's operations."

Tensions between the RBI and the government have spilled into public after Deputy Governor Viral Acharya said last week that undermining central bank independence could be "potentially catastrophic", indicating the authority is pushing back against government pressure to relax its policies and reduce its powers ahead of a general election due by May.

Adding to the row, Finance Minister Arun Jaitley blamed the central bank for failing to stop a lending spree during 2008-2014 that left banks with $150 billion of bad debt.

Patel and other regulators, including the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority and the Pension Fund Regulatory and Development Authority, met Jaitley and other top finance ministry officials at a meeting of the Financial Stability and Development Council on Tuesday to discuss the liquidity crunch.

However, there was no sign of resignation by Patel at the meeting, officials said. Patel and his deputy governors are expected to meet top finance ministry officials on Friday.

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News Network
February 1,2020

New Delhi, Feb 1: India has uplifted 271 million people out of poverty, Finance Minister Nirmala Sitharaman said on Saturday.

In her second Budget presentation, the finance minister said the Budget for 2020-21, is woven around aspirational India, economic development and caring society.

The government aims to achieve seamless delivery of services through digital governance, she added.

"We shall strive to bring ease of living for every citizen," Sitharaman said.

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News Network
February 22,2020

Johannesburg, Feb 22: To meet shortage of skilled nursing staff, private hospitals in South Africa are recruiting senior Indian nurses for their good work ethics and ability to become efficient trainers for the local staff, according to a media report.

A report at a 2018 jobs summit indicated that the country had a shortage of more than 47,000 nurses.

The shortage of the skilled nursing staff has been attributed to several factors, including preference of highly qualified nurses to emigrate or take up contract employment in countries such as the UK, the United Aarb Emirates, Saudi Arabia or New Zealand for want of higher salaries, a report in the weekly Business Times said.

Mediclinic, one of South Africa's largest private hospital groups, confirmed that it is recruiting 150 nurses from India this year.

“To supplement our training, as an internal strategy, we will continue to recruit senior registered nurses from India,” a Mediclinic spokesperson told the Business Times.

Mediclinic started recruiting nurses from India in 2005 but could not provide details about how many among the more than 8,800 nurses it employs at its hospitals are from India.

Another company, Life Healthcare SA, said it employed 135 Indian nurses between 2008 and 2014.

Top managements at the hospital groups lauded senior Indian nurses as being very efficient trainers for local staff.

“But we find that many of them prefer coming here on short-term contracts due to family commitments," a hospital executive said on the basis of anonymity.

The official said that the few who apply for long-term positions are usually young newly-qualified nurses, which is not the group in demand.

“They work hard, with a patient-oriented work ethic, and do not have the nine-to-five approach of many local nurses, especially those who are unionised," the official said.

“We would be very happy to take in more nursing staff from India," the official added.

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News Network
February 29,2020

New Delhi, Feb 29: Former Union Minister M J Akbar told a Delhi court on Friday that journalist Priya Ramani had defamed him by calling him with adjectives such as 'media's biggest predator' in the wake of #MeToo movement in 2018 that harmed his reputation.

M J Akbar made the allegations before Additional Chief Metropolitan Magistrate Vishal Pahuja through his lawyer during the final hearing of a private criminal defamation complaint filed by him against Priya Ramani. Akbar resigned as Union minister on October 17, 2018.

Ramani in 2018 accused Akbar of sexual misconduct around 20 years ago when he was a journalist.

Senior advocate Geeta Luthra, appearing for Akbar, said that the allegations were intentional and malafide.

“When you call someone media's biggest predator, it is per se defamatory. Calling a person with such adjectives is on the face of it defamatory. In the eyes of the people, Akbar's reputation was harmed... The per se effect was lowering of my (Akbar) reputation in the eyes of the right thinking members of the society,” she told the court.

She said there was no due process in the allegations. “It has a cascading effect. Embarrassing questions were asked. I (Akbar) am a person of greatest integrity... There was no due process in the allegations. You cannot just make allegation and let that person suffer,” she added.

Luthra said that if there was any grievance, it had to be raised then and there before the appropriate authority.

“We need to realise the effect has what we say or what we do. It's not like she went to any authority or raised any grievance. Opportunity was there, rights were there but to attack so person behind their back on social media...knowing that his whole life will be adversely affected? It's not right,” she said.

M J Akbar has denied all the allegations of sexual harassment against the women who came forward during #MeToo campaign against him.

Akbar had earlier told the court that the allegations made in an article in the 'Vogue' and the subsequent tweets were defamatory on the face of it as the complainant had deposed them to be false and imaginary and that an “immediate damage” was caused to him due to the “false” allegations by Priya Ramani.

Ramani had earlier told the court that her “disclosure” of alleged sexual harassment by Akbar has come at “a great personal cost” and she had “nothing to gain” from it.

She had said her move would empower women to speak up and make them understand their rights at workplace.

Several women came up with accounts of the alleged sexual harassment by M J Akbar him while they were working as journalists under him.

He has termed the allegations “false, fabricated and deeply distressing” and said he was taking appropriate legal action against them.

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