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
April 2,2020

New Delhi,  Apr 2: Muslim cleric Imam Umer Ilyasi appealed to all the individuals who attended Tablighi Jamaat congregation at Nizamuddin Markaz in Delhi recently, not to hide from the government and not to be scared of it.

"I appeal to all the Muslim brothers and mosque managing committees involved in the Jamaat congregation to please come out and inform the government. You do not need to feel scared of the government," Ilyasi told news agency.

He added: "You do not need to feel scared of the government. If you are quarantined, it doesn't mean you will be punished. This is for your and other people's safety."
On the subject of people likely to be quarantined, he said that if one does get quarantined, he or she must not think those quarantine facilities are jails. "If you are quarantined, it doesn't mean you will be punished. This is for your and other people's safety. Quarantine is the cure, you do not need to worry about it," he added.

Ilyasi further appealed to the people that one must not associate religion with the coronavirus outbreak. "Islam talks about saving one person's life and securing a person's life. Do not connect the outbreak with religion as this outbreak does not affect any religion or caste in particular," he said.

With regards to the lockdown being imposed by the centre, he said: "I appeal to all that we must obey the lockdown judiciously as there is no medicine or cure for this disease."
The Union Ministry of Health and Family Welfare's latest bulletin said that there are 1,834 coronavirus positive cases in India, including 1,649 active cases, 144 cured/discharged/migrated people and 41 deaths.

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News Network
March 4,2020

Mar 4: Twenty-one Italian tourists and three Indian tour operators have been sent to an ITBP quarantine facility in Delhi on Tuesday for suspected coronavirus exposure, official sources said.

Health Ministry sources said these foreigners, 13 women and eight men, were in the same group of which an Italian and his wife have tested positive in Rajasthan capital Jaipur.

“His (Italian in Jaipur) condition is stable,” a source said.

Three Indians, who were accompanying this Italian group as tour operators, have also been sent to the ITBP facility in Chhawla area of south-west Delhi, they said.

All these people, staying at a five-star hotel in south Delhi, have been put in “preventive isolation” at the ITBP camp and their samples will be taken on Wednesday, sources said.

The centre already has 112 people, 76 Indians and 36 foreigners, since February 27 after they were evacuated by an IAF plane from Wuhan in China, the epicentre of the coronavirus.

The first samples of these 112 people had tested negative when reports came in last week.

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News Network
April 2,2020

Mumbai, Apr 2: NCP chief Sharad Pawar on Thursday

urged Muslims to observe Shab-e-Barat staying inside their homes, and also suggested that the birth anniversary celebrations of Dalit icon Dr B R Ambedkar be postponed in view of the coronavirus outbreak.

Pawar said Ram Navami, being observed on Thursday, is celebrated with fervour every year across the country.

"Unfortunately, there is this threat of coronavirus this year and we have to observe some restrictions...but I am sure people must be remembering Lord Ram staying inside their homes," he said in his address via Facebook.

Shab-e-Barat, also known as the night of forgiveness,will be observed on April 8.

Members of the Muslim community visit graveyards to remember their relatives who are no more, Pawar said, and called for taking precautions to avoid gathering of people given the coronavirus crisis.

Pawar said congregation such as the one held last month in Delhi's Nizamuddin area by Tablighi Jamaat could have been avoided, and urged people to ensure there is no repeat of such meetings on Shab-e-Barat.

"The meeting should have been avoided, but it was notand others may have to pay for it," Pawar said referring to the religious meeting in the national capital.

He said the "possibility of some people who attended the meeting carrying the disease cannot be ruled out" and pressed for maintaining discipline given the situation caused by the COVID-19 outbreak.

"Shab-e-Barat is on April 8. Muslims remember their relatives, who are not more, by visiting kabrastan (graveyard). It should be observed inside home. Precaution should be taken to see there is no repeat of the Nizamuddin meeting-like episode," he said.

The birth anniversary of Ambedkar, the architect of the Indian Constitution, is observed on April 14.

Pawar said people should also think about postponing Ambedkar's birth anniversary celebrations.

"We normally celebrate it (the anniversary) for two or so months. We should think whether we should really observe the programme at this juncture (given the coronavirus threat).

If we come together, we may have to face health issues," the former Union minister said.

He said in general, 90 per cent people have been observing the lockdown, but 10 per cent are not doing so.

The Centre and the Maharashtra government may have to extend the lockdown period if discipline is not observed till April 14 (till when the lockdown is in force), he said, urging people to toe the line in the interest of each other.

Pawar also praised Chief Minister Uddhav Thackeray, the state administration and police for working round-the- clock, and asked people to cooperate with them by staying at home.

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