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CIC issues show-cause notice to RBI governor for non-disclosure of wilful defaulter’s list

Agencies
November 5, 2018

New Delhi, Nov 5: The Central Information Commission (CIC) has issued a show-cause notice to RBI Governor Urjit Patel for “dishonouring” a Supreme Court judgment on disclosure of wilful defaulters’ list.

The CIC has also asked the Prime Minister’s Office, the Finance Ministry and the Reserve Bank of India (RBI) to make public the letter of former RBI governor Raghuram Rajan on bad loans.

Irked over the denial of information on the disclosure of the names of wilful defaulters who have taken bank loans of ₹50 crore and above by the RBI in spite of a Supreme Court order, the CIC has asked Mr. Patel to explain why a maximum penalty be not imposed on him for “dishonouring” the verdict which had upheld a decision taken by then Information Commissioner Shailesh Gandhi, calling for disclosure of names of wilful defaulters.

Mr. Patel, speaking on September 20 at the Central Vigilance Commission (CVC), had said the guidelines on vigilance, issued by the CVC, were aimed at achieving greater transparency, promoting a culture of honesty and probity in public life and improving the overall vigilance administration in the organisations within its purview, the CIC pointed out.

“The Commission feels that there is no match between what RBI Governor and Deputy Governor say and their website regarding their RTI policy, and great secrecy of vigilance reports and inspection reports is being maintained with impunity in spite of the Supreme Court confirming the orders of the CIC in the Jayantilal case”, Information Commissioner Sridhar Acharyulu said.

He concluded that it did not serve any purpose in punishing the CPIO for this defiance, because he acted under the instructions of the top authorities.

“The Commission considers the Governor as deemed PIO responsible for non-disclosure and defiance of SC orders and CIC orders and directs him to show cause why maximum penalty should not be imposed on him for these reasons, before November 16, 2018,” Mr. Acharyulu said.

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Agencies
March 6,2020

Thiruvananthapuram, Mar 6: A 12-member team from Telangana on Friday visited Kerala to study how the state contained the spread of novel coronavirus.

Interacting with the team, Kerala Health Minister KK Shailaja said, "The team will be given a presentation at National Health Mission and they will visit Alappuzha district to know how the health facilities are set up by Kerala Health Department on the grassroots level."

"The team comprising doctors and senior health officials will visit the control room set up by the Health Department and also will attend daily review meetings. They will also visit an isolation ward in the hospital and interact with doctors and nurses, " the minister said.

She added, "Kerala model is being followed by other states too. All states are working together and the country as a whole is fighting the coronavirus. They are sharing our experience. All of India is standing together. Contact tracing and isolation is the most important part."

Dr Mahaboob Khan, part of the Telangana team told media persons, that the discussion with the health minister was fruitful.

"Kerala was the first state in India where a positive coronavirus case was reported. All three positive cases reported have been discharged after testing negative. So we wanted to study how Kerala was able to contain it and the health system in place here, " he said.

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News Network
May 8,2020

New Delhi, May 8: India's count of COVID-19 cases on Friday rose to 56,342 including 1,886 deaths, according to the Ministry of Health and Family Welfare.

Currently, there are 37,916 active cases while 16,539 COVID-19 positive patients have been cured/discharged and one has migrated.

Maharashtra has the highest number of cases with 18,120 followed by Gujarat with 7,013 cases and Delhi with 5,980 cases.

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Agencies
August 6,2020

Mumbai, Aug 6: Former Reserve Bank of India governor Raghuram Rajan said on Thursday that overly focusing on what sovereign rating agencies think can take one's eyes off what needs to be done for the economy.

"It is also important to convince both domestic and international investors that after the crisis associated with the pandemic is over, we will return to fiscal responsibility over the medium term, and the government should do more to convince them of that," Rajan told the Global Markets Forum.

India was placed under one of the strictest lockdowns in the world in late March for more than two months to stem the spread of the coronavirus, but cases have continued to rise steadily since the government eased restrictions in June, stymieing hopes of an economic recovery.

The government has announced several initiatives to help the poor and small- and medium-size businesses, but actual cash outgo from the government's measures has been estimated at just about 1% of GDP.

Several attribute the fiscal prudence to fear of a downgrade after Moody's cut India's rating and outlook in early June followed closely by a change in outlook from Fitch.

The central bank on its part too has reduced the key lending rate by 115 basis points on top of the 135 bps last year and is widely expected to cut rates by another 25 bps later on Thursday.

"The RBI and government have certainly been cooperating, but it seems like it is elsewhere, the ball is in the government's court to do more," Rajan said.

He said the RBI needs to focus on whether credit is reaching the stressed areas of the economy and also if the viable firms were able to access credit and not the unviable ones.

"And I think that's where it has to focus its attentions, because resources, as you well know, are limited in India today."

Recently analysts, however, have cited the growing possibility the RBI may prefer to pause and cut rates only at its October meeting.

Government officials too have suggested the possibility of any more fiscal stimulus being announced, would only come in the second half of the fiscal year, once a recovery has taken root and coronavirus cases have peaked.

"What India should focus on at this point is protecting its economic capabilities, so that when it has dealt with the virus it can go resume activity in a reasonable way. That should be the focus," Rajan said.

"And if it does that, there is no reason why the rating agencies will not see that as an appropriate policy".

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