Economic outlook cloudy in FY20: RBI annual report

New Delhi, May 12: Former Prime Minister Manmohan Singh, who was admitted to the AIIMS here after suffering reaction to a new medication, was discharged on Tuesday.

The 87-year-old Congress leader was discharged around 12:30 pm, hospital sources said.

Manmohan Singh was shifted to a private ward in the Cardio-Neuro tower on Monday night. He was also tested for Covid-19 and his results had come out negative, the sources said. The Congress leader was admitted to the hospital on Sunday evening after he complained of uneasiness.

The sources said that Singh had developed a reaction to a new medication and was admitted to AIIMS for observation and investigation.

Manmohan Singh is currently a Member of Rajya Sabha from Rajasthan. He was the prime minister between 2004 and 2014.

In 2009, Singh underwent a successful coronary bypass surgery at the AIIMS.

Mumbai, Jun 6: Republic TV Editor-in-Chief Arnab Goswami faces a new complaint, this time under the Cable Televisions Network (Regulation) Act, 1995, for allegedly running the television channel "to create communal hatred, religious polarisation and threatening national integrity".

Social activist Nilesh Navlakha last month lodged a criminal complaint with the Commissioner of Police, Pune, through his lawyer Asim Sarode, under Section 2 of the Act.

"We have narrated six prominent, recent debate shows conducted by Goswami in which his arguments and words used were communal in nature which he kept repeating in his shows. The words and tonality are intended to promote communal attitudes and news is based on religious innuendos and half-truths," Sarode contended.

This leads to propaganda based on hatred, religious polarization and communal divide, said Navlakha in a statement.

He further said that the misuse of freedom of expression by Goswami and his channel posed a serious threat before the independent media as it violates the freedom of expression of the viewers, as it is the viewers' right to get correct, complete and true information.

Elaborating about Goswami's behaviour, Navlakha said that he has created what is termed 'Impulse Control Disorder' in psychiatry.
Sarode said: "Intermittent Explosive Disorder is a kind of 'impulse control disorder' which involves sudden episodes of impulsive, aggressive, violent behaviour or angry verbal outbursts in which you react grossly out of proportion to the situation."

They said that there are some more media persons displaying such tendencies in Hindi and English journalism, showing whatever is convenient and blow it out of proportion to give meanings which are out-of-context and disrupts the fabric of democracy while not fitting into journalism's ethics.

The complaint also alleged that Goswami and his channel are actually into "brainwashing" the viewers in a way that they will get converted into haters of some communities and terror for some religions.

"This is not less than running an organised crime syndicate of making the human minds to follow a fanatic terrorist thought process. When WhatsApp group admins are being booked under the law, then why the CTNRA provisions are not being invoked against such tendencies," Sarode asked.

In the complaint, it is pointed out how eminent persons have walked out of Goswami's shows because of his name-calling tactics, like labelling cricketer Sachin Tendulkar "anti-national" in one of his shows.

Navlakha and Sarode claimed that Goswami has violated the Programme Code under the CTNRA, the channel has indicated it is against sovereignty, integrity and security as also against public order, decency and morality, making it a serious issue and a cognizable offence.

It urged the Pune police chief to take suitable action against the wrongs committed to disturb the peace, law and order in society and book Goswami under the CTNRA Section's 16, which attracts a jail term of two years plus fine.

New Delhi, Mar 6: As panicky depositors rushed to withdraw money from Yes Bank whose control was seized by the RBI in a dramatic late-night move, Finance Minister Nirmala Sitharaman on Friday assured depositors that their money is safe and said the central bank was working for an early resolution of the crisis.

The Reserve Bank of India (RBI) on Thursday evening capped withdrawals at Rs 50,000 for the next one month and imposed strict limits on operations at the country's fourth-largest private lender that faced "regular outflow of liquidity" after an effort to raise new capital failed.

"I am in continuous interaction with the RBI. The RBI is fully seized of the matter and has assured they will give a quick resolution," Sitharaman said here.

She said no depositor will lose his or her money and insisted that the immediate priority is to ensure Yes Bank customers are able to withdraw money within the stipulated cap.

"I want to assure every depositor that their money shall be safe. Their monies are safe," she said. "I am constantly in contact with the RBI and the steps that are taken are taken in the interest of depositors, banks and economy. We are fully seized of the development."

She was talking to reporters after meeting State Bank of India (SBI) Chairman Rajnish Kumar. On Thursday, the SBI board gave its "in-principle" approval to exploring investment opportunities in Yes Bank.

"So I repeat, the depositors can be assured that their money is safe," she said.

Soon after the RBI takeover, depositors thronged Yes Bank ATMs to withdraw money and police had to be deployed in some places to control the crowds.

Yes Bank has 1,000 branches across the country.

Refusing to elaborate on her meeting with the SBI chairman, the minister said that "was on a completely different matter".

"RBI governor has given me assurance that there will be an appropriate resolution soon. No depositor will lose (money)," she said. "Reserve Bank has taken cognizance of the problem."

The central bank, she said, has gone through the "process over and over again to find out an amicable solution".

"And that has been over the last couple of months. So it is not as if they have come in suddenly now. We have been monitoring the situation," she said adding the RBI has appointed an administrator who previously was with the SBI.

"Both the RBI and the government are looking at this with all the details before them, not just today. I have personally monitored the situation over the last couple of months with the RBI. Therefore we have taken a course which will be in everybody's interest," she added.

Yes Bank had been seeking new capital since last year to bolster its ratios and quell questions about its stability due to its exposure to the non-banking finance industry entangled in a prolonged crunch in the local credit market.

The SBI chairman said the resolution to the Yes Bank crisis will come "very shortly".

"This is not a sectoral problem. It is a bank-specific problem," he said. "The RBI will take all steps to ensure financial stability."

On SBI picking up a stake in Yes Bank, he said the lender already has an in-principle approval for doing so.

"If SBI has to pick up a stake in Yes Bank, we have an in-principle approval for that," he said.

Commenting on the crisis at Yes Bank, Alka Anbarasu, Vice President – Senior Credit Officer, Financial Institutions, Moody's Investors Service, said: "RBI's moratorium on Yes Bank is credit negative as it affects timely repayment of bank depositors and creditors."

"While Moody's expects Indian authorities will take steps to prevent the weakness in the bank's viability from significantly impacting its depositors and senior creditors, the lack of a coordinated and timely action highlights continued uncertainty around bank resolutions in India," she said.