Indian public sector banks had 'worst phase' under Manmohan, Rajan: Sitharaman

Agencies
October 16, 2019

New York, Oct 16: Finance minister Nirmala Sitharaman has said that the Indian public sector banks had the "worst phase" under the combination of former Prime Minister Manmohan Singh and Reserve Bank of India (RBI) governor Raghuram Rajan.

Delivering a lecture at the prestigious Columbia University's School of International and Public Affairs in New York on Tuesday, Sitharaman said that giving all the public sector banks a “lifeline” is today her primary duty.

"I'm taking a minute to respond … I do respect Raghuram Rajan as a great scholar who chose to be in the central bank in India at a time when the Indian economy was all buoyant,” Sitharaman said during the lecture organised by the Deepak and Neera Raj Centre on Indian Economic Policies of the Columbia University.

Asked about Rajan's comments during a recent lecture at Brown University in which he had apparently mentioned that in its first term, the Narendra Modi government had not done better on the economy because the government was extremely centralised and the leadership does not appear to have a consistent articulated vision on how to achieve economic growth, the minister said instead there were major issues with bank loans during Rajan's tenure as the central bank head.

"It was in Rajan's time as governor of the Reserve Bank that loans were given just based on phone calls from crony leaders and public sector banks in India till today are depending on the government's equity infusion to get out of that mire," she said.

"Dr Singh was the Prime Minister and I'm sure Dr Rajan will agree that Dr Singh would have had a ‘consistent articulated vision' for India,” she said amid laughter from the audience.

"With due respect, I'm not making fun of anybody but I certainly want to put this forward for a comment which has come like this. I have no reason to doubt that Rajan feels for every word of what he is saying. And I'm here today, giving him his due respect, but also placing the fact before you that Indian public sector banks did not have a worst phase than when the combination of Singh and Rajan, as the Prime Minister and the governor of Reserve Bank, had. At that time, none of us knew about it,” she said.

Sitharaman said while she is grateful that Rajan did an asset quality review, but people should know what makes the banks ailing today.

"I am grateful that Rajan did an asset quality review but I'm sorry, can all of us put together also think of asking what ails our banks today. Where has it been inherited from,” she said.

The event was also attended by former Niti Aayog vice-chairman Arvind Panagariya, professor and eminent economist Jagdish Bhagwati and India's Consul General in New York, Sandeep Chakravorty.

Sitharaman said: "While economists can take a view of what prevails today or prevailed years ago, but I will also want answers for the time when Rajan was in the Governor's post speaking about the Indian banks, for which today to give a lifeline is the primary duty of the finance minister of India. And the lifeline-kind of an emergency has not come overnight”.

Responding to the question, Sitharaman further pointed out that if there is a feeling that there's been a centralised leadership now, "I'd like to say that very democratised leadership led to a whole lot of corruption. Very democratised leadership. The Prime Minister, after all is the first among equals in any cabinet".

"You need to have a country as diverse as India with an effective leadership. A rather too democratic leadership, which probably will have the approval of quite a lot of liberals, I'm afraid, left behind such a nasty stink of corruption, which we are cleaning up even today," she said.

Comments

Haha....LOL

muslims are very very happy...god give them wisdom...Alhamdullilla

only you third rated people are in trouble....one day your child will spit on your face to choosing such a nalayak PM for futur india...

 

you will never come back from the business...you can sell your family to NAMO RSS orginazition..we all know what they do!!

 

so much poison in heart towards muslim will kill you one day like cancer...

 

look at all muslim country most are destroyed by america but still they live happly...

 

once muslim get world power we will treat all people equal and work for huminaty...

 

Dont take tension...LOL

 

 

 

 

Namo Again
 - 
Wednesday, 16 Oct 2019

Blaming other not a solution always. But still I support Modi ji. Mine business is in loss, but i am satisfied because muslims lost more .Because if I lost one eye, muslims will loss both eyes. 

Sandesh Shetty
 - 
Wednesday, 16 Oct 2019

Such a shameless fellow. 

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News Network
May 9,2020

New Delhi, May 9: The Trinamool Congress on Saturday responded to Union home minister Amit Shah’s charge that the Mamata Banerjee-led West Bengal government is not facilitating the movement of stranded migrant workers.

Amit Shah has written to West Bengal chief minister Mamata Banerjee, saying her government is doing “injustice” to migrant workers by not allowing the special Shramik trains to reach the state.

“Union home minister Amit Shah speaks after weeks of silence only to mislead people with lies,” the TMC’s Abhishek Banerjee was quoted as saying by news agency PTI.

“The Centre is lying… West Bengal is running 711 camps for migrants in the state. We are taking good care of them,” Abhishek Banerjee, who is also the chief minister’s nephew, said.

Amit Shah had pointed out in his letter that the Centre was not receiving the “expected support” from the state government in helping stranded migrant workers from West Bengal.

“West Bengal government is not allowing trains with migrants reaching the state. This is injustice with WB migrant labourers. This will create further hardship for them,” Amit Shah had said in his letter to Mamata Banerjee.

The issue of migrant workers is the latest flashpoint between the Centre and the West Bengal government amid a row over the state’s efforts to control the coronavirus disease (Covid-19).

The Centre and the state have exchanged allegations over the criteria for reporting deaths from the infection, and while While Bengal says the Centre is trying to politicise a public health crisis, the Union government maintains that state officials are ignoring repeated warnings to step up the fight against the disease.

Federal officials have said that the region has not conducted adequate tests and that there has been mismanagement over identifying hotspots and containing them.

Union home secretary Ajay Bhalla also slammed the state government for a very low rate of testing and high rate of mortality, 13.2%, by far the highest for any state.

The Centre has also accused the state government of not allowing cross-border movement of goods trucks to Bangladesh.

There are 1,678 Covid-19 cases and 160 deaths in West Bengal until Saturday morning.

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News Network
July 27,2020

Chengdu, China, Jul 27: The American flag was lowered at the United States consulate in Chengdu on Monday, days after Beijing ordered it to close in retaliation for the shuttering of the Chinese consulate in Houston.

Footage on state broadcaster CCTV from outside the consulate showed the flag being slowly lowered early Monday morning, after diplomatic tensions soared between the two powers with both alleging the other had endangered national security.

Relations deteriorated in recent weeks in a Cold War-style standoff, with the Chengdu mission Friday ordered to shut in retaliation for the forced closure of Beijing's consulate in Houston, Texas.

The deadline for the Americans to exit Chengdu has been unclear, but the Chinese consulate in Houston was given 72 hours to close after the original order was made.

On Saturday news agency reporters saw workers removing the US insignia from the front of the consulate.

Over the weekend, removals trucks entered the US consulate and cleaners were seen carting large black rubbish bags from the building.

Beijing says closing the Chengdu consulate was a "legitimate and necessary response to the unreasonable measures by the United States", and has alleged that staff at the diplomatic mission endangered China's security and interests.

Washington officials, meanwhile, said there had been unacceptable efforts by the Chinese consulate in Houston to steal US corporate secrets.

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News Network
January 6,2020

Jammu, Jan 6: Union Minister Jitendra Singh on Sunday said India is the only shelter for religiously persecuted Hindus, Sikhs and other minorities who come from Pakistan, Bangladesh or Afghanistan, for the safety of their life and honour.

"India owes responsibility towards the minorities living in these countries which proclaim Islam as their state religion," Singh said here while launching the BJP's countrywide 10-day mass contact drive to spread awareness about the Citizenship Amendment Act (CAA).

Accompanied by senior party colleagues, including former deputy chief minister Kavinder Gupta and former minister Sat Sharma, he began by visiting the house of veteran columnist, writer and Padmashri awardee K L Pandita, where he spent time with them discussing the Act.

Later, he visited prominent social activist Amjad Mirza, eminent Sikh religious leader Baba Swaranjit Singh, retired High Court judge Justice G D Sharma, veteran journalist and former bureau head of Hind Samachar group Gopal Sachar, retired principal of Jammu government medical college Subhash Gupta, social activist and president of Peoples' Forum Ramesh Sabharwal, among others.

During his interaction with them, the Minister of State in the Prime Minister's Office claimed that Congress leaders and their allies protesting against the Act are doing so without "conviction".

He opined that if a "survey" was conducted among the family members of these Congress leaders, then, even they would not support their "anti-CAA stand".

"The tragedy of Congress party and contemporary leaders of Congress is that either they do not read their own history or are blissfully ignorant of the statements made by their own party patriarchs and former prime ministers," he said.

The minister recalled that the Nehru-Liaquat Pact of 1950 was inspired by the realisation on the part of the then Congress government headed by prime minister Jawaharlal Nehru that minorities, particularly Hindus, were not getting a fair deal in Pakistan.

"In 1949, Nehru had written a letter expressing concern about people coming in from then East Pakistan, which is now Bangladesh, and while doing so, he had referred to Hindus coming from there as 'refugees' and Muslims arriving here as 'immigrants'," Singh said.

Further, Nehru had stated that India owed a "responsibility" to these refugees, the minister said.

Referring to the opposition of senior Congress leaders Rahul Gandhi and Priyanka Gandhi to the amended legislation, the minister said someone should show them records of proceedings of the winter session of Parliament in 1950 when their great-grandfather (Nehru) had himself said that they deserved to be given citizenship and if the law was inadequate for it, then, the law should be changed.

"PM Modi should actually be given credit for showing courage and conviction to carry forward the task, which the Congress government lacked, to accomplish this," the minister opined.

Singh reiterated that a false fear psychosis against Muslims is being sought to be manufactured when there is no place as safe and comfortable to live for the community as India.

Turning the tables on the opposition to the National Population Register(NPR) and proposed National Register of Citizens (NRC), Singh pointed out that PM Modi and Union Home Minister Amit Shah have been stating that the exercise on NRC is yet to begin.

He also said that it was then Union home minister P Chidambaram, who had stated in Parliament in 2010 that NPR could be a basis for NRC.

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