Core values of tolerance, plurality cannot be wasted: Pranab Mukherjee

October 7, 2015

New Delhi, Oct 7: President Pranab Mukherjee today said the core values of diversity, tolerance and plurality of Indian civilisation must be kept in mind and cannot be allowed to be wasted, in remarks that come against the backdrop of the Dadri lynching over rumours of beef eating.pranab mukherjee

"I firmly believe that we cannot allow the core values of our civilization to be wasted and the core values is what over the years the civilization celebrated diversity, promoted and advocated tolerance, endurance and plurality.

"These core civilization values keep us together over the centuries. Many ancient civilizations have fallen. But that is right that aggression after aggression, long foreign rule, the Indian civilization has survived because of its core civilizational values and we must keep that in mind. And if we keep those core values in mind, nothing can prevent our democracy to move," he said.

The President’s remarks come in the wake of lynching of a 50-year-old man in Dadri, Uttar Pradesh by an enraged mob over rumours that he stored and consumed beef, which has sparked an outrage across the country.

The President was handed over a coffee-table book on him at a function at the Rashtrapati Bhawan here. The book written by Prabhu Chawla, Editorial Director of New Indian Express, was released by Vice President Hamid Ansari.

Home Minister Rajnath Singh. Union Minister Mukhtar Abbas Naqvi, Delhi Chief Minister Arvind Kejriwal, Leader of Opposition in Rajya Sabha Ghulam Nabi Azad, fromer Jammu and Kashmir Chief Minister Farooq Abdullah and MPs were also present at the function.

In his brief 15-minute address, Mukherjee said being a political leader all along he felt shy speaking at such an occasion where a book on him was written.

He said the country has made tremendous progress in many sectors and there is no limit to doing more.

"There is no limit. We will have to do much more," he said.

He added that there is no end to work in the President's office which is considered stricly Constitutional and recalled how his friends jokingly commented that he would not have anything much to do in the post.

"I in my own way am making my contribution to make the country more important... After three years of coming here, I recognise that much more is to be done. There is no end to working in the President's office, which is considered strictly constitutional," he said.

Lauding the strength of democracy in the country, the President said its electorate decisively decided to put an end to the era of coalition and gave a single party government.

"Despite their diversity and despite having a long period of absence of single party majority, the Indian electorate decisively decided to make an end of that. Many of us thought that perhaps an era of ccoaltion has reached and that no single party would ever come (to power).

"In true sense, the marvel of Indian democracy has its own strength and we must celebrate that," he said.

He said he has closely seen many important events in the country happen before him right from the first election when people wondered how an election covering 350 million people can take place smoothly, to the last one.

He also recalled his days when he entered Parliament as a member of the Rajya Sabha during a "turbulent period" when Congress faced a major crisis over bank nationalisation and eventually split.

The President also recalled his mother telling him to go to school walking 10 kms everyday and that impacted his mind to strive hard when there is "no option".

He lauded the work of Prabhu Chawla, who along with his team put the book together, describing it as a "gift" from his friends and near and dear ones.

Ansari said the book is a small tribute to an eminent personality, who has a range of experience and depth of understanding issues.

Praising the book, Rajnath Singh said to put Mukherjee's life in a book is difficult to do so for such a personality who has not been in politics only to be in power and one who had strived successfully to bring about consensus in Parliament on many issues.

"He played the most important role in bringing about consensus," the Home Minister said.

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News Network
March 5,2020

Bharuch, Mar 5: Vijay Kumar, a resident of the Tamil Nadu has sought help from his friend Abdulkhuda Mohd Hanif Shaikh who is residing in Gujarat to build a temple in his village.

Abdulkhuda Mohd Hanif Shaikh, who also belongs to Tamil Nadu's Paraipatti village and has been residing in Gujarat' Bharuch for a decade has collected Rs 3 lakh from his friends as a donation to build the temple in Paraipatti village in Dindigul district.

"They'd told me 4 months ago and came to me 10 days back. From Vapi to Mehsana, there are several Madrasis, even here in the village too. I personally went to them and collected around Rs 3 Lakh," Shaikh said.

Vijay Kumar said that he stayed in Gujarat for ten days and collected Rs 3 Lakh with him.

"I had sought help from him. I stayed here in Gujarat for 10 days, and went with him from people to people and collected Rs 3 Lakh. No one lives like Hindus or Muslims in our village, everyone lives like friends," he said.

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News Network
March 6,2020

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.

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News Network
June 1,2020

New Delhi, Jun 1: India's COVID-19 tally on Monday witnessed its highest-ever spike of 8,392 cases, while 230 more deaths related to the infection were also reported in the last 24 hours, according to the Union Ministry of Health and Family Welfare (MoHFW).

The total number of coronavirus cases in the country now stands at 1,90,535 including 93,322 active cases, 91,819 cured/discharged/migrated and 5,394 deaths.

COVID-19 cases in Maharashtra continue to soar with the number reaching 67,655. Tamil Nadu's coronavirus count stands at 22,333 while cases in Delhi the number has reached 19,844

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