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
January 14,2020

New Delhi, Jan 14: The curative petitions of Vinay Sharma and Mukesh, who were sentenced to death in the Nirbhaya gang rape and murder case, was on Tuesday rejected by a five-judge Supreme Court Bench led by Justice N.V. Ramana.

In a three-page order, the Bench concluded, after an in chamber consideration that began about 1.45 p.m., that there was no merit in their pleas to spare them from the gallows.

“We have gone through the curative petitions and relevant documents. In our opinion, no case is made out within the parameters indicated in the decision of this Court in Rupa Ashok Hurra versus Ashok Hurra. Hence, the curative petitions are dismissed,” the court held.

Curative is a rare remedy devised by a Constitution Bench of the Supreme Court in its judgment in the Rupa Ashok Hurra case in 2002. A party can take only two limited grounds in a curative petition - one, he was not heard by the court before the adverse judgment was passed, and two, the judge was biased. A curative plea, which follows the dismissal of review petition, is the last legal avenue open for convicts in the Supreme Court. Sharma was the first among the four convicts to file a curative.

The Bench also rejected their pleas to stay the execution of their death sentence and for oral hearing in open court.

Besides Justice Ramana, the Bench comprised Arun Mishra, Rohinton Nariman, R. Banumathi and Ashok Bhushan.

Curative petitions were filed in the Supreme Court by both convicts on January 9. The petitions had come just days after a Delhi sessions court schedulled the execution of all the four convicts in Tihar jail on January 22.

Sharma and Mukesh, in separate curative petitions, argued that there was a “sea change” in the death penalty jurisprudence since their convictions. Carrying out the death sentence on such changed circumstances would be a “gross miscarriage of justice”.

In his plea, Sharma said the Court had commuted the death penalty in several rape and murder cases since 2017, when it first confirmed the death penalty to the Nirbhaya convicts.

“fter the pronouncement of judgment in 2017, there have been as many as 17 cases involving rape and murder in which various three-judge Benches of the Supreme Court have commuted the sentence of death,” the petition contended.

The Supreme Court recently dismissed a review petition filed by Akshay Singh, another of the four four condemned men, to review its May 5, 2017 judgment confirming the death penalty. It also refused his plea to grant him three weeks' time to file a mercy petition before the President of India.

A Bench led by Justice R. Banumathi had said it was open for the Nirbhaya case convicts to avail whatever time the law prescribes for the purpose of filing a mercy plea.

Akshay (33), Mukesh (30), Pawan Gupta (23) and Sharma (24) had brutally gang-raped a 23-year-old paramedical student in a moving bus on the intervening night of December 16-17, 2012. She died of her injuries a few days later.

The case shocked the nation and led to the tightening of anti-rape laws. Rape, especially gang rape, is now a capital crime.

One of the accused in the case, Ram Singh, allegedly committed suicide in the Tihar jail. A juvenile, who was among the accused, was convicted by a juvenile justice board. He was released from a reformation home after serving a three-year term.

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News Network
March 27,2020

New Delhi, Mar 27: Cabinet Secretary Rajiv Gauba has asked states to urgently strengthen the surveillance of international travellers who entered the country before the lockdown as there appeared to be a "gap" between the actual monitoring for COVID-19 and the total arrivals.

In a letter to chief secretaries of all States and Union Territories, Gauba said such a gap in monitoring of international passengers for coronavirus "may seriously jeopardise the efforts to contain the spread of COVID-19", given that many amongst the persons who have tested positive so far in India have history of international travel.

"As you are aware, we initiated screening of international incoming passengers at the airports with effect from January 18, 2020. I have been informed that up to March 23, 2020, cumulatively, Bureau Of Immigration has shared details of more than 15 lakh incoming international passengers with the States/UTs for monitoring for COVID-19.

"However, there appears to be a gap between the number of international passengers who need to be monitored by the States/UTs and the actual number of passengers being monitored," Gauba said in his letter.

The government had started monitoring of all international passengers who have arrived in India in last two months in the wake of the coronavirus outbreak.

Gauba said,"it is important that all international passengers are put under close surveillance to prevent the spread of the epidemic."

He said the Ministry of Health and Family Welfare (MoHFW) has repeatedly emphasised the importance of monitoring, and requested the states and UTs to take immediate steps in this regard.

"I would, therefore, like to request you to ensure that concerted and sustained action is taken urgently to put such passengers under surveillance immediately as per MoHFW guidelines," he said.

The cabinet secretary also urged the chief secretaries to actively involve the district authorities in this effort.The screening of international incoming passengers at airports was done from January 18 in a phased manner.

The Central and state governments have unleashed unprecedented and extraordinary measures to contain the spread of the fast-spreading coronavirus, which has already infected more than 700 people in the country and claimed at least 17 lives.

A nationwide lockdown was also announced by Prime Minister Narendra Modi on Tuesday for 21 days.

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News Network
May 26,2020

Kasaragod, May 26: Amid relaxation of COVID-19 lockdown norms, Secondary School Leaving Certificate (SSLC) and vocational higher secondary education (VHSE) examinations resumed in Kerala on Tuesday.

Schools in the state maintained social distancing norms and other precautionary measures amid the examination. Hand sanitisers were also provided at the centres while wearing face masks was made mandatory for all students.

Students at VHSS Manacaud High School in Thiruvananthapuram were encouraged to follow social distancing norms while they also underwent thermal screening before entering the examination centre.

In Kerala, VHSE and SSLC exams began today. While VHSE is scheduled in the morning, the SSLC exam is held in the afternoon session.

Senior secondary exams are scheduled to begin in the state from May 27.

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