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
April 25,2020

New Delhi, Apr 25: Neighbourhood and standalone shops, including those selling garments, mobile phones, hardware and stationery items have been allowed to open but those located in market places, malls and COVID-19 hotspots and containment zones, will continue to remain shut till May 3.

In rural areas, all shops, except those in single and multi-brand shopping malls, are allowed to open.

However, a Home Ministry official said the final decision of whether to allow the additional shops to open or not will be taken by the state governments and Union Territory administrations depending on their respective COVID-19 situation.
 
While allowing opening of more shops, a move seen as a relief to people who have been under lockdown since March 24, the government order issued on Friday night said the shops will be functioning with 50 per cent of workforce and after adhering strictly to precautions which include social distancing and wearing of masks.

The Union Home Ministry also said malls, liquor and cigarette shops, sale of non-essential items through e-commerce platforms continue to remain shut.

Restaurants, hair salons and barber shops will not be allowed to open as these render services and do not fall under the shop category.

Amending its April 15 order, Union Home Secretary Ajay Bhalla said in the Friday night order that "all shops, including neighbourhood shops and standalone shops, shops in residential complexes, within the limits of municipal corporations and municipalities, registered under the the Shops and Establishment Act of the respective State and UT" will be allowed to open during the lockdown.

The ministry also said shops located in registered markets located outside the municipal corporations and municipalities can open after following the drill of social distancing and wearing of masks but with 50 per cent of strength.

However, single and multi-brands shall continue to remain closed in these areas also.

"All shops registered under the the Shops and Establishment Act of the respective State/UT, including shops in residential complexes and market complexes, except shops in multi-brand and single brand malls, outside the limits of municipal corporations and municipalities, with 50 per cent strength of workers with wearing of masks and social distancing being mandatory" will be allowed to function, the order said.

In a statement on Saturday, the Home Ministry said the order implies that in rural areas, all shops, except those in shopping malls are allowed to open.

In urban areas, all standalone shops, neighbourhood shops and shops in residential complexes are allowed to open.

Shops in markets and market complexes and shopping malls are not allowed to open.

"It is clarified that sale by e-commerce companies will continue to be permitted for essential goods only," the order said and also added that sale of liquor and other items continues to be prohibited as specified in the national directives for COVID-19 management.

The ministry said that liquor shops were given licence under the Excise Act of the states and the establishments thrown open from Saturday were covered under the Shops and Establishment Act of the states.

Sale of cigarettes, gutka are continue to be prohibited during the lockdown.

"As specified in the consolidated revised guidelines, these shops will not be permitted to open in areas, whether rural or urban, which are declared as containment zones by respective States and Union Territories," the statement said.

The lockdown was first announced by Prime Minister Narendra Modi on March 24 in a bid to combat the coronavirus pandemic. It was further extended till May 3.

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News Network
March 31,2020

Hyderabad, Mar 31: Six people from Telangana who attended a religious congregation in Delhi's Nizamuddin died due to the novel coronavirus, the state government said on Monday.

"Coronavirus has spread among some of those who attended a religious prayer meeting from March 13 to 15 at Markaz in Nizamuddin area in Delhi," according to an official release. "Among those who attended were some persons from Telangana."

Two of the six died at the Gandhi Hospital, one each in two private hospitals, and one each in Nizamabad and Gadwal towns, the statement said, without mentioning the time of their deaths.

The special teams under the collectors have identified the persons who came in contact with the deceased and they are shifted to the hospitals, it said.

Police and paramilitary personnel cordoned off a major area in Nizamuddin West in south Delhi on Monday and over 200 people have been kept in isolation in hospitals after several people who took part in a religious congregation there showed symptoms of coronavirus.

The Telagana government asked those who participated in the prayers to inform the authorities. It will conduct tests and offer treatment to them free of cost, according to the release.

The government also requested the people to alert if they come to know about those who participated in the prayers.

Earlier a separate government release said a person died of COVID-19 in Telangana, taking the toll to two and the total number touched 77 after six fresh cases were reported on Monday.

As many as 13 patients who underwent treatment for the virus were discharged on Monday, a media bulletin on COVID-19 issued by the state government said.

A techie, the first COVID-19 case in Telangana, has been discharged recently. The state now has 61 active cases, the bulletin said.

Chief Minister K Chandrashekar Rao had on Sunday said barring a 76-year-old person, who had other ailments, the other patients were doing well.

Rao had said 25,937 people were under surveillance and being watched by 5,746 teams and they would be out of watch after completing their mandated 14-day quarantine period. He had said all those who are under observation would be out of vigil by April 7 if there are no fresh suspected cases.

"From March 30, their time is nearing completion. After that, they do not need to be under any surveillance. By April 7, we will have a situation of zero... We pray God that we should not get new cases,"

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The wire
May 20,2020

Bhopal, May 20: Two months after Deepak Bundele, an advocate and former journalist, was brutally assaulted by the Madhya Pradesh’s Betul Police on March 23, an Assistant Sub-Inspector of Kotwali Police Station in Betul district, BS Patel, approached the victim to record his statement. However, he allegedly tried to convince Bundele to withdraw the case saying that the cops had mistaken him for a Muslim since he has a long beard and assaulted him. But, the cop added, they were ashamed of the incident after they came to know that they had beaten their ‘Hindu brother’.
Bundele was on his way to the government hospital for diabetes treatment, a day before the countrywide lockdown was announced, when the assault occurred. Miffed with the incident and after the district police denied to register the case, he wrote to the State Human Rights Commission; Chief Justice of Madhya Pradesh High Court; Chief Minister Shivraj Singh Chouhan; Vivek Johri, Director General of Police, Madhya Pradesh; and SP Betul to register an FIR against the police officials and take punitive action against them.
In the wake of COVID-19 pandemic outbreak, section 144 had been imposed in Betul district and public movement was restricted when the incident had occurred. 
Talking to Bundele, ASI Patel had said, “We seek an apology on behalf of those officials [who assaulted Bundele]. We are truly embarrassed because of the incident. If you want, I can bring those officials and make them apologise in person to you. They mistook you as a Muslim and assaulted you, since you had a long beard. And the man (who assaulted you) is a kattar (staunch) Hindu…In Hindu-Muslim riots whenever a Muslim is arrested, they beat them up brutally, always,” the police official can be heard saying in an audio recording shared by the victim.
In the 14 minutes long audio, he further said, “I request to you to withdraw the complaint. Please agree to our request; understand that we are living in Gandhi’s country; we are all Gandhi’s children…I have at least 50 friends from your caste.”
The cop continued, “All those people are ashamed that they did something like this to a Hindu brother without knowing his identity. We do not have any enmity against you. Whenever there is a Hindu-Muslim riot, police always supports the Hindus; even Muslims know this. But whatever happened with you was because of ignorance. For that, I have no words.” 
Refuting ASI Patel’s claim, Bundele claimed that there was no Hindu-Muslim riot that day, and asked whether he was beaten for being wrongly identified as a Muslim. The police officials agreed, and said: “Yes, exactly.”
“When I constantly declined to withdraw the compliant, he indirectly threatened me saying, ‘Agree to our request, else you and your advocate brother will face consequences’,” Bundele claimed. 
When contacted Betul SP DS Bhadoriya said, “I’m not aware of this audio clip. I will taken strict action, if I receive any such complain.”
Bundele said that he has written to the DGP and other senior police officials with details about the incident.   
THE ASSAULT
On March 23 evening, when Bundele was on his way to a hospital for the treatment, Betul Police allegedly thrashed him. The 32-year-old advocate had worked as a journalist for various dailies in Madhya Pradesh’s state capital for a decade. He moved to Betul in 2017 and started practising in the district court with his brother. “I have been a patient of diabetes and blood pressure for the last 15 years. On March 23, since I was not feeling well, I decided to visit the hospital and get some medicines. But I was stopped by the police midway,” Bundele had said. 
Even though the advocate, who sports a beard, said that he explained to police personnel that he had to get his medicines but one of them slapped him without trying to listen to what he was saying. “When I protested and said that police have no right to beat the public, they got anxious and within no time, many police officials came and started beating me up with sticks,” he added. 
"I need constant medication and lifesaving medicines to survive and I told the policemen everything while they were assaulting me. But, they kept hitting me, even after I fell,” he said, adding, "I bled for almost a 2-3 days after the incident.”
Bundele, sustained multiple injuries and his ear bled for almost two days after the incident, but, Betul police denied to file an FIR in the incident.
‘WILL MOVE TO THE HIGH COURT’
“Even after two months of the incident, no FIR has been registered and it seems that police is trying to sweep the matter under the carpet,” Bundele said, adding, “I have talked to the Supreme Court’s veteran advocate Vivek Tankha and Etasham Hashmi and will take this matter to the court.”
He also raised serious concerns about the communal angle of the incident, saying, “It’s a matter of grave concern that the police is turning communal and targeting a particular community.”

Source: https://www.google.com/amp/s/m.thewire.in/article/communalism/madhya-pr…

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