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
June 13,2020

New Delhi, Jun 13: Veteran Urdu poet Anand Mohan Zutshi 'Gulzar' Dehlvi passed away on Friday afternoon, five days after he recovered from COVID-19.

He died at his Noida home, and was a month shy of turning 94.

"His corona test came negative on June 7 and we brought him home. Today he had lunch and at around 2.30pm he passed away," his son Anoop Zutshi told PTI.

"He was quite old, and the infection had left him very weak. So doctors are thinking it was possible a cardiac arrest," he added.

A freedom fighter and a premier 'inquilabi' poet, Dehlvi was admitted to a private hospital on June 1 after testing positive for coronavirus.

Born in old Delhi's Gali Kashmeerian in 1926, he was also the editor of 'Science ki Duniya', the first Urdu science magazine published by the Government of India in 1975.

Remembering her fond memories of Dehlvi, historian-writer Rana Safvi recalled seeing the poet at most 'mushairas' in Delhi.

"I cannot express how big a loss it is. We used to see him at every 'mushaira' in Delhi. It's a big loss to Delhi and the world of poetry," Safvi said.

She also took to Twitter to express her condolences.

"Sad to hear about Gulzar Dehlvi saheb's demise. He was the quintessential Dilli waala. May he rest in peace," she tweeted.

According to Delhi-based poet and lawyer Saif Mahmood, Dehlvi was "the presiding bard of Delhi", following in the footsteps of iconic poets like Mirza Ghalib, and Mir Taqi Mir.

His death is the "end of an era", he said.

"No one knew the nooks and crannies of Mir and Ghalib's Delhi like him. Gulzar saheb claimed that his father, Allama Pandit Tribhuvan Nath Zutshi 'Zaar Dehlvi', was a disciple of the renowned poet Daagh Dehlvi," he said, while reminiscing his meeting with Dehlvi three years back.

The poet had recited a still unpublished 'sher' (couplet) then, Mahmood said, which seems more relevant now in the aftermath of his demise.

"Mere baad aane waalon, meri baat yaad rakhna/ mere naqsh-e-pa se behtar, koi raasta nahin hai". (Those who come after, remember what I say/ there’s no better way than to follow my footprints).

"He was a true exemplar of not just the Urdu language but also of the Urdu culture. In fact he was a living and breathing form of Urdu tehzeeb," Mahmood said.

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Agencies
July 12,2020

Jaipur/New Delhi, Jul 12: The crisis in Rajasthan Congress has deepened with state Chief Minister Ashok Gehlot and his deputy Sachin Pilot at loggerheads.

While Gehlot is blaming BJP for trying to destabilise the state government by poaching MLAs, Pilot is camping in Delhi to speak to the party leadership regarding the political turmoil in the state.

According to sources, Pilot has sought an appointment with party's interim president Sonia Gandhi but time for the meeting has not yet been given by her. Although Pilot met another party leader to apprise him about the situation in the state and spelled out his grievance.

As of now, many MLAs, who are believed to be in the Pilot camp, are also in Delhi to meet the party leadership. According to sources, the deputy chief minister has the support of nearly 30 Congress MLAs along with many independent legislators.

It is important to note that the controversy broke out in Rajasthan after Special Operation Group (SOG) sent a notice to Sachin Pilot to record his statement in the case registered by SOG in the alleged poaching of Congress MLAs in the state. The clash between Gehlot and Pilot is also over the post of PCC Chief as Gehlot Camp wants that 'One Leader One Post' formula to be implemented in Rajasthan. Currently, Sachin Pilot is heading the PCC besides holding the Deputy CM post.

Sources close to Sachin Pilot have informed that the young leader is upset with the notice issued to him. He believes it is aimed to record his phone calls and keep him under surveillance. Many of Pilot's supporters feel indignation and told Pilot that they cannot work with Ashok Gehlot. Also, Pilot is unlikely to attend the meeting called by Gehlot today, according to sources.

While the top leadership of the party is keeping mum, sources say it is keeping a watch on the development. General Secretary KC Venugopal has taken up the matter of the rift with the party's top brass with them not happy about it.

Rajasthan AICC Incharge Avinash Pandey told media persons: "Everything is under control. Few MLAs had issues and after discussion, they have returned back to Jaipur and others are also in touch. BJP's attempt of destabilising the government will not be successful in Rajasthan and government is stable."

Gehlot also held a meeting with ministers last night in Jaipur.  According to Gehlot camp, the top leadership is apprised of the development of the poaching attempt in the state. Amid Political Crisis Rajasthan CM Ashok Gehlot called a meeting of Ministers and all Cong MLAs tonight at his residence.

The Rajasthan crisis has alerted the other senior leaders of the party who have opined that the Madhya Pradesh incident should not get repeated in Rajasthan.

Former Union Minister and Rajya Sabha MP Kapil Sibbal tweeted, "Worried for our party. Will we wake up only after the horses have bolted from our stables?"

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News Network
April 16,2020

New Delhi, Apr 16: The number of COVID-19 cases in India has reached 12,759, the Health Ministry said on Thursday.

According to the official data, India has 10,824 active cases and 1514 discharged and cured cases. Meanwhile, 420 people have died from the disease which originated in China.

Maharashtra has reported the highest number of cases in the country which stands at 2919, including 295 cured and discharged and 187 deaths.

With 1578 coronavirus cases, Delhi is in the second position of India's tally of corona infected people; followed by Tamil Nadu (1242) and Rajasthan (1023).

Kerala, which reported India's first coronavirus case, has 388 confirmed cases, including 295 cured and discharged and 187 deaths.

On the other hand, Uttar Pradesh and Haryana, that border the national capital, have 773 and 205 cases, respectively.

Chhattisgarh, Chandigarh and Pudducherry have reported 33, 21 and 7 cases respectively. While West Bengal has 231 coronavirus infected people, Odisha has confirmed 60 cases.

The newly carved union territories -- Ladakh and Jammu and Kashmir--- have 17 and 300 cases, respectively.

In the Northeast, 33 people were detected positive for COVID-19 in Assam, which is the worst-affected states in the region. Six corona cases were confirmed from Meghalaya, two each from Manipur and Tripura and one from Arunachal Pradesh. Nagaland remains free from coronavirus till date, said the Ministry.

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