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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Agencies
July 13,2020

Hyderabad, Jul 13: Family members of Telugu poet and writer Varavara Rao, who is currently lodged in Navi Mumbai's Taloja jail in the Bhima Koregaon case, on Sunday appealed to the government for his immediate release in view of his deteriorating health.

Rao's wife P. Hemalatha and their three daughters urged the government to save his life by shifting him to a hospital or allow them to provide him with immediate medical care.

We want to remind the government that it has no right to deny the right to life of any person, much less an undertrial prisoner," they said.

His family members said they were very much worried about his deteriorating health. They said his health condition had been scary for over six weeks, ever since he was shifted in an unconscious state to JJ Hospital on May 28.

"Even as he was discharged from the hospital and sent back to jail three days later, there has been no improvement in his health and he is still in need of emergency healthcare," Hemalatha said.

"The immediate cause of concern now is that we are very much perturbed at the routine phone call we received from him on Saturday evening. Though the earlier two calls on June 24 and July 2 were also worrying with his weak and muffled voice, incoherent speech and abruptly jumping into Hindi. But the latest call, on July 11 is much more worrisome as he did not answer straight questions on his health and went into a kind of delirious and hallucinated talk about the funeral of his father and mother, the events that happened seven decades and four decades ago respectively," Rao's wife said.

She said her husband's co-accused companion took the phone from him and informed her that he is not able to walk, go to the toilet and brush his teeth on his own.

"We were also told that he is always hallucinating that we, family members, were waiting at the jail gate to receive him as he was getting released. His co-prisoner also said he needs immediate medical care for not only physical but also neurological issues. The confusion, loss of memory and incoherence are the results of electrolyte imbalance and fall of Sodium and Potassium levels leading to brain damage. This electrolyte imbalance may be fatal also."

Stating that Taloja Jail Hospital is not well equipped to handle this kind of serious ailment, they demanded that he be shifted to a fully equipped super specialty hospital to save his life and prevent possible brain damage and risk to life due to electrolyte imbalance.

"At the present juncture we are leaving aside all the pertinent facts like, that the case against him is fabricated; he had to spend 22 months in jail as an undertrial with the process turned into punishment; his bail petitions got rejected at least five times now and even the bail petitions with his age, ill-health and COVID vulnerability as grounds were ignored. His life is the top most concern for us right now. Our present demand is to save his life," the family said.

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News Network
May 20,2020

New Delhi, May 20: With 5,611 new cases reported in the last 24 hours, India's COVID-19 tally reached 1,06,750 on Wednesday, according to the Union Ministry of Health and Family Welfare.

As many as 140 deaths have been reported in the last 24 hours, taking the total number of deaths to 3,303.

Out of the total cases, 61,149 are actives cases and 42,298 patients have been cured/discharged/migrated.

Maharashtra continues to remain the worst-affected state with 37,136 cases, followed by Tamil Nadu (12,448 cases), Gujarat (12,140 cases), and Delhi (10,554 cases).

The nationwide lockdown imposed as a precautionary measure to contain the spread of coronavirus has been extended till May 31.

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News Network
March 4,2020

Mar 4: Prime Minister Narendra Modi said on Wednesday that he has decided not to participate in any 'Holi Milan' programme as experts have advised reducing mass gatherings to avoid the spread of coronavirus.

"Experts across the world have advised reducing mass gatherings to avoid the spread of COVID19 Novel Coronavirus. Hence this year, I have decided not to participate in any 'Holi Milan' programme," the PM tweeted.

This year, Holi is on March 10.

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