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
February 5,2020

New Delhi, Feb 5: AIMIM chief Asaduddin Owaisi on Wednesday expressed his suspicion over the government using force to clear the Shaheen Bagh stretch where an agitation has been ongoing for over 50 days against Citizenship Amendment Act (CAA).

While speaking to ANI over the phone, Owaisi was asked that there are indications from the government that after February 8, Shaheen Bagh will be cleared.

In reply, he said, "Might be they will shoot them, they might turn Shaheen Bagh into Jallianwala Bagh. This might happen. BJP minister gave a statement to 'shoot a bullet'. The government must give an answer as (to) who is radicalising."

Further speaking about NPR and NRC, Owaisi said, "Government must give a clear cut answer that till 2024 NRC will not be implemented. Why are they spending Rs 3900 crore for NPR? I feel this way because I was a History student. Hitler during his reign conducted census twice and after that, he pushed the jews in a gas chamber. I don't want our country (to) go in that way."

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News Network
February 19,2020

New Delhi, Feb 19: The UIDAI on Tuesday said its Hyderabad office has sent notices to 127 people for allegedly obtaining Aadhaar numbers on "false pretences" but asserted these have nothing to do with citizenship.

The notices were issued after reports from the police, the Unique Identification Authority of India (UIDAI) said.

"Aadhaar is not a document of citizenship and UIDAI has been mandated under the Aadhaar Act to ascertain residency of a person in India for 182 days prior to applying for Aadhaar," the nodal body, which issues the 12-digit biometric ID, said in a statement.

The Supreme Court, in its landmark decision, has directed the UIDAI not to issue Aadhaar to illegal immigrants, it said.

"It may be noted that the regional office Hyderabad received reports from the state police that 127 people have obtained Aadhaar on false pretences, as in their preliminary enquiry they were found illegal immigrants who were not qualified to obtain an Aadhaar number," the UIDAI said.

As per the Aadhaar Act, such Aadhaar numbers are liable to be cancelled.

"Therefore, the regional office Hyderabad has sent notices to them to appear in person and to substantiate their claims for getting an Aadhaar number," it said.

The UIDAI emphasised that these notices have "nothing to do with citizenship and cancellation of Aadhaar number is in no way related to the nationality of any resident".

In case it is found and proved that any of them obtained Aadhaar by submitting false documents or through false pretences, their Aadhaar is liable to be cancelled or suspended depending on the severity of the transgression, UIDAI said.

"Severe errors like forged documents, etc., will lead to appropriate actions, including suspending /cancelling the Aadhaar," it cautioned.

"Sometimes it becomes necessary to cancel the Aadhaar number when it is found that a resident has obtained it by submitting false biometrics or documents. It is a routine quality improvement process that the UIDAI takes up regularly," the authority said.

The 127 people have been asked to appear before the UIDAI deputy director in Hyderabad for a personal hearing on February 20.

Additional time has been given to allow them to collect the requisite documents, "Since it may take them some more time to collect the original documents that they had submitted for obtaining Aadhaar, as informed by the state police, the UIDAI has postponed the personal hearing to May 2020," it added.

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Agencies
June 20,2020

Lucknow, Jun 20: A media body on Saturday described as "an act of intimidation" the filing of an FIR in Uttar Pradesh against a journalist over a report on the impact of the lockdown on a village, saying it was part of an "established pattern" of harassment of independent scribes.

In a statement, the Media Foundation put on record its strong protest over the FIR filed by the Uttar Pradesh government against Supriya Sharma, executive editor of news portal Scroll.in.

The case was filed against Sharma for allegedly misrepresenting facts in a report on the impact of the lockdown in a village adopted by Prime Minister Narendra Modi, police sources had said on Thursday.

The FIR against Sharma and the Scroll editor-in-chief is an "an act of intimidation and a case of abuse of process", intended to discourage honest and critical reporting, the Media Foundation said.

The Media Foundation was started in 1979 with the aim of upholding freedom of speech, expression and information.

The FIR against Sharma is only the latest instance of similar coercive actions against professional journalists, part of "an established pattern of harassment and humiliation of independent journalists", it said,

"It is an unacceptable encroachment on press freedom," said the foundation, whose chairperson is veteran journalist Harish Khare.

The Media Foundation called upon the judiciary, and central and state governments to uphold the spirit of freedom of speech and expression as guaranteed in the Constitution.

Comments

True Indian
 - 
Sunday, 21 Jun 2020

people who speak truth will be send to jail and the people who speak lie will get award..we dont understant which religion they following...may be they following devil religion of RSS.....hindu brother must come out from deep sleep to protect the real value of hindusim...today all evil people in BJP will take protection for their evil deed by using hindu gods...

 

God clearely said in the quran, dont worship material bcoz one day some evil people will come and use this to control you and destroy you..

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