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 18,2020

New Delhi, Jun 18: Prime Minister Narendra Modi on Thursday said he is "deeply grateful" for the overwhelming support shown by the global community for India''s membership of the UN Security Council.

India will work with all member countries to promote global peace, security, resilience and equity, he said.

India garnered 184 votes out of the 192 ballots cast in the General Assembly to win the election for the non-permanent seat in the powerful Security Council.

India''s two year term will begin on January 1, 2021.

This is the eighth time that India will sit at the UN high-table, which comprises five permanent members and 10 non-permanent members.

"Deeply grateful for the overwhelming support shown by the global community for India''s membership of the UN Security Council," the prime minister wrote on Twitter.

India will work with all member countries to promote global peace, security, resilience and equity, he said.

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News Network
April 8,2020

New Delhi, Apr 8: The number of confirmed coronavirus cases in the country have continued to rise even on the 15th day of the lockdown, and reached 5,274 cases on Wednesday evening, according to the Ministry of Health and Family Welfare.

The tally includes 4,714 active, 411, cured/discharged and migrated cases as well as deaths. A total of 149 deaths have been reported due to the infection so far in the country.

Maharashtra with 1,018 confirmed cases has the highest number of COVID-19 patients in the country, while Tamil Nadu (690) and Delhi (576) are the two next most affected regions.

Fresh cases were reported on Wednesday from Telangana, Tamil Nadu, West Bengal, Maharashtra, Rajasthan and the union territory of Andaman and Nicobar Islands, among other states and UTs.

Meanwhile, in an interaction between Prime Minister Narendra Modi and floor leaders of several parties held today via video conferencing, discussions were held on extending the lockdown even further after the 21-day period.

The 21-day lockdown was announced on March 24 by Prime Minister Narendra Modi.
At the regular media briefing at 4 pm, Lav Aggarwal, Joint Secretary in the Health Ministry said that the government has ensured that there is no shortage of hydroxychloroquine in the country at present as well as in the future.

In the wake of COVID-19 outbreak, the Ministry of Human Resource and Development (MHRD) has launched 'Integrated Government Online Training Portal' wherein required resources will be provided for capacity building of the frontline workers.

"MHRD's training portal will provide required resources to the doctors, paramedics, nurse, technicians and ANMs and state government officials and civil defence officials, volunteers of National Cadet Corps (NCC), National Surveillance teams, Red Cross society and other organisations to have a large skill workforce to combat the coronavirus outbreak," said Aggarwal at a press conference here.

Speaking on government's preparedness on dealing with the patients having mild, very mild and serious conditions, Aggarwal said, "For people who have mild or very mild symptoms we have temporary hospitals, ie COVID care hospitals. Work is now being done to develop the field level infrastructure to take care of the mild and very mild symptomatic patients.

Similarly, for serious patients, we have dedicated healthcare centre and dedicated hospitals."

With fresh COVID-19 cases being reported across the country, several states and union territories, including Uttar Pradesh and Chandigarh, on Wednesday made it compulsory for people to use masks while venturing out of their houses.

Here's a quick read on the COVID-19 related updates:

1. Prime Minister Narendra Modi hinted that the lockdown might be extended after the completion of the 21-day period.
2. Floor party leaders of various political parties from both the Rajya and Lok Sabha assured the government of their full support in the decisions needed to be taken in the coming days and also suggested taking various measures to help the people.
3. According to the Indian Council of Medical Research (ICMR), a total of 1,21,271 tests have been conducted in the country.
4. The Uttar Pradesh government has decided to strictly implement 100 per cent lockdown in hotspots located across 15 districts in the state till the morning of April 15. These areas will be completely cordoned off and civilian passes will stay suspended while essentials would be delivered to citizens at their doorsteps.
5. The Supreme Court suggested that all tests to identify coronavirus positive patients should be conducted free of cost in the identified private laboratories and said that the court will pass appropriate order on the matter. The SC bench also asked the central government to look into creating a mechanism for providing reimbursement for the same.
6. Prime Minister Narendra Modi urged people to take the responsibility of a poor family, at least till the COVID-19 crisis persists if they wanted to honour him.
7. Union Home Ministry announced that Rs 3000 crores have been distributed among two crore registered construction workers till now, according to Saheli Ghosh Roy, Joint Secretary.
8. The MHA official said that the Home Secretary has written to the state Chief Secretaries to ensure a continuous supply of essential commodities under the Essential Commodities Act, 1955. The states can use measures like fixing stock limits, capping of price and checking bank accounts of the dealers.
9. The Health Ministry has assured that there will be no shortage of Hydroxychloroquine in the country. This came after India lifted the ban on the export of the anti-malarial drug being sued to treat COVID-19
10. The Maharashtra government too has issued an order to compulsorily wear masks while entering any government offices in Mumbai Metropolitan Region and Pune Metropolitan Region.

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News Network
May 27,2020

New Delhi, May 27: As per the prediction from the IMD, severe heatwave conditions continued in several parts of north India with Delhi recording the country’s second-highest temperature at 47.6 degrees Celsius. On the other hand, Churu in Rajasthan sizzled at 50 degrees Celsius, reporting the highest temperature in the country. Also Read - Delhi Temperature: Heatwave to Continue, IMD Issues Alert, Mercury Rises to 46 Degrees

In Delhi, the mercury soared to 47.6 degrees Celsius in Palam area and most places recorded their maximum temperatures six notches above normal. The Safdarjung Observatory, which provides representative figures for the city, recorded a maximum of 46 degrees Celsius.

The last time when the mercury at the Safdarjung weather station touched the 46-degrees-Celsius mark was on May 19, 2002.

The IMD said the weather stations at Lodhi Road and Aya Nagar recorded their respective maximum at 45.4 degrees and 46.8 degrees Celsius.

In its earlier forecast, the IMD has said that dust storm and thunderstorm with winds gusting up to 60 kilometres per hour is likely over the National Capital Region on Friday and Saturday.

On the other hand, severe heatwave conditions prevailed in several parts of Rajasthan on Tuesday, with the mercury touching 50 degrees Celsius in Churu district.

The IMD said this is the second-highest maximum temperature recorded in Churu district in the month of May in the last 10 years.

Other areas such as Bikaner, Gangangar, Kota and Jaipur recorded maximum temperatures of 47.4 degrees Celsius, 47 degrees Celsius, 46.5 degrees Celsius and 45 degrees Celsius, respectively.

In the adjoining areas of Chandigarh, the severe heatwave condition continued in Haryana, Punjab with Hisar being the hottest place in the region at 48 degrees Celsius.

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