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 12,2020

New Delhi, Apr 12: With 34 deaths and 909 new positive COVID-19 cases in the last 24 hours, the total number of coronavirus cases in India on Sunday climbed to 8356, including 716 cured and discharged and 273 deaths, said the Ministry of Health and Family Welfare.

At present, there are 7367 active COVID-19 cases in the country.

"A total number of COVID-19 positive cases rises to 8356 in India, including 716 cured/discharged, 273 deaths and 1 migrated," said the Health Department.

The highest number of positive cases of coronavirus was reported from Maharashtra at 1761, including 127 deaths, followed by Delhi (1069 and 19 deaths), Tamil Nadu (969 and 10 deaths) and Rajasthan (700 and 3 deaths).

There are 452 coronavirus positive cases in Uttar Pradesh, including 45 cured and discharged and 5 deaths.

The states which have crossed 200-mark for COVID-19 positive cases also include Madhya Pradesh (532), Telangana (504), Gujarat (432), Andhra Pradesh (381) and Kerala (364).

While 19 people were detected positive for coronavirus in Chandigarh, 207 cases were confirmed from Jammu and Kashmir and 15 from Ladakh.

In North-East, Assam has confirmed the highest number of corona positive cases at 29, followed by Manipur and Tripur at two each and Mizoram, Arunachal Pradesh at one each.

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Agencies
February 5,2020

New Delhi, Feb 5: Over five crore farmers were yet to get the third instalment of money under the Centre's ambitious PM-Kisan scheme, aimed at providing direct support of Rs 6,000 annually to them, according to the latest Ministry of Agriculture and Farmers' Welfare data.

The total amount of the scheme, which came into effect on December 1, 2018, is to be paid in three equal instalments of Rs 2,000 every four months.

The data showed about 2.51 crore farmers have not got even the second instalment and 5.16 crore of them were yet to get the third instalment.

Over 9 crore farmers have registered themselves under the scheme between December 2018 and November 2019, it said.

Of these, 7.62 crore or 84 per cent of farmers have received the first instalment.

The money through the second instalment was given to nearly 6.5 crore farmers and the amount under the third instalment was given to 3.85 crore beneficiaries, according to the data received in response to an RTI query filed by this PTI journalist.

The agriculture ministry, in its response, gave three sets of data mentioning the benefits given to farmers under the scheme between December 2018 and November 2019.

It said 4.74 crore farmers were registered between December 2018 and March 2019.

Of them, 4.22 crore received the first instalment, 4.02 crore the second and 3.85 crore the third.

There was no mention why nearly 50 lakh, 70 lakh and 90 lakh registered farmers during this period did not get the first, second and third instalment respectively.

There was no registered beneficiary in West Bengal and Sikkim, hence no amount was disbursed during this period, according to the data.

Giving details of the 3.08 crore farmers registered between April and July last year, it said 2.66 crore and 2.47 crore beneficiaries have got their first and second instalments respectively.

The RTI reply did no mention why around 40 lakh and 61 lakh registered farmers during this period did not get their first and second instalment respectively.

"The beneficiaries are eligible for the instalment for the period in which he/she gets registered and subsequent periods, thereafter. Therefore, the third instalment is not due for the beneficiaries registered in the period April 2019-July 2019," the ministry said.

There was no registered beneficiary during this period in West Bengal, Punjab and Chandigarh and therefore nobody was paid first and second instalments.

The ministry said around 1.19 crore beneficiaries were registered between August and November 30, 2019, of these nearly 73.66 lakh farmers have been given the first instalment.

There was no mention of payment of first instalment to over 45 lakh eligible beneficiaries during the period.

"The beneficiaries are eligible for the instalment for the period in which he/she gets registered and subsequent periods, thereafter. Therefore, the second and third instalments are not due for the beneficiaries registered in the period August 2019 to November 2019," it said.

The ministry was asked to provide the total number of farmers, state-wise, and the amount received by them under the Pradhan Mantri Kisan Samman Nidhi or PM-Kisan scheme.

"PM-Kisan Samman Nidhi scheme has been implemented from December 1, 2018. It is stated that PM-Kisan is a continuous and ongoing scheme, in which the financial benefits are transferred to the bank accounts of the identified beneficiaries as and when their correct and verified data is uploaded by the concerned states/union territories on PM-Kisan web portal," the ministry said in the RTI response vide its letter dated December 26, 2019.

The data of beneficiaries so uploaded by them undergoes a multi-level verification, including by banks, and only then the amount is released to the beneficiary, it said, adding that www.pmkisan.gov.in website can be accessed to get more details on the operational guidelines of the scheme.

According to the data updated on the website on February 3, around 8.82 crore farmers have been registered and 8.41 crore have received the first installment, 7.56 crore the second instalment, 6.19 crore the third and 3.03 crore have received the fourth installment.

In Assam, out of 16.97 lakh farmers registered during this period, 14.02 lakh got the first instalment, 13.72 lakh received the second and 9.87 lakh the third.

Of the 42.34 lakh registered beneficiaries in Maharashtra, 36.98 lakh got the first instalment, 31.53 lakh the second and 27.67 lakh got the third instalment.

As many as 23.83 lakh farmers in Kerala received their first instalment, 18.79 lakh got the second and 18.43 lakh the third. A total of 26.13 lakh beneficiaries were registered in the state between December 2018 and March 2019.

There was no beneficiary registered during the period from West Bengal, which has refused to implement the scheme, according to the ministry's response.

In Uttar Pradesh, nearly 9.57 lakh out of 19.64 lakh farmers have got the first instalment. In Gujarat, nearly 1.22 lakh out of 1.98 lakh registered farmers got the first instalment.

Around 9.78 lakh farmers out of the 17.18 lakh registered beneficiaries have received the first instalment in Madhya Pradesh. In Odisha, only 5,507 farmers out of 5.6 lakh registered farmers have got the first instalment, the ministry said.

None of the 7,326 farmers registered in Sikkim was paid the first instalment, according to the ministry's reply. In Delhi, 1,447 farmers out of 1,734 have got the first instalment.

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News Network
February 24,2020

Beijing, Feb 24: The lockdown of Guo Jing's neighbourhood in Wuhan -- the city at the heart of China's new coronavirus epidemic -- came suddenly and without warning.

Unable to go out, the 29-year-old is now sealed inside her compound where she has to depend on online group-buying services to get food.

"Living for at least another month isn't an issue," Guo told news agency, explaining that she had her own stash of pickled vegetables and salted eggs.

But what scares her most is the lack of control -- first, the entire city was sealed off, and then residents were limited to exiting their compound once every three days.

Now even that has been taken away.

Guo is among some 11 million residents in Wuhan, a city in central Hubei province that has been under effective quarantine since January 23 as Chinese authorities race to contain the epidemic.

Since then, its people have faced a number of tightening controls over daily life as the death toll from the virus swelled to over 2,500 in China alone.

But the new rules this month barring residents from leaving their neighbourhoods are the most restrictive yet -- and for some, threaten their livelihoods.

"I still don't know where to buy things once we've finished eating what we have at home," said Pan Hongsheng, who lives with his wife and two children.

Some neighbourhoods have organised group-buying services, where supermarkets deliver orders in bulk.

But in Pan's community, "no one cares".

"The three-year-old doesn't even have any milk powder left," Pan told news agency, adding that he has been unable to send medicine to his in-laws -- both in their eighties -- as they live in a different area.

"I feel like a refugee."

The "closed management of neighbourhoods is bound to bring some inconvenience to the lives of the people", Qian Yuankun, vice secretary of Hubei's Communist Party committee, said at a press briefing last week.

Authorities on Monday allowed healthy non-residents of the city to leave if they never had contact with patients, but restrictions remained on those who live in Wuhan.

Demand for group-buying food delivery services has rocketed with the new restrictions, with supermarkets and neighbourhood committees scrambling to fill orders.

Most group-buying services operate through Chinese messaging app WeChat, which has ad-hoc chat groups for meat, vegetables, milk -- even "hot dry noodles", a famous Wuhan dish.

More sophisticated shops and compounds have their own mini-app inside WeChat, where residents can choose packages priced by weight before orders are sent in bulk to grocery stores.

In Guo's neighbourhood, for instance, a 6.5-kilogramme (14.3-pound) set of five vegetables, including potatoes and baby cabbage, costs 50 yuan ($7.11).

"You have no way to choose what you like to eat," Guo said. "You cannot have personal preferences anymore."

The group-buying model is also more difficult for smaller communities to adopt, as supermarkets have minimum order requirements for delivery.

"To be honest, there's nothing we can do," said Yang Nan, manager of Lao Cun Zhang supermarket, which requires a minimum of 30 orders.

"We only have four cars," she said, explaining that the store did not have the staff to handle smaller orders.

Another supermarket told AFP it capped its daily delivery load to 1,000 orders per day.

"Hiring staff is difficult," said Wang Xiuwen, who works at the store's logistics division, adding that they are wary about hiring too many outsiders for fear of infection.

Closing off communities has split the city into silos, with different neighbourhoods rolling out controls of varying intensity.

In some compounds, residents have easier access to food -- albeit a smaller selection than normal -- and one woman said her family pays delivery drivers to run grocery errands.

Her compound has not been sealed off either, the 24-year-old told AFP under condition of anonymity, though they are limited to one person leaving at a time.

Some districts have implemented their own rules, such as prohibiting supermarkets from selling to individuals, forcing neighbourhoods to buy in bulk or not at all.

"In the neighbourhood where I live, the reality is really terrible," said David Dai, who is based on the outskirts of Wuhan.

Though his apartment complex has organised group-buying, Dai said residents were unhappy with price and quality.

"A lot of tomatoes, a lot of onions -- they were already rotten," he told , estimating over a third of the food had to be thrown away.

His family must "totally depend" on themselves, added the 49-year-old, who has resorted to saving and drying turnip skins to add nutrients to future meals.

The uncertainty of not knowing when the controls will be lifted is also frustrating, said Ma Chen, a man in his 30s who lives alone.

"I have no way of knowing how much (food) I should buy."

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