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
January 17,2020

Mumbai, Jan 17: A 68-year-old convict of the 1993 Mumbai serial blasts case, Jalees Ansari, went missing on Thursday morning while being on parole, officials said.

Ansari, a resident of Mominpura in Agripada here who is serving a life term, is suspected to be involved in many bomb blast cases across the country, an official said.

He was on parole for 21 days from the Ajmer Central Prison, Rajasthan, and was expected to surrender before prison authorities on Friday, he said.

During the parole period, he was ordered to visit the Agripada Police Station everyday between 10.30 am and 12 pm to mark his attendance, he said.

However, Ansari did not visit the police station on Thursday during the designated time, the official said.

In the afternoon, his 35-year-old son Jaid Ansari approached the police station with a complaint about his “missing” father, he said.

According to the complaint, Jalees Ansari woke up in the early hoursand told family members he is going to offer namaz, but did not return home.

On his complaint, the Agripada Police registered a missing case, he said.

The Crime Branch of the Mumbai Police and the Maharashtra ATS have launched a massive manhunt to trace him, he said.

Jalees, who is known as Doctor Bomb, was allegedly connected with terror outfits like SIMI and Indian Mujahidin and taught terror groups how to make bombs, he said.

He was also questioned by the NIA in 2011 in connection with the 2008 bomb blast in Mumbai, he said.

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News Network
June 19,2020

New Delhi, Jun 19: RJD and AAP were not invited to the all-party meeting called by Prime Minister Narendra Modi on Friday to discuss the situation at the India-China border after 20 Indian soldiers were killed in a "violent face-off," leaving the parties fuming.

Top RJD leader Tejashwi Yadav criticised the government for not inviting the party to the meeting, asking on Twitter late Thursday night, "Just wish to know the criteria for inviting political parties for tomorrow's (Friday's) all-party meet on Galwan Valley. I mean the grounds of inclusion/exclusion. Because our party hasn't received any message so far."

AAP's Rajya Sabha leader Sanjay Singh joined the chorus, "there is a strange ego-driven government at the centre. AAP has a government in Delhi and is the main opposition in Punjab. We have four MPs. But on a vital subject, AAP's views are not needed? The country is waiting for what the Prime Minister will say at the meeting."

Sources said the government has set a criteria to invite only parties with five or more MPs in Parliament for the digital meet, where the Prime Minister will brief the top leaders of parties and hear their views on the way ahead. There are at least 27 parties in the Parliament, which have less than five members, while 17 have more than five members or more than five MPs.

Interestingly, RJD has five MPs in Rajya Sabha and its senior MP Manoj K Jha shared the Rajya Sabha website link on Twitter, which showed the party has five MPs. "We have not been invited and the government's bogus argument has been exposed," Jha said.

CPI leaders said General Secretary D Raja received a call from Defence Minister Rajnath Singh inviting him to the meeting and with a message that the Prime Minister's Office would coordinate but there was no follow-up after that.

"Exclusion of AAP and RJD in the all-party meet on a National debate does not augment well. AAP is ruling Delhi and has its CM. Why should people of Delhi be kept out in such an important debate on National integrity and Sovereignty?" former NCP MP Majeed Memon tweeted.

During the all-party meeting on COVID-19 too, the government had not called all parties with representation in Parliament to the all-party meeting in April and had set five MPs as a benchmark to be invited.

Raja had then written a letter to Modi demanding that the government should not get into "technicalities" and discuss the issue with all parties in Parliament.

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coastaldigest.com news network
May 5,2020

Newsroom, May 5: Following the union government's nod, preparations are afoot to bring back Indian nationals stranded abroad from May 7 onwards.

According to sources, in the first phase from May 7- 14, the government would allow more than 60 “non-scheduled, commercial” flights to operate from about 12 countries to India to bring back 15,000 citizens. At least half of those flights will be from the Gulf region, including UAE, Qatar, Saudi Arabia, Bahrain, Kuwait and Oman, while the rest would bring passengers from the U.S., the U.K., Singapore, Malaysia, Philippines and Bangladesh.

The flights would be spread over 10 States identified as having the largest numbers to return, with Kerala, Tamil Nadu and Delhi (NCR) receiving the maximum number of flights.

A meeting held at the Ministry of Civil Aviation looked specifically at flights, mainly operated by Air India, while it awaits a final plan from countries where Indians need to be airlifted from. The first flights planned at present are from Abu Dhabi, Dubai, Riyadh and Doha, flying directly to Kozhikode and Kochi.

While the full estimate of Indians needing to return home could cross ten lakhs (a million), with more than two lakhs having registered to return from the UAE alone, officials said their return would be “prioritised and staggered”.

Flight plan for return of Indian nationals stranded abroad:

Comments

Anwar
 - 
Thursday, 7 May 2020

for Kyrgyzstan

 

https://indembbishkek.gov.in/pages.php?id=226

Anwar
 - 
Thursday, 7 May 2020

For malasia

 

https://hcikl.gov.in/indreg

Prathaban
 - 
Wednesday, 6 May 2020

How to apply malaysia pls give me a registration link

Anwar
 - 
Wednesday, 6 May 2020

For Singapore

https://www.hcisingapore.gov.in/indian_registration

Anwar
 - 
Wednesday, 6 May 2020

Please contact embassy or ministry

Saudi details are here:

 

https://docs.google.com/forms/d/e/1FAIpQLSc_yyVAYPD-VYH98RNOWZkDkGKVsf34qnu0oGoLdtts3RG7_Q/viewform
 

http://www.coastaldigest.com/news/indians-stuck-saudi-arabia-due-lockdown-ought-know-these-things-returning-home

Kotadiya vinit…
 - 
Wednesday, 6 May 2020

I am in singapore 

 

And now my study finished already so how to go back india

Shipra
 - 
Wednesday, 6 May 2020

Please share a link to how to Register 

Rishi kumar sonkar
 - 
Tuesday, 5 May 2020

We want to go back india we are in Kyrgyzstan

how to registe…
 - 
Tuesday, 5 May 2020

how to register ?please share link/details

 

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