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
February 4,2020

Feb 4: Americans on Monday kicked off the first vote of the 2020 presidential race as the midwestern state of Iowa began its caucuses, the closely-watched first step in deciding which Democrat will face incumbent Donald Trump in November's election.

The two frontrunners, left-wing Senator Bernie Sanders and former Vice President Joe Biden face a key test in the sparsely populated state, with a handful of others looking to make their mark to give their campaigns momentum.

The Iowa vote is a critical early look at the viability of the 11 Democratic candidates still in the race - even though just 41 Iowa delegates are up for grabs, a fraction of the 1,991 needed to secure the party nomination in July.

Iowa Democrats filed into nearly 1,700 caucus sites - schools, libraries, churches, mosques and meeting halls with Sanders and Biden in the lead in the state, followed by former South Bend, Indiana mayor Pete Buttigieg and Senator Elizabeth Warren, who is also on the left of the party.

But polling has fluctuated and Iowa's quirky caucus system - where voting is not by secret ballot but by public declaration for a candidate - makes the night hard to predict.

Luke Elzinga, a volunteer for Sanders, appeared early at Lincoln High School in Des Moines which was converted into a caucus location.

"I think he really inspires a lot of young people, a lot of disaffected voters who might not otherwise turn out," Elzinga, 28, told AFP news agency shortly before the caucusing began.

"And so I think he's the best candidate to beat Trump."

Three candidates - Sanders, Warren and Amy Klobuchar - have faced the unprecedented scenario of spending much of the past two weeks tethered to Washington for the impeachment trial of Trump instead of on the campaign trail in Iowa.

Even as candidates sought to make 11th-hour impressions on undecided voters, the senators were obligated to return to Washington for the trial's closing arguments on Monday.

Defeating Trump

In a vote scheduled for Wednesday, Trump is almost certain to be acquitted by the Republican-led upper house on charges of abuse of power and obstruction of Congress.

For Democrats, second-tier hopefuls Klobuchar and tech entrepreneur Andrew Yang look to outpace expectations and seize momentum heading into the next contest in New Hampshire on February 11.

Earlier on Monday Biden - who still holds the lead in national polls - brought pizza to a field office in a strip mall near Des Moines to thank volunteers.

"I'm feeling good about today," he said.

Like many candidates, Biden spent the weekend crisscrossing Iowa in a final push to convince undecided voters he is best placed to accomplish Democrats' number one goal: defeating Trump.

The president has not stood idly by. On Sunday he branded Biden "Sleepy Joe" and described Sanders as "a communist," previewing a likely line of attack were Sanders to win the nomination.

Unlike secret ballot voting, caucus-goers publicly declare their presidential choice by standing together with other supporters of a candidate.

Candidates who reach 15 percent support earn delegates for the nomination race while supporters of candidates who fall short can shift their allegiance to others.

Turnout is critical, and candidates and their representatives will seek to persuade voters on issues including healthcare, taxes and ending Washington corruption.

One key candidate who has opted not to contest in Iowa is billionaire businessman Michael Bloomberg, who entered the race in November but has surged into fourth place in RealClearPolitics' national polling average.

The former New York mayor, who has spent more than $300m on advertising, according to Advertising Analytics, is focused on running a national campaign with particular emphasis on states that vote on "Super Tuesday," on March 3.

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News Network
April 20,2020

New Delhi, Apr 20: With 1,553 more COVID-19 cases, India's total number of coronavirus cases has reached 17,265, the Ministry of Health and Family Welfare said on Monday.

Out of the total cases, 14,175 cases are active, while 2,547 people have been cured/discharged/migrated and 543 deaths have been reported, as per the ministry.

As many as 36 deaths have been reported in the last 24 hours.

According to the Ministry of Health and Family Welfare, Maharashtra continues to be the worst-affected state with a total of 4,203 cases. While 507 patients have recovered, 223 deaths have been reported.

Delhi comes next with 2,003 cases, out of which 72 patients have recovered while 45 patients have died.

Rajasthan has confirmed 1,478 cases, out of which 183 people have recovered while 14 patients are dead.

Tamil Nadu has reported 1,477 cases, out of which 411 have recovered and 15 have succumbed to the virus.

Madhya Pradesh has reported 1,407 cases, including 127 patients recovered and 70 patients dead. On the other hand, Uttar Pradesh has 1,084 COVID-19 positive cases.

In Kerala, which reported the country's first COVID-19 case, 402 people have been detected positive for coronavirus.

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News Network
April 5,2020

New Delhi, April 5: The number of coronavirus cases in India has surged past 3500 with 505 new cases in the last 24 hours from across the country.

According to the Union Ministry of Health and Family Welfare, the total number of COVID-19 positive cases in the country has gone up to 3,577 as on Sunday. So far, 83 people have died of the coronavirus.

Among States, the tally in Maharashtra stood at 690. According to Maharashtra Health Minister Rajesh Tope, till now Mumbai has reported 29 positive cases, Pune 17, PCMC 4, Ahmednagar 3, Aurangabad 2 among others.

Here are the top developments of the day related to the pandemic.

1) Four new COVID-19 positive cases reported in Uttarakhand today, taking the total number of positive cases in the State to 26. Four persons have been treated and discharged till date, according to the Directorate of Health Services, Uttarakhand.

2) Prime Minister Narendra Modi today called up two former Presidents -- Pranab Mukherjee and Pratibha Patil and had a discussion on COVID-19 related issues. He also called up two former Prime Ministers -- Manmohan Singh and HD Deve Gowda -- to discuss COVID-19 situation.

3) The Prime Minister also called up leaders of various political parties like Sonia Gandhi, Mulayam Singh Yadav, Akhilesh Yadav, Mamata Banerjee, Naveen Patnaik, K Chandrashekar Rao, MK Stalin, Parkash Singh Badal and Mayawati.

4) Total coronavirus positive cases rose to 68 in Punjab after three more cases were reported today --- one each in Ludhiana, SAS Nagar and Barnala. The person found positive in Ludhiana had attended the Tablighi Jamaat event in Delhi.

5) No evidence of COVID-19 being airborne yet, according to the Indian Council of Medical Research (ICMR).

7) With 14 new cases in Kashmir division, the total number of positive cases in Jammu and Kashmir now at 106. Active cases in Kashmir -- 82 and Jammu -- 18, said Rohit Kansal, Principal Secretary, Planning, UT of Jammu and Kashmir.

8) "There is an insufficiency of Personal Protective Equipment (PPE) kits and N95 masks. We are in touch with the Centre and other agencies for supply. Receiving 15,000 PPE kits today. Requested Centre for 5 lakh PPE kits received 4,000 only," said Bihar's Principal Secretary, Health, Sanjay Kumar.

9) The total number of positive cases in Indore, Madhya Pradesh, till now is 122 after 9 more positive cases were found today, according to Indore Chief Medical and Health Officer Dr Praveen Jadia.

10) Union Health Minister Dr Harsh Vardhan visits AIIMS dedicated centre for COVID19 in Jhajjar, Haryana. He said: "All 162 patients admitted here are in stable condition."

11) 86 COVID-19 positive cases reported in Tamil Nadu today out of which 85 had attended the Tableeghi Jamaat event at Markaz Nizamuddin, Delhi, according to Beela Rajesh Tamil Nadu Health Secretary. There are 571 COVID positive cases in Tamil Nadu out of which 522 cases are from the people who had attended the religious function in Delhi, she said.

12) The Congress party on Sunday posed nine questions to the Centre, demanding compensation to the family of those, who died after battling with the coronavirus.

13) 47 new coronavirus positive cases reported in Rajasthan today, taking the total number of positive cases in the state to 253.

14) 8 new COVID-19 cases reported in Kerala, which include 6 imports and 2 contact cases, said Chief Minister Pinarayi Vijayan.

15) "PPE kits are imported. So there was a shortage initially in the country but the government started taking action in this regard from January. Domestic manufacturers have started production. We have also started procuring PPE kits from other countries," said Lav Aggarwal, Joint Secy, Health Ministry. 

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