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
March 14,2020

New Delhi, Mar 14: The number of novel coronavirus cases in India rose to 83 on Saturday, which includes one death each from Delhi and Karnataka, the Union Health Ministry said.

While a 76-year-old man from Kalaburagi who had recently returned from Saudi Arabia died on Thursday, a 68-year-old woman in Delhi who had tested positive for coronavirus passed away at Ram Manohar Lohia (RML) Hospital on Friday night.

The woman, whose son with a travel history abroad had tested positive, died because of co-morbidity (diabetes and hypertension), the Health Ministry said, adding that she had tested positive for COVID-19.

Delhi has reported seven positive cases and Uttar Pradesh 11 so far. Karnataka has six coronavirus patients while Maharashtra has 14 and Ladakh three.

Besides, Rajasthan, Tamil Nadu, Jammu and Kashmir, Andhra Pradesh and Punjab have reported one case each. Telangana has reported two.

Kerala has recorded 19 cases, including three patients who were discharged last month after they recovered from the contagious infection with flu-like symptoms.

The total number of 84 confirmed cases includes 17 foreigners -- 16 Italian tourists and a Canadian, the ministry officials said.

Amid rising coronavirus cases in India, the government has asked people not to panic, saying no community transmission of the virus has been observed and there has only been a few cases of local transmission so far and that is "not a health emergency" in India at present.

With the World Health Organisation (WHO) declaring COVID-19 a pandemic, a Health Ministry official said over 4,000 people who had come in contact with the 83 positive cases have been identified through contract tracing and were being tracked while 42,000 people across the country are under community surveillance.

He said all essential facilities like community surveillance, quarantine, isolation wards, adequate personal protective equipment (PPEs), trained manpower, rapid response teams are being strengthened further in all the states and union territories.

The Centre as part of its measures to contain the spread of the disease on Friday announced that people will be allowed to travel through 19 of 37 land border checkposts from Saturday midnight and services of the Indo-Bangladesh cross border passenger trains and buses will continue to remain suspended till April 15.

Only four Indo-Nepal border checkposts will remain operational, and for citizens of Bhutan and Nepal visa-free entry to the country will continue, Home Ministry Additional Secretary Anil Malik had said.

He said the decision on closing the Kartarpur Corridor is under consideration

The government on Wednesday suspended all visas, barring a few categories like diplomatic and employment, in an attempt to prevent the spread of coronavirus.

It has asked Indian nationals to avoid all non-essential travel abroad.

All incoming international passengers returning to India should self-monitor their health and follow the required do's and dont's as detailed by the government.

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News Network
July 22,2020

New Delhi, Jul 22: Congress leader Sachin Pilot has served a legal notice to party MLA Giriraj Malinga, for claiming that the former had offered him money to join the BJP.

"Former Rajasthan Deputy Chief Minister Sachin Pilot has served a legal notice to Congress MLA Giriraj Malinga for his Rs 35 crore bribery allegation," a source close to Pilot said.
P
Earlier, addressing a press conference, Malinga said, "Those MLAs who are stuck either in Haryana or Jaipur, are running after money. To say, they are not, are false claims. Even I was offered the same by Pilot, which I had refused. Came to this party knowing BJP and Congress do not accept money to give tickets."

When asked by the reporters whether he was offered Rs 35 crore, he claimed by saying, "Yes, 35." The MLA claimed he was himself the prove when the reporters asked for the same.

The political situation in Rajasthan is in turmoil after Chief Minister Ashok Gehlot sacked his then-deputy Sachin Pilot and the latter's confidants from his council of ministers. The Congress has also claimed that BJP was trying to buy its party MLAs.

On Monday, the Rajasthan High Court had said that it would hear the petition filed by Pilot and 18 of his loyalist MLAs on July 24, against the disqualification notices issued against them, a lawyer said.

"The arguments in the matter have been concluded. The court has heard the arguments from all the parties. The High Court has slated the matter for orders on July 24," Advocate Prateek Kasliwal told reporters after the hearing. 

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News Network
May 12,2020

London, May 12: British Prime Minister Boris Johnson has warned that a mass vaccine for the novel coronavirus may be over a year away and, in the worst-case scenario, may in fact never be found.

In his foreword to the government’s new 50-page guidance on a step by step easing of the lockdown measures in place to control the spread of the deadly virus, the UK prime minister lays out plans for businesses to gradually start reopening with “COVID-19 Secure” measures of social distancing and for the public to use “good solid British common sense” as the economy is unlocked.

“A mass vaccine or treatment may be more than a year away,” said Johnson, highlighting the work being done in the UK by scientists at Oxford University and Imperial College London towards this mission.

“Indeed, in a worst-case scenario, we may never find a vaccine. So our plan must countenance a situation where we are in this, together, for the long haul, even while doing all we can to avoid that outcome,” he said.

Admitting that a vaccine or drug-based treatment is the only “feasible long-term solution”, he said the UK has accelerated this with “promising” vaccine development programmes and a collaboration between Oxford University and pharma major AstraZeneca was a vital step that could help rapidly advance the manufacture of a Covid-19 vaccine when it is ready.

As part of global efforts, he flagged the GBP 388 million in aid funding for research into vaccines, tests and treatment, including GBP 250m to the Coalition for Epidemic Preparedness Innovations.

“But while we hope for a breakthrough, hope is not a plan,” he said, as he unveiled his plan for starting to lift lockdown restrictions from this week in phases.

Following a televised address to the nation on Sunday night and a statement in Parliament on Monday, the guidance comes into effect in public life across England from Wednesday when people will be allowed one-to-one contact with people other than those they live with, as long as they remain outside and two metres apart.

They are allowed to play sport with a friend or family member from outside their household or socialise with them in the open air for the first time in more than six weeks since the lockdown was imposed.

People are still advised to work from home where possible but start heading into work where necessary, in sectors such as construction and manufacturing, keeping the social distancing norms in place.

Under the step by step plan, by the start of next month non-essential shops will also reopen, with some hairdressers, pubs and cinemas to follow from July. However, as part of a Covid-19 Alert System, if infection rates are seen to be rising again, restrictions would be tightened “possibly at short notice”.

Fines for breaching the new rules will also be increased to GBP 100 and will double for each repeat offence, up to a maximum of GBP 3,200.

Johnson said: "I must ask the country to be patient with a continued disruption to our normal way of life, but to be relentless in pursuing our mission to build the systems we need. The worst possible outcome would be a return to the virus being out of control – with the cost to human life, and – through the inevitable re-imposition of severe restrictions – the cost to the economy. We must stay alert, control the virus, and in doing so, save lives.

“Then, as vaccines and treatment become available, we will move to another new phase, where we will learn to live with Covid-19 for the longer term without it dominating our lives.”

The devolved administrations of Scotland and Wales are putting their own measures in place and keeping the “stay at home” message in place, rather than switch to the new “stay alert” message.

The UK government’s latest messaging has come under attack from the Opposition and other sections of society over a feared lack of clarity for the general public.

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