Mani Shankar Aiyar calls Modi ‘neech’; suspended from Congress

Agencies
December 8, 2017

New Delhi/Surat, Dec 8: Congress suspended Mani Shankar Aiyar on Thursday after the former Union minister stoked yet another acrimonious row by describing Prime Minister Narendra Modi as a "neech aadmi".

Aiyar's choice of words not only drew a ferocious attack from Modi in Surat but riled his own party functionaries who feared potential damage to its electoral prospects due to the diplomat-turned-politician's foot-in-the-mouth penchant. "He (Modi) is neech kism ka aadmi who has no sabhyata (civility)," Aiyar had said earlier in the day after Modi accused Congress of using Dalit icon B R Ambedkar merely to get votes and trying to erase his contribution in building India.

Addressing an election rally in Surat, Modi hit back at Aiyar and said dejected Congress functionaries had lost their mental balance and crossed all limits of decency. "Mani Shankar Aiyar has called me neech and from nichli jaati (lower caste). Is this not an insult to Gujarat? Is it not an insult to India's great values? But people of Gujarat will take revenge on December 18 and teach you the precise meaning of neech," Modi said.

The PM said Aiyar's remarks smacked of Congress's "Mughal mindset" that discriminated between the lower and upper castes. "I, as chief minister of Gujarat for 14 years and now as PM, have done nothing that has forced citizens to hang their heads in shame. If Congress feels that working for the poor and distressed is something too low, I can only wish them good luck," he said amid chants of "Modi Modi".

The PM even recalled Congress chief Sonia Gandhi's 10-year-old "maut ka saudagar" remark against him as he accused the rival of constantly insulting and conspiring against him. "Despite so many insults, I have not been vindictive as PM and BJP will always work to uphold the values of public life," he said.

With a procession of BJP functionaries alleging that Aiyar's controversial remark was a reflection of the Nehru-Gandhi family's arrogance and their sense of entitlement, and fear growing that the indiscretion might hurt the party in Gujarat, Congress led by Rahul Gandhi went into damage control. The party vice-president took to Twitter to disapprove of Aiyar's remark and asked him to apologise. "BJP and PM routinely use filthy language to attack the Congress party. The Congress has a different culture and heritage. I do not appreciate the tone and language used by Mani Shankar Aiyar to address the PM. Both the Congress and I expect him to apologise for what he said," Rahul said.

Though Aiyar can stubbornly hold his ground, he promptly obliged and blamed the derogatory remark on his poor Hindi. "My Hindi is not very good. Yes, I called Modi 'neech' but did not mean it as a low-born; I meant it as low," he said, recalling that his poor grasp of Hindi had failed him earlier too when he called former PM Atal Bihari Vajpayee a "nalayak" PM.

However, this did not fully assuage the worry of the potential fallout of Aiyar's slur against the PM in a state where in 2007, Sonia calling Modi "maut ka saudagar" had badly boomeranged on her party. Coming just after the controversy over Kapil Sibal for allegedly seeking to delay resolution of the Ayodhya dispute by seeking postponement of hearing in the SC until after the 2019 Lok Sabha elections, many in the party expressed concern over "self-goals" during the last lap of the Gujarat polls. Former Delhi CM Sheila Dikshit, in fact, suspected an effort to sabotage Rahul when he is about to take over as party president.

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Friday, 8 Dec 2017

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Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

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News Network
June 9,2020

New Delhi, Jun 9: Petrol price on Tuesday was hiked by 54 paise per litre and diesel by 58 paise a litre - the third straight daily increase in rates after oil PSUs ended an 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 73.00 per litre from 72.46, while diesel rates were increased to Rs 71.17 a litre from Rs 70.59, according to a price notification of state oil marketing companies.

This is the third daily increase in rates in a row. Oil companies had on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

Prices were raised by 60 paise per litre each on both petrol and diesel on Sunday as well as on Monday. In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.

Oil PSUs - Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) - had put daily price revisions on hold soon after the government on March 14, hiked excise duty on petrol and diesel by Rs 3 per litre each.

Oil companies did not pass on that excise duty hike, as well as the May 6 increase in tax on petrol by Rs 10 per litre and Rs 13 a litre hike on diesel by setting them off against the decline in retail prices that should have effected to reflect international oil rates falling to two-decade low.

International rates have since rebounded and oil companies having exhausted all the margin are now passing on the increase to customers, an industry official said.

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News Network
May 15,2020

New Delhi, May 15: The World Bank on Friday approved $1 billion 'Accelerating India's COVID-19 Social Protection Response Program' to support the country's efforts for providing social assistance to the poor and vulnerable households, severely impacted by the pandemic.

This takes the total commitment from the World Bank towards emergency COVID-19 response in India to $2 billion.

A $1 billion support was announced last month to support India's health sector.

The response to the COVID-19 pandemic around the world has required governments around the world to introduce social distancing and lockdowns in unprecedented ways, said Junaid Ahmad, World Bank Country Director in India in a webinar interaction with the media.

These measures, intended to contain the spread of the virus have, however, impacted economies and jobs – especially in the informal sector. India with the world's largest lockdown has not been an exception to this trend, he said.

Of the $1 billion commitment, $550 million will be financed by a credit from the International Development Association (IDA) – the World Bank's concessionary lending arm and $200 million will be a loan from the International Bank for Reconstruction and Development (IBRD), with a final maturity of 18.5 years including a grace period of five years.

The remaining USD 250 million will be made available after June 30, 2020.

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