Modi govt freezes ads in 3 Indian newspaper groups

Agencies
June 30, 2019

New Delhi, Jun 30: India's government has cut off advertisements to at least three major newspaper groups in a move that executives and an opposition leader said was likely retaliation for unfavourable reports.

Critics have said that freedom of the press has been under attack since Prime Minister Narendra Modi's government first took office in 2014 and journalists have complained of intimidation for writing critical stories.

Now the big newspaper groups, which have a combined monthly readership of more than 26 million, say they are being starved of government ads worth millions of rupees that began even before Modi was elected to power last month with a landslide mandate.

"There is a freeze," an executive at Bennett, Coleman & Co that controls the Times of India and The Economic Times, among the country's biggest English-language newspapers, said. "Could be (because of) some reports they were unhappy with," the executive said, seeking anonymity because he was not authorised to speak to the press.

Around 15 per cent of the Times Group's advertising comes from the government, the executive said. The ads are mostly government tenders for contracts as well as publicising government schemes.

The ABP Group, which publishes The Telegraph that has run reports questioning Modi's record on everything from national security to unemployment, has seen a similar 15 per cent drop in government advertisements for around six months, two company officials said.

"Once you don't toe the government line in your editorial coverage and you write anything against the government, then obviously the only way they can penalise you (is) to choke your advertising supply," the first ABP official said.

The second ABP official said that there had been no communication from the government, and the company was looking to other sources to plug the gap.

"Press freedom must be maintained and it will be maintained despite these things," the official said. Both also sought anonymity.

Satyendra Prakash, director general of the Bureau of Outreach and Communication, the agency responsible for advertisements from the federal government, did not reply to Reuters emails or phone calls seeking comment.

But a spokesman for Modi's ruling Hindu nationalist Bharatiya Janata Party said the press in India remained fully free.

Nalin Kohli said there was ample criticism against the ruling party in newspapers and on TV news channels. "That's testimony of freedom of speech," he said, "The suggestion that the BJP is throttling free press is ridiculous."

India ranked 140th out of 180 in the 2019 World Press Freedom Index, lower than countries like Afghanistan, Myanmar and the Philippines. It ranked 80th out of 139 countries surveyed when the index was started in 2002.

The Hindu newspaper group also saw government advertising plunge after publishing investigative stories on a multi-billion dollar deal to buy combat planes from France's Dassault that strengthened an opposition campaign alleging government wrongdoing, a company official said.

The government rejected the accusation.

A leader of the main opposition Congress told parliament this week the government was trying to bring the three newspaper groups to heel.

"The undemocratic and megalomaniac style of stopping government advertisement is a message to media from this government to toe its line," Adhir Ranjan Chowdhury said.

Chief executive officers of all three newspaper groups did not respond to Reuters emails.

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News Network
March 6,2020

New Delhi, Mar 6: As panicky depositors rushed to withdraw money from Yes Bank whose control was seized by the RBI in a dramatic late-night move, Finance Minister Nirmala Sitharaman on Friday assured depositors that their money is safe and said the central bank was working for an early resolution of the crisis.

The Reserve Bank of India (RBI) on Thursday evening capped withdrawals at Rs 50,000 for the next one month and imposed strict limits on operations at the country's fourth-largest private lender that faced "regular outflow of liquidity" after an effort to raise new capital failed.

"I am in continuous interaction with the RBI. The RBI is fully seized of the matter and has assured they will give a quick resolution," Sitharaman said here.

She said no depositor will lose his or her money and insisted that the immediate priority is to ensure Yes Bank customers are able to withdraw money within the stipulated cap.

"I want to assure every depositor that their money shall be safe. Their monies are safe," she said. "I am constantly in contact with the RBI and the steps that are taken are taken in the interest of depositors, banks and economy. We are fully seized of the development."

She was talking to reporters after meeting State Bank of India (SBI) Chairman Rajnish Kumar. On Thursday, the SBI board gave its "in-principle" approval to exploring investment opportunities in Yes Bank.

"So I repeat, the depositors can be assured that their money is safe," she said.

Soon after the RBI takeover, depositors thronged Yes Bank ATMs to withdraw money and police had to be deployed in some places to control the crowds.

Yes Bank has 1,000 branches across the country.

Refusing to elaborate on her meeting with the SBI chairman, the minister said that "was on a completely different matter".

"RBI governor has given me assurance that there will be an appropriate resolution soon. No depositor will lose (money)," she said. "Reserve Bank has taken cognizance of the problem."

The central bank, she said, has gone through the "process over and over again to find out an amicable solution".

"And that has been over the last couple of months. So it is not as if they have come in suddenly now. We have been monitoring the situation," she said adding the RBI has appointed an administrator who previously was with the SBI.

"Both the RBI and the government are looking at this with all the details before them, not just today. I have personally monitored the situation over the last couple of months with the RBI. Therefore we have taken a course which will be in everybody's interest," she added.

Yes Bank had been seeking new capital since last year to bolster its ratios and quell questions about its stability due to its exposure to the non-banking finance industry entangled in a prolonged crunch in the local credit market.

The SBI chairman said the resolution to the Yes Bank crisis will come "very shortly".

"This is not a sectoral problem. It is a bank-specific problem," he said. "The RBI will take all steps to ensure financial stability."

On SBI picking up a stake in Yes Bank, he said the lender already has an in-principle approval for doing so.

"If SBI has to pick up a stake in Yes Bank, we have an in-principle approval for that," he said.

Commenting on the crisis at Yes Bank, Alka Anbarasu, Vice President – Senior Credit Officer, Financial Institutions, Moody's Investors Service, said: "RBI's moratorium on Yes Bank is credit negative as it affects timely repayment of bank depositors and creditors."

"While Moody's expects Indian authorities will take steps to prevent the weakness in the bank's viability from significantly impacting its depositors and senior creditors, the lack of a coordinated and timely action highlights continued uncertainty around bank resolutions in India," she said.

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News Network
July 22,2020

New Delhi, Jul 22: Rajya Sabha Chairman M Venkaiah Naidu on Wednesday urged the newly elected members of the House to uphold rules and procedures of the House while discharging their duties as the lawmakers for the country.

"In his remarks at the end of the administration of oath/affirmation to the new members of Rajya Sabha in the Chamber of the House today, Shri Naidu urged them to hold themselves to account with regard to their conduct both within and outside the House, so as to enhance the standing of the institution in the eyes of the people," read a press note.

The note further read that Naidu suggested the members to "question themselves if they had acted to enhance the dignity of the institution or to the contrary at the end of each day during the session and if their conduct was ethical during the inter-session period".

He said, "Answers to these simple questions would guide you on the right path."

He further stressed, "Ensuring rule of law is the spirit of our law of the land (Constitution). It shall begin with your compliance with the rules and procedures of this House."

Of the 61 members elected to Rajya Sabha from 20 States in the recent biennial and bye-polls, 45 made oath/affirmation today including 36 who have been elected for the first time. 12 sitting members have been re-elected which include Sharad Pawar, Digvijaya Singh, Bhubaneswar Kalita, Prem Chand Gupta, Harivansh and Ramdas Athawale, who took oath today.

Those elected for the first time to Rajya Sabha include Mallikarjun Kharge, Jyotiraditya M Scindia and KC Venugopal who have vast legislative experience and taken oath today. Those members who could not make oath/affirmation will do so during the ensuing Monsoon Session.

"Members including three women made oath/affirmation in 10 languages viz., Telugu, Bodo, Kannada, Manipuri, Marathi, Oriya, Tamil, Bengali, Hindi and English," the note read further.

"Today's oath-taking has been organized to enable the newly elected members to participate in the committee meetings which are underway at once and in the monsoon session which is to follow. I hope to nominate all of you on different committees in a day or two. #RajyaSabha," the Vice President's official handle tweeted earlier on Wednesday.

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Agencies
March 1,2020

Allahabad, Mar 1: Shabista Khan, wife of suspended pediatrician Dr Kafeel Khan, fears that her husband's life is in danger.

In a letter written to the chief justice of the Allahabad High Court and senior government authorities, Shabista has sought security for her husband who is lodged in Mathura jail for allegedly delivering provocative speech during anti-CAA protest at Aligarh Muslim University.

"My husband is being mentally tortured in jail and is being subjected to inhuman behaviour," Shabista wrote in her letter to the chief justice of Allahabad High Court, additional chief secretary (home) and director general (jail), among others.

She said that she apprehended that an attempt could be made on her husband's life in jail and demanded adequate security for him.

She also demanded that her husband should be kept away from active criminals and lodged with common prisoners.

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