Narendra Modi says he will reach out to Muslim 'brothers'

April 22, 2014

modiNew Delhi, Apr 22: Narendra Modi on Tuesday said he would reach out to Muslim "brothers" like any other citizen of the country and made it clear that the contentious issues of Ram temple and Uniform Civil Code would be addressed within the Constitutional framework.

The BJP's prime ministerial candidate underlined that he sees all Indians as one and it is his "responsibility" to reach out to all sections of the society, which includes Muslims.

"As chief minister of Gujarat, I have tried to connect to six crore people of the state as much as possible. Now I have been entrusted with the national responsibility. I will use all efforts at my command to reach out to 125 crore people. This is part of my responsibility and I must do it.

"It may mean walking 100 steps. I may walk three steps, five steps or seven steps, that is a different matter. But it is my responsibility that I must make demonstrative efforts to reach out to every citizen of the country," he said.

He was responding on ABP News channel's 'Ghoshnapatra' programme when pointed out that he appeared to have started establishing contact with Muslim community.

Asked specifically whether his effort to reach out to every citizen included Muslims, Modi replied, "I will never go by this terminology of yours. Even if you drag me, I will not. I will meet my countrymen. I understand only one language that they are my countrymen, they are my brothers. You may see with whatever colour you want, Modi will not go into that colour."

He went on to add, "even if I lose elections, let it be so, I have no problem. But the country has been destroyed by this language, the mindset of you people and I will never own that mindset. And you please stop such attacks on my freedom."

Modi was referred to the issues of Ram temple and Union Civil Code, which have been a major point of contention between BJP and Muslims, and asked whether he would implement these unfulfilled subjects of BJP agenda considering his 'tez tarrar' (fiesty) image.

"The country does not run by 'tez tarrari' (fiestyness) but by the Constitution. Fiestyness is for elections but not for running the country," the BJP's prime ministerial nominee said, making clear that he would abide by the Constitution on these issues.

He was also asked whether his work as Prime Minister would have "RSS imprint" since he has been groomed by it.

"Let me tell you, I have to run the government. A government runs according to the Constitution. I believe that a government has only one religion — India first. A government has only one holy book — our Constitution. A government has only one kind of devotion — towards nation. A government has only one style of functioning — 'sabka sath, sabka vikas' (cooperation of all, development of all).

When referred to 2002 riots, the Gujarat chief minister said he has "stood the test" and was "ready for any test" but would "never surrender before lies and political motives."

He said, "...Till 2007, I have spoken a lot on this issue. Whether you like it or not, I will not succumb to you (on the issue)."

Attacking the UPA government, he said it "dragged" him to the Supreme Court on the issue and "now I should not speak as SC should be influenced."

He, however, referred to the questioning he faced on the matter from the investigators.

"Till now, no CM has been grilled by policemen for nine hours. It was done on the orders of Supreme Court. SC has seen the video of that recording. I have stood that test and even in future, I am ready for any test," he added.

Asked about the statement by BJP leader Giriraj Singh that those opposing Modi should go to Pakistan, the BJP's prime ministerial candidate said "nobody can agree with that (statement)."

To buttress his point that he would not be vindictive, Modi said, "After election victory of 2002, I went to thank the electorate of Maninanagar (in Gujarat). There, I said 'this government is of those who have elected it, this government is also of those who voted against and this government is also of those who did not go to vote'."

Asked about different voices in BJP over whether action should be taken against Sonia Gandhi's son-in-law Robert Vadra in connection with alleged inappropriate land deals, Modi made it clear that he would focus on development rather than such issues which will be dealt with by the law as deemed fit.

"We get elected for five years and for five years should we roam around with this mess or do some good work? My personal belief is that my energy should not go into this, that my energy be utilised for positive and good work. Otherwise, five years is very less time. If we get entangled in this, what good work can we do," he said.

Citing his "track record" as chief minister of 14 years, he said it "shows that I have never opened any file against anybody. I believe that one gets entangled in such things and cannot do good work. I have only focussed on positive initiative. I do not even keep information about old cases. It is for government, let them do."

At the same time, he said, "Nobody is above the law. Imagine if there allegations against Modi and he is the Prime Minister. Should the case not be pursued just because he has become the PM. It should not be so that it should be stopped. I am not above the law. I am not answering the question you asked. So do not mix up."

On the controversy over the 'marriage' section of his affidavit and whether he expected it, he said, "I do not get surprised by anything. There is nothing in my life. They (rivals) have no issue so they will continue to do it."

The question related to his mentioning for the first time that he has a wife, over which he is facing attack from Congress.

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News Network
January 28,2020

Kolkata, Jan 28: West Bengal chief minister Mamata Banerjee Tuesday said she is ready for talks with Prime Minister Narendra Modi on the issue of Citizenship Amendment Act but the Centre has to first withdraw the contentious law.

Banerjee said protesting against the decisions of the centre doesn't make opposition parties anti-national and iterated that she will not implement CAA, NRC or NPR in the state.

"It is good that the prime minister is ready for talks but the Citizenship Amendment Act (CAA) must be revoked first. They (Centre) did not call an all-party meeting before taking a decision on Kashmir and CAA.

"We are ready for talks but first withdraw this Citizenship Amendment Act," Banerjee, a staunch critic of the BJP, said addressing a protest programme against CAA through paintings.

The West Bengal assembly had on Monday passed a resolution against the CAA to become the fourth state after Kerala, Punjab and Rajasthan, to do so. The state assembly had on September 6, 2019, passed a resolution against the NRC.

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News Network
March 6,2020

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.

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Agencies
March 6,2020

New Delhi, Mar 6: After Yes Bank was placed under moratorium, digital payments were impacted as PhonePe, which depends on the cash-strapped lender for its transactions, could not operate.

It can be noted that the bank's own net banking facilities have not been operational since last evening. Other fintech operators who rely on Yes Bank to settle their transactions are also down.  “We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI. Entire team's been working all night to get services back up asap (as soon as possible),” the app's chief executive Sameer Nigam tweeted early in the morning.

PhonePe, one of the country's largest digital payment platforms, is dependent on Yes Bank to process its transactions.

He added that the app hopes to be live in a “few hours”.

Yes Bank placed under a moratorium Thursday evening, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.

He added that the app - one of the most popular interfaces for UPI transactions - hopes to be live in a “few hours”.

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