Electoral reforms need of the hour: Pratibha

April 15, 2012

PrathibaNew Delhi, April 15: President Pratibha Devisingh Patil considers preserving the secular, democratic, fabric of India among the difficult tasks facing the country today, the others being the challenges of achieving inclusive growth and curbing social problems such as corruption.

Ms. Patil, whose term ends in July, on Thursday shared with The Hindu her experiences as President and her views on what is required for nation-building.

She said it was imperative to usher in electoral reforms to maintain the country's secular and democratic characteristics. Education, women's empowerment and focus on moral values should be at the core of the reforms.

The interview ended before this reporter had a chance to ask the President about some of the specific challenges she has had to face during her tenure, such as handling of mercy petitions from prisoners on death row.

“Electoral reforms are needed. We have been conducting our elections very well, but we need to keep the elements of money and muscle out. We have to bring in reforms to remove the impurities that have crept into the system,” she said.

To maintain the secular fabric of the world's largest democracy, she said, different stakeholders needed to work with a deep sense of responsibility to see that our democracy remained “clean and healthy.”

“A good signal”

A former Governor of Rajasthan and seasoned politician, Ms. Patil said elected representation of women, especially at the grassroots, and their subsequent ascent to the top had “sent a good signal.”

Ms. Patil, who became the first woman President of the country in 2007, said she was hoping for consensus on the long-pending women's reservation Bill.

“Women's reservation Bill is already in Parliament…but it will be a happy moment if some consensus emerges. I won't say what, but some good formula should be arrived at. Let Parliament do its job, but I do hope they come up with something that is acceptable to all political parties.”

Looking back, she said her years at Rashtrapati Bhavan were “an experience.” “I have met so many people from a cross-section of society, school children who have shown bravery, women who have stood up against social problems like female foeticide, dowry and addiction. It has been an experience. There is a vast pool of talent in this country, there are people who are brave and have the guts to take a stand to face circumstances, there are people with great energy and we need to draw on this energy and talent for nation-building.”

Elaborating on the experiences drawn from her meetings and travels both inside and outside the country, Ms. Patil said: “I have seen people do social service without any self-interest. There are people who collect medicines for those who cannot afford them or used toys for the needy — these are the kind of activities that the youth should be encouraged to take up. There is a gap that needs to be filled and it can be done by people with a vision and a sense of social service.”

“My message to the youth is to strike a balance between consumerism and values. They have a lot of energy, they are better equipped than the previous generations, have better education, and they must bring about social change. Problems of dowry, addiction, female foeticide will not go away through laws and punishment, we need to change attitudes for eradicating these,” Ms. Patil said.

A lawyer, politician and sports enthusiast, Ms. Patil said that though women's participation in government, the judiciary and other public spheres had improved over the years, there was still need to build confidence and encourage involvement.

“I have seen a new confidence in the eyes of the women in rural areas, in the gram panchayats where women want to do something. The question is who is to empower them. There are schemes for women that need proper implementation, there should be education and information available to them,” she said.

Straightening the country's secular tenets and reverting to the ideology of Mahatma Gandhi, she said, should be part of nation-building.

“I feel very happy that we have carried forward our biggest, vibrant democracy, though there might have been difficulties, but it has been a smooth process. We have to keep intact our communal harmony and that would be our major achievement,” Ms. Patil said.

‘Values being ignored'

Access to quality education, health care and elimination of poverty, she pointed out, should be the goals that the policymakers and the future generations should focus on.

“We have enough schemes but we need to ensure that they reach the last person for whom they are intended. The youngsters need to focus on education and their vocations but they should also pay attention to social values imparted by our traditions, culture and the values preached by Mahatma Gandhi. There is growing consumerism in this country; we need the younger generation to understand human values. We have values of family, looking after ailing, ageing parents; there are traditions like Raksha Bandhan, where the brother promises to protect the interests of the sister; somewhere we feel these values are being ignored and getting diluted. That is another challenge we must face.”

Ms. Patil, who likes to walk around the Mughal Gardens on Rashtrapati Bhavan precincts in her free time and snatches moments to try her hand at her favourite sport, table tennis, wants to continue working for issues related to women and their empowerment after demitting office.

“During my walks around the Mughal Gardens I felt the need to do something to keep it [the estate] clean. That is when we thought of ‘Roshini' [a programme that is intended to make the estate a zero-waste zone] and self-help programmes for the women residents. There is so much to do, things need to be changed or kept properly…” she said, declining to comment on what have been the challenging moments, for her as President.

“There are many memories and memorable experiences, like preparing for a Sukhoi ride,” she said laughing, “but the challenges, I will talk about later.”

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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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News Network
June 7,2020

Bhopal, June 7: In a shocking incident of medical cruelty, an 80-year-old man was tied to a hospital bed in Madhya Pradesh after he allegedly failed to make payment of fees for his treatment. The incident took place at the City Hospital in Shajapur.  

The hospital, however, claimed that he was having convulsions and as a result had his hands and legs tied so that he could not hurt himself.

The man’s family members have accused the hospital authorities of resorting to the heinous act after they failed to pay a fee of Rs 11,000 for his treatment at the. 

“We had deposited a bill of Rs 5,000 at the time of admission but when the treatment took a few more days, we did not have the money to pay the bill,” his daughter told the channel.

The hospital, however, maintained that the man was shackled because he was suffering from an electrolyte imbalance. “He was having convulsions because of electrolyte imbalance,” an unidentified doctor said. “We tied him so that he could not hurt himself.” 
The doctor claimed the hospital had waived off the man’s bill on “humanitarian grounds”.

Chief Minister Shivraj Singh Chouhan took cognizance of the matter and promised strict action against the hospital authorities. 

The Shajapur administration has also ordered an inquiry and has sent a police team to the hospital for investigation, the district collector told media persons.

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News Network
January 27,2020

New Delhi, Jan 27: Remember the story of two friends coming face-to-face with a bear in a forest? One of the two friends climbs the tree to save his life and the other, not knowing how to, lays on the ground, breathless, pretending to be dead.

Well, that lesson turned out to be useful for this man who pretended to be dead when a tiger had both his paws on the man's chest.

Yes, that is right. IFS officer Parveen Kaswan recently shared a video of a man lying under a tiger, with their faces extremely close to each other with the caption, "You want to see how does a narrow escape looks like in case of an encounter with a #tiger. #Tiger was cornered by the crowd. But fortunately, the end was fine for both man and tiger. Sent by a senior."

Another Twitter user shared the full 30-second video in the comments. He also said that the incident occured in Tumsar in Bhandara district, Maharashtra. The spine-chilling clip shows a tiger running freely in the fields trying to avoid people who have surrounded him and are trying to shoo him away.

In his quest to run away, the scared tiger grabs a human. When he sees that people are still approaching him and trying to scare him away, he gets up and runs away for his life. All this while, the man who was captured by the animal lays still on the ground and does not make an attempt to get free.

This is what stuck with Twitter and they are praising the man for his presence of mind.

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