PFI leader among two arrested in RSS worker Sharath murder case

New Delhi, Apr 12: Ramping up efforts to "stamp out" coronavirus cases in the state, Kerala Finance Minister Thomas Isaac has said that not only lockdown but intense testing of people and tracing of their contacts are also equally important in the fight against the outbreak.

Kerala, which was the first state in the country to report a coronavirus infection in late January, has also prepared a time table for coming out of the lockdown and there would be district-specific strategies to tackle the situation while the number of cases are on the decline.

In efforts to curb spreading of coronavirus infections, the country is under a 21-day lockdown till April 14 and many states have sought an extension amid rising number of cases. Kerala has proposed extending the lockdown and gradual phasing out after proper assessment.

"Lockdown should go on till we stamp out entire infections. Now, it is not enough to have lockdown. Equally important is that we should have intense testing, tracing and isolating (of people with coronavirus infections)," he said in a telephonic interview.

The government is closely monitoring the situation and there would be region-specific or district-specific strategies in place to tackle the outbreak, he said.

Against the backdrop of the lockdown that has also disrupted economic activities, Isaac said an exit strategy is being prepared and restrictions are being relaxed in certain segments, including agriculture.

Coronavirus India update: State-wise total number of confirmed cases, deaths on April 12

"The number of patients is coming down (in the state). We hope that in the coming days, the decline will be much more faster," he said during the interview late Friday.

On Saturday, the Kerala government said there were a total of 373 confirmed cases of coronavirus infections and 228 patients were under treatment in various hospitals in the state.

Keeping the trend in the last few days, the number of people under observation has come down to 1,23,490. So far, 14,613 samples from people with symptoms were sent for testing and the results of 12,818 samples have come negative, the government said in a statement on Saturday.

Indicating that there would be a calibrated exit from the lockdown, Isaac said the withdrawal would depend on three main factors, including the count of cases and the percentage of people who are under observation.

While emphasising that people must also be fed during the lockdown period, Isaac also said a time table is being prepared by the state to come out of the lockdown.

Even as strict measures are being implemented to deal with the current situation, the state is also preparing for a possible third wave of coronavirus cases.

Three students, who had returned from the Chinese city of Wuhan, were tested positive. They were also the first such cases, to be reported in January-February period, and have recovered. Wuhan was the epicentre of coronavirus infections before it spread to other countries.

Later, there was a second wave of infections in Kerala.

According to the minister, the possibility of a third wave has also been considered for the exit strategy.

"A lot of Malayalees are expected to come back from outside the state. We will welcome them... before that, we want to stamp out all Covid cases in Kerala. Flatten the curve completely so that when these people from outside, they will be quarantined, they will be tested and only then they will be able to integrate with the rest of the community," he said.

The Kerala government's measures, including extensive testing and efforts to trace people who came in contact with coronavirus-infected persons, have helped in curbing spreading of infections.

The state's public healthcare system has also been appreciated in various quarters.

"People are health conscious. There is a demand for quality healthcare services and the response to this demand has been strengthening of the public healthcare system. We have a robust public healthcare system," the minister emphasised.

On April 9, Isaac tweeted about low level of coronavirus spreading in the state.

"International norm for Covid spread is 2.6 per 1 Covid patient. Total number of primary Covid infected who arrived in Kerala from abroad is 254. The secondary spread has been limited to 91. The international mortality rate is 5.75. With just 2 deaths, rate in Kerala is 0.58," he had tweeted.

Death toll due to the coronavirus increased to 273 and the number of cases to 8,356 in the country on Sunday.

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.

This January 2020, it is thirty years since the Kashmiri Pundits’ exodus from the Kashmir valley took place. They had suffered grave injustices, violence and humiliation prior to the migration away from the place of their social and cultural roots in Kashmir Valley. The phenomenon of this exodus had been due to the communalization of militancy in Kashmir in the decade of 1980s. While no ruling Government has applied itself enough to ‘solve’ this uprooting of pundits from their roots, there are communal elements who have been aggressively using ‘what about Kashmiri Pundits?’, every time liberal, human rights defenders talk about the plight of Muslim minority in India. This minority is now facing an overall erosion of their citizenship rights.

Time and over again in the aftermath of communal violence in particular, the human rights groups have been trying to put forward the demands for justice and rehabilitation of the victim minority. Instead of being listened to those particularly from Hindu nationalist combine, as a matter of routine shout back, where were you when Kashmiri Pundits were driven away from the Valley? In a way the tragedy being heaped on one minority is being justified in the name of suffering of Pundits and in the process violence is being normalized. This sounds as if two wrongs make a right, as if the suffering Muslim minority or those who are trying to talk in defense of minority rights have been responsible for the pain of Kashmiri Pundits.

During these three, many political formations have come to power, including BJP, Congress, third front and what have you. To begin with when the exodus took place Kashmir was under President’s rule and V. P. Singh Government was in power at the center. This Government had the external support of BJP at that time. Later BJP led NDA came to power for close to six years from 1998, under the leadership of Atal Bihari Vajpayee. Then from 2014 it is BJP, with Narerda Modi as PM, with BJP brute majority is in power. Other components of NDA are there to enjoy some spoils of power without any say in the policies being pursued by the Government. Modi is having absolute power with Amit Shah occasionally presenting Modi’s viewpoints.

Those blurting, ‘what about Kashmiri Pundits?’ are using it as a mere rhetoric to hide their communal color. The matters of Kashmir are very disturbing and cannot be attributed to be the making of Indian Muslims as it is being projected in an overt and subtle manner. Today, of course the steps taken by the Modi Government, that of abrogation of Article 370, abolition of clause 35 A, downgrading the status of Kashmir from a state to union territory have created a situation where the return of Kashmiri Pundits may have become more difficult, as the local atmosphere is more stifling and the leaders with democratic potential have been slapped with Public Safety Act, where they can be interned for long time without any answerability to the Courts. The internet had been suspended, communication being stifled in an atmosphere where democratic freedoms are curtailed which makes solution of any problem more difficult.

Kashmir has been a vexed issue where the suppression of the clause of autonomy, leading to alienation led to rise of militancy. This was duly supported by Pakistan. The entry of Al Qaeda elements, who having played their role against Russian army in 1980s entered into Kashmir and communalized the situation in Kashmir. The initial Kashmir militancy was on the grounds of Kashmiriyat. Kashmiriyat is not Islam, it is synthesis of teachings of Buddha, values of Vedant and preaching’s of Sufi Islam. The tormenting of Kashmiri Pundits begins with these elements entering Kashmir.

Also the pundits, who have been the integral part of Kashmir Valley, were urged upon by Goodwill mission to stay on, with local Muslims promising to counter the anti Pundit atmosphere. Jagmohan, the Governor, who later became a minister in NDA Government, instead of providing security to the Pundits thought, is fit to provide facilities for their mass migration. He could have intensified counter militancy and protected the vulnerable Pundit community. Why this was not done?

Today, ‘What about Kashmiri Pundits?’ needs to be given a serious thought away from the blame game or using it as a hammer to beat the ‘Muslims of India’ or human rights defenders? The previous NDA regime (2014) had thought of setting up enclosures of Pundits in the Valley. Is that a solution? Solution lies in giving justice to them. There is a need for judicial commission to identify the culprits and legal measures to reassure the Pundit community. Will they like to return if the high handed stifling atmosphere, with large number of military being present in the area? The cultural and religious spaces of Pundits need to be revived and Kashmiryat has to be made the base of any reconciliation process.

Surely, the Al Qaeda type elements do not represent the alienation of local Kashmiris, who need to be drawn into the process of dialogue for a peaceful Kashmir, which is the best guarantee for progress in this ex-state, now a Union territory. Communal amity, the hallmark of Kashmir cannot be brought in by changing the demographic composition by settling outsiders in the Valley. A true introspection is needed for this troubled area. Democracy is the only path for solving the emigration of Pundits and also of large numbers of Muslims, who also had to leave the valley due to the intimidating militancy and presence of armed forces in large numbers. One recalls Times of India report of 5th February 1992 which states that militants killed 1585 people from January 1990 to October 1992 out of which 982 were Muslims and 218 Hindus.

We have been taking a path where democratic norms are being stifled, and the promises of autonomy which were part of treaty of accession being ignored. Can it solve the problem of Pundits?