RBI panel pitches for federal body like GST Council in farm sector

Agencies
September 14, 2019

Mumbai, Sept 14: An RBI panel on Friday suggested setting up of a federal body on the lines of the GST Council to implement reforms and boost credit flow in the agriculture sector, besides pitching for direct transfer of subsidy and no farm loan waivers.

Among other recommendations, the panel said banks should develop a management information system (MIS) to flag loans sanctioned against gold as collateral in core banking solution (CBS) platform for effective monitoring of end use of funds.

In February this year, the RBI had set up the 'Internal Working Group' to understand the reasons for regional disparity and other agricultural credit related aspects and suggest workable solutions to address constraints in accessing institutional agricultural credit.

Recommending solutions to improve farm credit flow, the panel said, "Government of India (GoI) should set up a federal institution, on the lines of GST Council, having participation from both the Centre as well as the states to suggest and implement reforms in the field of agriculture."

The Goods and Services Tax (GST) Council, that consists of the finance ministers of Centre and all the states, decides on tax rates.

The panel said farm loan waivers should be "avoided" and interest subvention or subsidy given on farm loans should be replaced with Direct Benefit Transfer (DBT), which is being implemented in host of government schemes like subsidy on LPG and fertiliser.

It also stressed that banks should increase credit for allied farm activities as well and give consumption loans to farmers up to a sanctioned limit of Rs 1 lakh.

The panel further said that the Centre should push state governments to complete the digitisation process and updation of land records in a time bound manner.

That apart, state governments should give access to banks to digitised land records in order to verify land title and create charge online. In such states, banks should not insist on submission of land title documents, it added.

The panel also said state governments having a highly restrictive legal framework should be encouraged to reform their legal framework on the basis of Model Land Leasing Act proposed by NITI Aayog/ Land Licensed Cultivators' Act, 2011 of Andhra Pradesh so that formal lending to tenant farmers can improve.

On farm loan waiver, the panel said it should be "avoided" and both the Centre and state governments should undertake a "holistic review" of the agricultural policies and their implementation, as well as evaluate the effectiveness of current subsidy policies.

Among other recommendations, the panel said the interest subvention scheme should be replaced with DBT to targeted beneficiaries with an overall limit of Rs 3 lakh per individual farmer.

To curb the misuse of interest subsidy, banks should provide crop loans, eligible for interest subvention, only through Kisan Credit Card (KCC) mode.

To address regional disparity in agri-credit flow, the panel said priority sector lending (PSL) guidelines should be revisited and the National Bank for Agriculture and Rural Development (NABARD) should gradually increase the allocation of Rural Infrastructure Development Fund (RIDF) in central, eastern and north eastern states over a period of time.

Also, the corpus of RIDF should be increased and state governments should be sensitised to allocate a larger portion of their borrowing from RIDF for the purpose of absorbing funds for rural infrastructure development in their state.

To increase credit flow to allied farm activities, the panel suggested that the Centre should set separate targets for working capital and term loan towards allied activities under ground-level credit flow (GLC).

The panel also suggested easier norms for making available credit for allied activities of up to Rs 2 lakh.

Besides, banks should be allowed to give consumption loans to farmers up to a sanctioned limit of Rs 1 lakh under PSL provided banks are able to obtain collateral security and are satisfied with their repayment capacity based on the cash flows of the borrowers. However, such loans will not classify for PSL-Agri.

Stating that there is no guarantee scheme available to banks to cover the default risk of the borrowers, the panel said that the Centre in partnership with state governments should set up a credit guarantee fund for the agriculture sector on the lines of credit guarantee schemes implemented in the MSME sector.

It also stressed on the need to develop a centralised database of the Indian agriculture sector which will help in planning policy formulation.

To improve ease of credit, the limit of Rs 3 lakh for waiving collateral security by the banks in case of tie-up arrangements should be revised to Rs 5 lakh under the existing KCC guidelines subject to the condition that the tie-up arrangements are between the producers and processing units without any intermediaries.

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News Network
February 3,2020

New Delhi, Feb 3: The Allahabad High Court on Monday granted bail to former BJP leader Swami Chinmayanand in the alleged rape case of a law student. He was arrested in September last year after the 23-year-old woman accused him of sexual harassment and blackmail.

The woman was a student of the Chinmayanand-controlled SS Law College in Shahjahanpur in Uttar Pradesh.

Chinmayanand is facing charges under Sections 376C (sexual intercourse by a person or persons taking advantage of their official position), 354 D (stalking), 342 (wrongful confinement) and 506 (criminal intimidation) of the Indian Penal Code (IPC).

The case is being investigated by a Special Investigation Team (SIT) formed on the directions of the Supreme Court.

The case came to light after the woman posted a video on August 23 last year on social media alleging that “a senior leader of the saint community” was harassing and threatening to kill her. The law student went missing a day later, after which her father lodged a complaint, accusing Chinmayanand of harassing his daughter.

Chinmayanand was expelled from the BJP after his arrest.

The SIT had, on November 6, submitted chargesheet in the case.

In a parallel case, the woman was charged with trying to extort money from Chinmayanad. The Allahabad High Court granted her bail in that case in December last year.

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News Network
January 23,2020

Beijing, Jan 23: China is putting on lockdown a city of 11 million people considered the epicenter of the new coronavirus outbreak that has killed 17 and infected nearly 600 people, as health authorities around the world work to prevent a global pandemic.

The previously unknown coronavirus strain is believed to have emerged late last year from illegally traded wildlife at an animal market in the central Chinese city of Wuhan. Cases have been detected as far away as the United States, stoking fears the virus is already spreading worldwide.

Wuhan's local government said it would shut down all urban transport networks and suspend outgoing flights from the city as of 10 a.m. (0200 GMT) Thursday, state media reported, adding that the government is urging citizens to not leave the city in the absence of special circumstances.

Contrasting with its secrecy over the 2002-03 Severe Acute Respiratory Syndrome (SARS), which killed nearly 800 people, China's communist government has this time given regular updates to try to avoid panic as millions of people travel for the Chinese Lunar New Year holiday.

Chinese authorities have confirmed 571 cases and 17 deaths as of end-Wednesday, state television reported on Thursday. There are eight other known cases around the world - Thailand has confirmed four cases, while the United States, Taiwan, South Korea and Japan have each reported one.

Vice Premier Sun Chunlan said during a visit to Wuhan that authorities needed to be open about the spread of the virus and their efforts to contain it, the official Xinhua news agency reported on Thursday, comments likely to reassure global health experts.

After a meeting at its Geneva headquarters on Wednesday, the World Health Organization (WHO) said it would decide on Thursday whether to declare the outbreak a global health emergency, which would step up the international response.

If it does so, it will be the sixth international public health emergency to be declared in the last decade.

WHO Director-General Tedros Adhanom Ghebreyesus told reporters in Geneva that China's actions so far were "very strong" but called in Beijing to take "more and significant measures to limit or minimise the international spread".

"We stressed to them that by having a strong action not only they will control the outbreak in their country but they will also minimise the chances of this outbreak spreading internationally. So they recognise that," he said.

A senior U.S. State Department official also called on China to "play a bigger role in global health so they taking more and significant measures to limit or minimise the international spread".

"The lack of transparency in the past, especially with SARS ... gives us concern that that may be the case here," the official said, adding however that there were "positive signs that they have taken action in Wuhan".

Fears of a pandemic initially spooked markets but they regained their footing on Wednesday, with investors citing the robust response from authorities as reassuring.

VIRUS SPREADING

The outbreak began in Wuhan, a major transportation hub as well as central China's main industrial and commercial centre, and has now spread to other major population centers including Beijing, Shanghai and Hong Kong.

There is no known cure for the virus. Symptoms include fever, difficulty in breathing and cough, similar to many other respiratory illnesses, and can cause pneumonia.

Chinese authorities are still investigating the origins of the virus, though they confirmed the outbreak began at a market in Wuhan with illegal wildlife transactions and that it can spread from one person to another via respiratory transmission. Among confirmed patients are 15 medical workers, further adding to worries about a possible global pandemic.

Many Chinese were canceling trips, buying face masks, avoiding public places such as cinemas and shopping centers, and even turning to an online plague simulation game as a way to cope.

Airports globally stepped up screening passengers from China and the European Centre for Disease Control and Prevention (ECDC) said in a risk assessment that further global spread of the virus was likely.

Britain joined other countries including Australia in advising citizens against all but essential travel to Wuhan.

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Agencies
June 19,2020

Kota, Jun 19: In a shocking incident, a COVID-19 patient in Rajasthan's Kota district died after his family disconnected the ventilator to plug in the air cooler to combat the scorching heat.

The incident happened on June 15 in the Maharao Bhimsingh Hospital (MBS) hospital.

A committee was formed soon after the death was reported, which will submit its report on Friday at 4 p.m., hospital Medical Superintendent Naveen Saxena told media persons.

He said, "We have set up the committee to investigate the incident based on the primary information. The committee includes deputy superintendent of the hospital, nursing superintendent and CMO. We will look into the matter and then shall explore further action for a need to go to the police."

The family members of the COVID-19 patient, who came to meet him in the MBS hospital unplugged the ventilator and had put on the cooler switch which they had brought from outside. The ventilator worked for some time on the battery but later it collapsed and the patient turned critical.

The doctors were reported of the patient's critical condition who came rushing and did all they could do to save his life, but the result was unfavourable and the patient died.

The doctors were reported of the patient's critical condition who came rushing and did all they could do to save his life, but the result was unfavourable and the patient died.

The relatives, on the other hand, attacked the resident doctors after the patient died.

Doctor Varun, on duty, submitted a written complaint to the officials, alleging that the patients' relatives misbehaved with the staff. Other resident doctors also supported him and boycotted work very briefly, but then later resumed work.

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