On campaign trail, Sonia slams 'pracharak' Modi, 'dharnebaaj' Kejriwal

February 1, 2015

New Delhi, Feb 1: Congress President Sonia Gandhi today slammed Prime Minister Narendra Modi and AAP chief Arvind Kejriwal, saying one was a "pracharak" and the other a "dharnebaaj", as she asked voters to save Delhi from those who make only "hollow promises".sonia gandhi

"While one party has a pracharak, who only does 'prachar' the other just has a dharnebaaj, who is all the time busy organising dharnas. Delhi needs good governance and not false promises... BJP and AAP can only talk big and make hollow promises.

"There is a need to be careful of those doing politics of pretension. The country is not run by mere slogans," she said.

Addressing her first election rally for the Feb. 7 Delhi polls at Meethapur here near Badarpur, the Congress chief accused the Modi government of "weakening" the schemes initiated by the previous UPA dispensation, including on food security and land acquisition, and doing nothing to check corruption despite the "golden promises" made during the Lok Sabha polls.

She also raked up the issue of communal violence that took place in some parts of Delhi before the Assembly election dates were announced and alleged that it was being done to "capture power" in the state.

"There are some forces which cause incidents like what happened in Trilokpuri and Dilshad Garden. Such forces will have to be defeated which spread the politics of hatred," she said as she appealed to people to strengthen secular forces.

Gandhi said that after the Assembly polls of 2013 in Delhi threw up a hung mandate, Congress had supported AAP in forming the government here, thinking they will deliver on their promise of making Delhi a better place. "But they could not run the government...and fled," she said.

"I ask them (AAP) whether it was not their job to fight corruption and provide cheap water and electricity. And then the other party (BJP) kept on delaying elections in Delhi and continued with its rule here in the name of President's rule," she said.

While hailing the previous Congress-led UPA dispensation for taking many "social and revolutionary steps", Gandhi said that the Modi government is snatching away the rights of the people by "weakening" those schemes.

Alleging that this was the "reality of their hollow promises" she said that while the UPA had brought the Food Security Act, "Modi government is trying to bring such changes in it which will limit the percentage of beneficiaries from 67 per cent to 40 per cent of the population."

Addressing farmers, she said that those who had showed them "golden dreams" had now deprived them of even fertilisers and seeds while they were even less likely to receive proper prices for their produce.

"Why did we bring the Land Acquisition Act? We did it to ensure that no one forcibly takes away the land of farmers. What did the Modi government do? It opened the route for anybody to capture farmers' land by bringing in the Ordinance.

"We had worked hard to give the country the RTI Act, but those who talked of a corruption-free government have kept the post of CIC Commissioner vacant and given a free hand to corrupt people," Gandhi said as she sought to warn people against voting the BJP to power in Delhi.

She said that while Modi had made big promises, she would like to ask him "where is the black money from which every citizen was supposed to get Rs 15 lakh each".

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News Network
February 13,2020

New Delhi, Feb 13: Tibetan spiritual leader the Dalai Lama has congratulated AAP supremo Arvind Kejriwal for his party's stupendous victory in the Delhi Assembly polls, saying the people of the national capital will continue to benefit from his leadership.

Responding to the Dalai Lama's statement, Kejriwal in a tweet on Wednesday said, "Am humbled by the kind words and blessings from His Holiness The Dalai Lama. Thank you very much @DalaiLama."

Referring to the Happiness Curriculum for government schools in Delhi, the Dalai Lama said he has a deep admiration for the efforts the AAP government has made towards "shaping better, happier human beings with improved values".

"These measures will have a positive impact on children's overall education, as well as helping the poor to fulfil their dreams of improving their lives," he said.

He also lauded the AAP government's initiative to incorporate aspects of inner mental development into the school curriculum.

"Through such initiatives, you are showing a path to the rest of India," the Dalai Lama added.

In a near-repeat performance of 2015, the Aam Aadmi Party on Tuesday retained power with a stunning victory, winning 62 of the 70 assembly seats and leaving the BJP with just eight seats.

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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
July 24,2020

New Delhi, Jul 24: India reported the highest single-day spike of 49,310 coronavirus cases on Friday, according to the Union Ministry of Health and Family Welfare.

The total COVID-19 positive cases stand at 12,87,945 including 4,40,135 active cases, 8,17,209 cured/discharged/migrated.
With 740 deaths in the last 24 hours, the cumulative toll reached 30,601.

Maharashtra has reported 3,47,502 coronavirus cases, the highest among states and Union Territories in the country. A total of 1,92,964 cases have been reported from Tamil Nadu till now, while Delhi has recorded 1,27,364 coronavirus cases.

According to the Indian Council of Medical Research (ICMR), 3,52,801 samples were tested for coronavirus on Thursday and overall 1,54,28,170 samples have been tested so far. 

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