Central Bank's image has been dented post demonetisation: RBI staff

January 14, 2017

New Delhi, Jan 14: In a strongly worded letter addressed to Reserve Bank of India (RBI) Governor Urjit Patel, the United Forum of Reserve Bank Officers and Employees has alleged that post the government's demonetisation move, the image of the Central bank has been dented beyond repair.

rbi

"Commenting on the "mismanagement" since November 8 when demonetisation was announced and the criticism from different quarters followed, the letter said, "Its (RBI's) autonomy and image have been dented beyond repair," an official of the All India Reserve Bank officers Association said here.

"We request the Governor of the RBI, its highest functionary and protector of its autonomy and prestige, to do the needful urgently to do away with this unwarranted interference from the Finance Ministry and assure the staff accordingly as the staff feels humiliated," the letter added.

Various employee unions of the central bank have objected to the government "impinging on RBI autonomy" and have written to Patel to take action against the "unwarranted interference".

In a letter, they said the autonomy and image of the RBI has been "dented beyond repair" due to mismanagement and termed the appointment of a senior Finance Ministry official as a "blatant encroachment" of its exclusive turf of currency management.

"If true, this is most unfortunate and we take strong exception to this measure of the government as impinging on the RBI autonomy and its statutory as well as operational jurisdiction," the letter said.

The Association asserts that the RBI is fully capable to co-ordinate the central bank's currency chest operations which it has been performing over decades, and they do not need "any assistance" from anywhere.

The letter suggests that the union may assume that the RBI did not ask for deployment of a joint secretary of the Finance Ministry in its functions, rather it's the latter which has imposed itself on the central bank, which is absolutely unacceptable and deplorable.

The official of RBI officers association stated that there have been no review in pension issue for last 16 years has displayed hostilities on the employees.

The letter sought to draw attention to the RBI Act 1934, which stipulates that the central bank was constituted lo "regulate the issue of notes and keeping of reserves with a view to secure monetary stability in India" and generally to operate the currency and credit system of the country.

The association also urged the media to voice grievances associated with the RBI.

The letter comes days after concerns about RBI's functioning being raised by at least three former governors -- Manmohan Singh (former prime minister), Y. V. Reddy and Bimal Jalan. Former deputy governors including Usha Thorat and K. C. Chakrabarty have also voiced their concerns in this regard.

Comments

Think Tank
 - 
Saturday, 14 Jan 2017

MODI has done it.....................Greed for name and fame.............by the cost of Common Man's Black(White)Money

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
February 10,2020

New Delhi, Feb 10: The government is set to privatise Central Electronics Ltd, a CPSE under the Department of Science and Technology, by selling its 100% stake with management control and has invited the Expression of Interest for the same by March 16.

The selected bidder will be required to lock in its shares for a period of three years during which it cannot undertake the sale of its stake in CEL, the PIM (Preliminary Information Memorandum) said.

"The government of India has 'in-principle' decided to disinvest 100 per cent of its equity shareholding in CEL (which is equivalent to 100 per cent of the total paid up equity share capital of CEL) through Strategic Disinvestment with transfer of management control (Strategic Disinvestment or Transaction)," DIPAM, the Disinvestment Department, said.

The process for the transaction has been divided into two stages, namely, Stage I and Stage II.

After BPCL and Air India, this is yet another CPSE which government is slated to privatise if it gets offers from bidders.

The government has set a challenging target of Rs 2.1 lakh crore disinvestment proceeds from CPSE sell-offs and IPOs, OFSs (Offer for sale) in the next fiscal and it going out all guns blazing to meet that target after revising this fiscal target of Rs 1.05 lakh crore to Rs 65,000 crore.

The Interested Bidders (which can also include employees of CEL) must have a minimum net worth of Rs 50 crore as on March 2019. DIPAM has released complete invitation Preliminary Information Memorandum (PIM) of CEL. Resurgent India Limited is the advisor to the Transaction.

CEL is a pioneer in the country in the field of Solar Photovoltaic (SPV) with the distinction of having developed India's first Solar cell in 1977 and first Solar panel in 1978 as well as commissioning India's first solar plant in 1992.

More recently, it has developed and manufactured the first crystalline flexible solar panel especially for use on the passenger train roofs in 2015.

Its solar products have been qualified to International Standards IEC 61215/61730. CEL is further working on development of a range of new and upgraded products for signaling and telecommunication in the railway sector.

In the SWOT analysis of the CPSE, DIPAM has stated under weakness that "the company has weak financial loss due to past losses, high manufacturing cost and non payment of dues by state nodal agencies affecting the financial position of the company".

The CPSE has adequate land for expansion, the SWOT analysis said adding "the CPSE faces threat of dumping of solar cells at very low rates which makes solar PV manufacturing industry unviable".

Entry of new players in the market for solar products and railway signalling systems also is cited as a threat.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
August 3,2020

Indore, Aug 3: In a bizarre development, the Indore Bench of the Madhya Pradesh High Court has granted bail to an accused in a sexual harassment case on the condition that he will request the victim to tie a ‘rakhi’ on him with a promise to protect her “to the best of his ability for all times to come”.

Justice Rohit Arya on July 30 also ordered the man to pay Rs 11,000 to the complainant as a “customary ritual usually offered by brothers to sisters” on Raksha Bandhan and seek her blessings while visiting her with his wife and a box of sweets. “The applicant shall also tender Rs 5,000 to the son of the complainant for purchase of clothes and sweets,” the order said.

The court directed the accused to take photographs and receipts of payment made to the victim and her son, which should be filed through his lawyer for placing on record of the case before the Registry.

The victim, a resident of Ujjain district, had alleged that her neighbour, Vikram Bagri, entered her house and sexually harassed her on April 20. The police registered a case under Sections 452 (House-trespass after preparation for hurt, assault or wrongful restraint), 354 (A) (Sexual harassment and punishment for sexual harassment), 354 (Assault or criminal force to woman with intent to outrage her modesty), 323 (Punishment for voluntarily causing hurt) and 506 (Punishment for criminal intimidation) of the Indian Penal Code.

The order said the man, in jail for more than two months, was released on bail, on furnishing a personal bond of Rs 50,000 with “one solvent surety in the like amount to the satisfaction of the trial court, on the condition that he shall remain present before the court concerned during trial,” and comply with conditions under Section 437 (3) of CrPC, along with other conditions.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 4,2020

New Delhi, May 4: Rebutting the Congress' criticism, the BJP said on Monday that the railways has subsidised 85 per cent of ticket fare for special trains being run for migrant workers and the state governments have to pay the remaining 15 per cent.

The ruling party also accused the Congress of promoting indiscriminate movement of people which, it said, would lead to "faster spread" of coronavirus infection "just like we saw in Italy", and asked if this is what Sonia Gandhi wants.

The counter-charge from BJP leaders, including its spokesperson Sambit Patra and information technology department in-charge Amit Malviya, came after Congress president Sonia Gandhi hit out at the central government for making migrants pay for their train fare and asked her party's state units to pick the tab.

Congress leader Rahul Gandhi also took a swipe at the railways, saying, on one hand, it is seeking ticket fare from people stranded in various states while on the other it is donating Rs 151 crore to the PM-CARES Fund.

Responding to him, Patra said, "Rahul Gandhi ji, I have attached guidelines of MHA which clearly state that 'No tickets to be sold at any station'. Railways has subsidised 85% & state govt to pay 15%. The state govt can pay for the tickets (Madhya Pradesh's BJP govt is paying). Ask Cong state govts to follow suit," Patra tweeted.

The BJP leader further clarified that for each 'Shramik Express', special trains being run for migrants to take them back to their native places during the lockdown, about 1,200 tickets to the destination are handed by the railways to the state government concerned.

State governments are supposed to clear the ticket price and hand over the tickets to workers, he said.

He said the BJP government in Madhya Pradesh is doing so and asked Rahul Gandhi to tell the Congress-ruled states to follow suit.

Hitting out at Sonia Gandhi, Malviya tweeted, "Congress is obviously upset at how well India has handled Covid. They would have ideally wanted a lot more people to suffer and die. Promoting indiscriminate movement of people would lead to faster spread of infection, just like we saw in Italy. Is this what Sonia Gandhi wants?"

BJP MP Subramanian Swamy claimed that migrant workers returning home will not have to pay money as the rail travel will be free from now onwards.

"Talked to Piyush Goyal office. Govt will pay 85% and State Govt 15%. Migrant labour will go free. Ministry will clarify with an official statement," he tweeted.

BJP Congress Coronavirus COVID-19 Coronavirus lockdown Italy Sonia Gandhi Rahul Gandhi Sambit Patra Amit Malviya Subramanian Swamy Piyush Goyal

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.