Govt vs RBI | The 18 wise men tasked with supervision of the Mint Street

Agencies
November 11, 2018

Mumbai, Nov 11: As an unprecedented fight plays out between the RBI and the government, it is the central bank's 18 board members who are being keenly watched for their next course of action -- they are not only central bankers and government officials but also business leaders, economists and activists.

The RBI board is scheduled to meet next on November 19 amid an ongoing tussle with the government on multiple fronts.

Going by the public utterances of the RBI and government officials so far, the contentious issues are how to manage the huge surplus the RBI has accumulated, how should it deal with errant lenders and borrowers amid a persisting bad loan crisis and what could be the 'public interest' for the government to dictate directions so that it is not seen as an attack on the central bank's autonomy.

As per the RBI website, its central board currently has 18 members, though the provision is that it can go up to 21.

The members include Governor Urjit Patel and his four deputies as 'full-time official directors', while the rest 13 have been nominated by the government, including two Finance Ministry officials -- Economic Affairs Secretary Subhash Chandra Garg and Financial Services Secretary Rajiv Kumar.

There are also Swadeshi ideologue Swaminathan Gurumurthy and cooperative banker Satish Marathe, nominated by the government as "part-time non-official directors".

The entire board is appointed by the government under the RBI Act, which mandates the central board with "general superintendence and direction of the Reserve Bank's affairs".

The government can nominate 10 'non-official' directors from various fields and two government officials. The four non-official directors are one each from the four regional boards of the RBI.

Besides Patel, the four official directors are N S Vishwanathan and Viral Acharya, both of whom have gone public with their direct or indirect criticism of any attempt to undermine the RBI's autonomy, as also B P Kanungo and M K Jain.

Patel became Governor in September 2016 after serving as Deputy Governor since January 2013. Previously, he had served at the International Monetary Fund (IMF) and was also on deputation from the IMF to the RBI during 1996-1997.

He was a Consultant to the Ministry of Finance from 1998 to 2001 and has a PhD in economics from Yale University, an M Phil from University of Oxford and a BSc from the University of London.

Acharya is a New York University Professor of Economics, while Kanungo and Vishwanathan are career central bankers. Jain was appointed as a Deputy Governor in June 2018 and previously headed IDBI Bank and Indian Bank, among other professional banking roles.

The business leaders on the RBI board include Tata group chief Natarajan Chandrasekaran, former Mahindra group veteran Bharat Narotam Doshi, Teamlease Services co-founder Manish Sabharwal and Sun Pharma chief Dilip Shanghvi.

The other members are Sudhir Mankad (retired IAS officer whose last assignment was as Gujarat government's Chief Secretary), Ashok Gulati (agricultural economist), Prasanna Mohanty (ex-IAS officer and economist), Sachin Chaturvedi of Delhi-based think-tank Research and Information System for Developing Countries (RIS) and Revathy Iyer (a former Deputy Comptroller and Auditor General).

In the past also, the RBI's board has had several business leaders such as Ratan Tata, Kumar Mangalam Birla, NR Narayana Murthy, Azim Premji, G M Rao, Y C Deveshwar and K P Singh.

Recently, the tenure of board member Nachiket Mor, who had previously been an executive director at ICICI Bank, was cut short -- nearly a year after he was re-nominated by the government in August 2017 for a second term of four years.

The central board members in the past also included Kiran S Karnik, Y H Malegam, Ela Bhatt, V Rajeev Gowda, Suresh Tendulkar and Suresh Neotia.

The RBI was established on April 1, 1935 and the appointment and tenure of the board members are governed by Section 8 of the RBI Act.

It is Section 7, which has been in news lately, that provides that the "Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest".

"Subject to any such directions, the general superintendence and direction of the affairs and business of the Bank shall be entrusted to a Central Board of Directors which may exercise all powers and do all acts and things which may be exercised or done by the Bank," Section 7 further says.

It also provides that "save as otherwise provided in regulations made by the Central Board, the Governor and in his absence the Deputy Governor nominated by him in his behalf, shall also have powers of general superintendence and direction of the affairs and the business of the Bank, and may exercise all powers and do all acts and things which may be exercised or done by the Bank".

Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.

The RBI is mandated "to regulate the issue of bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage".

It is also required "to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth.

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News Network
February 5,2020

New Delhi, Feb 5: Kapil Baisala who opened fired at the Shaheen Bagh protest site last week is a member of the Aam Aadmi Party, police said on Tuesday, sparking a war of words between the BJP and the AAP.

While the BJP accused Chief Minister Arvind Kejriwal of "playing" with the security of the country, the AAP hit back, stating the saffron party was indulging "dirty politics".

Deputy Commissioner of Police (Crime Branch) Rajesh Deo said that Baisala and his father joined the AAP in early 2019.

Baisala's family, however, refuted the police's claim.

Kapil Baisala's uncle Fatesh Singh told PTI, "I have no idea where these photographs are circulating from. My nephew Kapil had no association with any political party nor does any other member from the family. My brother, Gaje Singh, (Baisala's father) fought assembly elections in 2008 on a Bahujan Samaj Party ticket and lost. After that no one from our family had any links with any political party."

Singh added that Baisala also doesn't have friends associated with the AAP or any other political party.

Gaje had also contested the 2012 civic body polls from the BSP, the police said.

The police officer said they seized Baisala's mobile phone and retrieved WhatsApp data.

On Saturday, Baisala fired two rounds in air at Shaheen Bagh. According to eyewitnesses, the man shouted "Hindu Rashtra Zindabad" and fired two rounds.

He was overpowered by the police and later arrested.

In the pictures, it was seen that he and his father joined the party in the presence of Atishi Marlena, Sanjay Singh and other leaders, sources said.

The police said on Thursday, Baisala, along with his friend Sarthak Larolla, went to Shaheen Bagh from his village on a bike.

Through CCTV footage, it was found they took the DND flyover, Maharani Bagh, Sarai Jullena and reached Holy Family hospital, a senior police officer said.

"Baisala was not comfortable on the bike as he had hidden the pistol near his waist. They entered the hospital's parking where he adjusted the pistol, used the washroom and headed towards Shaheen Bagh," the senior official added.

When they reached the protest site, Larolla left the spot with the motorcycle and Baisala's mobile phone. Later, Baisala fired two rounds in the air and was apprehended. The weapon was recovered from near the spot, the police said.

Larolla joined the investigation and the mobile phone was seized from his residence.

Baisala has been remanded to police remand for two days.

He had bought the pistol around seven years ago for his brother's marriage. The source of the weapon from where he procured it is yet to identified, police said.

The sources said Baisala was previously also involved in firing incident but was never caught nor was a case registered against him.

Hitting out at the AAP, BJP president J P Nadda accused Kejriwal of playing with the security of the country and said that the people will give the party a befitting reply.

"I want to make clear to Kejriwal that this country is bigger than any election, any government, and the country will not forgive those who play with its security. The people of Delhi will give a befitting reply," Nadda tweeted.

Senior AAP leader Sanjay Singh asked on whose directions was the Delhi Police accusing his party.

"Before the police revealed it (Baisala being an AAP member), how did BJP's Delhi president Manoj Tiwari come to know about it," Singh asked and accused the police of maligning the party.

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Agencies
January 9,2020

Kashmir, Jan 9: US Ambassador to India Kenneth I Juster along with envoys from 15 other countries arrived in Srinagar on a two-day visit to Jammu and Kashmir on Thursday, the first visit by diplomats since the abrogation of the erstwhile state's special status in August last year.

The Delhi-based envoys arrived in Srinagar by a special chartered flight at Srinagar's technical airport where top officials from the newly carved out union territory received them, officials said.

Later in the day, they would be going to Jammu, the winter capital of the newly created Union Territory, for an overnight stay. They will meet Lt Governor G C Murmu as well as civil society members, they said.

Besides the US, the delegation will include diplomats from Bangladesh, Vietnam, Norway, Maldives, South Korea, Morocco, and Nigeria, among others.

Brazil's envoy Andre Aranha Correa do Lago was also scheduled to visit Jammu and Kashmir. However, he backed out because of his preoccupation here, the officials said on Wednesday.

Envoys from the European Union (EU) countries are understood to have conveyed that they will visit the union territory on a different date and are also believed to have stressed on meeting the three former chief ministers -- Farooq Abdullah, Omar Abdullah and Mehbooba Mufti -- who are under detention.

Officials said envoys of several countries had requested the government for a visit to Kashmir to get a first-hand account of the situation in the Valley following the August 5 decision to abrogate provisions of Article 370 and bifurcate it into two union territories, Jammu and Kashmir, and Ladakh.

This is the second visit of a foreign delegation to Jammu and Kashmir since August 5. Earlier, Delhi-based think tank International Institute for Non-Aligned Studies, a Delhi-based think tank took 23 EU MPs on a two-day visit to assess the situation in the union territory.

The government had distanced itself from the visit with Minister of State for Home G Kishan Reddy informing Parliament that the European parliamentarians were on a "private visit".

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News Network
May 15,2020

Washington, May 15: A top US senator has unveiled an 18-point plan, including enhancing military ties with India, to hold the Chinese government accountable for its "lies, deception, and cover-ups" that ultimately led to the global COVID-19 pandemic.

The prominent suggestions are moving manufacturing chain from China and deepening military-strategic ties with India, Vietnam and Taiwan.

"The Chinese government maliciously covered up and enabled a global pandemic that has caused misery for so many Americans. This is the same regime that locks up its own citizens in labour camps, steals America's technology and jobs, and threatens the sovereignty of our allies,” said Senator Thom Tillis, presenting his detailed, 18-point plan on Thursday.

"This is a major wake-up call to the United States and the rest of the free world. My plan of action will hold the Chinese government accountable for lying about COVID-19; sanctioning the Chinese government while protecting America's economy, public health, and national security," he said.

The plan seeking to create a Pacific Deterrence Initiative and immediately approve the military's request for USD 20 billion in funding. It also calls for deepening military ties with regional allies and expand equipment sales to India, Taiwan and Vietnam.

Encourage Japan to rebuild its military and offer Japan and South Korea sales of offensive military equipment, it said.

"Move manufacturing back to the US from China and gradually eliminate our supply chain dependency on China. Stop China from stealing our technology and provide incentives to American companies to regain our technological advantage. Strengthen cybersecurity against Chinese hacks and sabotage," the plan stated.

"Prevent American taxpayer money from being used by the Chinese government to pay off their debt. Implement the US ban on (Chinese technology company) Huawei and coordinate with our allies to implement similar bans,” it added.

The plan seeks restitution from the Chinese government and imposition of sanctions for lying about the virus. It further said China should be sanctioned for their atrocious human rights record.

Senator Tillis' plan urges the Trump Administration to formally request the International Olympic Committee to withdraw the 2022 Winter Olympics from Beijing.

"Stop China's propaganda campaign inside the United States. Treat Chinese government-run media outlets as the propaganda proxies that they are," the plan stated.

Urging the government to investigate the Chinese government's cover-up of the spread of COVID-19, the plan also seeks to investigate America's reliance on China's supply chains and threats to public safety and national security.

"Ensure the independence of the WHO through investigations and reform. Expose and counter China's predatory debt-trap diplomacy targeting developing countries. Increase intelligence sharing on potential pandemics and lead the creation of a watchdog organization to monitor foreign governments' handling of deadly viruses," Tillis said in his suggestions.

The coronavirus, which first emerged in China's Wuhan city in December last, has killed over 3,00,000 people with 4.3 million confirmed cases across the world. More than a quarter of all confirmed COVID-19 cases are from the US.

There has been increasing pressure on the President Trump, in the last several weeks, to take action against China as lawmakers and opinion-makers feel that the COVID-19 spread across the world from Wuhan because of Chinese inaction.

Meanwhile, Senator John Barrasso, in a speech on the Senate floor on Thursday, highlighted the need to update the Foreign Intelligence Surveillance Act (FISA) legislation that was put on hold by the coronavirus pandemic.

"The virus could have been contained had it not been for the Chinese Government's unscrupulous cover-up. China knew the risk months before the rest of the world; yet Chinese communist leaders destroyed key evidence, they under-reported the number of coronavirus cases, and they misled the world about its deadly, rapid spread," he said.

Asserting that the virus should have been contained in Wuhan, he said tens and tens of thousands of Americans and hundreds of thousands of people worldwide have died as a result of China's failure.

Barrasso said the US should encourage its companies to create American and western supply chains. "That way our frontline workers have what they need in the time of crisis," he said.

"Not again, not ever will we be exclusively sourced for critical drugs from China. We should diversify supply and bring home as much of our supply chain as possible," he added.

Congressman Troy Balderson introduced bicameral legislation with Congressman Doug Collins and Senator Lindsey Graham that will hold China accountable for deceptive actions taken by its leaders that led to the spread and subsequent global pandemic.

The COVID-19 Accountability Act authorises president Donald Trump to impose sanctions on China if it fails to cooperate with a full investigation led by the US or its allies into the events that lead to the COVID-19 outbreak.

"The number of Ohioan lives needlessly claimed by this pandemic could have been significantly reduced had China taken appropriate measures to control the virus' spread and disclose its severity," said Balderson.

"The United States can't look the other way when China so recklessly compromised worldwide health and the global economy. China and its Communist Party leadership must be held accountable," he said.

Comments

WHO
 - 
Monday, 18 May 2020

Hahah LOL..

 

go back to past 20 year...from 2000 to 2020..all your sins are boiling now.

 

millions of innocent life has been taking by so called AMERICA in middle east.

 

 

now come to the point

The great GOD Vs USA

GOD: 4 Million+

USA and allied : 0

 

throw your nuke weapon to sea...no use

you cant fight God s tiny microorganisms...humans are just a thing.

 

USA will get 0.5 million death and 10 million infection...20 years of  sin must be given with interest

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