New RBI chief spells out steps to revive Rupee

September 5, 2013
RBI_chiefMumbai, Sept 5: New Reserve Bank of India (RBI) Governor Raghuram Rajan on Wednesday announced a slew of reforms to “protect” the rupee and emphasised that though Indian economy faced challenges, it was fundamentally strong.
In his first day in office, Rajan came out with many measures, including more trade settlement in rupees, to rescue the battered financial markets and hinted at a shift in focus from inflation control, doggedly pursued by his predecessor, to boost growth. Rajan also highlighted top priorities like “low and stable levels of inflation” and promised that his policies would lead to “faster, broad-based inclusive growth leading to fall in poverty.”
He promised bold reforms and predictability in policy, saying the medium-term fundamentals of the Indian economy “remain strong” though it was passing through challenging times and it should not be called a crisis.
According to him, the recent “gloom and doom” was overdone. “We certainly do not need false optimism. Our task today is to build a bridge to the future, over the stormy waves produced by global financial markets. I have every confidence we will succeed in doing that.”
Shortly after he took over as the RBI’s 23rd governor, Rajan, 50, addressed the media with a prepared statement in which he laid out a detailed road map for his innings, which he called a “big initial package”. He also rescheduled by a few days the much-anticipated first monetary policy statement to September 20, so that he gets “enough time to consider all major developments in required detail”.

Reflecting a shift in the approach from his predecessor D Subbarao, who had serious differences with the government of late, Rajan said the primary role of the bank is ensuring monetary stability to sustain confidence in the value of the rupee.
“Ultimately, this means low and stable expectations of inflation, whether that inflation stems from domestic sources or from changes in the value of the currency, from supply constraints or demand pressures,” he said.
At the same time, Rajan stressed that the RBI has two other important mandates: “Inclusive growth and development and financial stability.”
He said he would focus on “transparency and predictability” in the central bank’s functioning.
“At a time when financial markets are volatile, and there is some domestic political uncertainty because of impending elections, the Reserve Bank of India should be a beacon of stability,” he said.
“That is not to say we will never surprise markets with actions. A central bank should never say never, but the public should have a clear framework as to where we are going, and understand how our policy actions fit into that framework,” Rajan said.
Further, the new governor set up a number of committees for revising and strengthening monetary policy framework, financial stability, financial inclusion, NPAs and an outside panel of experts headed by former governor Bimal Jalan to screen applications for new bank licences.Rajan said the new bank licences would be issued around January next year.

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News Network
June 13,2020

Dehradun, Jun 13: Chief of Army Staff General M M Naravane on Saturday said the country is passing through difficult times and its safety and honour depend on the ability of its young officers as military leaders.

Addressing gentlemen cadets at the Indian Military Academy here as the reviewing officer of a passing out parade, Gen Naravane said they are being commissioned as officers into the army under the most daunting of circumstances and the high standards of their military training will help them overcome the challenges lying in store for them.

The parade saw a total of 423 cadets being commissioned into the army including 333 from the country and 90 from friendly foreign countries.

"These are difficult times for the country. Its safety, honour and respect depend on your abilities as military leaders. You have to live up to the expectations of your countrymen. You have to ensure that whatever you do is for their welfare," he said.

The army chief said there are no good or bad regiments but only good officers.

"Become one with your men. Win their trust and affection and they will win battles for you," Naravane said.          

He asked the gentlemen cadets to throw themselves into their new role as commissioned officers with passion but also be compassionate towards their men.

"When the going gets tough and all seems lost, it is the spirit of your men that helps you win," he said.          

He said the gentlemen cadets who are taking their first step as commissioned officers will have to make decisions in the tactical and operational domain as well as resolve ethical issues and they will have only their conscience to guide them.          

"In such critical moments let the core values enshrined in the preamble of the constitution of India be your guiding light," the Army Chief said.

Asking them to rise above petty considerations of caste, creed and religion, he said the army does not discriminate.

Apart from containing the external threats, you may also have to defang internal forces out to destabilise the country.

He said the precise drill movements of the cadets had convinced him they will do their respective countries proud.

"In the autumn of your careers what will matter is not the position you finally attain but how honourably you have served your nation," he said.              

In a message to the gentlemen cadets' parents, who were not allowed to attend the event due to the coronavirus pandemic, the Army Chief said, "Till yesterday they (gentlemen cadets) were your children but from tomorrow they will be ours."

He promised to be with them through thick and thin.

The parade looked slightly off-colour this time with the enthusiastic crowds of parents and some usual features missing like the showering of the drill square with flower petals by helicopters.

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Agencies
April 13,2020

With the beginning of Ramzan just about 10 days away, Maulana Khalid Rashid Firangi Mahali, the chairperson of the Islamic Centre of India and the Imam of Aishbagh Eidgah has issued an advisory to people on how to observe Ramzan during the lockdown.

In his appeal, the Sunni cleric, who is a member of the All India Muslim Personal Law Board (AIMPLB), has urged people that the holy month of Ramzan is likely to begin from April 25. The lockdown may also be extended beyond April 14.

"In this case, it is advised that people observe roza (fast) and do iftar (meal to break the fast) in the evenings at their homes. There should be no congregational prayers in the mosque but only at homes. Only those who stay or are staying at a mosque should pray there and that too while maintaining adequate social distance," said Maulana Khalid Rashid Firangi Mahali in a video message.

The cleric, in the 12-point advisory, has asked people to fast as is mandatory in Islam and to pray for the end of the pandemic, during the month of worship.

The advisory says that those who used to arrange for iftar of poor and needy persons at the mosque, should continue to do so this year as well but the food should be distributed to the needy.

"Those who conducted Iftar parties in Ramzan should give the money kept for it in charity. Not more than five people should be present at any time at a mosque," the cleric added.

Earlier for April 8 and April 9, both Shia and Sunni clerics had appealed to the people to stay indoors and pray on the occasion of Shab-e-Baraat, respectively. To ensure full compliance of the lockdown, the gates of several graveyards in the city were locked up by the caretakers since traditionally Muslims visit graves of their ancestors on Shab-e-Baraat--the night of Allah's forgiveness, to pray for their ancestors.

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News Network
March 27,2020

Thiruvananthapuram, Mar 27: Kerala Police social media team is using innovative methods to get people engaged in the home during the lockdown period. From conversing with people to giving them suggestions of must watch movies and sharing links of e-books Kerala police have become new 'chat friend' of people in the state.
"The traditional method of policing of interacting with people is not possible due to social distancing, so Kerala police is using the digital platform to reach out to people," Additional Director General of Police (ADGP), Head Quarters Manoj Abraham, who is heading the social media wing told ANI.
"We used social media and tried to be different at the same time innovative. From creating awareness to taking precautions we through various videos like police dance, coronavirus animations etc reached out to people. We used film stars also and used local dialect. It has got good reach and public acceptance. The most important aspect is that they received the underlying message well and are staying home" he added.
Abraham also said that Social Media team of Kerala Police is also fighting the fake news and rumours being spread at the COVID- 19 times.
"Some people were misusing social media by spreading wrong information. We also went behind those who tried to sell medicines saying it is good against Coronavirus. We crushed them with an iron hand - registered cases and arrested them. We send a strong message in social media that no rumour-mongering will be allowed, " he said.
He said the Kerala Police realised that people staying indoors was one of the keys to winning the fight against COVID-19.
"We started a chat box with the public. People were in their houses and they used the time to chat with police on various aspects of lockdown. We provided them with the right information, " he said.
The social media team has prepared a list of e-books that can be downloaded and also has a list of must watch movies. Not only that the team also occasionally share jokes with people during chat sessions.
Prime Minister Narendra Modi on Tuesday announced a 21-day lockdown in the entire country effective from midnight to deal with the spread of coronavirus, saying that "social distancing" is the only option to deal with the disease.

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