Daily Archives: July 3, 2018

Govt open to talks on RBI powers over PSBs

MUMBAI: In an act of reconciliation with the Reserve Bank of India (RBI), officiating finance minister Piyush Goyal has indicated that the government was open to addressing the RBI’s grouse of not having powers to regulate public sector banks. This is a climbdown from its earlier position when the finance ministry insisted that the central bank had adequate powers.

In the aftermath of the Nirav Modi scam at the Punjab National Bank (PNB, the finance ministry and the RBI governor Urjit Patel had traded charges on lack of accountability and lack of powers. Patel had responded to indirect allegations that the RBI had failed to detect the scam.

Speaking at the State Bank of India’s 5th banking conclave, Goyal said, “As regard the RBI powers, we are examining it and that’s an issue that we will sit with the RBI and will sort out. The government has an open mind on this issue.” He added that the government was willing to put in whatever capital was required into public sector banks.

Goyal said that he has also discussed with banks a strategy for encashing some of their non-core assets quickly. “I understand some of the public-sector systems will take time till these assets can be sold through a transparent mechanism can be converted into capital for banks. We are working to see if we could look at an intermediate solution for that,” said Goyal.

When questioned on an earlier Budget proposal made more than a decade ago to bring down government stake in PSU banks, Goyal said there is absolutely no proposal to reduce government shareholding below 51%. “They will continue to be PSBs with 51% holding in all the 20 banks that are under the Banking Regulation Act,” Goyal added.

He said that the Sunil Mehta committee, constitute to look into a solution for the bad loan pile-up in public sector banks, had recommended setting up a bad bank-type asset management company (AMC) to resolve the bad loan problem. “They have also done an analysis of the capital requirement and we are working in tandem with the team to see what needs to be done,” said Goyal.

Govt open to talks on RBI powers over PSBs

MUMBAI: In an act of reconciliation with the Reserve Bank of India (RBI), officiating finance minister Piyush Goyal has indicated that the government was open to addressing the RBI’s grouse of not having powers to regulate public sector banks. This is a climbdown from its earlier position when the finance ministry insisted that the central bank had adequate powers.

In the aftermath of the Nirav Modi scam at the Punjab National Bank (PNB, the finance ministry and the RBI governor Urjit Patel had traded charges on lack of accountability and lack of powers. Patel had responded to indirect allegations that the RBI had failed to detect the scam.

Speaking at the State Bank of India’s 5th banking conclave, Goyal said, “As regard the RBI powers, we are examining it and that’s an issue that we will sit with the RBI and will sort out. The government has an open mind on this issue.” He added that the government was willing to put in whatever capital was required into public sector banks.

Goyal said that he has also discussed with banks a strategy for encashing some of their non-core assets quickly. “I understand some of the public-sector systems will take time till these assets can be sold through a transparent mechanism can be converted into capital for banks. We are working to see if we could look at an intermediate solution for that,” said Goyal.

When questioned on an earlier Budget proposal made more than a decade ago to bring down government stake in PSU banks, Goyal said there is absolutely no proposal to reduce government shareholding below 51%. “They will continue to be PSBs with 51% holding in all the 20 banks that are under the Banking Regulation Act,” Goyal added.

He said that the Sunil Mehta committee, constitute to look into a solution for the bad loan pile-up in public sector banks, had recommended setting up a bad bank-type asset management company (AMC) to resolve the bad loan problem. “They have also done an analysis of the capital requirement and we are working in tandem with the team to see what needs to be done,” said Goyal.

People’s Choice – Top Schools of Meerut in year 2018

As per the survey conducted by Radio Nageen ( http://radionageen.com  )  the recent top schools list by 5429 voters are  :

  1. CJDAV PUBLIC SCHOOL (19%, 1,043 Votes)
  2. K L International School (11%, 616 Votes)
  3. Shanti Niketan Vidyapeeth (9%, 504 Votes)
  4. Sophia Girls School (7%, 363 Votes)
  5. Meerut Public School Boys (6%, 328 Votes)
  6. St. Mary’s Academy (6%, 318 Votes)
  7. Tej Public School (6%, 314 Votes)
  8. Gargi Girls School (5%, 282 Votes)
  9. Dewan Public School (5%, 248 Votes)
  10. MIET Public School (3%, 177 Votes)
  11. International public school (3%, 148 Votes)
  12. Gandhi International Public School (2%, 105 Votes)
  13. Mount Litera Zee School (1%, 70 Votes)
  14. Translam Academy International (1%, 68 Votes)
  15. Dayawati Modi Academy (1%, 67 Votes)
  16. J.P.Academy (1%, 65 Votes)
  17. BDS International (1%, 56 Votes)
  18. Gargi kidz (1%, 55 Votes)
  19. St. Xavier’s World School Kids at W.K.Road (1%, 54 Votes)
  20. Darshan Academy (1%, 52 Votes)
  21. St. Xavier’s World School for Girls (1%, 47 Votes)
  22. St. Xaviers World School Ganga Nagar (1%, 43 Votes)
  23. MPS Girls West End Road (1%, 42 Votes)
  24. MPS Girls Shastri Nagar (1%, 39 Votes)
  25. Guru Teg Bahadur (1%, 35 Votes)
  26. Baleraam Brijbhushan Saraswati Shishu mandir (1%, 32 Votes)
  27. Meerut City Public School (1%, 31 Votes)
  28. Satyakaam international school (1%, 28 Votes)
  29. St. Xavier’s World School Kids at Shatabdi Nagar (0%, 25 Votes)
  30. Delhi Public School (0%, 19 Votes)
  31. Army Public School (0%, 19 Votes)
  32. Rishabh Academy (0%, 15 Votes)
  33. Karan Public School (0%, 15 Votes)
  34. St. Johns School (0%, 15 Votes)
  35. Millennium Kids School Rakshapuram (0%, 14 Votes)
  36. City Vocational Public School (0%, 13 Votes)
  37. St. Xavier’s World School Kids at Shastri Nagar (0%, 12 Votes)
  38. iPS Meerut Cantt. (0%, 11 Votes)
  39. Sunningdale school (0%, 10 Votes)
  40. The Adhyan (0%, 6 Votes)
  41. Annie Basent School (0%, 5 Votes)
  42. Aim Public School (0%, 5 Votes)
  43. Tasxila Public School (0%, 5 Votes)
  44. Blossoms School (0%, 4 Votes)
  45. Oxford International School (0%, 3 Votes)
  46. American Kids (0%, 1 Votes)
  47. Vardhman Academy (0%, 1 Votes)
  48. Ved International School (0%, 1 Votes)

England beat Colombia on penalties to reach quarters

England beat Colombia 4-3 on penalties on Tuesday after Eric Dier scored the decisive spot kick to send them through to a World Cup quarter-final against Sweden.

Sharapova knocked out of Wimbledon in first round

Wimbledon’s 2004 champion Maria Sharapova tumbled out of the tournament in the opening round for the first time, beaten at her own game by fellow-Russian Vitalia Diatchenko 6-7(3) 7-6(3) 6-4 as the evening shadows crept across Court Two on Tuesday.

Virat Kohli fastest to 2000 T20I runs

Indian skipper Virat Kohli created a world record of scoring the fastest 2000 runs in Twenty20 Internationals. The 29-year old batsman achieved the landmark in the first T20I against England at Old Trafford in Manchester on Tuesday.

1st T20I: Rahul ton powers India to 8-wicket win over England

Chinaman Kuldeep Yadav’s magical spell of wrist spin was complemented by KL Rahul’s dazzling strokeplay as India started their tour of England on a resounding note, winning the opening T20 International by eight wickets on Tuesday.

Anti-corruption law stalling govt, bankers: FM

MUMBAI: Union minister Arun Jaitley lashed out at the three-decade-old Prevention of Corruption Act on Tuesday, blaming it for slowing down decision making and describing it as a “charter for bringing government to a standstill”.

Jaitley urged all political parties to support amending the law, failing which he said government officials or bankers could not be blamed for delay in decision making.

“The PCA is one of the most badly drafted laws. It does not confine corruption to bribery or dishonest behavior but it almost puts even honestly taken decisions, which with the wisdom of hindsight prove to be wrong, into the category of corruption,” said Jaitley.

Jaitley’s criticism of the Prevention of Corruption Act comes at a time when the Central Bureau of Investigation has arrested, or chargesheeted half a dozen CEOs of public sector banks for loans that have turned out to be in default.

“It creates a legislative system where even bonafide decisions, in a post-mortem done after 10 years, are found to be erroneous and people are held accountable. The only defense strategy that is available is not to take any decision. This will apply to bankers and the bureaucracy,” said Jaitley.

The NDA government had proposed an amendment to the PCA to ensure that bonafide decisions that subsequently turn wrong are not treated as acts of corruption. However, it has not been able to push through the bill in Parliament.

Jaitley also criticised state investigative agencies acting against central government officials, in a reference to the Maharashtra police’s arrest of the chief executive officer of Bank of Maharashtra.

“India’s federal structure has jurisdiction vested with the central government and also with the states. But if the state police could investigate the Centre it would completely upset the federal balance. You will have a minister, a cabinet secretary or secretary of central government or director of RBI or Sebi being investigated by sub-inspectors of the state police,” said Jaitley.

In the case of Bank of Maharashtra, the state government police arrested the CEO, Ravindra P Marathe and executive director Rajendra K Gupta in a case of loans advanced to the DSL group.

““To maintain the federal balance, you require an element of statesmanship. There can be situations including the one that I am obliquely indicating at where the threat to federalism comes from the state and not from the Centre. Therefore, the need of the hour is a certain level of statesmanship by all governments and investigating agencies,” said Jaitley.

Jaitley’s criticism of the Prevention of Corruption Act comes at a time when the Central Bureau of Investigation has arrested, or chargesheeted half a dozen CEOs of public sector banks for loans that have turned out to be in default.

“It creates a legislative system where even bonafide decisions, in a post-mortem done after 10 years, are found to be erroneous and people are held accountable. The only defense strategy that is available is not to take any decision. This will apply to bankers and the bureaucracy,” said Jaitley.

The NDA government had proposed an amendment to the PCA to ensure that bonafide decisions that subsequently turn wrong are not treated as acts of corruption. However, it has not been able to push through the bill in Parliament.

Jaitley also criticised state investigative agencies acting against central government officials, in a reference to the Maharashtra police’s arrest of the CEO of Bank of Maharashtra.

“India’s federal structure has jurisdiction vested with the central government and also with the states. But if the state police could investigate the Centre it would completely upset the federal balance. You will have a minister, a cabinet secretary or secretary of central government or director of RBI or Sebi being investigated by sub-inspectors of the state police,” said Jaitley. In the case of Bank of Maharashtra, the state government police arrested the chief executive, Ravindra P Marathe and executive director Rajendra K Gupta in a case of loans advanced to the DSL group.

“To maintain the federal balance, you require an element of statesmanship. There can be situations including the one that I am obliquely indicating at where the threat to federalism comes from the state and not from the Centre. Therefore, the need of the hour is a certain level of statesmanship by all governments and investigating agencies,” said Jaitley.

Djokovic races past Sandgren in Wimbledon opener

Novak Djokovic did his best to finish off his first-round match at Wimbledon in time for Court One fans to head off to watch England’s World Cup clash with Colombia on Tuesday.

Live FIFA World Cup 2018: Colombia vs England

Stay updated with Times of India for all the Football live score updates of 2018 FIFA World Cup game between Colombia and England on Times of India