Country to get normal rains this season: IMD

The forecast for better rains this season comes after India witnessed one of the worst droughts in recent times when the monsoon had failed last year

The country will receive normal rainfall this season, the weather office announced today, much to the relief of millions of farmers who had to face the brunt of a drought last year, reports PTI.

Rainfall during the June-September southwest monsoon season is expected to be 98% of the Long Period Average (LPA), the India Meteorological Department (IMD) said.

The LPA of the southwest monsoon rainfall averaged over the country as a whole is 89cm. It is the mean of rainfall between 1941 and 1990. The forecast has a model error of 5%.

The forecast for better rains this season comes after India witnessed one of the worst droughts in recent times when the monsoon had failed last year.

A normal monsoon is necessary to power the Indian economy as over 235 million people depend on agriculture for livelihood.

Last month, the Geneva-based World Meteorological Organisation (WMO) said El Nino had peaked, but was expected to influence climate patterns up to mid-year before dying out.

El Nino, a key parameter in monsoon prediction, is an occasional seasonal warming of the central and eastern Pacific Ocean that upsets normal weather patterns from the western seaboard of Latin America to east Africa.




7 years ago

This is an annual joke. They said it last time too. We all know what happened. For newborns, it has to be either male or female and therefore there is always a 50: 50 chance. For our meterological experts too it is always a 50:50 , either normal or delayed! Either way, good luck to them as the stock market receives such news with enthusiasm .

Dubai exposure of Indian banks at $537 million as on November 2009

The country’s largest lender State Bank of India had exposure to the tune of $50 million, while Bank of Baroda had an exposure of $200 million at the time of the emirate’s debt crisis

The government today said that as many as seven banks in India, including SBI and ICICI Bank, had exposure worth $537 million in Dubai World and other group companies at the time of the emirate’s debt crisis in November 2009.

The exposure of the Indian scheduled commercial banks in India to Dubai World, Nakheel Reality and its group companies as on 30 November 2009, was $454.03 million for fund-based facilities and $82.94 million for non-fund based facilities, minister of state for finance Namo Narain Meena informed the Lok Sabha.

The country’s largest lender State Bank of India had exposure to the tune of $50 million, while Bank of Baroda had an exposure of $200 million.

Besides, private sector lender ICICI Bank had an exposure of over $28 million and HDFC Bank of $4.23 million.

Other foreign banks present in India with an exposure in Dubai are HSBC (about $44 million), Standard Chartered Bank (over $120 million) and Citibank ($86 million), Mr Meena said.

In November last year, the Dubai government-owned Dubai World had asked its creditors for six more months to repay its debts as asset prices were coming down.

Dubai World has total debts of $59 billion. This raised concerns over the financial health of the once financially strong emirate.

“The government is of the view that the recent global financial crisis has proved the soundness and resilience of our banking system, which has regained and sustained economic growth momentum in the country,” the minister added.

He added that Indian public sector banks are adequately capitalised and that they are maintaining higher Capital-to-Risk Weighted Assets Ratio (CRAR) to meet any additional provisioning requirement arising out of any unforeseen higher NPA slippages.



CVC reconstitutes advisory board on bank, financial frauds

The Central Vigilance Commission has also expressed its concern over the delay in appointing chief vigilance officers in various key organisations

The Central Vigilance Commission (CVC) has reconstituted its advisory board on bank, commercial and financial frauds, reports PTI.

The six-member board will be headed by former chief vigilance commissioner Janki Ballabh.

Vittaldas Leeladhar, ex-deputy governor, RBI; Ravi Kamal Bhargava, IAS (retired); R Srikumar, IPS (retired); Mukand Chitale, chartered accountant and V Santhanaraman, ex-executive director, Bank of Baroda, will be the members of the board for a period of two years, according to the Commission’s performance report for February this year.

The tenure of the previous Board ended in 2009.

The Commission also expressed its concern over continuing delay in filling the post of chief vigilance officers (CVOs) in Delhi Transport Corporation and other key organisations.

The CVC is deeply concerned over continuing delays in filling the post of CVOs in organisations like Delhi Transport Corporation, Hindustan Shipyard Ltd, Power Grid Corporation India Ltd, Steel Authority of India Ltd and State Trading Corporation, the report said. “The government is being regularly reminded,” the report said.

The CVC disposed of 545 cases related to alleged corruption and effected recoveries to the tune of Rs19 crore in different ministries and government-run departments.

The Commission imposed a major penalty on 76 officers besides advising prosecution against nine officers—five from the ministry of personnel, PG and pensions and one each from the Central Board of Direct Taxes, Oil and Natural Gas Corporation, Government of NCT of Delhi and the railway ministry.

The CVC has also advised imposition of major penalty in 170 cases—47 in the railway ministry, 20 from the Municipal Corporation of Delhi, 16 from Bharat Petroleum Corporation Ltd and 10 from Bharat Coking Coal Ltd among others, the report said.




MJS Murthy

6 years ago

It is high time that the concerned Departments in CBI & CVC should take lead to arrest the rot that is eating into the public sector banking system. The working style has deteriorated to such an extent, it is becoming tougher and tougher for honest officers to function in these organisations, which were created / nationalised with intentions to build up and boost the economic growth of our country.
A small example which should open the eyes of common people and intellectuals is :
One of the important reasons for rising frauds in public sector banks is giving responsibilities / posting them in key posts like Regional Heads / Zonal Heads / Key Departmental Heads at Central office / Corporate levels to unscrupulous scamsters whose track record is bad and also well known to staff & officers at grass root level. However in the bank's records maitained at apex level their records are mainpulated and shown normal.
A Regional Head in one of the public sector Banks, which stands within 7th in the ranking amongst public sector banks, at Hyderabad sanctioned Rs.6.00 crores Term Loan for construction of factory shed and purchase of new machinery + working capital. The unit was to manufacture hair oils and cosmetic soaps. The same executive was promoted to General Manager and posted as General Manager at Field General Manager's Office at Bangalore. This zone caters to AP & Karnataka. It is very rarely such top excutives are retained in the same Zone after promotion. However the top management made exception to retain him in the same zone - may be to cover up his frauds as a Head of the Zone. The account started showing signs of becoming Non Performing Asset (NPA). If an account becomes NPA within 6 months of release of limits, it attracts Vigilance angle. So this General Manager could influence the Regional Head of Hyderabad to sanction second Term Loan of Rs.5.00 lacs in the name of expansion. This TL II was mainly utilised to regularise the the TL I which was on the verge of being declared NPA / stressed account. Thus he protected himself by keeping the account in banks books as a performing asset.
'The same borrower after lapse of further 6 months was further sanctioned RS.6.00 crores Term Loan as TL III for diversification. The product to be diversified into was to manufacture vermicelli.
The account is declared NPA within 2 years of its first sanction. The basic question that comes is how Bank could sanction 3 Term Loans within a span of less than 2 years when the performance of the unit was poor. The Term Loan III was sanctioned partly to keep the account as a performing asset by part diversion of the loan amount to service the earlier term loans. This is nothing but a fraud committed by the topmost management of the Zone. The Zonal Head is now hunting for a scape goat to fix the accountability on some innocent officer and easy targets will be Branch Managers. Since the Zonal Head will have to send the accountability statement on the account, it will be easy for him to fix some one and himself escape from the accountability. This is only a tip of the ice berg. There are multiple scams he has committed but escaping from the accountability by holding some innocent officers accountable. Since I am not in a position to disclose the the details of the accounts or name of the bank at this stage, as it comes in the way of Bank's Service Regulations, I hope to bring the details at an opportune time.
Unless this type of unscrupulous elements are not eliminated from public sector banks, no qualified and efficient officer will remain in these organisations.

M J S Murthy

6 years ago

It is heartening to know that Chief Vigilance Commission has reconstituted its adivisory board on Bank, Commercial & Finance frauds by eminent personalities in their fields. Mr.V.Leeladhar himself being a Banker worked in various capacities in various Banks including RBI with a Chemical Engineering background and other experts with various backgrounds and experiences in banks and other organisations can be expected to deliver the goods to the expectations of people at various levels. I am confident under their guidance frauds that are taking place in various Banks will be under control and real fraudsters will be booked instead of innocent officers who are becoming scape goats in various frauds / irregularities that are taking place in public sector Banks.

We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)