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.
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.
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.