Regulations
Infrastructure lending should not override national security: Rajan

"The required national push to finance infrastructure should not override financial stability, which is key to national security," RBI Governor said.

 

Warning of excessive lending to infrastructure posing a possible threat to the country's security, RBI Governor Raghuram Rajan on Thursday said such loans should not override overall financial stability, which is "key to national security".
 
"The nation has enormous financing needs in infrastructure, and far too many of our banks already have too much exposure. Big corporate infrastructure players have also taken too much debt," Rajan said at the event to mark the 80th anniversary celebrations of the Reserve Bank of India, attended, among others, by Prime Minister Narendra Modi and Finance Minister Arun Jaitley.
 
"The required national push to finance infrastructure should not override financial stability, which is key to national security," he added.
 
The non-performing assets (NPAs), or distressed loans of banks in the country stood at over Rs.300,000 crore as on December 2014. NPAs of public sector banks rose to 5.33 percent of total advances in September 2014, from 4.72 percent in March 2014.
 
Stalled projects have been adding to banks' NPAs and the finance ministry's latest Economic Survey says that, as of December-end, these amounted to Rs.880,000 crore-worth.
 
"Strong national institutions are hard to build. Therefore, existing ones should be nurtured from the outside, and constantly rejuvenated from the inside, for there are precious few of them," Rajan said in a reference to the RBI.
 
"There has always been a constructive dialogue between the government and the bank, informed by their respective time horizons and attitudes towards risk. And history records that successive governments have invariably appreciated the wisdom of the Reserve Bank's counsel," he added.
 
Speaking on the occasion, Jaitley said the RBI's professionalism has served the country well.
 
"Starting from 1935 till today, a large part of the country's sovereign functions rests on shoulders of the RBI. From management of the country's monetary policy, inflation, rates, banking sector regulator, manager of public debt, RBI has performed them in a commendable manner," he said.

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Ribeiro writes to Maharashtra DGP to treat Kumbhar’s case with seriousness
Stalwart former police officer and social activist Julio Ribeiro has appealed to Maharashtra DGP to ensure that threat to RTI activist Vijay Kumbhar by Pune Corporator Kailash Gaikwad is not taken lightly
 
Right to Information (RTI) activist Vijay Kumbhar’s official complaint to Pune Police Commissioner Satish Mathur against blatant threat by Corporator Kailash Gaikwad has been stonewalled with the Commissioner asking Kumbhar to file a complaint at the Shivajinagar Police Station.  Kumbhar was threatened while inspecting files on Monday in Pune Municipal Corporation. 
 
With Commissioner Mathur approaching the issue like a ‘postman’, Kumbhar had no choice but to send his official complaint to the Police Inspector of Shivajinagar Police Station on Tuesday, but there is silence from that end too.
 
Fortunately, leading activists have now come in support of Kumbhar with Julio Ribeiro directly writing to Director General of Police at Maharashtra, Sanjeev Dayal, to seriously handle the case and make the corporator responsible if God forbid, anything happens to Kumbhar. Bhaskar Prabhu, Convener of Mahiti Adhikar Manch, has also made a similar appeal.
 
Ribeiro, in his letter to Dayal said, “The particular instance of Corporator Kailash Gaikwad of the Pune Municipal Corporation threatening leading RTI activist Vijay Kumbhar is totally unacceptable and has to be treated with all seriousness by police officers of Pune and the State.” 
 
“To begin with, proper investigation in this matter should be ordered and Kailash Gaikwad should be called and clearly told that if any harm befalls RTI activist Vijay Kumbhar, he will be responsible,” the supercop has said.
 
Ribeiro has also copied the letter to the Pune Municipal Commissioner Kunal Kumar, requesting him to give all the information that Kumbhar requires. In the letter, he says, “Mr Vijay Kumbhar should be given all the information that he requires to ascertain whether the construction work being carried out by Corporator Gaikwad or others in Aundh area have obtained all permissions according to rules and regulations. In fact, we insist that the municipal corporation should provide all the information that he requires to ensure that good governance practices prevail.”
 
Given the background of constant attacks on whistleblowers, Ribeiro states that, “We have been very concerned for a long time about the attacks, which often lead to murders of RTI activists by politically connected individuals who think mostly of using muscle power to silence these activists.”
 
We really hope that Gaikwad is interrogated by the Pune Police instead of the Police Commissioner wasting time in playing ping- pong ball. This is the least I expect, Kumbhar told Moneylife.
 

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COMMENTS

Ramesh Bajaj

3 months ago

Can I have contact details of Mr. Kumbhar, as I have similar problems rey property. Would like to seek his advice

Ralph Rau

2 years ago

The BJP government in Gujarat seeks custody of Teesta Setalvad to probe misuse of Gujarat riot victims welfare fund.

While here an RTI activist seeking transparency in use of funds is being openly threatened.

By the way whatever happened to the Shiv Sena MPs who forced a fasting Mulsim to eat in the Parliament canteen ?



Shashibhushan Gokhale

2 years ago

Safety of whistle blowers is really an important aspect of good governance. It is assuring to see stalwarts like Julio Ribeiro are taking interest and helping the good cause.

Fadnavis says Centre working on new law similar to Section 66A

The Centre is working on formulating a new law on the lines of Section 66 (A) as there was no conviction in the previous law, the Maharashtra chief minister told the Legislative Council  

 

Maharashtra chief minister Devendra Fadnavis said that the Centre is working on formulating a new law under Information Technology Act, on the lines of section 66 (A) that was struck down by the Supreme Court.
 
The chief minister was replying to a question asked by Shiv Sena leader Neelam Gorhe in the Legislative Council. Gorhe, had asked whether the state will frame a new law in place of Section 66 (A) that would compensate for the repercussions on the Supreme Court order.
 
She said, "Under the previous law, an accused could be put behind bars if he made objectionable comments on somebody. After this law was struck down, these miscreants will now get teeth to continue doing this. Will the state government formulate a law in line with the previous law?" 
 
Fadnavis said that there is no need for the state government to frame a new law as the Central government is already working on it.
 
"The Centre is working on formulating a new law on the lines of Section 66 (A) that was struck down by the Supreme Court. There was no conviction in the previous law and thus a law is being formulated that will be strong and which will result in convictions," the chief minister said.
 
While there were 937 registered cases under the IT Act in 2013, the number rose to 2,696 in 2014, he added.
 
Replying to a question by Hemant Takle (NCP), who pointed out that merely training 1,000 policemen will not help and that all police stations should be trained in handling cases of cybercrime, Fadnavis said that his suggestion will be considered.
 
He also said that while 1,000 policemen are being trained to tackle cybercrime cases, NASSCOM and DSCI are also imparting training to 4,416 officials and 5,972 low-level officers.
 
"To tackle cases, we will also think about taking help from outsourced agencies if required," Fadnavis added.
 

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COMMENTS

Ralph Rau

2 years ago

Muzzling legitimate criticism of government and politicians' misdeeds seems to be the objective.

More Government. Less Governance.

More Hypocrisy ?

The beginnings of a police state.

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