RBI for Singaporean way of project clearance, blames babus

The comments from RBI come against the backdrop of corporate sector complaining about inordinate delays in getting clearances, especially on the environmental front

Mumbai: Alarmed by the slowdown in infrastructure projects due to policy delays, the Reserve Bank of India (RBI) put the onus on the bureaucracy, reports PTI.


It advocated the Singaporean practice, where multiple agencies and ministries sit together to give their decisions on investment project clearances quickly.


"The onus for such clearance clearly rests on the bureaucratic machinery," RBI said in its annual report, released on Thursday.


The comments from RBI come against the backdrop of corporate sector complaining about inordinate delays in getting clearances, especially on the environmental front.


"A careful balancing of environmental and growth needs would be necessary. What is needed is quick, time-bound decisions under a transparent framework, and not necessarily quick clearances," the RBI said.


With the criticism of capitalism going the 'crony' way rising, RBI said there is a need for businesses to rejig their strategies and turning themselves cleaner.


"Businesses also need to rejig their strategies that aim at operating in a more competitive environment, earning normal profits within the legal and environmental framework and not try to exploit rules and weak regulation to its advantage at cost of integrity," it said.


On the demand-supply mismatch in coal, where India is forced to import in spite of having ample reserves, the RBI blamed the private sector holding rights over mines, without utilizing them.


The RBI also floated the idea of allowing foreign direct investment in the coal mining sector to take care of the problems over supply.


Karnataka Banking Ombudsman resolve 3,563 complaints in a year

According to the Banking Ombudsman from Karnataka, number of complaints regarding net banking has considerably come down now as all the banks have tighter fire walls and three levels of safety protocols

Bangalore: Karnataka's banking ombudsman received 3,647 complaints and resolved 3,563 of them between July 2011 and June 2012, reports PTI.


"The complaints pertained to net banking frauds, delay in payment of pension, clearance of cheques and issue of credit and debit cards," Karnataka's Banking Ombudsman M Palaniswamy told reporters.


Palanisamy said two banks were made to pay up for the net banking frauds commited against their account-holders.


"These banks allowed fraudsters, who hacked into bank accounts online, to open bank accounts without verifying their antecedants," Palaniswamy said.


He said the number of complaints regarding net banking has considerably come down now as all the banks have tighter fire walls and three levels of safety protocols.


He said introduction of Electronic Fund transfer and Real Time Gross settlement software by Reserve Bank of India (RBI) has helped transfer of funds within the country easier, cheaper and faster.


Palaniswamy urged bank customers to send their complaints through email- [email protected], if any bank does not redress their grievance within 30 days.


There were 732 complaints received against banks for delaying issuance of credit and debit cards to account holders, Palaniswamy said.


Lance Armstrong says won't fight doping charges of USADA

The International Cycling Union is expected to make an announcement of its stance on Friday. So far it had backed Armstrong's legal challenge to USADA's authority to strip his unparalleled seven Tour de France titles

Austin (Texas): The US Anti-Doping Agency (USADA) says it will strip Lance Armstrong of his unparalleled seven Tour de France titles after he declared that he would stop fighting the drug charges the organization had laid, reports PTI.


Yesterday's announcement by Armstrong that he would no longer contest the charges put at risk his legacy as one of the greatest sportsmen of all time.


He insisted the decision was not an admission of doping but prompted by weariness with the prolonged legal dispute.


Travis Tygart, USADA's chief executive, said Armstrong would have a lifetime ban imposed today as well as having the Tour titles stripped. Armstrong asserted that USADA had no authority to take away his Tour titles.


The sport's governing body, the International Cycling Union (UCI), was expected to make an announcement of its stance on Friday. So far it had backed Armstrong's legal challenge to USADA's authority.


Tygart said UCI was "bound to recognize our decision and impose it" as a signer of the World Anti-Doping Code. "They have no choice but to strip the titles under the code," he said.


World Anti-Doping Authority president John Fahey told The Associated Press today that he was confident USADA acted properly and "they now have the right to apply a penalty that will be recognized by all WADA code countries around the world."


Armstrong, who retired last year, declined to enter USADA's arbitration process -- his last option -- because he said he was weary of fighting accusations that have dogged him for years.


He has consistently pointed to the hundreds of drug tests that he has passed as proof of his innocence during his extraordinary run of Tour titles stretching from1999-2005.


"There comes a point in every man's life when he has to say, "Enough is enough." For me, that time is now," Armstrong said in a statement sent to The Associated Press. He called the USADA investigation an "unconstitutional witch hunt."


Landis' emails to a USA Cycling official detailed allegations of a complex doping program on the team.


USADA also said it had 10 former Armstrong teammates ready to testify against him. Other than suggesting they include Landis and Tyler Hamilton, both of whom have admitted to doping offenses, the agency has refused to say who they are or specifically what they would say.


"There is zero physical evidence to support (the) outlandish and heinous claims. The only physical evidence here is the hundreds of (doping) controls I have passed with flying colors," Armstrong said.


Armstrong sued USADA in Austin, where he lives, in an attempt to block the case and was supported by the UCI. A judge threw out the case on Monday, siding with USADA despite questioning the agency's pursuit of Armstrong in his retirement.


"USADA's conduct raises serious questions about whether its real interest in charging Armstrong is to combat doping, or if it is acting according to less noble motives," such as politics or publicity, US District Judge Sam Sparks wrote.


Now the ultra-competitive Armstrong has done something virtually unthinkable for him: He has quit before a fight is over.


"Today I turn the page. I will no longer address this issue, regardless of the circumstances. I will commit myself to the work I began before ever winning a single Tour de France title: serving people and families affected by cancer, especially those in underserved communities," Armstrong said.


Armstrong could have pressed his innocence in USADA's arbitration process, but the cyclist has said he believes most people have already made up their minds about whether he's a fraud or a persecuted hero.


It was a stunning move for an athlete who built his reputation on not only beating cancer, but forcing himself through grueling offseason workouts no one else could match, then crushing his rivals in the Alps and the Pyrenees.


Although he had already been crowned a world champion and won individual stages at the Tour de France, Armstrong was still relatively unknown in the U.S. until he won the epic race for the first time in 1999.


It was the ultimate comeback tale: When diagnosed with cancer, doctors had given him less than a 50 percent chance of survival before surgery and brutal cycles of chemotherapy saved his life.


Armstrong's riveting victories, his work for cancer awareness and his gossip-page romances with rocker Sheryl Crow, fashion designer Tory Burch and actress Kate Hudson made him a figure who transcended sports.


His dominance of the Tour de France elevated the sport's popularity in America to unprecedented levels.


His story and success helped sell millions of the "Livestrong" plastic yellow wrist bracelets, and enabled him to enlist lawmakers and global policymakers to promote cancer awareness and research.


His Lance Armstrong Foundation has raised nearly $500 million since its founding in 1997.


Created in 2000, USADA is recognized by Congress as the official anti-doping agency for Olympic sports in the United States.


Its investigators joined US agents during the federal probe, and Tygart had dismissed Armstrong's lawsuit as an attempt at "concealing the truth."


He said the agency is motivated by one goal -- exposing cheaters in sport.


Others close to Armstrong were caught up in the charges: Johan Bruyneel, the coach of Armstrong's teams, and three members of the medical staff and a consultant were also charged.


Bruyneel is taking his case to arbitration, while two medical team staffers and consulting doctor Michele Ferrari didn't formally contest the charges and were issued lifetime ban by USADA. Ferrari later said he was innocent.


In a sport rife with cheaters, Armstrong has been under constant suspicion since the 1990s from those who refused to believe he was a clean rider winning cycling's premier event against a field of doped-up competition.


He had tense public disputes with USADA, the World Anti-Doping Agency, some former teammates and assistants and even Greg LeMond, the first American to win the Tour de France.


Through it all, Armstrong vigorously denied any and all hints, rumors and direct accusations he was cheating. He had the blazing personality, celebrity and personal wealth needed to fight back with legal and public relations battles to clear his name -- and he did, time after time.


Armstrong won his first Tour at a time when doping scandals had rocked the race.


He was leading the race when a trace amount of a banned anti-inflammatory corticosteroid was found in his urine; cycling officials said he was authorized to use a small amount of a cream to treat saddle sores.


After Armstrong's second victory in 2000, French judicial officials investigated his Postal Service team for drug use.


That investigation ended with no charges, but the allegations kept coming.


Armstrong was criticized for his relationship with Ferrari, who was banned by Italian authorities over doping charges in 2002.


Former personal and team assistants accused Armstrong of having steroids in an apartment in Spain and disposing of syringes that were used for injections.


In 2004, a Dallas-based promotions company initially refused to pay him a USD 5 million bonus for winning his sixth Tour de France because it wanted to investigate allegations raised by media in Europe.


Testimony in that case included former teammate Frankie Andreu and his wife, Betsy, saying Armstrong told doctors during his 1996 cancer treatments that he had taken a cornucopia of steroids and performance-enhancing drugs.


Two books published in Europe, "LA Confidential" and "LA Official," also raised doping allegations and, in 2005, French magazine L'Equipe reported that retested urine samples from the 1999 Tour showed EPO use.


Armstrong fought every accusation with denials and, in some cases, lawsuits against the European media outlets that reported them.


But he showed signs that he was tiring of the never-ending questions. Armstrong retired (for the first time) in 2005 and almost immediately considered a comeback before deciding to stay on the sidelines, in part, because he didn't want to keep answering doping questions.


"I'm sick of this," Armstrong said in 2005. "Sitting here today, dealing with all this stuff again, knowing if I were to go back, there's no way I could get a fair shake -- on the roadside, in doping control, or the labs."


Three years later, Armstrong was 36 and itching to ride again. He came back to finish third in the 2009 Tour de France.


Armstrong raced in the Tour again in 2010, under the cloud of the federal criminal investigation. Early last year, he quit the sport for good, but made a brief return as a triathlete until the USADA investigation shut him down.


During his sworn testimony in the dispute over the $5 million bonus, Armstrong said he wouldn't take performance enhancing drugs because he had too much to lose.


"(The) faith of all the cancer survivors around the world. Everything I do off the bike would go away, too," Armstrong said then.


"And don't think for a second I don't understand that.


It's not about money for me. Everything. It's also about the faith that people have put in me over the years. So all of that would be erased."


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)