In view of the need to ease the liquidity stress to micro, small and medium enterprises, the RBI decided to provide refinance of Rs5,000 crore to the SIDBI
Reserve Bank of India (RBI) said it will provide a refinance of Rs5,000 crore to Small Industries Development Bank of India (SIDBI) to ease liquidity issues faced by small, micro and medium enterprises (SMMEs) across the country.
RBI said that micro and small enterprises (MSEs) sector is employment intensive and it contributes significantly to exports. In order to ease liquidity stress of this sector, RBI decided to provide refinance of Rs5,000 crore to SIDBI under the provisions of Section 17(4H) of the Reserve Bank of India Act, 1934.
The liquidity support comes in the wake of slowdown in the economy which has resulted in liquidity tightness in a large number of MSEs in the manufacturing and services sector, particularly due to delayed settlement of receivables from large corporates, public sector undertakings and government departments.
The refinance will be available for direct liquidity support to finance receivables, including export receivables, to MSEs by SIDBI or for liquidity support to MSEs through selected intermediaries, that is, banks, non-banking financial companies (NBFCs) and state finance corporations (SFCs). The refinance will be available against receivables, including export receivables, outstanding as on 14 November 2013 onwards. The facility will be available at the prevailing 14-day term repo rate, for a period of 90 days. During this 90-day period, the amount can be flexibly drawn and repaid. At the end of the 90-day period, the drawal can also be rolled over. The refinance facility will be available for a period of one year up to 13 November 2014. The utilisation of funds will be governed by the policy approved by the Board of SIDBI.
Incremental credit to medium enterprises to qualify as priority sector lending
RBI also decided to include medium sector as eligible priority sector in order to enhance credit delivery of the medium sector. RBI to provide lending, incremental credit, including export credit, extended to the medium enterprises by the scheduled commercial banks (excluding Regional Rural Banks) over the outstanding credit as on 13 November 2013. The facility will be available up to 31 March 2014 and will be within the overall target of 40 %, said RBI in its press release.
Goa police had filed an FIR against Tehelka editor Tarun Tejpal and said it would press rape charges against him, if the complaint of the girl is substantiated
Goa police on Friday filed a first information report (FIR) against Tarun Tejpal, the editor of Tehelka magazine for alleged sexual harassment of a woman colleague about 10 days ago in the state.
OP Mishra, deputy inspector general of police had said the FIR has been filed, while DGP Kishan Kumar said that the crime branch could send a team of officials to Delhi for further investigation.
Yesterday, Goa chief minister Manohar Parrikar had ordered a preliminary inquiry into the allegations by the girl that she was sexually abused by Tejpal during an event in Goa.
The DIG said the CCTV footage was received from the five-star hotel last evening and was preserved and details of the incident can only be known after examining the footage.
Police have already written to the Tehelka management, asking for the documents, including e-mail of the victim and the statement by Tejpal. “We will go through all the details. We will press rape charges against him, if the complaint of the girl is substantiated,” Mishra said.
Goa Chief Minister Manohar Parrikar said attempt to rape charges have been pressed in the FIR against Tejpal. “I am yet to see the FIR copy. What I know is they have pressed attempt to rape charge (against Tejpal),” he told PTI.
He said that the police have the complete authority to investigate the sexual assault case against Tejpal and they should not worry about the stature of the person involved.
Meahwhile, the union ministry of home affairs (MHA) has asked the Goa authorities to send a status report on the action taken by the police in the case relating to the alleged assault in a luxurious hotel about ten days ago.
The ministry has also asked the state government to give details about the sequence of events which took place during a literary function organised by Tehelka at the tourist hot spot.
Tejpal is a founder member of the Tehelka magazine.
On Thursday night, Tejpal in a letter to Tehelka's managing editor Shoma Chaudhary, said, “The last few days have been most testing, and I squarely take the blame for this.... A bad lapse of judgment, an awful misreading of the situation has led to an unfortunate incident that rails against all we believe in and fight for.”
Tejpal also announced that he was “recusing” from his job for six months after an email by the woman journalist of his magazine alleging sexual assault on her by him was made public.
The woman journalist had complained to Chaudhury that Tejpal had twice pulled her into a lift in a hotel in Goa about 10 days back during an event organised by the magazine. She is now said to be seeking constitution of a committee by the magazine to go into the issue and take action.
Chaudhury while talking with reporters on Friday said that she has acted in a way contrary to what has been appearing in the media. “The truth is and I will be speaking out in great detail about this, the truth is the moment I got this complaint, (which) has not been for many days but actually only on Monday this week, I acted absolutely wholly and solely driven by my desire to address the aggrieved journalist’s sense of injury and to act in her interest,” she said.
She said that the journalist had complained to her on Monday and the unconditional apology was extended to her on Tuesday.
A ProPublica review of records from the California Department of Social Services shows the state collected less than half of the more than $2 million in fines it issued against assisted living facilities from 2007 to 2012
The California Department of Social Services issued more than $2 million in fines against assisted living facilities throughout the state from 2007 to 2012.
But a ProPublica review of department records shows it collected less than half of that. Indeed, the agency failed to wrest any money from the vast majority of facilities it hit with the most serious sanctions.
Of the 50 largest fines assessed over those years, the review showed, the department collected no money in 39 cases. In one instance, a facility in a tiny Shasta County town that was operating without a license accrued more than $250,000 in penalties and paid none of it.
“The fact that the fines were not paid is a concern,” said state Sen. Leland Yee, a Democrat who represents San Francisco and San Mateo County. “The reason we have fines is to deter individuals from breaking the rules and breaking the laws.”
ProPublica, as part of its ongoing examination of the multibillion-dollar assisted living industry, had asked California officials to produce records detailing their oversight of the state’s 7,700 assisted living facilities, which have tens of thousands of seniors in their care. The officials ultimately conceded they could not produce basic data about fundamental aspects of the department’s regulatory operations. For example, they could not say how many inspections the department conducts each year, or how many “unusual incidents” – injuries, abuse allegations, medication errors – the facilities report to the state.
The revelations come as state lawmakers, advocates for the elderly, and news organizations have heightened their scrutiny of the department’s performance. Last month, in a case that garnered national publicity, the department failed to take prompt action after the owners of a Bay Area facility abandoned its residents, effectively leaving 19 frail or impaired seniors to fend for themselves. Working without pay or training, a janitor and a cook tried to care for the clients.
While the federal government regulates the nursing home industry, it has left oversight of the assisted living business to the states, which, over the past two decades, have crafted a hodge-podge of widely divergent laws. Today some 750,000 elderly Americans reside in assisted living facilities, many operated by national chains.
Home to more assisted living facilities than any other state, California is widely seen as one of the loosest regulatory environments in the country. ProPublica’s examination of the state’s regulatory records lends evidence to that view.
Our review shows that troubled facilities often pay pennies on the dollar after they have been fined. A Southern California facility hit with $19,200 in fines in 2009 paid only $1,600. Another facility was fined $5,400 but wound up writing a check for $600.
Department spokesman Michael Weston pointed to an array of factors that slow – and sometimes halt – the state’s collection of fines. Some facilities go out of business and never pay. Some pay off fines in installments. Some choose to appeal the fines repeatedly – there are four levels of appeal – eventually succeeding in getting fines reduced or dismissed altogether.
Yee chairs the state Senate’s Human Services committee and intends to convene hearings on the state’s oversight of assisted living early next year. “When we hold hearings in January that is one of the things we’ll be looking at – why the fines were not paid,” he said.
Weston said “the department is committed to improving” the process of collecting fines and is “looking at creating an automated system to track the unpaid debts. We don’t have that presently.” He added that the state expects to collect at least a portion of the money that has so far gone unpaid.
By one measure, the state appears to be growing more aggressive in policing assisted living facilities.
In 2008, the department revoked the licenses of 52 facilities, exercising what officials describe as their most effective enforcement tool. In 2012, the most recent year for which data is available, the state moved to revoke 72 facility licenses and is still litigating to shutter many of those facilities.
But in other regards California’s oversight efforts are faltering. The state maintains one of the least rigorous inspection schedules in the nation. Ten years ago as state leaders stared at grim budget shortfalls, lawmakers dramatically revamped the department’s inspection regimen, decreasing the frequency of routine inspections from once a year to once every five years. The revised law is unequivocal: “Under no circumstance shall the department visit a residential care facility for the elderly less often than once every five years."
But the state has not been perfect in meeting even this relaxed mandate. Weston said the department had failed to inspect 13 facilities during the past five years. Weston said he did not know why the state had failed to meet its own requirement, but said the 13 facilities had now “been flagged.”
“Somebody is going to go out and perform an inspection,” he said.
In recent years, an industry lobby group, the California Assisted Living Association, has emerged as a force for reform, pushing repeatedly for more frequent inspections. Last year, the organization supported an unsuccessful bill that would’ve required inspectors to make unannounced visits to facilities every two years.
“We believe that more frequent inspections will further enhance the integrity of assisted living,” said CALA president Sally Michael, adding that the group’s members are willing to pay 20 percent more in annual licensing fees to help fund increased inspections.