Indian banks are now “on top of the situation” on the problem of the non-performing assets (NPA), State Bank of India Chairman Rajnish Kumar said.
Kumar said that going by the initial results that have started coming in September, it seems that many banks are returning to profit.
Elaborating further on the issue of NPAs, Kumar said last year the system was struggling with higher and elevated NPAs and largely it was the steel and power sectors that got impacted the most.
“The major challenge which the banks – public sector more and some of the private sector banks (in India) – they have been facing is the asset quality challenge. For the last three years, it has been going on but as of now we are now on top of the situation on the NPA problem,” Kumar told agencies in an interview.
“In the power sector, the banks have still not been able to resolve the issues. But the Insolvency and Bankruptcy Code has helped the banks and at least now there is a solution available,” he said.
Kumar added that the Insolvency and Bankruptcy Code has come as a “very good tool” in the hands of the banks and the financial creditors.
On the value of the rupee, which had this month fell below the 74 level compared to the dollar, Kumar said, “If the oil prices are stabilized, the exchange will also stabilizeDomestic inflation is not as much a cause of worry because it is very much well within the target that the Reserve Bank of India has set.”
He said domestically, the economy continues to do well but the oil prices are the “major culprit” because that impacts the country’s current account deficit in a big way and it puts pressure on the exchange rate.
The Supreme Court on Monday stayed the Bombay High Court order refusing extension of time to the state police for filing charge sheet in the Koregaon-Bhima violence case.
Recently, the Bombay High Court had set aside the lower court’s order allowing extension of time to police to file its probe report against the rights activists in the violence case.
Taking note of the appeal of the Maharashtra government, a bench headed by Chief Justice Ranjan Gogoi stayed the high court order and issued notice to rights activists on the plea.
Earlier, the apex court had refused to interfere with the arrest of five rights activists by the Maharashtra Police in connection with the Koregaon-Bhima violence case and declined to appoint a SIT for probe into their arrest.
The Pune Police had arrested lawyer Surendra Gadling, Nagpur University professor Shoma Sen, Dalit activist Sudhir Dhawale, activist Mahesh Raut and Kerala native Rona Wilson in June for their alleged links with Maoists under the Unlawful Activities (Prevention) Act (UAPA).
The arrests had followed raids at their residences and offices in connection with the Elgar Parishad conclave held in Pune on December 31 last year, which, the police had claimed, had led to violence at Bhima Koregaon the next day.
The Supreme Court on Monday said that the civil appeals on the Ram-Janmabhoomi-Babri Masjid title dispute cases will be listed before an appropriate bench in January 2019.
This was stated by a bench comprising Chief Justice Ranjan Gogoi and Justices S K Kaul and K M Joseph.
The civil appeals arise from the Allahabad High Court judgement in the land of the disputed case. The appropriate bench will fix the schedule with regard to the hearing of appeals in the case.
“We will fix the date of hearing of Ayodhya dispute case before the appropriate bench in January,” the CJI said.
Earlier, a three judge bench, by a 2:1 majority, refused to refer to a five-judge constitution bench the issue of reconsideration of the observations in its 1994 judgement that a mosque was not integral to Islam. The matter had arisen during the hearing of the Ayodhya land dispute.
Slowly but steadily the residents of Pakistan occupied Kashmir (PoK) started raising voices against the Pakistan government in Islamabad. It may be the visible effect of Narendra Modi government in New Delhi, or not, but one must admit that people of the hilly region have come to the streets repeatedly in the last few years demanding freedom from Pakistan.
Otherwise, for millions of common Indians, the PoK looks like a province of Pakistan. It is presumed that nearly 4.5 million PoK habitants happily agree to any proposal from the Pak government. With the proximity of religion, the people of PoK seemingly feel comfortable with the Islamic Republic.
But slowly the myth has started losing its ground. Few recent uprisings in PoK’s capital city of Muzaffarabad along with few other towns against Islamabad have shown the anxiety of locals. The local media in PoK highlighted the people’s anger against the Islamabad regime, even though the Pak media preferred to remain reluctant to cover those demonstrations.
Very recently, a section of PoK residents in Kotli town demonstrated against the government in Muzaffarabad demanding proper medical care in the hospitals. Similarly, many people in Bagh urged the authority for improving the education scenario. In the first look, it may emerge as a protest against the local government, but in reality, the grievances were meant for Islamabad.
It may be noted that Kashmir, which went under British rule in 1846 and later turned as a semi-independent pristine State till 1947, was later divided into four segments. The major part remains with India as it Jammu and Kashmir province. The northeastern part went under the occupation of Beijing (known as Aksai Chin).
The northern region is made a semi province (known as Gilgit-Baltistan) by Pakistan. Presently Islamabad is thinking about reorganizing the territory as a full-fledged province of Pakistan after Balochistan, Khyber-Pakhtunkhwa, Punjab, and Sindh.
The western part remains as Pakistan administered zone. Islamabad calls it Azad Jammu and Kashmir (AJK), where one can see an elected President (presently Sardar Masood Khan), Prime Minister (Raja Farooq Haider), a Legislative Assembly and even a Supreme Court are all functioning. However, the real political-economy rests with the Kashmir Affair Minister in Pakistan Premier’s cabinet.
Hence, the demonstrators in PoK (or AJK) always raise voices against the Pak government, even though AJK is not represented in Pakistan’s National Assembly. Though initiated with various reasons including protests against the hydroelectric dam over Neelum River, shrinking of job opportunities and anti-people activities by both State and non-State actors, the inherent demands remain the liberty from Islamabad.
For records, October 5, 2018, protest in Muzaffarabad was led by United Kashmir People’s National Party raising voices against the Neelum dam, but their slogans included ‘Azadi for Kashmiri People’, ‘Long Live Kashmir’, ‘Go to Hell Pakistan’ etc. It means the agitators were asking for rights over their land and natural resources.
Similarly, a number of protest-demonstrations in September across PoK highlighted the interventions over Neelum apprehending the shortage of drinking water in Muzaffarabad locality. The demonstrators expressed anger against Islamabad for misusing the local resources.
So the ongoing freedom movement in the entire Kashmir got derailed as the international community started believing that the movement had mingled with the Islamist terrorism. Facing international pressures to crack down terror groups, the Islamabad regime inherently used PoK as their safe heavens.
It may be noted that the hilly region has very little non-Muslim populations. Even before the partition, there were only a few Hindu families. Whoever left they were forcefully converted into Islam and the temples were demolished. The pathetic story of Kashmiri Pandits, who had to leave their ancestor’s village because of Muslim aggression, narrates a part of the history. The visibility of Pandits in Kashmir declined from 10 per cent in 1947 to less than 1 per cent today.
Admitting the presence of Islamist fundamentalist elements in PoK, a Muzaffarabad based journalist named Haris Qadeer, who used to edit once the highest circulated Urdu newspaper Daily Mujadala, pointed out that the growth of radical elements and terrorism had affected local aspirations for a greater Kashmir.
Qadeer, who talked to a group of journalists at Guwahati Press Club in northeast India through video-conferencing recently, commented that in contrast to commonly-held belief in India, the people of PoK are neither in favour of Islamabad nor in support of New Delhi. Rather they (mostly Muslims) prefer to identify themselves as Kashmiri first, asserted the young editor.
Answering queries from Guwahati scribes about any visible change of perception after legendary cricketer Imran Khan becoming the Prime Minister of Pakistan, Qadeer commented that it is too early to get the impression. He, however, stated that the PoK residents would have little expectation from the new regime in Islamabad.
While appreciating the vibrant Indian media, nurtured with constitutional safeguards, Qadeer expressed concern over the restricted media freedom in his place. He narrated the story of Daily Mujadala (www.dailymujadala.com), which is now under ban by the Pak government for one year.
“We published a survey report last year in the newspaper, where it was found that majority respondents dared to reject Islamabad’s domination over their land. In fact, over 73 per cent of respondents opted for freedom from Pakistani occupation and eventually establish an independent State of Kashmir,” said Qadeer.
The irritated Pak government (read Pakistani military) promptly sent a notice to the editor, but when Qadeer did not bow down, the local authorities sealed his office on 12 September 2017. As the ban still continues, Qadeer now contributes news-features for various other media outlets for survival. He does not see any hope for a change of hearts by the Pak politicians and military officials in Rawalpindi very soon.
It may be noted that most of the issues concerning PoK residents are not highlighted in the media as their vernacular newspapers remain weak and the majority of newspapers, circulated in PoK, are actually Kashmir editions of various Pakistan based media outlets. As for news channels, which are mostly cable operated, there is almost zero visibility of any India based news channel in PoK.
So it is understood that only a few PoK residents might have heard about New Delhi’s strong position as the entire Kashmir inclusive of PoK, Gilgit-Baltistan and Aksai Chin is an integral part of India.
That is why there is a possibility that they are not aware of India’s strong opposition to the $50 billion China-Pakistan Economic Corridor that passes through Gilgit-Baltistan.
But good news for India is that the youths in PoK and Gilgit-Baltistan now want to study in various educational institutions across the country. They even start demanding reservations in IIMs, IITs, various medical, agriculture, law universities for the students of PoK and Gilgit-Baltistan. Taking the help of social media, those aspiring students appealed to New Delhi and Indian populace ‘not to ignore’ them.
By Nava Thakuria
(Disclaimer: The opinions expressed in this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of AFTERNOON VOICE and AFTERNOON VOICE does not assume any responsibility or liability for the same.)
Seeking to strike a connect with the electorate, the Congress has said it wants to hear their voice and reflect that in the party’s manifesto for the 2019 Lok Sabha elections.
The chairman of the Congress Manifesto Committee, P Chidambaram, announced Sunday the party will launch its manifesto website Monday, where it wants the common people to give their opinion.
“Congress Party’s Manifesto Website will be launched tomorrow (Monday 29th) at 12.30 pm. We want to hear Your Voice. We want Your Voice to be reflected in the Manifesto for the 2019 Elections,the former finance minister said on Twitter.
Chidambaram heads the panel which is working out the party’s manifesto for 2019 polls, during which the Congress is seeking to defeat the BJP and oust Modi with the help of like-minded parties.
A 44-year-old loader, Mahinder Singh, suffered ‘compound fracture’ when a heavy cargo accidentally fell on his leg while moving pellet, an airport official said on Sunday.
The incident happened at around 0300 at the cargo terminal of the Chhatrapati Shivaji Maharaj International Airport (CSMIA).
MIAL (Mumbai International Airport Limited) medical break attended Singh, who is working for a private company, and shifted him to the Holy Spirit Hospital in Andheri east, the official said.
“He underwent surgery for a compound fracture of Rt Tibia & fibula and his condition is stable now,” the official added.
In the wake of #MeToo movement, the 20th edition of MAMI film festival, Sunday, arranged a special session on sexual harassment, with the aim to sensitise people about it.
The session was held at a suburban multiplex with filmmaker Anusha Khan and Asiya Shervani, an advisor on sexual harassment prevention. It was moderated by director Ruchi Narain.
Khan and Shervani touched upon topics like the basic definition of sexual harassment, what is a workplace, role and responsibilities of the internal complaints committee (ICC), among other things.
“We need to understand this deeply, so this session was conducted. When you talk about sexual misconduct, you don’t know what it exactly means and not many people were aware about the definition of workplace is so wide. We ourselves misunderstand things. Maybe the men don’t know about these things in detail,” Ruchi told agencies.
She further added, not just women but now men too will have to watch themselves.
“When both men and women understand things properly then we all can live in peace and respect each other as it will be consensual.” Two more session on #MeToo will be conducted by MAMI on Tuesday.
“We are fortunate that there are lot of members of Women Cinema Collective (WCC), a body formed by women of Malayalam film industry for sexual harassment cases, so there will be a session with them. We as an industry can learn so much from them.
“There is another session about, the way forward. It is a big question. How do we move forward? What are the systems in place?. We are thrilled a person like Aamir Khan is on the panel with noted writer Vinta Nanda,” Ruchi said.
Chief Minister Devendra Fadnavis will inaugurate the ‘CM CHASHAK’ in Pune, on November 1st, the biggest sports and cultural event of the country. This sports and cultural competition which started from Pune will culminate on Swami Vivekanand Jayanti on 12th January. In this biggest event, active participation of people of all the districts of Maharashtra, 50 lakh participants will participate. Preparations are being done on a large scale to provide the Olympic level magnificence to the inauguration ceremony of ‘ CM CHASHAK’ which is to be held at Lakshmi Lawn of Magarpatta in Hadapsar, Pune on November 1st at 4 PM. The celebration of the cultural tradition and prosperity of Maharashtra will be the most prominent in this festival. The opening ceremony venue has been named after Late Prime Minister Atal Bihari Vajpai, Atal Sports City.
Special guest from all districts of Maharashtra, Arjuna award winners, large number of young sportsperson and students from various college of Pune are also coming for this inaugural function. The main purpose of this event is to connect the youth of the Maharashtra and for those who are usually less connected to sports. Similarly, ‘CM CHASHAK’ will also be helpful in bringing awareness towards Maharashtra’s rich cultural tradition. To make this event as country’s biggest sporting and cultural competition so far being organized by the Bharatiya Janata Yuva Morcha in Maharashtra, main responsibility given to MPs, MLAs, District President, Zilla Parishad President, Mayor, party office bearers and all the seniors of the party. In this event involving 50 lakh participants from different social institutions, sports clubs and youth organizations of every district of the state are invited. Registration for ‘CM CHASHAK’ registration has started in every district.
In the inaugural function of the auspicious day of November 1st, in Pune, the state BJP President Raosaheb Danwe, Sports Minister Vinod Tawde, FDA Minister, Girish Bapat, National President of Bharatiya Janata Yuva Morcha MP Poonam Mahajan, State President BJP Yuva Morcha MLA Yogesh Tiilekar, several MPs, MLAs and BJP leaders along with CM will also be present. More than 50 lakh participants will participate in the ‘CM CHASHAK’ which runs for nearly 75 days month. All the workers and office bearers of the Maharashtra State Bharatiya Janata Yuva Morcha have been preparing for the success of the event at all levels throughout the state.
A jeweller has been booked for allegedly shutting shop after collecting over Rs 85 lakh from depositors in the form of cash and gold, a senior police official said on Sunday.
The jeweller had reportedly started a fixed deposit scheme and had collected Rs 67.95 lakh in cash and Rs 18 lakh in gold from people, the official said.
When a large number of these depositors reached the shop Saturday morning, they found it closed and were told that it had been sold, following which some of them approached police, the official said.
“An FIR has been registered against Ajit Kothari of Prathamesh Jewellers under relevant sections of the IPC. No arrests have been made and probe is underway,” said Thane police public relations officer Sukhada Narkar.
A man has been apprehended by Central Railway authorities in suburban Mankhurd for allegedly booking long-distance train tickets worth Rs 2.12 lakh online using unauthorised methods, a senior official said on Sunday.
Officials said investigations have shown that the accused has so far booked 2,042 tickets worth Rs 57.69 lakh using the same modus operandi.
Acting on a tip-off, a joint team of the CR Vigilance department, the Commercial department’s anti-tout squad and Railway Protection Force personnel from Dadar and Panvel Posts carried out the raid, he said.
The alleged tout, identified as Indrajeet Gupta (32), was caught with 44 tickets booked online worth Rs 2.12 lakh, he said.
“The tickets confiscated during such raids are cancelled immediately and no one can travel on them,” explained Narendra Panwar, senior divisional commercial manager, CR, Mumbai.
Gupta has been charged under section 143 (unauthorised carrying on of business of procuring and supplying of railway tickets) of the Railways Act.
