Author: LokMarg Publishing

The government and Reserve Bank of India (RBI) denied reports on Wednesday that the regulator is closing down at least nine commercial banks soon, terming the information as “mischievous”.

“There are mischievous rumours on social media about RBI closing some banks,” said Finance Secretary Rajeev Kumar.

He said, “There is no question of closing any public sector bank, which are articles of faith. Rather the government is strengthening public sector banks with reforms and infusion of capital to better serve its customers.”

The RBI too said reports appearing in some sections of social media about closing down certain commercial banks are false.

Several Twitter posts said nine banks will be closed permanently by the RBI — Corporation Bank, IDBI Bank, Bank of Maharashtra, UCO Bank, Andhra Bank, Indian Overseas Bank, Central Bank of India, Dena Bank and United Bank of India.

The development came a day after the Punjab and Maharashtra Cooperative Bank (PMC Bank) was barred from routine business transactions for the next six months and its withdrawal limit was capped at Rs 1,000.

The RBI, however, had made it clear that the directions to PMC Bank should not be construed as cancellation of banking licence. PMC Bank can continue to undertake banking business with restrictions till further notice/instructions, it said.

But the move sparked outrage among customers who staged protests at some of PMC’s branches across the country.

PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.

(ANI)

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Expressing concern on the rising marginalisation of minorities in most parts of the world, the UK-based Sikh Human Rights Group has stressed on the need to encourage diversity and called on the United Nations to declare an annual UN Diversity Day. Speaking at the United Nations Human Rights Council 42^nd session at Geneva, on Tuesday, Jasdev Singh Rai, director of the rights body, also linked the suggestion to the 550^th anniversary of birth of Guru Nanak who initiated a perspective founded on accepting all of life as co-dependable, part of a unity and expressed in its many diverse forms. He felt that all discrimination is eventually against oneself. Dr Rai said the world had come together in 2001 with determination to get rid of racism, a scourge that gained strength during colonialism. Perhaps the recourse to law may not be sufficient enough measure to achieve the declarations made in 2001 Durban. There is a need to look at complimentary approaches that encourage society to change its attitudes. The rights group leader said a Declaration on Diversity would compliment the current conventions and instruments against discrimination with positive programmes of action to celebrate diversity. He said there is growing support from some countries for such a declaration. It can take several years for the UN to reach a Declaration as all member States have to reach consensus on such a document. He said such a declaration would encourage States to adopt policies of inclusivity and making society at ease with diversity of all forms. Agreeing on the principle of a Declaration on Diversity by 2020 would be a fitting tribute to Guru Nanak on the 550^th anniversary, Dr Rai added. In his address, Dr Rai hoped member States will consider this proposal and support this initiative as well as take up the proposal for a UN led annual Diversity Day in the world. It will be a remarkable affirmation of the teachings of Guru Nanak if consideration of this could begin during this 550^th anniversary.]]>

Ministry of Foreign Affairs on Tuesday reiterated India’s stand that the Kashmir issue is a bilateral matter between India and Pakistan and New Delhi’s position on the third-party mediation is “very clear”.

“On the issue of Jammu of Kashmir, our position on mediation is very clear. If there are issues to be discussed with Pakistan, it will be discussed bilaterally,” Foreign Secretary Vijay Gokhale told reporters here at a media briefing.

He made the comments after Trump once again offered to mediate on the Kashmir issue during his meeting with Pakistan Prime Minister Imran Khan on Monday.

Trump had said he is “ready, willing, and able” to meditate on the Kashmir matter if India and Pakistan want him to do so.

“If I can help, I would certainly do that. It will be dependent on both of these gentlemen (Prime Minister Narendra Modi and Imran Khan),” Trump had said in response to a question on whether he will offer to mediate on the issue of Kashmir.

“One without the other does not work, if you want to do the mediation or if you want to do the arbitration. But I would certainly want to help if both India and Pakistan would want to do that. It’s a complex issue, but if both want it, I would be willing to do that,” he had added.

A similar statement was made by the US President in the presence of Khan at a joint press conference during the latter’s visit to Washington in July.

Tensions between India and Pakistan soared following New Delhi’s decisions to abrogate Article 370 which gave special status to Jammu and Kashmir and bifurcated the region into two Union Territories (UTs). Pakistan has downgraded its diplomatic ties and suspended bilateral trade with India in the aftermath of the move.

India has maintained that its constitutional decisions on Kashmir is its internal matter — a stance that has been supported by many countries around the world. (ANI)

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Prime Minister Narendra Modi will take care of it, US President Donald Trump said on Tuesday, on Pakistan Prime Minister Imran Khan’s admission that his country’s ISI had been training Al Qaeda.

“I have not heard that and I know that your Prime Minister will take care of it,” he said while talking to reporters sitting alongside the PM Modi after the two leaders met on the sidelines of the UN session in New York.

Speaking at an event at the Council on Foreign Relations (CFR) think tank in New York on Monday, Imran Khan had acknowledged that his country’s army and spy agency Inter-Services Intelligence (ISI) trained Al Qaeda and other militant groups.

“The Pakistani army ISI trained Al Qaeda and all these groups to fight in Afghanistan, there were always links, there had to be linked because they trained them,” Khan had said.

“The message is not for me to give but for PM Modi and I think he gave it loud and clear on that day. He gave a big loud message and I am sure he will be able to handle the situation,” Trump said when asked if he would like to give a message to Pakistan amidst reports of several terrorists ready to infiltrate into India and the comments made by Pakistan PM.

Imran Khan had said that Pakistan committed one of the biggest blunders by joining the United States in its war on terrorism in the aftermath of 9/11 terror attack. (ANI)

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ED has registered an Enforcement Case Information Report (ECIR) against NCP chief Sharad Pawar, party leader Ajit Pawar and others in connection with the Rs 5,000 crore Maharashtra State Co-operative Bank (MSCB) scam case.

ED registered ECIR on September 23 based on the FIR registered by the Economic Offences Wing (EOW) of Mumbai Police following directions from the Bombay High Court, ED sources said.

“The FIR was thereafter filed and consequently an ECIR was recorded on September 23, 2019 against the then Chairman, MDs, Directors of Maharashtra State Cooperative bank (MSC), along with Sharad Pawar, Ajit Pawar, Diliprao Deshmukh, Isharlal Jain, Jayant Patil, Shivaji Rao Nalvade, Anand Rao Adsul, Rajendra Shingane, Madan Patil and others,” they said.

ED sources said that it is alleged that the then top executives i.e. Chairman, MDs, Directors, CEOs, managerial staff of Maharashtra state cooperative bank (MSC) and office bearers and directors of Sakhar Karkhanas (cooperative sugar factories “CSF”), Soot Girnis and other processing units were given loans in a fraudulent manner by MSC Bank and in-process several illegalities were committed. The scam is pegged at Rs 25,000 crore.

“The loans provided to Cooperative Sugar Factories (CSFs) by the officials of the MSC bank, who were connected with the owners of CSFs. There were several irregularities in the sanctioning of the loans committed, only with the purpose of extending benefits to the Directors of the lending bank, for personal gains thereby defrauding and cheating the bank and its shareholders. Loans were sanctioned to CSFs, despite having weak financials and negative net worth. No collateral was taken in many cases and loans were extended on basis of fraudulent and dishonest representation to the bank,” they said.

“Additional working facilities were also extended to a certain few CSFs without having any prudent reasons. Thereafter, due to the alleged mismanagement and underutilization of capacity and increasing overhead expenditure these Cooperative Sugar Factories (CSFs) became sick and were sold by decision taken by Board of Directors at a price much below the reserve price to avail wrongful gain to the purchaser,” sources added.

According to sources, the purchasers had personal or political links to the Board of Directors and the consent of borrowing units were not taken before undertaking such sale, clearly shows the dishonest intentions on part of Board of Directors.

“The CSFs were sold at a price much lower than the reserve price. Further, there was no rules followed to the fix the reserve price as it was fixed on the basis of the interest of the purchasers be it market value, Realizable value or Distress value of the property. Forged documents like sale certificate were made in some instances in which the actual sale (As per sale deed) was done at a much lower level than mentioned in sale certificate,” they said.

“Thus, the directors flouted various NABARD, RBI and SARFAESI Guidelines by sanctioning illegal loans, giving loans to the related parties without disclosing it to the bank and showing it as related party transactions. Thereafter, selling off units at throwaway prices to relatives. There was huge misappropriation of funds on part of committee members and directors and loan committee members of MSC bank, acting in connivance to siphon off the money and in the process causing huge losses to the bank,” ED sources said.

On September 2, the Supreme Court had declined to entertain Special Leave Petitions (SLPs) seeking to quash the investigation against NCP leader Ajit Pawar and others in connection with the MSCB scam case.

The case pertains to loans given by the bank amounting to crores of rupees to some companies allegedly on the recommendation of Ajit Pawar and some others, who were directors of the bank between the years 2005-10. The bank had to suffer losses as the companies never returned the loan. (ANI)

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The Supreme Court on Tuesday asked the Centre to file an affidavit within three weeks detailing the steps taken by it to frame guidelines to curb misuse of social media and tracing the originator of information on social platforms.

A bench of Justice Deepak Gupta misuse of social media and tracing the originator of information on social platforms and Justice Aniruddha Bose also asked the Centre for a timeframe within which the process of deliberation and formulation of guidelines will be completed.

It said that misuse of social media has become “very dangerous” in the country and the government must come up with “strict guidelines” to deal with the issue.

It added that issues concerning tracing the originator of information on social media needed to dealt with while keeping in mind the “sovereignty of the State, privacy of an individual and prevention of illegal activities”.

The top court was hearing a petition filed by Facebook for transfer of petitions pending in different High Courts across the country concerning the demand to interlink Aadhaar database with social media profiles for authentication of identity, to the top court.

Earlier, the apex court had asked Centre whether it was contemplating any move on framing some policy to regulate social media and linking of social media account of people with Aadhaar.

The Centre today told the Bench that it was in the process of deliberations and inviting suggestions on the same.

During the hearing, the Bench observed that3 neither the Supreme Court nor High Court is the right authority to frame guidelines to prevent misuse of social media and it can be done only by the government.

Complex issues like privacy are involved, the government should step in and make the guidelines, the court observed.

Speaking on the issue of traceability of WhatsApp message originator, Justice Deepak Gupta said, “It is dangerous how some of these technologies work. I was thinking of giving up my smartphone and going back to feature phones”.

The court stated that while the State is powerful enough to protect its right, the issue of individual rights still needed to be discussed.

The court posted the matter for hearing on October 22.

Earlier, Facebook and WhatsApp had told the top court that the matter should be adjudicated by the Supreme Court and matter pending in Madras High Court and other High Courts be transferred to the apex court as any order passed against them will have global ramifications.

Tamil Nadu government had also filed an application in the apex court seeking direction to allow the Madras High Court to continue hearing the social media companies case relating to the traceability of online crimes.

The petitions in different High Courts also demanded to interlink the Aadhaar database with social media profiles for authentication of identity, to the top court. (ANI)

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Amid reports of onion prices touching Rs 60 per kg in several parts of the country, Food and Public Distribution Minister Ram Vilas Paswan on Tuesday said the Centre is ready to provide buffer stock of onion to the states to check price rise.

“We had kept 50,000 metric tonnes of onion in buffer stock out of which we still have 35,000 metric tonnes of onion. We are ready to give onion to the state governments at lower rates,” Paswan said at a press conference here.

He said the central government has given onion from its buffer stock to Delhi and Tripura.

The minister attributed the surge in onion prices to floods in several parts of the country especially in Maharashtra and Madhya Pradesh. “Several parts of the country witnessed floods which hit the transportation of onion, contributing to the price hike,” he said.

Paswan noted the government is in a “wait and watch mode” on onion price spike and will crackdown on hoarders if the issue does not resolve even after using its buffer stock.

“When the price of any farm produce increases, people get agitated but there is no word when prices of industrial products spike. September, October and November is a crucial period for prices of onion, potato and tomato. Prices of potato and tomato are under control,” he said.

The prices of onion in the open market have increased drastically over the past week in several parts of India including Delhi, Bengaluru, Mumbai, Patna, Varanasi and Lucknow.

The minister was speaking to media after a meeting with the officers of the Ministry of Food and Processing, the Ministry of Commerce and others for effective enforcement of the standards of the Food Safety and Standards Authority of India and the Bureau of Indian Standards.

Paswan said the government was working to enhance the standards of edible goods and aiming to increase exports.

He also said he would call a meeting to discuss the enforcement of standards for piped drinking water in the national capital. (ANI)

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The time for talking over the need to protect the climate is over, and the world needs to begin acting now, Prime Minister Narendra Modi said on Monday, while asserting that India has come to the United Nations to present a practical approach and roadmap on the issue.

Addressing the United Nations Climate Action summit 2019, Modi said: “Need and not greed is our guiding principle. India is here today to not only talk about the seriousness of this issue but to present a practical approach and a roadmap. We believe that an ounce of practice is worth more than a ton of teaching.”

Modi said that India would increase the share of non-fossil fuel share in its fuel mix and increase its renewable energy capacity to 175 Gigawatts by 2022 and “we are committed to further increase this to 450 Gigawatts.”

Recounting some of the measures taken by the country in this regard, the Prime Minister said: “We are encouraging e-mobility in our transport sector. India is also working to considerably increase the percentage of biofuel blended in petrol and diesel. We have given gas connections for clean cooking to 150 million families.”

“We have started the Jal-Jeevan mission for water conservation, rainwater harvesting and for the development of water resources and in the next few years, India is going to spend approximately 50 billion dollars on this,” added Modi. (ANI)

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