General Affairs
Pakistan meddling in Kashmir with local help: Arun Jaitley to India Today
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Pakistan's meddling in Kashmir has worsened the crisis in the Valley, where even the security forces are feeling terrorised by the locals, Finance Minister Arun Jaitley has said.
In an exclusive interview with India Today, Jaitley, without naming Pakistan, said, "The neighbour country is meddling with the situation with the help from the locals, who are taking recourse to terror and targeting the security forces."
ON KASHMIR
"There is a group that was misled by calls of separation from India. Then there are others who got arms from Pakistan. These two forces now want to destabilise India," he said.
"In such a situation, it cannot happen that the terrorists continue to kill and we get killed. It is important that the terrorists should also realise they will also suffer losses," Jaitley said.
Jaitley said Pakistan is also harming the interest of the youth in Kashmir. "Any discussion and solution (of the Kashmir question) will only happen through a constitional process," he said.
ON BALOCHISTAN
Asked about Prime Minister Narendra Modi's August 15 address in which he raised the Balochistan issue, Jaitley said the statement was part of the government's strategy against Pakistan.
"When the Pakistani leadership used their parliament to discuss our internal issue, then the PM gave that statement, which is part of the government strategy. What would happen, only time will tell," he said.
In his Independence Day address from the ramparts of the Red Fort, Modi had tore into Pakistan for its alleged violation of human rights in Balochistan and Pakistan-Occupied Kashmir, and backed the former's call for freedom from Islamabad's rule.
ON NEW RBI GOVERNOR
Jaitley denied there was any difference of opinion between the government and outgoing Reserve Bank of India (RBI) governor Raghuram Rajan.
"There is no conflict with Dr Rajan on any issue. There was always a relationship of respect and he has done a good job with the RBI," he said.
Jaitley defended the decision to appoint Urjit Patel as the new RBI governor, calling him an "expert on inflation".
ON AAP
With elections in Punjab scheduled early next year, Jaitley said the people of the state will not repeat the mistake of electing the Aam Aadmi Party, as was done by the electorate in Delhi last year.
"I don't think the people of Punjab will repeat the same mistake," Jaitley, who had unsuccessfully contested the 2014 Lok Sabha election from Amritsar, said.
The Finance Minister also attacked the AAP government in Delhi for not working with Lieutenant Governor Najeeb Jung, with whom Arvind Kejriwal had an acrimonious relationship.
"Even before coming to power in Delhi, they must have known that it is a Union Territory. The rights of a government in a UT are well defined," Jaitley said.
Recently, the Delhi High Court ruled that the L-G remains the administrative head in the National Capital Territory of New Delhi.
Pakistan's meddling in Kashmir has worsened the crisis in the Valley, where even the security forces are feeling terrorised by the locals, Finance Minister Arun Jaitley has said.
In an exclusive interview with India Today, Jaitley, without naming Pakistan, said, "The neighbour country is meddling with the situation with the help from the locals, who are taking recourse to terror and targeting the security forces."
ON KASHMIR
"There is a group that was misled by calls of separation from India. Then there are others who got arms from Pakistan. These two forces now want to destabilise India," he said.
"In such a situation, it cannot happen that the terrorists continue to kill and we get killed. It is important that the terrorists should also realise they will also suffer losses," Jaitley said.
Jaitley said Pakistan is also harming the interest of the youth in Kashmir. "Any discussion and solution (of the Kashmir question) will only happen through a constitional process," he said.
ON BALOCHISTAN
Asked about Prime Minister Narendra Modi's August 15 address in which he raised the Balochistan issue, Jaitley said the statement was part of the government's strategy against Pakistan.
"When the Pakistani leadership used their parliament to discuss our internal issue, then the PM gave that statement, which is part of the government strategy. What would happen, only time will tell," he said.
In his Independence Day address from the ramparts of the Red Fort, Modi had tore into Pakistan for its alleged violation of human rights in Balochistan and Pakistan-Occupied Kashmir, and backed the former's call for freedom from Islamabad's rule.
ON NEW RBI GOVERNOR
Jaitley denied there was any difference of opinion between the government and outgoing Reserve Bank of India (RBI) governor Raghuram Rajan.
"There is no conflict with Dr Rajan on any issue. There was always a relationship of respect and he has done a good job with the RBI," he said.
Jaitley defended the decision to appoint Urjit Patel as the new RBI governor, calling him an "expert on inflation".
ON AAP
With elections in Punjab scheduled early next year, Jaitley said the people of the state will not repeat the mistake of electing the Aam Aadmi Party, as was done by the electorate in Delhi last year.
"I don't think the people of Punjab will repeat the same mistake," Jaitley, who had unsuccessfully contested the 2014 Lok Sabha election from Amritsar, said.
The Finance Minister also attacked the AAP government in Delhi for not working with Lieutenant Governor Najeeb Jung, with whom Arvind Kejriwal had an acrimonious relationship.
"Even before coming to power in Delhi, they must have known that it is a Union Territory. The rights of a government in a UT are well defined," Jaitley said.
Recently, the Delhi High Court ruled that the L-G remains the administrative head in the National Capital Territory of New Delhi.
PM Modi on Kashmir: Dialogue must for lasting solution
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Prime Minister Narendra Modi on Monday expressed "deep pain" and concern over the prevailing situation in Kashmir Valley and emphasised on the need for dialogue to find a lasting solution within the framework of the Constitution.
He told a delegation of opposition leaders of Jammu and Kashmir that those who lost their lives during the recent disturbances are a "part of us" and it is a matter of "distress" whether the lives lost are of "our youth, security personnel or police," official sources said.
The Prime Minister said his government stands with the state of Jammu and Kashmir and suggested that all political parties should reach out to the people and convey the same.
During the meeting with the delegation led by former Chief Minister Omar Abdullah, the Prime Minister expressed "deep concern and pain" at the prevailing situation in the state and appealed for restoration of normalcy in the Valley which has been witnessing unrest for the last 44 days.
"We need to find a permanent and lasting solution to the problem within the framework of the Constitution," the Prime Minister said.
Modi emphasised on the need for all political parties to work together to find a solution to the problems of the state of Jammu and Kashmir, the sources said.
He also expressed his commitment to the development of the state.
Earlier in the day, a delegation led by National Conference leader Omar Abdullah had called on the Prime Minister and appealed that a political approach needs to be adopted for resolving the present crisis in the Valley and to ensure that the "mistakes" of the past are not repeated.
Kashmir has been witnessing unrest since the killing of Hizbul Mujahideen commander Burhan Wani on July 8.
Prime Minister Narendra Modi on Monday expressed "deep pain" and concern over the prevailing situation in Kashmir Valley and emphasised on the need for dialogue to find a lasting solution within the framework of the Constitution.
He told a delegation of opposition leaders of Jammu and Kashmir that those who lost their lives during the recent disturbances are a "part of us" and it is a matter of "distress" whether the lives lost are of "our youth, security personnel or police," official sources said.
The Prime Minister said his government stands with the state of Jammu and Kashmir and suggested that all political parties should reach out to the people and convey the same.
During the meeting with the delegation led by former Chief Minister Omar Abdullah, the Prime Minister expressed "deep concern and pain" at the prevailing situation in the state and appealed for restoration of normalcy in the Valley which has been witnessing unrest for the last 44 days.
"We need to find a permanent and lasting solution to the problem within the framework of the Constitution," the Prime Minister said.
Modi emphasised on the need for all political parties to work together to find a solution to the problems of the state of Jammu and Kashmir, the sources said.
He also expressed his commitment to the development of the state.
Earlier in the day, a delegation led by National Conference leader Omar Abdullah had called on the Prime Minister and appealed that a political approach needs to be adopted for resolving the present crisis in the Valley and to ensure that the "mistakes" of the past are not repeated.
Kashmir has been witnessing unrest since the killing of Hizbul Mujahideen commander Burhan Wani on July 8.
Kejriwal claims AAP is broke but EC figures reveal otherwise
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Delhi Chief Minister Arvind Kejriwal risks getting labelled as a politician whose claims are high on hype but low on substance. He said in Goa yesterday that his Aam Admi Party (AAP) does not have money to fight election despite running Delhi government for one-and-a-half years.
WHAT KEJRIWAL SAID
Speaking to a group of Scheduled Castes and Scheduled Tribes members in South Goa, the AAP convener said, "It would look odd but it is true that despite a one-and-half year of governance in Delhi, AAP does not have money to fight election. I can show you my bank account, even the party does not have money."
The Delhi Chief Minister elaborated his statement by saying that when the AAP contested in Delhi, the people fought the election. Similar should be the situation in Goa where local people will contest the polls because, he claimed, the AAP is a platform for everyone to fight for their better future.
WHAT EC FIGURES SAY
However, contrary to Kejriwal's claims, facts speak otherwise. Going by the Election Commission, the AAP is the fourth largest political party in the country in terms of receiving contributions. In the financial year 2014-15, it received contributions worth Rs 37.45 crore.
Only three parties - and all of them national ones - had received larger contributions than the AAP. The BJP, with 437.35 crore is at the top, followed by the Congress (Rs 141.55 crore) and the NCP (Rs 38.82 crore).
The AAP has the distinction of receiving the highest contribution compared with the regional parties, even those who are ruling other states.
For instance, the Samajwadi Party, ruling the country's most populous state of Uttar Pradesh, received donations to the tune of Rs 19.50 crore, BJD in Odisha (21.80 crore), Shiromani Akali Dal in Punjab (3.01 crore), TRS in Telangana (Rs 8.69 crore), Telugu Desam in Andhra Pradesh (Rs 7.57 crore), TMC in West Bengal (Rs 8.32 crore) and BJP's alliance partner Shiv Sena in Maharashtra (25.58 crore).
No wonder, AAP's rivals - the Congress and the BJP both - have refused to trust Kejriwal.
Congress spokesperson Manish Tewari told India Today Digital that what the Delhi CM said the most hypocritical claim one can make. "This is the most sanctimonious statement which really undermines the humbug that the AAP is. Till today, these fellows have not disclosed the funds collected by India Against Corruption (IAC)," he said.
The former Union Information and Broadcasting Minister said no sanctity could be attached to Kejriwal's claim till the collections by the IAC are made public. "Till then, it will not reflect the true story of their finances," he added.
KEJRIWAL IS A BUNDLE OF LIES: BJP
The BJP was more hard-hitting in attacking Kejriwal. Party leader Vijay Jolly said, "Kejriwal is always a bundle of lies. What he said (in Goa) is a ploy to collect huge funds and then spend them according to his whims and fancies. He has great penchant for collecting funds. In Delhi, he collected crores and crores. But, what has he done for the capital?" he said.
Jolly charged that the Delhi CM cannot be trusted and his image among the people has got tarnished. He collects massive funds before every election but later claims that he does not have money. He too lashed out at Kejriwal for not disclosing the funds collected by Anna Hazare-led IAC. "His bluff has been called. The people do not feel excited any more about his claims," he said.
With the rival parties gunning for Kejriwal, he will have a tough time convincing the voters, also of Goa, of the lack of funds which the AAP supposedly faces.
Delhi Chief Minister Arvind Kejriwal risks getting labelled as a politician whose claims are high on hype but low on substance. He said in Goa yesterday that his Aam Admi Party (AAP) does not have money to fight election despite running Delhi government for one-and-a-half years.
WHAT KEJRIWAL SAID
Speaking to a group of Scheduled Castes and Scheduled Tribes members in South Goa, the AAP convener said, "It would look odd but it is true that despite a one-and-half year of governance in Delhi, AAP does not have money to fight election. I can show you my bank account, even the party does not have money."
The Delhi Chief Minister elaborated his statement by saying that when the AAP contested in Delhi, the people fought the election. Similar should be the situation in Goa where local people will contest the polls because, he claimed, the AAP is a platform for everyone to fight for their better future.
WHAT EC FIGURES SAY
However, contrary to Kejriwal's claims, facts speak otherwise. Going by the Election Commission, the AAP is the fourth largest political party in the country in terms of receiving contributions. In the financial year 2014-15, it received contributions worth Rs 37.45 crore.
Only three parties - and all of them national ones - had received larger contributions than the AAP. The BJP, with 437.35 crore is at the top, followed by the Congress (Rs 141.55 crore) and the NCP (Rs 38.82 crore).
The AAP has the distinction of receiving the highest contribution compared with the regional parties, even those who are ruling other states.
For instance, the Samajwadi Party, ruling the country's most populous state of Uttar Pradesh, received donations to the tune of Rs 19.50 crore, BJD in Odisha (21.80 crore), Shiromani Akali Dal in Punjab (3.01 crore), TRS in Telangana (Rs 8.69 crore), Telugu Desam in Andhra Pradesh (Rs 7.57 crore), TMC in West Bengal (Rs 8.32 crore) and BJP's alliance partner Shiv Sena in Maharashtra (25.58 crore).
No wonder, AAP's rivals - the Congress and the BJP both - have refused to trust Kejriwal.
Congress spokesperson Manish Tewari told India Today Digital that what the Delhi CM said the most hypocritical claim one can make. "This is the most sanctimonious statement which really undermines the humbug that the AAP is. Till today, these fellows have not disclosed the funds collected by India Against Corruption (IAC)," he said.
The former Union Information and Broadcasting Minister said no sanctity could be attached to Kejriwal's claim till the collections by the IAC are made public. "Till then, it will not reflect the true story of their finances," he added.
KEJRIWAL IS A BUNDLE OF LIES: BJP
The BJP was more hard-hitting in attacking Kejriwal. Party leader Vijay Jolly said, "Kejriwal is always a bundle of lies. What he said (in Goa) is a ploy to collect huge funds and then spend them according to his whims and fancies. He has great penchant for collecting funds. In Delhi, he collected crores and crores. But, what has he done for the capital?" he said.
Jolly charged that the Delhi CM cannot be trusted and his image among the people has got tarnished. He collects massive funds before every election but later claims that he does not have money. He too lashed out at Kejriwal for not disclosing the funds collected by Anna Hazare-led IAC. "His bluff has been called. The people do not feel excited any more about his claims," he said.
With the rival parties gunning for Kejriwal, he will have a tough time convincing the voters, also of Goa, of the lack of funds which the AAP supposedly faces.
Vajpayee almost solved Kashmir issue but other govts didn't follow up: RSS chief Bhagwat
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The Kashmir issue was on the verge of resolution under the then Prime Minister Atal Bihari Vajpayee, RSS chief Mohan Bhagwat said but lamented that the later governments did not follow up on Vajpayee's efforts.
"Kashimiri people do not want to live with Pakistan. We should develop nationalistic feelings among the people in Kashmir," the Rashtriya Swayamsevak Sangh leader said on the unrest in the Valley while addressing an event on Sunday.
Bhagwat recalled how Vajpayee "had almost solved the Kashmir issue but later governments did not follow up on Vajpayees efforts".
Addressing about 2,000 young couples in the city, the RSS chief answered a volley of questions from his audience on Kashmir issue, cow protection, missionary schools, uniform civil code among others.
NEED TO TEACH SANSKARS TO YOUNG GENERATION
On the issue of cow vigilantism, he said cow protection work should be done within the legal framework.
The RSS chief batted for strong value systems, especially among the younger generations.
"Western influences are affecting society. We have to move ahead following the guidelines and codes given to us by our ancestors. If the nation has to move ahead confidently, we will need to teach sanskar (values) to our young ones. Young couples have to imbibe these values. Our identity should be from the country," he said.
Invoking Shivaji, he said the Maratha warrior king derived strength and inspiration from his family that stood for values.
"Civilisations change with times but cultures do not. It is the responsibility of the family to inculcate values in children who must learn how to live for others," he added.
Bhagwat is in the city for a four-day visit to interact with groups representing various social strata and professions.
The Kashmir issue was on the verge of resolution under the then Prime Minister Atal Bihari Vajpayee, RSS chief Mohan Bhagwat said but lamented that the later governments did not follow up on Vajpayee's efforts.
"Kashimiri people do not want to live with Pakistan. We should develop nationalistic feelings among the people in Kashmir," the Rashtriya Swayamsevak Sangh leader said on the unrest in the Valley while addressing an event on Sunday.
Bhagwat recalled how Vajpayee "had almost solved the Kashmir issue but later governments did not follow up on Vajpayees efforts".
Addressing about 2,000 young couples in the city, the RSS chief answered a volley of questions from his audience on Kashmir issue, cow protection, missionary schools, uniform civil code among others.
NEED TO TEACH SANSKARS TO YOUNG GENERATION
On the issue of cow vigilantism, he said cow protection work should be done within the legal framework.
The RSS chief batted for strong value systems, especially among the younger generations.
"Western influences are affecting society. We have to move ahead following the guidelines and codes given to us by our ancestors. If the nation has to move ahead confidently, we will need to teach sanskar (values) to our young ones. Young couples have to imbibe these values. Our identity should be from the country," he said.
Invoking Shivaji, he said the Maratha warrior king derived strength and inspiration from his family that stood for values.
"Civilisations change with times but cultures do not. It is the responsibility of the family to inculcate values in children who must learn how to live for others," he added.
Bhagwat is in the city for a four-day visit to interact with groups representing various social strata and professions.
Kashmiris are not stone-pelters: 95% people are innocent but suffer due to selfish 5%, says Mehbooba
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Jammu and Kashmir Chief Minister and PDP chief Mehbooba Mufti today lashed out at the troublemakers for fomenting unrest in the Valley. Advocating for "innocent" Kashmiris, Mehbooba said only 5 per cent are creating violence in Kashmir while the rest 95 per cent are peace loving people.
In Jammu, she said, "Kashmiris are not stone-pelters. They are peace loving, they want to open their shops, they want to send their wards to school."
The CM said, "I want to make an appeal to the Centre that do not see people of Kashmir with same eye. There are only 5 per cent of people, who are disturbing peace and creating law and order situation in the Valley, but 95 per cent are innocent people and they want to live in peace but are suffering due to a section of selfish creatures."
MEHBOOBA URGES CENTRE TO PUNISH TROUBLEMAKERS
"I appeal to Centre to take care of those 95 per cent people. 'Apne to apne log hein' and they are in problem," she added.
Without naming separatists and opposition parties including National Conference and Congress, Mufti said, "There are a section of people who are making all attempts to create disturbance in the Valley and this shows that they do not represent the state."
KASHMIRIS WANT FREEDOM FROM EVIL FORCES
People of Kashmir have understood the real meaning of "Azaadi" (freedom), she said adding, "They want freedom from such forces, who are troublemakers and creating disturbances, disrupting peace."
With naming Kashmiri separatists, she said one section of people, who themselves are not facing the bullets and the canes, are instigating children, teenagers to indulge into violence, she said, adding, "They are using young minds as their shields. The youngsters and our blue-eyed are being used as tool by negative forces, who instead of channelising energies, make use of them in escalating the violence."
"There are forces who could not digest the developmental programmes initiated under Agenda of Alliance (AoA) by PDP-BJP Government and were not able to see peace returning to the state," the CM said.
COMMON MAN BEARS THE BRUNT OF VIOLENCE
Whenever it is peace, tourism season on its peak, Amarnath Yatra in progress, such forces try to create trouble and ultimately its common man, who suffers.
Actor Salman Khan last year was in Kashmir to shoot for his film 'Bajrangi Bhaijaan' but this year he preferred to go to Ladakh due to prevailing tension, she said claiming that violence has hit the tourism industry thus affecting the economy of the state.
"In 2010, fake encounter, Shopian rape case and then deaths of minors happened and Kashmir remained tense but this time nothing such incident happened," she added.
SECTION OF PEOPLE RAKED UP BURHAN WANI'S ENCOUNTER
The chief minister said that three militants were killed in a gunbattle and it was nothing new as encounters and killing of militants is 25 years long matter, "but section of people got an opportunity to rake up the issue and put peaceful Kashmir on boil."
Mehbooba Mufti said, "I want to say that there are countries who claim themselves as independent but are the worst victims of terrorism.
She said countries like Syria, Iraq, Turkey, Afghanistan are victims of terrorism, adding, "Once weapon enters such independent nations, there remains no peace."
The PDP chief said, "Dialogue is the only solution to solve all the crisis not the weapon and due to terrorism. Muslims are facing embarrassment across the world and only a section of people and class are responsible for this".
When asked about Omar Abdullah-led opposition leaders meeting with President Pranab Mukherjee and the Prime Narendra Modi for the last three days, she said if the meeting helps resolve Kashmir unrest this is a welcome step and centre should listen their view point also.
Jammu and Kashmir Chief Minister and PDP chief Mehbooba Mufti today lashed out at the troublemakers for fomenting unrest in the Valley. Advocating for "innocent" Kashmiris, Mehbooba said only 5 per cent are creating violence in Kashmir while the rest 95 per cent are peace loving people.
In Jammu, she said, "Kashmiris are not stone-pelters. They are peace loving, they want to open their shops, they want to send their wards to school."
The CM said, "I want to make an appeal to the Centre that do not see people of Kashmir with same eye. There are only 5 per cent of people, who are disturbing peace and creating law and order situation in the Valley, but 95 per cent are innocent people and they want to live in peace but are suffering due to a section of selfish creatures."
MEHBOOBA URGES CENTRE TO PUNISH TROUBLEMAKERS
"I appeal to Centre to take care of those 95 per cent people. 'Apne to apne log hein' and they are in problem," she added.
Without naming separatists and opposition parties including National Conference and Congress, Mufti said, "There are a section of people who are making all attempts to create disturbance in the Valley and this shows that they do not represent the state."
KASHMIRIS WANT FREEDOM FROM EVIL FORCES
People of Kashmir have understood the real meaning of "Azaadi" (freedom), she said adding, "They want freedom from such forces, who are troublemakers and creating disturbances, disrupting peace."
With naming Kashmiri separatists, she said one section of people, who themselves are not facing the bullets and the canes, are instigating children, teenagers to indulge into violence, she said, adding, "They are using young minds as their shields. The youngsters and our blue-eyed are being used as tool by negative forces, who instead of channelising energies, make use of them in escalating the violence."
"There are forces who could not digest the developmental programmes initiated under Agenda of Alliance (AoA) by PDP-BJP Government and were not able to see peace returning to the state," the CM said.
COMMON MAN BEARS THE BRUNT OF VIOLENCE
Whenever it is peace, tourism season on its peak, Amarnath Yatra in progress, such forces try to create trouble and ultimately its common man, who suffers.
Actor Salman Khan last year was in Kashmir to shoot for his film 'Bajrangi Bhaijaan' but this year he preferred to go to Ladakh due to prevailing tension, she said claiming that violence has hit the tourism industry thus affecting the economy of the state.
"In 2010, fake encounter, Shopian rape case and then deaths of minors happened and Kashmir remained tense but this time nothing such incident happened," she added.
SECTION OF PEOPLE RAKED UP BURHAN WANI'S ENCOUNTER
The chief minister said that three militants were killed in a gunbattle and it was nothing new as encounters and killing of militants is 25 years long matter, "but section of people got an opportunity to rake up the issue and put peaceful Kashmir on boil."
Mehbooba Mufti said, "I want to say that there are countries who claim themselves as independent but are the worst victims of terrorism.
She said countries like Syria, Iraq, Turkey, Afghanistan are victims of terrorism, adding, "Once weapon enters such independent nations, there remains no peace."
The PDP chief said, "Dialogue is the only solution to solve all the crisis not the weapon and due to terrorism. Muslims are facing embarrassment across the world and only a section of people and class are responsible for this".
When asked about Omar Abdullah-led opposition leaders meeting with President Pranab Mukherjee and the Prime Narendra Modi for the last three days, she said if the meeting helps resolve Kashmir unrest this is a welcome step and centre should listen their view point also.
Business Affairs
Sensex ends 91 points lower, Nifty below 8,650; banking stocks dip after Urjit Patel picked as RBI chief
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The S&P BSE Sensex on Monday slipped 91 points to settle the day below its crucial 28,000 level, while the broader Nifty50 dipped below its key 8,650 mark.
The headline indices sank as state-owned banks slipped after government elevated deputy RBI governor Urjit Patel to governor's post to succeed Raghuram Rajan. His elevation is seen as reducing the prospect of rate cuts in the near term and as continuing a push to aggressively clean up bad debt.
The 30-share index ended the day at 27,985, down 91.46 points, while broad-based 50-share index quoted 8,629, down 37.75 points at close.
Patel is due to replace outgoing RBI governor Raghuram Rajan on September 4.
Patel headed a panel that recommended landmark changes to monetary policy in India, including a switch to inflation-targeting and the creation of a committee to set interest rates, and his views are seen as closely aligned to Rajan's.
As such traders expect Patel to keep the repo rate on hold at the RBI's next policy review on Oct. 4 after inflation accelerated to 6.07 percent in July, above the RBI's near-term target of 5 percent.
"Patel is more of an inflation-focused guy and effectively with the inflation rate going up, expectations of a deep rate easing have diminished", said Dhananjay Sinha, head of research at Emkay Global Financial Services.
Markets also took cues from mixed trend seen in Asian markets after US Federal Reserve Vice Chairman Stanley Fischer said Fed is close to hitting its targets on inflation and jobs, hinting rate hike in 2016 is well on cards.
Investors now await the Fed Chairwoman Janet Yellen's comments on August 26 to watch for clues about interest rate actions.
Back home, stock of Welspun India tanked over 20% after Bloomberg reported that Target Corp is in process of ending all business with Welspun Global.
Lupinr stock was the top loser on the Sensex and dipped 2 per cent on the BSE.
Among other losers, Cairn India and Vedanta shed 2.5 per cent and 1.5 per cent respectively, after Vedanta co-CEO Tom Albanese told the Financial Express newspaper that its revised offer for a merger with Cairn India was final and would not be sweetened further.
The S&P BSE Sensex on Monday slipped 91 points to settle the day below its crucial 28,000 level, while the broader Nifty50 dipped below its key 8,650 mark.
The headline indices sank as state-owned banks slipped after government elevated deputy RBI governor Urjit Patel to governor's post to succeed Raghuram Rajan. His elevation is seen as reducing the prospect of rate cuts in the near term and as continuing a push to aggressively clean up bad debt.
The 30-share index ended the day at 27,985, down 91.46 points, while broad-based 50-share index quoted 8,629, down 37.75 points at close.
Patel is due to replace outgoing RBI governor Raghuram Rajan on September 4.
Patel headed a panel that recommended landmark changes to monetary policy in India, including a switch to inflation-targeting and the creation of a committee to set interest rates, and his views are seen as closely aligned to Rajan's.
As such traders expect Patel to keep the repo rate on hold at the RBI's next policy review on Oct. 4 after inflation accelerated to 6.07 percent in July, above the RBI's near-term target of 5 percent.
"Patel is more of an inflation-focused guy and effectively with the inflation rate going up, expectations of a deep rate easing have diminished", said Dhananjay Sinha, head of research at Emkay Global Financial Services.
Markets also took cues from mixed trend seen in Asian markets after US Federal Reserve Vice Chairman Stanley Fischer said Fed is close to hitting its targets on inflation and jobs, hinting rate hike in 2016 is well on cards.
Investors now await the Fed Chairwoman Janet Yellen's comments on August 26 to watch for clues about interest rate actions.
Back home, stock of Welspun India tanked over 20% after Bloomberg reported that Target Corp is in process of ending all business with Welspun Global.
Lupinr stock was the top loser on the Sensex and dipped 2 per cent on the BSE.
Among other losers, Cairn India and Vedanta shed 2.5 per cent and 1.5 per cent respectively, after Vedanta co-CEO Tom Albanese told the Financial Express newspaper that its revised offer for a merger with Cairn India was final and would not be sweetened further.
RIL asks staff to stop using mobile service of other operators
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Reliance Industries, India's largest conglomerate, has asked its 40,000-plus employees to stop using phones connections of existing operators, like Airtel and Vodafone, and instead switch to its own high-speed 4G Jio.
RIL has asked employees to port their existing phone numbers to Jio, a move that may open another front with the existing operators, who have been up in arms against the Mukesh Ambani-led firm's prolonged beta testing.
"We are excited to announce yet another milestone towards greater excellence, where we will be switching our existing corporate connections to Jio," RIL's HR department wrote to all its employees.
It asked employees to use MNP to port their existing numbers to Jio and explained to them the step-by-step process.
Mobile number portability (MNP) enables telephone users to retain their number when changing from one carrier to other.
"Once you have submitted the required information, we will initiate the Mobile Number Portability (MNP) process with the existing operator. This will take around seven working days to complete," the company HR said in the email.
So far, the company subscribed to corporate plans of all major operators including Airtel and Vodafone for the employees.
Reliance Jio test launched its services last December, but no dates for commercial launch has yet been announced.
Initially, Jio SIM was available only to its employees, and later bundled with Reliance's own Lyf-branded smartphones.
Now, all Samsung and LG smartphones users could walk-in to a Reliance Digital store and procure a Jio SIM.
It now has over 1.5 million users.
The company says it has created the world's largest end- to-end all IP network and invested over Rs 1.34 lakh crore.
Once launched, the services will cover over 18,000 towns and over 2 lakh villages across all the 22 service areas of the country.
Reliance Industries, India's largest conglomerate, has asked its 40,000-plus employees to stop using phones connections of existing operators, like Airtel and Vodafone, and instead switch to its own high-speed 4G Jio.
RIL has asked employees to port their existing phone numbers to Jio, a move that may open another front with the existing operators, who have been up in arms against the Mukesh Ambani-led firm's prolonged beta testing.
"We are excited to announce yet another milestone towards greater excellence, where we will be switching our existing corporate connections to Jio," RIL's HR department wrote to all its employees.
It asked employees to use MNP to port their existing numbers to Jio and explained to them the step-by-step process.
Mobile number portability (MNP) enables telephone users to retain their number when changing from one carrier to other.
"Once you have submitted the required information, we will initiate the Mobile Number Portability (MNP) process with the existing operator. This will take around seven working days to complete," the company HR said in the email.
So far, the company subscribed to corporate plans of all major operators including Airtel and Vodafone for the employees.
Reliance Jio test launched its services last December, but no dates for commercial launch has yet been announced.
Initially, Jio SIM was available only to its employees, and later bundled with Reliance's own Lyf-branded smartphones.
Now, all Samsung and LG smartphones users could walk-in to a Reliance Digital store and procure a Jio SIM.
It now has over 1.5 million users.
The company says it has created the world's largest end- to-end all IP network and invested over Rs 1.34 lakh crore.
Once launched, the services will cover over 18,000 towns and over 2 lakh villages across all the 22 service areas of the country.
Gionee to set up manufacturing unit, invest Rs 500 crore
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Handset maker Gionee will set up a manufacturing unit in northern India, pumping in about Rs 500 crore, to tap into the demand in India as well as to serve markets like Africa and South East Asia.
The Chinese company, which assembles its smartphones in India through third-party players like Foxconn and Dixon, expects the plant to be operational in about 2 years.
"We are in process of getting land in northern India. The 50-acre unit have an annual capacity of 30 million units. It should be operational in about two years," Gionee India MD and CEO Arvind Vohra said.
He declined however to share details about the location of the plant.
"It will be an end-to-end manufacturing unit. It will help us cater to demand in India as well as nearby markets and African region... We will invest about Rs 500 crore on the plant," Vohra said.
About 60 per cent of Gionee India's devices sold in the country are manufactured locally at facilities run by Foxconn (Tamil Nadu) and Dixon (Noida).
According to research firm IDC, smartphone shipments in India grew 17.1 per cent sequentially to 27.5 million units in April-June quarter, with Chinese vendors like Lenovo, Xioami, Gionee and Vivo driving the growth.
The shipments have revived after two successive quarters of decline. Samsung led with 25.1 per cent market share followed by Micromax (12.9 pc), Lenovo Group (7.7 pc), Intex (7.1 pc) and Reliance Jio (6.8 pc).
Vohra said Gionee India has crossed half million units sales per month and by year-end, he expects the number to go up to one million.
Vohra said the company has witnessed 100 per cent growth last year and expects a "robust growth" this year too.
To cash in on the festive season demand, Gionee India will spend around Rs 400 crore on marketing and branding activities over the next few months.
It also plans to launch four new smartphones, priced between Rs 9,999 and Rs 24,999, by mid-October as part of its efforts to expand its market share in India to 7-10 per cent by next March from the current five per cent.
"We had earmarked a budget of Rs 600 crore this year and we have utilised one-third of it till now. About Rs 200 crore will be pumped in the festive season and the remaining amount will be used in the latter part of the fiscal towards various marketing and branding efforts," Vohra said.
Gionee India has signed up Bollywood actress Alia Bhatt as its brand ambassador and is in discussions for signing up another celebrity but that is yet to be finalised, he said.
The company today launched its S6s, priced at Rs 17,999.
The 5.5-inch handset features 1.3 Ghz octacore processor, 3GB RAM, 32GB internal memory (expandable up to 128GB), 13MP rear and 8MP front camera and 3,150 mAh battery.
Handset maker Gionee will set up a manufacturing unit in northern India, pumping in about Rs 500 crore, to tap into the demand in India as well as to serve markets like Africa and South East Asia.
The Chinese company, which assembles its smartphones in India through third-party players like Foxconn and Dixon, expects the plant to be operational in about 2 years.
"We are in process of getting land in northern India. The 50-acre unit have an annual capacity of 30 million units. It should be operational in about two years," Gionee India MD and CEO Arvind Vohra said.
He declined however to share details about the location of the plant.
"It will be an end-to-end manufacturing unit. It will help us cater to demand in India as well as nearby markets and African region... We will invest about Rs 500 crore on the plant," Vohra said.
About 60 per cent of Gionee India's devices sold in the country are manufactured locally at facilities run by Foxconn (Tamil Nadu) and Dixon (Noida).
According to research firm IDC, smartphone shipments in India grew 17.1 per cent sequentially to 27.5 million units in April-June quarter, with Chinese vendors like Lenovo, Xioami, Gionee and Vivo driving the growth.
The shipments have revived after two successive quarters of decline. Samsung led with 25.1 per cent market share followed by Micromax (12.9 pc), Lenovo Group (7.7 pc), Intex (7.1 pc) and Reliance Jio (6.8 pc).
Vohra said Gionee India has crossed half million units sales per month and by year-end, he expects the number to go up to one million.
Vohra said the company has witnessed 100 per cent growth last year and expects a "robust growth" this year too.
To cash in on the festive season demand, Gionee India will spend around Rs 400 crore on marketing and branding activities over the next few months.
It also plans to launch four new smartphones, priced between Rs 9,999 and Rs 24,999, by mid-October as part of its efforts to expand its market share in India to 7-10 per cent by next March from the current five per cent.
"We had earmarked a budget of Rs 600 crore this year and we have utilised one-third of it till now. About Rs 200 crore will be pumped in the festive season and the remaining amount will be used in the latter part of the fiscal towards various marketing and branding efforts," Vohra said.
Gionee India has signed up Bollywood actress Alia Bhatt as its brand ambassador and is in discussions for signing up another celebrity but that is yet to be finalised, he said.
The company today launched its S6s, priced at Rs 17,999.
The 5.5-inch handset features 1.3 Ghz octacore processor, 3GB RAM, 32GB internal memory (expandable up to 128GB), 13MP rear and 8MP front camera and 3,150 mAh battery.
Arun Jaitley to meet heads of PSU banks on September 16
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Amidst mounting bad loans, Finance Minister Arun Jaitley will hold a meeting with the heads of public sector banks on September 16 to find ways to deal with the situation.
"The Finance Minister will review the first quarter performance of public sector banks and financial institutions on September 16," sources said.
Besides, he will also discuss credit growth and bad loan situation, they said, adding that the various recovery measures by banks and the legislative steps taken by the government to expedite recovery are also part of the agenda.
The banks have stepped up efforts as far as recovery of bad loans is concerned, the sources added.
Gross NPA of the public sector banks have surged from 5.43 per cent (Rs 2.67 lakh crore) in 2014-15 to 9.32 per cent (Rs 4.76 lakh crore) in 2015-16.
As per the latest Financial Stability Report by RBI, the Gross Non-Performing Assets ratio for public sector banks may go up to 10.1 per cent by March 2017 under the baseline scenario.
Many banks including Bank of India, Dena Bank, and Central Bank of India, reported losses for the quarter ended June 30, due to a sharp jump in provisions for NPAs on account of an asset quality review mandated by the RBI in December.
At the same time, a number of banks including the country's largest lender SBI witnessed a 78 per cent drop in consolidated profit to Rs 1,046 crore as against Rs 4,714 crore profit in the same quarter a year ago. Besides, Bank of Baroda, Andhra Bank and Union Bank of India among others posted massive decline in profit.
In a bid to shore up cash-strapped public sector banks, the government last month announced infusion of Rs 22,915 crore capital in 13 lenders including SBI and Indian Overseas Bank to revive loan growth that has hit a two-decade low.
This is the first tranche of capital infusion for the current fiscal and more funds would be provided in future depending on the performance of PSBs.
In all Rs 70,000 crore in capital is to be invested over four years to contain risks in the banking industry.
Besides, the meeting will take stock of various schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY).
Jaitley will also review the progress made with regard to Micro Units Development & Refinance Agency (MUDRA) and Stand Up India programme, the sources said.
New Delhi, Aug 22 (PTI) Amidst mounting bad loans, Finance Minister Arun Jaitley will hold a meeting with the heads of public sector banks on September 16 to find ways to deal with the situation.
"The Finance Minister will review the first quarter performance of public sector banks and financial institutions on September 16," sources said.
Besides, he will also discuss credit growth and bad loan situation, they said, adding that the various recovery measures by banks and the legislative steps taken by the government to expedite recovery are also part of the agenda.
The banks have stepped up efforts as far as recovery of bad loans is concerned, the sources added.
Gross NPA of the public sector banks have surged from 5.43 per cent (Rs 2.67 lakh crore) in 2014-15 to 9.32 per cent (Rs 4.76 lakh crore) in 2015-16.
As per the latest Financial Stability Report by RBI, the Gross Non-Performing Assets ratio for public sector banks may go up to 10.1 per cent by March 2017 under the baseline scenario.
Many banks including Bank of India, Dena Bank, and Central Bank of India, reported losses for the quarter ended June 30, due to a sharp jump in provisions for NPAs on account of an asset quality review mandated by the RBI in December.
At the same time, a number of banks including the country's largest lender SBI witnessed a 78 per cent drop in consolidated profit to Rs 1,046 crore as against Rs 4,714 crore profit in the same quarter a year ago. Besides, Bank of Baroda, Andhra Bank and Union Bank of India among others posted massive decline in profit.
In a bid to shore up cash-strapped public sector banks, the government last month announced infusion of Rs 22,915 crore capital in 13 lenders including SBI and Indian Overseas Bank to revive loan growth that has hit a two-decade low.
This is the first tranche of capital infusion for the current fiscal and more funds would be provided in future depending on the performance of PSBs.
In all Rs 70,000 crore in capital is to be invested over four years to contain risks in the banking industry.
Besides, the meeting will take stock of various schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY).
Jaitley will also review the progress made with regard to Micro Units Development & Refinance Agency (MUDRA) and Stand Up India programme, the sources said.
Amidst mounting bad loans, Finance Minister Arun Jaitley will hold a meeting with the heads of public sector banks on September 16 to find ways to deal with the situation.
"The Finance Minister will review the first quarter performance of public sector banks and financial institutions on September 16," sources said.
Besides, he will also discuss credit growth and bad loan situation, they said, adding that the various recovery measures by banks and the legislative steps taken by the government to expedite recovery are also part of the agenda.
The banks have stepped up efforts as far as recovery of bad loans is concerned, the sources added.
Gross NPA of the public sector banks have surged from 5.43 per cent (Rs 2.67 lakh crore) in 2014-15 to 9.32 per cent (Rs 4.76 lakh crore) in 2015-16.
As per the latest Financial Stability Report by RBI, the Gross Non-Performing Assets ratio for public sector banks may go up to 10.1 per cent by March 2017 under the baseline scenario.
Many banks including Bank of India, Dena Bank, and Central Bank of India, reported losses for the quarter ended June 30, due to a sharp jump in provisions for NPAs on account of an asset quality review mandated by the RBI in December.
At the same time, a number of banks including the country's largest lender SBI witnessed a 78 per cent drop in consolidated profit to Rs 1,046 crore as against Rs 4,714 crore profit in the same quarter a year ago. Besides, Bank of Baroda, Andhra Bank and Union Bank of India among others posted massive decline in profit.
In a bid to shore up cash-strapped public sector banks, the government last month announced infusion of Rs 22,915 crore capital in 13 lenders including SBI and Indian Overseas Bank to revive loan growth that has hit a two-decade low.
This is the first tranche of capital infusion for the current fiscal and more funds would be provided in future depending on the performance of PSBs.
In all Rs 70,000 crore in capital is to be invested over four years to contain risks in the banking industry.
Besides, the meeting will take stock of various schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY).
Jaitley will also review the progress made with regard to Micro Units Development & Refinance Agency (MUDRA) and Stand Up India programme, the sources said.
New Delhi, Aug 22 (PTI) Amidst mounting bad loans, Finance Minister Arun Jaitley will hold a meeting with the heads of public sector banks on September 16 to find ways to deal with the situation.
"The Finance Minister will review the first quarter performance of public sector banks and financial institutions on September 16," sources said.
Besides, he will also discuss credit growth and bad loan situation, they said, adding that the various recovery measures by banks and the legislative steps taken by the government to expedite recovery are also part of the agenda.
The banks have stepped up efforts as far as recovery of bad loans is concerned, the sources added.
Gross NPA of the public sector banks have surged from 5.43 per cent (Rs 2.67 lakh crore) in 2014-15 to 9.32 per cent (Rs 4.76 lakh crore) in 2015-16.
As per the latest Financial Stability Report by RBI, the Gross Non-Performing Assets ratio for public sector banks may go up to 10.1 per cent by March 2017 under the baseline scenario.
Many banks including Bank of India, Dena Bank, and Central Bank of India, reported losses for the quarter ended June 30, due to a sharp jump in provisions for NPAs on account of an asset quality review mandated by the RBI in December.
At the same time, a number of banks including the country's largest lender SBI witnessed a 78 per cent drop in consolidated profit to Rs 1,046 crore as against Rs 4,714 crore profit in the same quarter a year ago. Besides, Bank of Baroda, Andhra Bank and Union Bank of India among others posted massive decline in profit.
In a bid to shore up cash-strapped public sector banks, the government last month announced infusion of Rs 22,915 crore capital in 13 lenders including SBI and Indian Overseas Bank to revive loan growth that has hit a two-decade low.
This is the first tranche of capital infusion for the current fiscal and more funds would be provided in future depending on the performance of PSBs.
In all Rs 70,000 crore in capital is to be invested over four years to contain risks in the banking industry.
Besides, the meeting will take stock of various schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY).
Jaitley will also review the progress made with regard to Micro Units Development & Refinance Agency (MUDRA) and Stand Up India programme, the sources said.
What to expect from the new RBI Governor
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Some eight years ago when career bureaucrat D. Subbarao landed at the Reserve Bank headquarters, the financial stability of the country was in danger as the global financial meltdown had pushed many well-known global financial institutions into bankruptcy. Subbarao's successor - a globally renowned economist - Raghuram Rajan entered the scene when India witnessed one the worst currency crises as rupee value tumbled like nine pins. There is relatively more 'peace' in the market when new Reserve Bank Governor Urjit Patel is taking over as the 24th Governor. But Patel has challenges of an altogether different nature as he is presiding over RBI at a time when many of the earlier initiatives are either 'work in progress' or need nurturing.
Reduce friction between the government and the RBI
In the past eight years, the friction between the government and the RBI came out in the open when it came to growth projection and inflation. The two agreed to disagree on the objectives of maintaining low and stable inflation and supporting growth and employment in the economy. The government always has growth and employment as its prime objective. This view is often short term as there are political considerations. On the other hand, RBI looks at a long-term objective of having low and stable inflation, which is a prerequisite for sustainable high growth. With the governor's veto power gone, Patel will have a six-member committee to strike a balance between these objectives. Governor with additional two RBI members has a casting vote or a second vote in case of a tie. Many say the three members owing allegiance to the government would have growth and employment as the objective in mind before voting. Patel's tenure would be keenly watched in terms of how he steers the committee and achieves the twin objectives.
Oversee banking consolidation and mitigate the risk that comes with 'too big to fail'
The public sector banks (PSBs) are all set to change the banking landscape as the government is very keen to create half a dozen large banks by merging them. The first big merger of SBI and its five associate banks is already underway. The consolidation needs careful watch of the RBI as the PSB pack controls two-third of the banking business in terms of deposits and advances. There are huge integration challenges. In fact, the consolidation is kicking off at a time when the asset quality is deteriorating and banks have capital constraints to support growth in the economy. The new large entities would certainly create financial stability issues as they are not the best in terms of operational efficiency, profitability and new age digital banking.
Nurture new banking models
The new banking models - payments banks and small finance banks - are still in the drawing board stage. These banks are expected to be operational in the next one year. Imagine two dozen new banks making their debut in the market. They will definitely disrupt the market, but also create supervisory issues. The RBI itself was looking at these models as an experiment to see whether it helps in achieving financial inclusion and also less cash economy. Patel has a tough task ahead in managing this new set of banks.
Protect rupee value and also build foreign exchange reserves
There was a clamour in certain government circles for a weaker rupee value against the US dollar for protecting exports that were on decline for long. In fact, the exports have come in the positive zone, but a depreciating rupee is seen as giving a push to the 'Make in India' initiative. The argument put forward was the depreciation in the currencies of Brazil, China, South Korea, etc. Rajan shouted down the 'rupee depreciation' lobby by making a case for productivity gains rather than currency excuse for not being competitive. This lobby would again go after the new RBI governor.
Create a market for distress assets
Will bankruptcy code will be a game changer? There are a host of measures for asset reconstruction companies (ARCs), special debt restructuring (SDR) and sustainable structuring for stressed assets. These measures are not enough for restructuring a business. In fact, the government was suggesting setting up of a bad bank to take over stressed assets, but Rajan was against it. Patel has to tweak many of Rajan's initiatives after discussion with banks to make them workable.
Some eight years ago when career bureaucrat D. Subbarao landed at the Reserve Bank headquarters, the financial stability of the country was in danger as the global financial meltdown had pushed many well-known global financial institutions into bankruptcy. Subbarao's successor - a globally renowned economist - Raghuram Rajan entered the scene when India witnessed one the worst currency crises as rupee value tumbled like nine pins. There is relatively more 'peace' in the market when new Reserve Bank Governor Urjit Patel is taking over as the 24th Governor. But Patel has challenges of an altogether different nature as he is presiding over RBI at a time when many of the earlier initiatives are either 'work in progress' or need nurturing.
Reduce friction between the government and the RBI
In the past eight years, the friction between the government and the RBI came out in the open when it came to growth projection and inflation. The two agreed to disagree on the objectives of maintaining low and stable inflation and supporting growth and employment in the economy. The government always has growth and employment as its prime objective. This view is often short term as there are political considerations. On the other hand, RBI looks at a long-term objective of having low and stable inflation, which is a prerequisite for sustainable high growth. With the governor's veto power gone, Patel will have a six-member committee to strike a balance between these objectives. Governor with additional two RBI members has a casting vote or a second vote in case of a tie. Many say the three members owing allegiance to the government would have growth and employment as the objective in mind before voting. Patel's tenure would be keenly watched in terms of how he steers the committee and achieves the twin objectives.
Oversee banking consolidation and mitigate the risk that comes with 'too big to fail'
The public sector banks (PSBs) are all set to change the banking landscape as the government is very keen to create half a dozen large banks by merging them. The first big merger of SBI and its five associate banks is already underway. The consolidation needs careful watch of the RBI as the PSB pack controls two-third of the banking business in terms of deposits and advances. There are huge integration challenges. In fact, the consolidation is kicking off at a time when the asset quality is deteriorating and banks have capital constraints to support growth in the economy. The new large entities would certainly create financial stability issues as they are not the best in terms of operational efficiency, profitability and new age digital banking.
Nurture new banking models
The new banking models - payments banks and small finance banks - are still in the drawing board stage. These banks are expected to be operational in the next one year. Imagine two dozen new banks making their debut in the market. They will definitely disrupt the market, but also create supervisory issues. The RBI itself was looking at these models as an experiment to see whether it helps in achieving financial inclusion and also less cash economy. Patel has a tough task ahead in managing this new set of banks.
Protect rupee value and also build foreign exchange reserves
There was a clamour in certain government circles for a weaker rupee value against the US dollar for protecting exports that were on decline for long. In fact, the exports have come in the positive zone, but a depreciating rupee is seen as giving a push to the 'Make in India' initiative. The argument put forward was the depreciation in the currencies of Brazil, China, South Korea, etc. Rajan shouted down the 'rupee depreciation' lobby by making a case for productivity gains rather than currency excuse for not being competitive. This lobby would again go after the new RBI governor.
Create a market for distress assets
Will bankruptcy code will be a game changer? There are a host of measures for asset reconstruction companies (ARCs), special debt restructuring (SDR) and sustainable structuring for stressed assets. These measures are not enough for restructuring a business. In fact, the government was suggesting setting up of a bad bank to take over stressed assets, but Rajan was against it. Patel has to tweak many of Rajan's initiatives after discussion with banks to make them workable.
General Awareness
IOA President N. Ramachandran was awarded with the Olympic Order
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Indian Olympic Association (IOA) President N. Ramachandran was awarded the Olympic Order for his outstanding services to the Olympic movement.
Olympic Order Award :-
The Olympic Order is the highest award of the Olympic Movement and is awarded for particularly distinguished contributions to the Olympic Movement, i.e. recognition of efforts worthy of merit in the cause of sport.
- It was established in May 1975 by the International Olympic Committee as a successor to the Olympic Certificate. The Olympic Order originally had three grades (gold, silver and bronze), although the bronze grade fell dormant in 1984.
- Traditionally, the IOC bestows the Olympic Order upon the chief national organizer(s) at the closing ceremony of each respective Olympic Games.
- The insignia of the Olympic Order is in the form of a collar (or chain), in Gold, Silver or Bronze according to grade; the front of the chain depicts the five rings of the Olympic Movement, flanked on either side by kotinos emblem (olive wreath).
- A lapel badge, in the form of the five rings in Gold, Silver and Bronze according to grade, is presented to recipients to wear as appropriate.
- Nadia Comăneci is the only athlete to be awarded the Olympic Order twice (1984, 2004), as well as being its youngest ever recipient.
About N Ramachanran :
- Narayana Ramachandran is an Indian squash administrator who serves as current President of WSF (World Squash Federation). He was elected on 2008, succeeding Jahangir Khan.
- He is also, since the 9th of February 2014, thepresident of the Indian Olympic Association (IOA).
- He is the brother of the former Chairman of BCCI and ICC, N Srinivasan.
- Ramachandran was the President of theIndian Triathlon Federation, and later he was Secretary General of the Squash Rackets Federation of India. He made Chennai the “Squash Capital” of India.
- In 2001 he was elected as the President of the Asian Squash Federation and was re-elected to this position in 2005
- Ramachandran was appointed as an Associate Vice-President of the IOA in 2001 and elected a Vice-President in 2005
- In 2008, he was elected as the President of the World Squash Federation. In 2009, he was appointed as Patron of both the Asian Squash Federation and the Squash Rackets Federation of India
- Indian Olympic Association (IOA) President N. Ramachandran was awarded the Olympic Order for his outstanding services to the Olympic movement.Olympic Order Award :-The Olympic Order is the highest award of the Olympic Movement and is awarded for particularly distinguished contributions to the Olympic Movement, i.e. recognition of efforts worthy of merit in the cause of sport.
- It was established in May 1975 by the International Olympic Committee as a successor to the Olympic Certificate. The Olympic Order originally had three grades (gold, silver and bronze), although the bronze grade fell dormant in 1984.
- Traditionally, the IOC bestows the Olympic Order upon the chief national organizer(s) at the closing ceremony of each respective Olympic Games.
- The insignia of the Olympic Order is in the form of a collar (or chain), in Gold, Silver or Bronze according to grade; the front of the chain depicts the five rings of the Olympic Movement, flanked on either side by kotinos emblem (olive wreath).
- A lapel badge, in the form of the five rings in Gold, Silver and Bronze according to grade, is presented to recipients to wear as appropriate.
- Nadia Comăneci is the only athlete to be awarded the Olympic Order twice (1984, 2004), as well as being its youngest ever recipient.
About N Ramachanran :- Narayana Ramachandran is an Indian squash administrator who serves as current President of WSF (World Squash Federation). He was elected on 2008, succeeding Jahangir Khan.
- He is also, since the 9th of February 2014, thepresident of the Indian Olympic Association (IOA).
- He is the brother of the former Chairman of BCCI and ICC, N Srinivasan.
- Ramachandran was the President of theIndian Triathlon Federation, and later he was Secretary General of the Squash Rackets Federation of India. He made Chennai the “Squash Capital” of India.
- In 2001 he was elected as the President of the Asian Squash Federation and was re-elected to this position in 2005
- Ramachandran was appointed as an Associate Vice-President of the IOA in 2001 and elected a Vice-President in 2005
- In 2008, he was elected as the President of the World Squash Federation. In 2009, he was appointed as Patron of both the Asian Squash Federation and the Squash Rackets Federation of India
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