No regulatory easing for financial sector post covid-19: RBI Governor

Agencies
August 27, 2020

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New Delhi, Aug 27: Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that after containment of spread of the novel Coronavirus, the financial sector will have to return to its normal operations on their own and without regulatory relaxations.

Addressing an online event, Das described the RBI's response to the situation arising out of the pandemic as "unprecedented" and said that the measures taken by the central bank are intended to deal with the specific situation of Covid and it cannot be "permanent".

"Post containment of Covid-19,... a very careful trajectory needs to be followed for orderly unwinding of the various counter-cyclical measures taken by the RBI and the financial sector should return to normal functioning without relying on the regulatory relaxations and other measures as the new norm," he said.

Calling for reforms in the banking sector, Das said that despite several reforms in the banking sector since its nationalisation, lot more needs to be done.

He was of the view that with change in time, the nature of reforms needs to be reconfigured.

"The current steps towards consolidation of public sector banks in line with the Narasimham Committee recommendation is a step in the right direction. Indian banks this way can reap the benefits of scale and become partners in the newer business opportunities across the globe," said the RBI Governor.

Larger and more efficient banks, both in public and private sectors, can compete shoulder to shoulder with the global banks to get a decent space in the global value chains, he added.

He noted that in recent years, the business landscape of banks has undergone significant change and now banks need to look out for "sunrise" sectors while supporting those which have the potential to bounce back, citing the example of prospective business opportunities in the rural sector which remain unexplored despite efforts to support it.

"They need to look at start-ups, renewables, logistics, value chains and other such potential areas. The banking sector has a responsible role to play not only as a facilitator of growth of the economy but also to earn its own bread," Das said.

According to him, a complete relook at the business strategy and orientation by the banks is the immediate need of the hour.

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News Network
December 22,2024

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Prime Minister Narendra Modi was on Sunday awarded Kuwait's highest honour ‘The Order of Mubarak Al Kabeer’. It is the 20th international award bestowed upon him by a country.

‘The Order of Mubarak Al Kabeer’ is a knighthood order of Kuwait. It is awarded to Heads of State and foreign Sovereigns and members of foreign royal families in sign of friendship.

“I am honoured to be conferred the Mubarak Al-Kabeer Order by His Highness the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al Sabah. I dedicate this honour to the people of India and to the strong friendship between India and Kuwait,” PM Modi posted on X.

It has been previously awarded to foreign leaders like Bill Clinton, Prince Charles and George Bush.

Last month, PM Modi was conferred with the highest national award of Guyana, 'The Order of Excellence' during his visit to nation.

“I express my heartfelt gratitude to my friend President Irfaan Ali for conferring upon me Guyana's highest award. This is a living proof of your deep commitment to our relations which will continue to inspire us to move forward in every field,” PM Modi had said.

The prime minister was also conferred the "Dominica Award of Honour" by President Sylvanie Burton of Dominica.

"Honoured to be conferred with highest national award by Dominica. I dedicate it to the 140 crore people of India," Modi said in a post on X.

Guard of Honour 

The prime minister received a grand ceremonial welcome in Kuwait during his state visit to the Gulf nation. He was accorded a ceremonial guard of honour at the Bayan Palace, Kuwait. The Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al Sabah also present during the ceremony.

The details of the meeting were also shared by the Spokesperson of the Ministry of External Affairs on X. "A special welcome on historic visit! PM @narendramodi arrives at the Bayan Palace in Kuwait to a ceremonial welcome and Guard of Honour. Warmly received by HH Sheikh Ahmed Abdullah Al-Ahmed Al-Sabah, PM of Kuwait. Extensive talks with HH the Amir, Crown Prince and PM of Kuwait lie ahead."

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News Network
December 28,2024

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New Delhi: The mortal remains of former prime minister Manmohan Singh were consigned to flames at the Nigambodh Ghat here on Saturday amid the chanting of religious hymns.

The funeral pyre was lit by his eldest daughter Upinder Singh. Sikh priests, family members of former PM Manmohan Singh recite verses from Gurbani before his last rites.

The last rites were performed in the presence of President Droupadi Murmu, Vice President Jagdeep Dhankhar and Prime Minister Narendra Modi, among other top leaders and foreign dignitaries.

Top leaders, including foreign dignitaries, on Saturday paid their last respects to former prime minister Manmohan Singh at Delhi's Nigambodh Ghat.

King of Bhutan Jigme Khesar Namgyel Wangchuck and Mauritius Foreign Minister Dhananjay Ramful were among the foreign dignitaries to paid tributes to Singh.

Besides President Murmu and Prime Minister Modi, Defence Minister Rajnath Singh, Home Minister Amit Shah, Lok Sabha Speaker Om Birla, Rajya Sabha Chairman Jagdeep Dhankhar, and Leaders of Opposition Mallikarjun Kharge and Rahul Gandhi were among the top leaders who paid their last tributes to the former prime minister at the crematorium.

Chief of Defence Staff General Anil Chauhan, and the three services chiefs also paid their last respects to Singh.

Draped in the Tricolour, the flower-bedecked casket was placed at a raised platform, where leaders cutting across party lines laid wreaths on Singh's mortal remains.

India's relations with several key countries, including Bhutan and Mauritius, saw a significant upswing during Singh's prime ministership.

President Droupadi Murmu, Vice President Jagdeep Dhankhar, Prime Minister Narendra Modi and several Union ministers also paid their last respects to Singh at Nigambodh Ghat.funeral of ex-PM Manmohan Singh.

Earlier, the final journey of Singh began from the AICC headquarters on Saturday morning after Congress leaders paid homage to their departed leader.

The flower-bedecked vehicle carrying the mortal remains of Singh left the Congress headquarters in a procession amid chants of "Manmohan Singh amar rahe".

A large number of Congress workers and leaders along with hundreds of Singh's well-wishers walked along as "Jab tak suraj chand rahega, tab tak tera naam rahega" slogans rent the air.

Former Congress chief and Leader of Opposition in Lok Sabha, Rahul Gandhi, also accompanied the procession alongside Singh's relatives.

Singh's mortal remains were taken to the AICC headquarters from his residence on 3, Motilal Nehru Road a little before 9 AM.

The mortal remains were kept inside the AICC headquarters for about an hour, with several top leaders of the Congress, including Mallikarjun Kharge, Sonia Gandhi and Rahul Gandhi, paying their last respects, among others.

Singh's wife Gursharan Kaur and one of his daughters also laid a wreath on his body and paid their last respects.

Former Rajasthan chief minister Ashok Gehlot, Congress MP Sukhjinder Singh Randhawa and several ex-Union ministers were among those who paid tributes to the former PM.

Congress general secretaries K C Venugopal and Priyanka Gandhi Vadra, Karnataka Chief Minister Siddaramaiah and his deputy D K Shivakumar, and Himachal Pradesh Chief Minister Sukhwinder Singh Sukhu were also there.

Meanwhile, the funeral preparations were given final touches at the Nigambodh Ghat where the last rites of former the prime minister would be performed at 11.45 am with full state honours.

In light of the state funeral, traffic officials have issued advisory implementing key diversions and restrictions in place from 7 am to 3 pm across the city.

Singh passed away on Thursday night at Delhi's All India Institute of Medical Sciences due to age-related medical complications. He was 92.

Considered the architect of India's economic reforms, Singh served as the prime minister for 10 years between 2004 and 2014.

A seven-day national mourning is being observed throughout the country as a mark of respect to the former prime minister during which the national flag will be flown at half-mast across the nation, the Union Home Ministry has announced.

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News Network
December 16,2024

The Supreme Court on Monday while hearing a petition against the stand of Karnataka High Court's view that shouting 'Jai Sriram' inside a mosque was not an offence, sought the stand of the State of Karnataka in the matter.

A bench of Justices Pankaj Mithal and Sandeep Mehta was hearing the matter.

"Alright, they were shouting a particular religious slogan. How is that an offence?" Justice Mehta asked, as bench posted the matter for January 2025.

The bench asked if the accused persons had been identified. Kamat replied that CCT visuals had been collected and the police identified the accused persons, as recorded in the remand report. The bench asked if merely spotting the accused near the mosque would mean that they shouted the slogans.

"Are you able to identify the actual accused? What material you have brought?" the Court asked. Kamat clarified that he was only representing the complainant (caretaker of the mosque) and it is for the police to conduct the investigation and collect the evidence. The FIR need only give information about the offence and need not be an 'encyclopedia' containing all evidence, he added.

This comes after a petition was filed in the Supreme Court questioning the Karnataka High Court's order of September 13, 2024 which quashed an FIR lodged against two men for raising the 'Jai Shri Ram' slogan within mosque premises.

The high court's single judge bench of Justice M Nagaprasanna had said, "It is ununderstandable as to how if someone shouts 'Jai Shri Ram' it would outrage the religious feeling of any class, when the complainant himself states that Hindu - Muslims are living in harmony in the area".

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