There is clarity now that banks must be empowered to resolve the
relatively small number of bad loans that account for a big chunk of the total
in terms of value. In many cases, this would mean that banks write off a
portion of the loans owed to them.
Managements at PSBs have been reluctant to do so for fear of
inviting action from the Chief Vigilance Commissioner, the Comptroller and
Auditor General, the Central Bureau of Investigation and other bodies. To
stiffen their spine, we need to put in place an authority that will vet loan
settlement proposals put up to it. The BBB has constituted a two-person
oversight committee but reports suggest that the committee will not take a view
on write-offs. This is not helpful at all.
We need a larger oversight committee or, as the Finance Ministry
has proposed, multiple oversight committees to speedily vet loan write-offs. It
makes sense to constitute a Loan Resolution Authority by an Act of Parliament.
This must be complemented with other measures. Banks must
develop the discipline of keeping thorough minutes of the proceedings related
to resolution of bad loans. The rationale for particular decisions along with
the pros and cons must be properly articulated. This will serve to give bank
management a measure of protection.
The government must provide adequate capital to the banks to
cover write-offs and also facilitate fresh loan growth. It must end the delays
in appointing Chairmen and Managing Directors of various PSBs. It must also
revamp the boards of PSBs by bringing in independent directors of high quality.
The solutions should have been clear enough long back. It is the
misplaced condemnation of PSBs that has held up resolution of the bad loan
problem. Doing away with majority ownership of government, mergers, creation of
a bad bank — all these are non-starters. The way forward is to empower
management and strengthen governance at PSBs."
NAVAGRAHA STOTRAM* According to astrology, the positions of the nine planets in the twelve constellations of the zodiac and their movements are considered to be quite significant. The nine planets ‘Navagraha’ affect every aspect of human life. They play an important role in the activities, physical and mental health and life of any individual. The unfavorable positioning of any of these planets can be the cause of problems, bad health, and stagnation for many people. However, there is a solution to avoid the ill effects of the position and movement of the ‘Navagraha’ in our lives. Navagraha mantras (or stotram) are simple mantras which work as powerful healing tools to reduce the negative effects of any of the nine planets. These mantras are Hindu holy hymn addressing the nine planets. Benefits Of Navagraha Stotram And The Way to Practice The Navagraha Stotram is written b y Rishi Vyasa and is considered to be the peace mantra for the nine planets. They are powerful m
'His Masters Voice' (HMV) had once published a pamphlet giving the history of gramophone record. Gramophone was invented by Thomas Alva Edison in the 19th century. Edison, who had invented many other gadgets like electric light and the motion picture camera, had become a legend even in his own time. When he invented the gramophone record, which could record human voice for posterity, he wanted to record the voice of an eminent scholar on his first piece. For that he chose Prof. Max Muller of England (a German by ethnicity), another great personality of the 19th century. He wrote to Max Muller saying, “I want to meet you and record your voice. When should I come?” Max Muller who had great respect for Edison asked him to come on a suitable time when most of the scholars of the Europe would be gathering in England. Accordingly, Edison took a ship and went to England. He was introduced to the audience. All cheered Edison’s presence. Later
The beginning of the end of banking industry R K Talwar .....the Lion that scared the Rulers .....by N Vaghul................(Repeat Post) A Profile of Professional Courage R.K. Talwar was a highly respected banker who was the Chairman of State Bank of India from 1969 to 1976. He was removed from his office for his principled stand against an unjust and unethical interference by the Government in the functioning of the Bank. The government has to amend the laws in the parliament in order to get rid of Talwar, which became well known in banking circles as the “Talwar Amendment.” In this article, a close confidant of Talwar describes the episode, which can be an inspiring example of professional courage to young people. There was no doubt whatsoever that the Amendment was introduced with a single purpose of removing Talwar from the office of the Chairman, even though the bill was clothed in general terms and included several other provisions which were not quite significant. Wha