Is Bank of Baroda the Tip of the Iceberg or the Elephant in the Room?
Ranganathan V
09 June 2021 9
There is no finding the light at the end of the black hole
aka as public sector banks (PSBs). The mounting non-performing assets (NPAs) have been unyielding to any salutary solution and the government and the Reserve Bank of India (RBI) have practically thrown every known ammunition at the problem.
Starting with the asset quality review in 2015 when Dr Raghuram Rajan first recognised the extent of the problem bogging the banking system, to the prompt corrective action (PCA) of keeping 12 banks under watch, to bringing the insolvency process into motion under IBC (insolvency and bankruptcy code) and finally looking at privatising few of the banks, starting with two in the current year, there has been no lack of ideas and intent, but little in terms of demonstrated outcome.
Continuing with its tradition to disregard the Right to Information (RTI) Act, the Reserve Bank of India (RBI) once again failed to uphold the provisions of the Act by not sharing information on bank inspection reports. In fact,
On 10thApril,
The Times of India published a report to say that major banks, including State Bank of India (SBI), Bank of Baroda, Bank of India and HDFC Bank, had moved the Supreme Court (SC) of India to recall its six-year old judgement of 2015, which had ordered banks to provide certain information about their functioning under the Right to Information (RTI) Act. Banks and their expensive lawyers argued that “account holders may sue them for putting such details (client information) in the public domain” and that the order could be “misused for corporate rivalry” and affect the banking industry as a whole. Let’s examine how correct this claim is.
"All is Not Lost, Fight for Transparency Must Go On," says Adv Prashant Bhushan moneylife.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneylife.in Daily Mail and Mail on Sunday newspapers.
The Navratri pandal that was erected at Dahisar (east)
MUMBAI: Bombay high court has slammed BMC for granting permission during the Covid-19 pandemic to a Navratri pandal in Dahisar (East) for celebrations organised by former corporator Prakash Darekar and patronised by his brother Pravin Darekar, opposition leader of the Maharashtra Legislative Council.
A bench of Justices Shahrukh Kathawalla and Riyaz Chagla on Friday heard a petition filed by local resident Girish Mittal for direction to the R-North Ward to demolish it. The judges, in their order, said the pandal was put up for Navratri celebrations between October 17 and 20, 2020, and organised by Prakash Darekar, also president of Mumbai Housing Federation, under “guidance” from Pravin Darekar.