MUMBAI: The finance ministry has issued stern instructions to the heads
of state-owned banks not to send gifts to bureaucrats during the festival season, a traditional practice at Diwali, as it looks to clamp down on influence peddling and stem the damage caused by a recent corruption scandal.
Some insiders say the gifts are aimed at keeping officials happy, so that the bankers can get to know about personnel changes. The current system of top management appointments of state-owned banks is quite opaque.
Senior executives are often dependent on finance ministry officials for information on people movements, including their own promotions. "This is akey reasons that bankers often shower expensive gifts on government employees," said a retired bank chief who did not want to be named.
The letter from the finance ministry to bankers also reflects the Modi government's determination to clean up the system that's been rocked by corruption allegations in recent weeks. Some bankers said the arrest of Syndicate Bank chairman and managing director SK Jain by the Central Bureau of Investigation for allegedly taking bribes in return for enhancing credit limits may have led the government to send the message.
There are as many as 50-60 key government employees in the finance ministry alone and almost every chairman and managing director is in the habit of giving gifts during festivals. Most CMDs say this is merely a goodwill gesture.
"In fact, even large corporate houses give gifts to government employees. Instead of asking banks not to send gifts, they should ask government employees not to accept gifts," said a bank chief.
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BJP welcomes Modi's decision not to celebrate birthday
New Delhi: BJP welcomed Prime Minister Narendra Modi’s decision of not celebrating his birthday, and joined him in appealing to the countrymen to help the flood affected people of Jammu and Kashmir.
The party also hailed the initiatives taken by the central government in leading the flood relief operations in the state where lakhs of affected people have been evacuated and taken to safety after the floods.
Modi appealed to his friends and well-wishers not to celebrate his birthday and instead dedicate time and resources towards relief work in this hour of need for flood-ravaged Jammu and Kashmir.
BJP secretary Shrikant Sharma said the BJP-led NDA government has taken a number of initiatives for flood relief in the valley and added that the party will follow the directions of its president Amit Shah in helping the affected.
He said the party president has asked all MPs, MLAs and public representatives in the state to collect relief material and contribute in the rescue and relief operations.
Sharma said that the country should unite in helping in the rescue and relief operations.
Narendra Modi pulls up minister for gifts to journalists-Times of India
NEW DELHI: He is supposed to be among those who enjoy the trust of Prime Minister Narendra Modi because of his familiarity with complex policy matters and the ways of big business. That the PM likes this young minister is borne out by the importance of the portfolio he handles.However, that could not buffer him against Modi's displeasure for having deviated from the policy discouraging distribution of freebies. The minister has handed over gifts to journalists covering his ministry. Although the gifts were rather inexpensive and would have been politically kosher in earlier times, they failed to pass muster with the PM who recently acknowledged being a "hard task master".
Sources said the PM confronted the minister at the meeting of the Cabinet, rejected the explanation and made his displeasure known. "This is unacceptable," Modi is learnt to have said as he frowned upon the infringement of the "zero tolerance" policy he has laid down.
PM Narendra Modi calls off birthday celebrations, will meet Chinese President in Ahemdabad
New Delhi: Prime Minister Narendra Modi today appealed to
friends and well-wishers not to celebrate his birthday and instead dedicate time
and resources towards relief work in this hour of need for flood-ravaged Jammu and Kashmir.
Modi's appeal came amid plans to celebrate his birthday on September 17
across the country, including in Gujarat where he will be present that day. "I
am hearing from different places that friends & well-wishers are planning
various programmes and events for my birthday. My humble request - do not
celebrate my birthday.
Instead, dedicate yourselves towards relief work in Jammu and Kashmir
through your time and resources. The need of the hour is to stand shoulder to
shoulder with our sisters and brothers of Jammu and Kashmir," Modi said ahead of
his 64th birthday.
BJP workers had planned a celebration
for his birthday, they wanted to thank him for leading the party to a historic
victory but after Modi’s tweet the workers have dedicated themselves to the
accumulation of aid for the Jammu and Kashmir flood victims.
Modi is set to arrive in Ahmedabad on September 16, PM will reach the
Ahemdabad airport on Tuesday afternoon, this will be Narendra Modi’s first visit to Ahmedabad after taking
over PM’s post. Gujarat’s BJP government has planned a grand welcome to the
former CM of the state but after Modi’s tweet the celebrations will be toned
down.
Events planned for Modi’s birthday
Morning: Modi, who will be in Gujarat on September 17, will start
his day by taking blessings of his 95-year-old mother Hiraba following which
celebrations by state administration and BJP have been planned to mark his
birthday. PM will attend a welcome ceremony at Mahatma Temple. The state
government will then present the progress report of last 100 days. PM Narendra Modi will announce new schemes and policies
for the state.
Afternoon: On Wednesday, September 17, Chinese president Xi Jinping will visit Gujarat, before he lands in New Delhi. Prime Minister Narendra Modi will go to receive him. Modi will then conduct a meeting with the Chinese President and the delegation from China. PM will then visit Mahatma Mandir along with Xi Jinping.
Evening: PM Modi will visit Sabmarmati Riverfront with Chinese
President. Modi will also host a dinner for Xi Jinping at the riverfront after
which both the leaders will depart for Delhi.
Autonomy to public sector banks key to better credit appraisal
The finance ministry's missive to bankers to hone their skills of judging a borrower before writing a cheque is unexceptionable. After all, a banker is paid for making the judgement call.
It's relevant always, and particularly now, given the huge burden of bad loans on public sector banks (PSBs). Bankers should be extra alert in their credit appraisals, both in terms of granting new loans and monitoring loans sanctioned earlier.
Changes in credit appraisal norms are are due, indeed. However, the reality is that government ownership of banks does come in the way of viability of loan applications being assessed in a purely
professional manner.
Letting PSBs function as independent entities is the key to better credit appraisal. And that calls for systemic reform. RBI governor Raghuram Rajan rightly wants the government to stop meddling in banking decisions. It should give them full operational autonomy.
State ownership is fine, at ..
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