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Roaring Ro-Ro facility Welcome GST Solar, solar everywhere … Alexa – Talking Wikipedia Making ‘my Amaravati’... Tough task taking states together Fall in crude prices help in oil sector reform Gay abandon in pricing Delhi is distant… No engine for this car Sweeter prospects for sugar Moily’s bold thrust Tribute – Manikam Ramaswami A welcome initiative by the judiciary Chennai and Kolkata miss opportunity to grow as Delhi and Mumbai TIAM turns a full cycle Where a state respects its litterateurs… Poor representation for Kerala and TN in Cabinet The Ports’ Pasha expands into Tamil Nadu S V Raju – a ‘good’ true liberal He continues the focus on social amelioration Maximising the micro pricing … The rise and rise of KCP PC’s preference for professionals Robber barons everywhere Breaththrough in malaria control Editor's Notes Gas is the way forward Editor's Says Put expensive assets created to use... Modi and the lady Shipping woes of Chennai companies Tihar, Puzhal not different from Parappana Agrahara TN accounts for the largest recruits by the IT sector Tatas moving out of urea production... Bihar elections - the Rajaji formula worked Solar thermal shines… A think tank for Chennai Bihar – Nitish Kumar adopts the Lalu model Preserving for the future Poor quality of university VCs Pharma – overdose of copying Sri Lanka votes for change Shanti and Sadhana through Music More Shakthi to Das’ elbow Naidu will soon build a new Hyderabad More Shakti to resource mobilisation... A yen for wastage… Build close rapport with business leaders All eyes on Sankara Nethralaya Secularism and anti-Hinduism How Air-India loses customs... Air Asia India will set new benchmarks for budget travel IPL type auction for VCs? Funding the un-funded IPL - no surprise this scam Eternal support for capitalisation of PS banks to the lack of interest on the part of these to focus on original research. This despite the much lower costs of such research in India. The industry which thrived on the protection of a closed economy and the advantage of a vast domestic market, has failed to organise its evolution on healthy lines Noble nonagenarians... The nuclear option Intellectual of rare qualities When Ratan Tata visited SRM Modi storms Silicon Valley Insurance companies bleeding, yet no decision on increasing FDI limit! A proud Madrasi Delhi Chalo... Building loyalty through the stomach Convulsions in The Hindu The ‘Jayanthi Tax.’ IAS invades NDDB... R Sridhar steps down as CEO of Shriram Capital When nations steal growth from one another… Small units prefers to remain small... Permanent secretariat for TN GIM The star of Spencers is no more A Grand Finale for SN’s MS centenary at the US… Banning booze... TGS- The king storyteller GM Technology at last! No Maha Koottani in TN... 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Fuel for thought The ‘Ayyo-yes’ is no more When online building permits work…. Dr C Rangarajan returns to Chennai Like Hinduism: many paths to reach God... This scant respect for Law For whom the bell tolls? GNS - 100: our first subscriber Streamlining mandatory third party cover L&T- the specialty of special purpose vehicles TELANGANA at last…BUT Where is Rajaji? Why land prices zoom in TN? Tribute – UCAL Selvan… Polls and promises Excel Generators provide the vital back-up Limit foreign borrowings to hi-tech, export potential projects... Wanted: a second airport for Chennai Measuring roof tops in terms of KW/MW Contrarian cousins Padma Bhushan for A Ramakrishna TN – agglomerate land holdings without alienating ownership Parliament in paralysis... An inexplicable neglect …and of a popular trade leader Align crops to agro climate endowments… WTO Meet: resolved to meet again Liberal imports idling indigenous capacities China invests in India The few handicaps... 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Cutting the nose to spite the face Mu Sigma – is no more Mersal magnified No mega rail project for Tamil Nadu Tax agriculture The Swadeshi Trump The sea- saw battle continues... Odisha: spectacular win by Naveen Patnaik Remembering Indira Sivasailam... When TN politicians can emulate Kerala's Recognition to role of NBFCs.... Whistle-Stop Tour of Raghuram Rajan Adapt Vajpayee dinner diplomacy Telangana in top gear… The power-full Hindujas Tatas moving out of urea production... EEC at the National Media Centre Focus on quality of power - its only around 170-180V Make standards certification mandatory... Plummeting profits of PSBs Airlines in India: cost and space There was flood of milk. Reason: no milk commissioner! The Gulf aviation boom F C Kohli - his concerns all embracing Music happens Tribute Delhi returns to BJP Another Indian music maestro at the UN Medical costs hit the roof... He saved millions from starvation... Lesson from Chandrababu Naidu Infrastructure funding – lessons learnt
 
Readers' Mail
“It’s Raghuram Rajan’s duty to set right the financial position of banks. Evidently he didn’t,” says lawyer C Ramakrishna.

Senior advocate of the Madras High Court,C Ramakrishna (CR), has varied interests. These range from taking up intricate legal issues before the Court, to experiments in horticulture, to poverty eradication and to economic and judicial issues. In recent mails, he has referred to the huge loss suffered by the Punjab National Bank and wonders whether the regulator RBI had not discharged its function effectively: “what was the position of the banks when Raghuram Rajan took charge as Governor of RBI? I think it is his duty to set right the financial position of banks. Evidently, he didn’t. Otherwise it should not have seen this level of loss.”

From Dr. Subramanian Swamy to several others, there are complaints about Rajan’s stewardship of RBI. I notice a facile attempt to blame the RBI for the sluggish economic growth and inadequate job creation too! These are in the domain of the fiscal administrators in Delhi and also caused by systemic deficiencies that have not been attended for long.

Bad loans of banks are largely the result of government’s profligacy, especially of finance ministers P Chidambaram and Pranab Mukherjee, who opted to go for massive borrowings, hoping to prime the economy. The UPA II government announced massive projects for the infrastructure sector - mining, ports, power, roads, transport… without proper linkages of raw materials, tight construction schedules through timely clearances and adequate funding.  Dozens of companies plunged into projects without detailed preparation and plans. Government, keen to show development through spending and with its control over the PS banks, breezily advised the banks to lend large. These landed the public sector banks in serious crisis. N Vaghul provides a lucid explanation of this (IE March 2016).

IE has also pointed to the banks going for settlement of hundreds of loans taken by corporate borrowers at heavy discounts, often on pressure from higher ups to the bank boards.

To be fair to Rajan, through the last three years he has brought about a dramatic, welcome drop in inflation. He took a bold and extremely tough decision to clean the balance sheets of banks by directing them to report honestly the extent of non-performing assets and for making adequate provisions. It was thus that the public sector banks and the SBI, have been showing depressing balance sheets. Thanks to Rajan there is a hope on more scrupulous administration.

There is also a welcome reform related to appointment of chairmen and CEOs of PSBs: the induction of reputed professional bankers as CEOs and renowned professionals of proven merit as non-executive chairmen is also a help in  banks sprucing up their functioning.


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