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Delhi returns to BJP Come elections, come advertisements... Put expensive assets created to use... Build close rapport with business leaders L&T- the specialty of special purpose vehicles A more liberated TN… Kinetic Karnataka A proud Madrasi This scant respect for Law Diamond jubilee of Egmore Samskrt School Tax agriculture Fortune 500 review WTO Meet: resolved to meet again All eyes on Sankara Nethralaya Varuna (rain) in 2015; Vaayu (air) in 2016. Chennai devastated More Shakthi to Das’ elbow Bihar – Nitish Kumar adopts the Lalu model Music happens No mega rail project for Tamil Nadu No Maha Koottani in TN... The power-full Hindujas London, London Narayan Shanti and Sadhana through Music More tributes to GR GM Technology at last! Tihar, Puzhal not different from Parappana Agrahara Valli, they are more marginalised Fortune for Indian Airlines Kudos to NDTV... Revive development banks... CII projects higher growth… Scientists urged to take up farmer-oriented research F C Kohli - his concerns all embracing Lalu’s envy, India’s pride A welcome initiative by the judiciary Reliance’s TV – 18 ready to launch Tamil News Channel When nations steal growth from one another… Where a state respects its litterateurs… The Gulf aviation boom CSR and CMI: promise of another Srinivasan Ramanujan... Not just in-laws (and outlaws); they’ve renowned academics at the helm! Tribute – Manikam Ramaswami Chennai and Kolkata miss opportunity to grow as Delhi and Mumbai Quality silica from Neyveli CRS, a jewel among managers, is no more. TGS- The king storyteller The rise and rise of KCP More Shakti to resource mobilisation... Boy, can you beat these? Permanent secretariat for TN GIM When the President was rendered homeless… Haul over the coal Breaththrough in malaria control IAS invades NDDB... Remembering Indira Sivasailam... Readers' Mail Another Indian music maestro at the UN Poor representation for Kerala and TN in Cabinet A Grand Finale for SN’s MS centenary at the US… Why this malaise in medical education? Towards speedy justice Solar thermal shines… Welcome changes that testify to Jayalalithaa’s return to health China invests in India Secularism and anti-Hinduism Building loyalty through the stomach Bihar elections - the Rajaji formula worked TN accounts for the largest recruits by the IT sector Paytm karo... Sweet news for TN sugar mills Should we change the official year? Demise of a media baron... Cleaning Ganga – relocate tanneries and install electric crematoria Return to king coal for urea... Banning booze... L&T: focus on infrastructure and more infrastructure… Tribute – UCAL Selvan… Road development slows down Modi and the lady Welcome thrust on trade in Modi’s foreign visits... Marketing expert Balagopal is no more A rich pool of talent not utilised…. Shipping woes of Chennai companies Polls and promises Dr C Rangarajan returns to Chennai Preserving for the future Discoms deserve better… Like Hinduism: many paths to reach God... No engine for this car Excel Generators provide the vital back-up Gas is the way forward Lesson from Chandrababu Naidu Focus on quality of power - its only around 170-180V Increasing non co-operation of state leaders Five star activism stalls development activity Strengthen the base... Solar, solar everywhere … Adapt Vajpayee dinner diplomacy The ‘Jayanthi Tax.’ TELANGANA at last…BUT Limit foreign borrowings to hi-tech, export potential projects... Silver Years of Madras Musings Tribute Odisha: spectacular win by Naveen Patnaik Which side are you, Montek? MHC should not return to its old indisciplined ways The Jan Dhan bonanza Online not in line with brick and mortar businesses... Noble nonagenarians... Revving up the manufacturing sector Naidu’s return augurs well for Seemandhra Gay abandon in pricing An informal presentation - analytical, forward locking... Things happen by accident and not by design... Muffled voices for merit… Measuring roof tops in terms of KW/MW Engineering seats go abegging Tatas moving out of urea production... Intellectual of rare qualities Air Asia India will set new benchmarks for budget travel Small units prefers to remain small... He saved millions from starvation... The star of Spencers is no more Computation of GDP – conundrums continue Tough task taking states together Making ‘my Amaravati’... When Ratan Tata visited SRM The Swadeshi Trump Contrarian cousins The ‘Ayyo-yes’ is no more Cutting the nose to spite the face Sweeter prospects for sugar Rs.1600 crore paper board plant of TNPL Godspeed, Chief Minister JJ A friendly business group Moily’s bold thrust Protest masters... The few handicaps... Tribute – M V Murugappan The why of tax incentives Telangana in top gear… There was flood of milk. Reason: no milk commissioner! Auto components surge… Medical costs hit the roof... Delhi Chalo... When small is no larger beautiful.. When online building permits work…. GNS - 100: our first subscriber Delhi is distant… An inexplicable neglect The balancing act IPL - no surprise this scam A glass full of corruption Recognition to role of NBFCs.... A yen for wastage… Padma Bhushan for A Ramakrishna Fuel for thought Eternal support for capitalisation of PS banks CIPET hqrs to stay at Guindy – for the present? Naidu will soon build a new Hyderabad Roaring Ro-Ro facility West Bengal: mindless malignancy Fall in crude prices help in oil sector reform Land reclamation from sea appears cheaper! He continues the focus on social amelioration Funding the un-funded Mersal magnified For whom the bell tolls? Welcome focus on core competence Liberal imports idling indigenous capacities The brown list of Venkitaramanan TN – agglomerate land holdings without alienating ownership TN-leverage strength of BHEL, NLC... The nuclear option Streamlining mandatory third party cover An enemy’s enemy is a friend Multi-faceted Venkat Editor's Says Convulsions in The Hindu Don’t seem to feel the pulse… Adharma of opposition politics New IT products of Ramco in the pipeline… EEC at the National Media Centre Of course, Gujarat is vibrant Cement prices continue to rise… Shale gas and its shallow future SoA @ 80 Align crops to agro climate endowments… Nuclear power at the nucleus Sri Lanka votes for change EVM is tamper-proof S V Raju – a ‘good’ true liberal Delhi is distant 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 Whistle-Stop Tour of Raghuram Rajan Airlines in India: cost and space PPP mode for upgrading Corporation Hospitals Shaming of Tamils by Tamil farmers at Delhi When TN politicians can emulate Kerala's Quality education through the PPP mode Vibrant Gujarat More heat than light A think tank for Chennai The rise and fall of Annamalai University The Ports’ Pasha expands into Tamil Nadu Parliament in paralysis... Wise Presidents Insurance companies bleeding, yet no decision on increasing FDI limit! A professional at the helm of IRDA... How Air-India loses customs... Editor's Notes Pharma – overdose of copying Waning interest in public discussions… …and of a popular trade leader Kulandai was a giant Tatas moving out of urea production... Where is Rajaji? R Sridhar steps down as CEO of Shriram Capital PC’s preference for professionals Inflation: are we emulating Argentina and Brazil? Colour-Chem’s colourful KRVS Rahman at CIC Robber barons everywhere Make standards certification mandatory... Plummeting profits of PSBs Welcome GST Poor quality of university VCs Mu Sigma – is no more Modi storms Silicon Valley Infrastructure funding – lessons learnt S Ramanathan – a versatile musician, musicologist A C Muthiah – his munificent bequeaths to science Wanted: a second airport for Chennai Russi Mody – a tribute For whom the MIDS bell tolls? B H Kothari - a tribute The sea- saw battle continues... Why land prices zoom in TN? Alexa – Talking Wikipedia IPL type auction for VCs? TIAM turns a full cycle ONGC at KG Basin Maximising the micro pricing … A Grand Finale for SN’s MS centenary at the US…
 
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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