Connect with us

Top News

Government has no role in appointing PSB heads: Official

Published

on

New Delhi, April 6 (IANS) In wake of RBI Governor Urjit Patel’s remark that the central bank has limited powers over state-run banks, the government on Friday said the RBI’s powers derive from the law and that the state has no independent role in public sector bank (PSB) appointments.

“The RBI’s powers derive from the RBI Act itself,” Financial Services Secretary Rajiv Kumar said at CNBC-TV18 India Business Leader Awards event here.

He said that the government has “no say” in PSB appointments and the whole process is carried out on the “arms length” principle.

“As far as public sector banks are concerned, the government always makes the appointments through outsourcing to the Banks Board Bureau. The government has no say, it is done absolutely arms length.

“All appointments go through the RBI for approval..it is an absolutely fair system of appointment.”

“The government wants nothing to do with appointments in PSU banks. It places a premium only on merit and integrity,” he added.

Tasked to improve the governance of PSBs, the Banks Board Bureau is an autonomous body recommend selection of heads of government-owned banks and financial institutions and includes the Financial Services Secretary and RBI Deputy Governor as its members.

Patel on Thursday had told reporters in Mumbai that there is an “asymmetry” in the Reserve Bank of India’s powers between the government and private banks, following earlier criticism of the regulator on account of the recent Rs 13,000 crore fraud on Punjab National Bank (PNB) by accused diamantaire Nirav Modi and his uncle Mehul Choksi.

At the RBI’s monetary policy review briefing in Mumbai on Thursday, RBI Deputy Governor N.S Vishwanathan had sought amendments to the Banking Regulations Act “to correct the legal asymmetry”.

“The Governor has said the non-neutrality of RBI’s powers comes from the provisions of the BR Act. That needs to be changed. The Governor has made the bank’s position on this very clear,” he said.

In Gandhinagar last month, Patel had said the RBI faced limitations like the inability to remove directors or management, supersede the board, force a merger, remove the chairman or even revoke the licence of a state-run bank.

–IANS
bc/vd

Continue Reading

Top News

Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

Published

on

By

World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

Continue Reading

Trending