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Government hoping resolution on liquidity in RBI’s board meeting

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New Delhi, Nov 14 (IANS) The government hopes that the Reserve Bank of India (RBI) in its board meeting on November 19 will address the liquidity crisis that initially triggered a tiff between the government and the central bank, sources said.

“Liquidity is a concern and we expect to see some resolution on liquidity and credit- related issues at the next RBI board meeting,” a government source said on Wednesday.

There has been a liquidity crunch in the economy, particularly among non-banking finance companies (NBFCs), following a series of defaults by Infrastructure Leasing and Financial Services (IL&FS).

Though the central bank recently made some relaxations for the NBFCs and liberalised overseas borrowing norms for infrastructure companies, the government fears that the steps taken are not adequate and the credit squeeze may spill over to other sectors.

Further, discussions were going on with the central bank on the more complex issue of RBI’s economic capital framework, which will decide the amount of reserves to be maintained by the RBI while handing over the balance to the government, the source said.

“Discussions on economic capital framework between the government and the RBI is a work in progress and will continue,” he said.

Earlier, speculations about the government asking RBI for Rs 3.6 lakh crore from its reserves were dismissed by Economic Affairs Secretary Subhash Chandra Garg.

Last Thursday, Garg tweeted saying it was a “misinformed speculation” and that the country’s fiscal deficit target was on track. He had, however, added that the “only proposal under discussion is to fix appropriate economic capital framework of RBI.”

Even on October 31, the government, in its first statement after RBI Deputy Governor Viral Acharya flagged the issue of autonomy for RBI, said extensive consultations on several issues take place between the government and the RBI but are not made public.

“Only the final decisions taken are communicated. The government, through these consultations, places its assessment on issues and suggests possible solutions. The government will continue to do so,” it had said.

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

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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.

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