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No rift with government over public debt agency: RBI

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Mumbai: Reserve Bank of India (RBI) deputy governor S.S. Mundra on Monday said there were no differences with the government over setting up an agency for raising public debt.

Finance Minister Arun Jaitley had on Sunday denied any rift with RBI governor Raghuram Rajan on this issue.

“We have been telling there are no differences. Where is the question of sorting out,” Mundra told reporters here when asked if all the differences between the government and the RBI on setting up of a Public Debt Management Agency (PDMA) have been sorted out.

“There is no disconnect,” Jaitley had told reporters in New Delhi after addressing the Reserve Bank’s board of directors on Sunday.

Rajan on Sunday advocated keeping the proposed public debt agency independent of the government as well as the RBI to ensure fiscal discipline.

“Public Debt Management Agency as a professional organisation, independent of the central bank and government, is something that is desirable,” he told reporters.

Rajan said: “Such an independent structure puts some discipline on the government debt process and also frees regulation of the need to create some sort of financial impression”.

The RBI currently oversees public debt management.

Jaitley, in his first full budget last month, proposed setting up of a PDMA with the aim of minimising the cost of raising and servicing public debt over the long term within an acceptable level of risk at all times, under the general superintendence of the central government.

As per the Budget 2015-16 proposal, the new agency will have a CEO and members from the government and the RBI.

As per the Finance Bill 2015-16, the central government will entrust the PDMA with the issue of government securities including short-term papers.

The agency will be responsible for making payments to holders of government securities, in accordance with the terms of such government securities, it said.

Lauding the move, Rajan said: “So I think as a concept and enabling that concept is a very worthwhile move.”

The government’s net borrowings through long-term bonds were pegged at Rs.453,000 crore in the current fiscal.

For 2015-16, the budgeted target for borrowings was Rs.600,000 crore, but the government will raise only Rs.592,000 crore from the markets.

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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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