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Bank recapitalisation move positive, should have come earlier: Bimal Jalan
New Delhi, Nov 11 (IANS) In the backdrop of the government’s recent announcement of Rs 2.11 lakh-crore recapitalisation package for public sector banks (PSBs), former Reserve Bank of India (RBI) Governor Bimal Jalan on Saturday said the move was expected much earlier.
“Bank recapitalisation is a very positive move under the present circumstances. But why could not we as government get into it earlier than now,” Jalan said at the 2017-18 mid-year review of the Indian economy, organised here by the National Council of Applied Economic Research (NCAER).
He said the move should have come in 2014 itself and added that it was delayed by three years.
However, he lauded the efforts taken to improve the health of PSBs, saying “whatever action we have taken is very positive”.
Talking about the festering issue of non-performing assets (NPAs) or bad loans of public lenders, Jalan said the reason behind its rapid increase should be studied.
“As far as NPAs are concerned, as citizens of India what we have to figure out is why did it increase to 12 per cent. Normally NPAs are supposed to be 4-5 per cent,” he added.
According to Jalan, since the country has a majority government at the Centre, long-term reforms, difficult reforms, political reforms, economic reforms, governance reforms and public sector reforms are quite feasible now.
“What we need is administrative reform as well as political reform of very basic nature. Another issue is that of implementation which is undoubtedly the most important part. Do not only announce policy but also implement it,” he stressed.
He further noted that if India wanted to realise its full potential in the future, there were certain basic issues like these that needed to be tackled for medium and long term.
“We have to ensure timely action and implementation. Political leadership can monitor the progress of bureaucratic and administrative reforms,” Jalan 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
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.