National
Compulsion of 30% deposits in government securities a burden on banking sector: Reddy
New Delhi, Nov 25 (IANS) Former Reserve Bank of India Governor Y.V. Reddy on Saturday said the major problem of the Indian banking sector is the burden of investing 25-30 per cent of its deposits in government securities.
“The real problem for the banking sector in India is that 25-30 per cent of its deposits must be invested in government securities. Nowhere in the world is that much of burden put,” said Reddy in an interactive session at the Times Delhi Lit Fest 2017 held here.
“Second, there are other obligations as well. So you have to look at the totality of the system. But as far as few non-performing assets (NPAs) are concerned, NPA becomes a problem when the tax payer has to pay.”
Giving an insight into the problem of NPAs, Reddy explained that NPAs do not mean that the money has been robbed from the bank.
“NPAs do not mean that somebody is stealing the money. If there are NPAs in ICICI Bank, or HDFC Bank, that NPAs losses have to be borne by the shareholders,” he said.
Quoting his autobiography ‘Advice & Dissent: My Life in Public Service’, Reddy said NPAs are a bigger problem due to lack of proper provisions for collecting the lent-out money in the country’s legal system.
“NPAs is a big issue because the lender is not able to collect the money from the borrower. That is the big problem. As I have explained in my book, in India the legal system is such that the borrower repays out of moral compulsion,” Reddy asserted.
“Legally, there is no way in which the bank can collect the money, till recently. But the good thing is that the insolvency code has come. Number of fundamental things have happened (in the banking sector).”
–IANS
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National
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.