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RBI Governor called by parliamentary panel on May 17 (Second Lead)
New Delhi, April 17 (IANS) A parliamentary panel has called RBI Governor Urjit Patel on May 17 to answer queries on banking frauds and the powers that the central bank needs for better regulation of public sector banks (PSBs).
Sources said the decision was taken at a meeting of the Standing Committee on Finance, headed by Congress’ M. Veerappa Moily.
“The Reserve Bank of India (RBI) Governor has been invited to attend the meeting on May 17,” a source said.
Last month, Patel said the RBI’s regulatory powers over PSBs were weaker than those over the private sector banks.
His remarks came in the wake of bank frauds including that of over Rs 13,500 crore at the Punjab National Bank (PNB).
According to the sources, the parliamentary panel would ask the RBI Governor questions about the frauds and better regulation.
The panel members also made several queries about the banking sector to Financial Services Secretary Rajiv Kumar.
Sources said some members also referred to reports of cash crunch in different parts of the country.
Finance Ministry officials answered some queries and sought three weeks to file replies to the others.
Sources said Insolvency and Bankruptcy Board of India Chairman M.S. Sahoo was also present.
The committee discussed banking frauds in both public and private sector banks. The PNB fraud was discussed with special reference to fugitive jeweller Nirav Modi.
Sources said BJP member Nishikant Dubey said that RBI had failed to discharge its role in preventing bank frauds and has sought changes in the Reserve Bank of India Act 1934 to fix responsibility in such cases.
Sources said some opposition members asked if middle-level officials were the only ones responsible for the PNB fraud and if it was a systemic failure. They said in the frauds surfacing in the banking sector, there were mistakes which were being repeated.
A member asked about the pace of corrective measures implemented in the wake of the frauds and what more needs to be done.
The panel members also raised queries about the controversy over conflict of interest in the Rs 3,250 crore loan given by the ICICI Bank to the Videocon Group in 2012. The controlling shareholder of Videocon Group co-founded a separate company with the spouse of ICICI’s CEO Chanda Kochhar. A significant portion of the loan has since become non-performing.
Former Prime Minister Manmohan Singh was among the panel members present.
Another source said the panel discussed the situation in the banking sector and the way ahead with questions about the non-performing assets, Insolvency and Bankruptcy Code and auditing standards.
“It was more of a questioning meeting,” the source 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.