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Goyal blames UPA for banking crisis, assures support to banks (Lead)

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New Delhi, May 17 (IANS) Union Finance Minister Piyush Goyal on Thursday laid the blame for the banking sector crisis on the previous UPA government and said the Narendra Modi government would not repeat the same mistakes.

He said that the Centre will provide every possible support to public sector banks and bring them back on track as quickly as possible.

Holding “indiscriminate lending of the past” responsible for the present distress in the banking sector, he said: “We will ensure that what happened to the banking system in earlier years — prior to 2014 — is never repeated in future.”

The remarks came after Goyal, who was given temporary charge of the Finance and Corporate Affairs Ministries until Arun Jaitley recovers from a kidney transplant operation, held a review meeting with the heads of public sector banks.

Goyal said Jaitley is “recovering very well” and that he had an opportunity to meet him on Wednesday to seek his advice on handling the ministry.

“He has given me some issues which, he believes, I should look into. I am following his guidance to ensure that for the short time that he remains indisposed, we can ensure that everything moves smoothly and ensure that we can quickly get the entire banking sector on its feet and shed the legacy that was inherited by this government in 2014,” Goyal told the media.

“I am very confident that with the diligent efforts of all my colleague bankers, lakhs of employees of the public sector banks and all stakeholders in the banking system, working in close cooperation and under the guidance of our regulator RBI, we will ensure a very orderly growth of the sector and the highest levels of probity and accountability that is expected of these banks,” Goyal said.

“We are very appreciative that finally, the Reserve Bank of India (RBI) is really ensuring proper banking supervision and is taking action against defaulters, something which I believe was not given the kind of serious attention that it deserved under the previous governments,” the Minister added.

Goyal said the heads of the 11 banks present in the meeting shared “some very good ideas” to get the banks — which are marred by frauds and bad debt — out of the crisis.

He said the banks, along with his Ministry, will prepare an action agenda on a case-to-case basis.

“I am extremely confident that the public sector banks will be able to overcome these legacy issues in a very short period of time and will be able to continue to serve the common man through more aggressive banking while maintaining the highest standards of ethics and integrity,” Goyal said.

The Central government will give every possible support to further strengthen the resolve of the public sector banks to come out of the Prompt Corrective Action framework as quickly as possible, he added.

The Minister said that during the meeting, the participants discussed how to maintain highest standards of transparency in the banking system and also the proposal for separation of risk management and lending so that risk assessment is given importance.

–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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