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Friday, March 11, 2016

Exploitation Of Of Public Sector Banks

08-March-2016 16:50 IST

Public Interest Litigation , PIL has been filed against Mr. P Chidambram on issue associated with change of affidavit in Ishrat Jahan case. Now Mr. Chidambram has to face judicial scrutiny . He has cheated this country on all fronts. He had changed affidavit in Isharat Jahan case and forced CBI director to act as per his whims to support Muslim fundamentalist and malign HIndus for vote bank.

Mr. Chidmabram as Finance Minister or as Home Minister in UPA government damaged PSU banks and  has promoted a culture of flattery and bribery. Mr. Chidambram  had  forced many officials of many banks  to lend money to business houses of his choice. He  promoted loan mela culture and  loan waiver culture in PSU banks to protect evil officials and evil borrowers of bank. He had  promoted a culture of window dressing in PSU banks It is he who had  appointed ED and CMD in banks as per his whims and fancies and caused a great loss to PSU banks. It is he who played foul game with good officers and supported terrorists and shamelessly sacrificed the interest of India's safety and security , unity and integrity taking support of deaf and dumb PM Mr. Manmohan singh.

Now I think , many more officials of his tenure and of UPA govrnment will come forward to tell the truth of Congress Party to this great nation . People of India will very soon realise that a decade long UPA rule under the ladership of Manmohan Singh proved disastrous for this country , socially, culturally and financially .

Congress Party government under leadership of MMS and PC put pressure on CBI, Judiciary, banks, insurance companies, PSUs , all administrative and executive officials to force them to dance as per dictates of High Command of Congress Party. They served their self, their family and their High Comand at the cost of our lovely country. 

Enforcement Directorate is also likely to expose Mr. Chidrambram how he misued power to accumulate wealth in name of his son, his family and his friends and how he misused PSU banks to lend money to kith and kins of his friends and relatives.

Now when Congress Party is out of power and when Mr. Narendra Modi Prime Minister of India is in power, retired officials and old guards of the party are accepting what wrong they committed during UPA rule. Many senior officials of that period and leaders of Congress Party have accepted the fraud of UPA government in their books. 

Similarly many retired bank officials should now come forward to tell the nation how they under pressure of Ministry of Finance used their authority to lend money to unscrupulous business houses compromising with bank's norms for lending .They may help in discovering reasons behind present sickness of PSU banks and how they lost money in write off and bad lending.

 I am surprised that some of media men are still advocating support for Congress Party. Print media like Times groups has been exerting all pressure and usibg all possible tools to malign Modi and declare Congress Party leaders or AAP leaders as true Hero. Similar is the position of some TV channels and their anchors and promoters who are organising debates in such a way which malign Modi and glorify anti-national elements and those who caused loss to Nation.

But people of India will gradually understand the ground reality and very soon TV channels like NDTV, AAJtak, ABP and print media like Indian Express, Times of India and Economic Times will lose their popularity and viewers of their channel and readers of such newspaper will discard them. 

Role of media must also be subjected to judicial hearing and judicial scrutiny to expose evil minds of journalists serving some of TV channels and print media

Ishrat case: Congress directed Chidambaram to target Modi, says BJP -Hindustan Times-2nd March 2016

Enough suspicious circumstances have arisen from the statements of the Home Secretary, confirmed by the then under secretary that the decision was taken by Mr Chidambaram by bypassing them by changing the complete complexion (of the case).

“There was a consistent campaign against Mr Modi that he needs to be framed, Amit Shah needs to be framed by hook or by crook. And the entire government machinery was abused. BJP demands that the government of India investigate this. We are demanding that a fair inquiry be done on the entire flip flop on the Ishrat Jahan case,”


Chidambaram never consulted me before revising the affidavit: Pillai-Business Standard
Former home secretary G.K. Pillai on Tuesday asserted that former finance minister P. Chidambaram never consulted him before revising the second affidavit in the Ishrat Jahan case.
Speaking in a telephonic conversation with ANI, Pillai said that it was surprising to see that the minister, who is competent to revise the affidavit, was taking cover behind the home secretary

Chidambaram in Double Trouble Over Son's Deeds and Ishrat's Past-Indian Exprress-02.03.2016

Former Union home minister P Chidambaram faces fire from two flanks with another Ministry of Home Affairs (MHA) official confirming that a court affidavit was altered at the boss' behest in the Ishrat Jahan encounter case, and AIADMK MPs targeting him for his son Kathi's role in the Aircel-Maxis deal.
The revelation that the Ishrat Jahan affidavit was altered by Chidambaram himself was confirmed by former under-secretary for internal security in the MHA R V S Mani on Tuesday. It was first made by former home secretary G K Pilllai and owned by Chidambaram himself.

PSU Banks Responsible for NPAs, Not Govt: FM--Outlook  16.12.2013
Blaming "tardy" state-run banks for high level of non-performing assets, Finance Minister P Chidambaram today said banks' boards and not the government should be held responsible for the situation.

Supreme Court to hear plea against P Chidambaram on Ishrat Jahan
Read more at:

ED and Income Tax department raid firms linked to Karti Chidambaram-IBN news
The Enforcement Directorate and Income Tax department on Tuesday raided firms linked to former Union Minister P Chidambaram's son Karti Chidambaram in Chennai.

The raids were conducted by the agencies on Vasan Eye Care and Advantage Strategic, a company that is also involved in the Aircel-Maxis deal.

पी चिदम्बरम के बेटे के ठिकाने पर ईडी का छापा
प्रवर्तन निदेशालय (ईडी) ने कांग्रेस के वरिष्ठ नेता और पूर्व वित्त मंत्री पी. चिदम्बरम के बेटे के ठिकाने पर छापा मारा. छापेमारी पर प्रतिक्रिया जताते हुए चिदम्बरम के बेटे कीर्ती चिदम्बरम ने मीडिया को बताया कि मेरा और मेरे परिवार के सदस्यों का जिन फर्मों का जिक्र किया गया है, उससे कुछ भी लेना-देना नहीं है. उन्होंने कहा कि ED टीम का मेरे ऑफिस आकर छापेमारी का कोई औचित्य नहीं बनता है.

Paternity Leave to Bank Employees
Grant of Paternity Leave to bank employees has been accepted under the 10th Wage Negotiation Settlement signed between Indian Banks’ Association (IBA) and the Unions/Associations of employees.

Male employees with less than two surviving children shall be eligible for 15 days paternity leave during his wife’s confinement and may be availed upto 15 days before or upto 6 months from the date of delivery of the child.

This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.
08-March-2016 17:45 IST
Investigation of Corporate Frauds by SFIO

To investigate corporate frauds of serious and complex nature the Government has set up a Serious Fraud Investigation Office (SFIO). The SFIO established vide Government of India’s Resolution No. 45011/16/2003-Admn-I dated 02-07-2003, has been notified under sub-section (1) of Section 211 of the Companies Act, 2013, vide Government of India, Gazette Notification S.O. 2005(E) dated 21.07.2015.

            Details of investigations completed and prosecutions/petitions in Company Law Board filed (including in respect of investigations completed in earlier years) by SFIO during the period of last three years and the current year (up to 31-12-2015), are as under:

Number of investigations completed
Prosecutions filed
(up to 31-12-2015)
The nature of frauds detected involve:-

(i)         Falsification of financial statements through inflated sales, overstatement of assets and understatement of liabilities;
(ii)        Collection of deposits by companies under the guise of real estate, chit fund, etc. by alluring small investors with astronomical returns within short time without meeting the promises;
(iii)       Fraudulent transactions;
(iv)       Manipulation through related party transactions;
(v)        Siphoning off and diversion of funds generated through various sources.

Government has taken a number of measures to curb and prevent corporate frauds, which include;

(i)           Declaring ‘Fraud’ as a substantive offence has been introduced in the Companies Act, 2013.

(ii)         Statutory status to the Serious Fraud Investigation Office has been granted under the Companies Act, 2013.

(iii)       Stricter norms of Corporate Governance and their implementation under the Companies Act, 2013.

(iv)       Increasing application of technology for early detection of frauds through data analysis, surveillance and usage of forensic tools, etc.

This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha today.

08-March-2016 17:43 IST
Carry Forward of Unspent CSR Funds
The Ministry of Corporate Affairs in its circular dated 12th January 2016, has clarified that, the Board of the Company is free to decide whether any unspent amount from out of the minimum required CSR expenditure is to be carried forward to the next year. This provision is uniformly applicable to all CSR eligible companies including Public Sector Undertaking (PSUs).

This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha today

08-March-2016 16:51 IST
ATM Transactions

            As per present guidelines of Reserve Bank of India (RBI), from November 1, 2014, banks are mandated to offer minimum five free transactions per month in own bank ATMs and three in other bank ATMs in six metro centres (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad). In non-metro centres, minimum five free transactions per month in own bank ATMs and five in other bank ATMs are mandated. Banks are free to offer free transactions above the mandated limit specified by RBI.

            As on 24th February, 2016, Department of Posts (DoP) has installed 550 ATMs out of a target of 1000 ATMs in various parts of the country.

            As on 31.12.2015, Scheduled Commercial Banks (SCBs) have 193434 ATMs across the country, out of which 33249 ATMs are in Rural Centres and 51925 in semi-urban centres. In order to expand the reach of ATMs in Tier III centres (population between 20,000 to 49,999) to Tier VI centre (population less than 5000), RBI has permitted non-bank entities incorporated in India. Three different schemes are available to such While Label ATM operators for setting of While Label ATMs (WLAs), which incentivize setting up of WLAs in Tier III to Tier VI centres, details of which are available in RBI Circular No. DPSS.CO.PD.No. 2298. 10.002.2011-2012 dated 20.6.2012 available on RBI’s website (https://rbi.org.in). as on 31.2.2015, 11706 WLAs have been set up.

This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.

08-March-2016 16:49 IST
Online Selling of Products by Public Sector Insurance Companies
As per the information furnished by Insurance Regulatory and Development Authority of India (IRDAI), the price of insurance products sold online through the Insurance Company’s website, without any intervention of agent or intermediary, is lower in comparison to the offline version because no commission is payable in such cases. The cost of online products sold by the insurers gets reduced by the amount of savings due to non-payment of commission on such products. However, any system establishment expenses, expenses related to call centre to assist online customers etc., get added to the price of such products. Hence, the prices may vary when the products are sold through online and offline.

The online payment system of insurance companies are functioning properly and regularly and no instances have come to the notice of the Authority

This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.

08-March-2016 17:32 IST
Unclaimed Investment Funds
The details of assessment made by the Government regarding quantum of unclaimed investment funds at the end of the financial year 2015-16 can be assessed only after filing of financial statements ending 31.03.2016 by companies with the Registrar of Companies (RoC). In accordance with the provisions of section 137 of the Companies Act, 2013, such financial statement as at 31.3.2016 is required to be filed by company duly adopted at their Annual General Meeting (AGM), with RoC within thirty days of the holding the AGM. Such AGMs have to be held latest by 30th September, 2016 and such financial statements have to be filed by 30th October, 2016. Therefore, this information is not available with the Ministry.

As per provisions of Section 205A(5) of the Companies Act, 1956, the unpaid dividend accounts of the companies which remain unclaimed/unpaid for a period of 7 years are mandatorily required to be transferred to the Investor Education and Protection Fund (IEPF). Failure to do so will attract penalties as provided in Section 205A(8) of the Companies Act, 1956. The corresponding provision of Section 124 (7) of the Companies Act, 2013 which lays down the penal provisions for non-compliance of transfer of unpaid/unclaimed dividend on expiry of 7 years to IEPF, is yet to be notified.

Unclaimed and unpaid amount of Rs. 1273.66 Crore (approx.) has been transferred to IEPF after the expiry of the mandatory period of seven years, for the period from 2001-02 to 2015-16 (upto 26.02.2016).

This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today

03-March-2016 16:19 IST
Two days’ “Retreat for Banks and Financial Institutions” called “GYAN SANGAM” to be held in State Bank Academy, Gurgaon on 4th and 5th March, 2016; Retreat to take forward the Government’s commitment to Reforms in the Banking and Financial Sector

Two days’ “Retreat for Banks and Financial Institutions” called ज्ञान संगम “Gyan Sangam”would at held on 4th and 5th March, 2016 at State Bank Academy, Gurgaon (Haryana.).  The Opening Address will be made by the Minister of State for Finance, Shri Jayant Sinha on March 4, 2016 which will be followed by the Key Note Address by the Governor, Reserve Bank of India, Dr. Raghuram Rajan. This is second Gyan Sangam. First one was held last year in January, 2015 at Pune. Participants in this Bankers’ Retreat include Ms Anjuli Chib Duggal,, Secretary, Department of Financial Services (DFS), Regulators, Officers of the Ministry of Finance, top Management of all Public Sector Banks (PSBs), Insurance Companies and Financial Institutions (FIs).

This retreat has been held to take forward the Government’s commitment to reforms in the banking and financial sector.  The growth and change in the financial sector ought to be in tune with the development in the real sector.

The idea of organising such a retreat is to provide an informal academic environment, which can bring out the creative best of the minds of professionals and regulators.   

The Chief Executives of these organisations, from their years of experience in the business, have many ideas about the reforms in banking sector. The objective of this Retreat is to arrive at a common understanding among the professionals, Regulators and the Government on the reform, required in the Public sector Banks (PSBs) in the current economic situations.
Two days programme is annexed.

The participants have been divided into five Working Groups. The Groups have been formed keeping in view the outcomes related to access, efficiency, stability, profitability/value creation. Working Groups include one each on Restructuring,(M/A), NPA Management and Recovery, Technology, digital and Financial Inclusion, Credit Growth and Risk Management.

These Groups would hold discussions and finalise their reports and present them before the Finance Minister Shri Arun Jaitley on second day,5th March, 2016.

The two-day conference will end with a Press Conference on March 5, 2016.

Reservation in Promotion
The instructions issued by Department of Personnel & Training provide for reservation in promotion to persons belonging to Scheduled Castes (SCs) and Scheduled Tribes (STs) in posts in the Central Government upto the lowest rung of Group 'A'. These instructions are also being implemented by Central Public Sector Undertakings, wherever reservation in promotion is applicable.

The Supreme Court in its judgment dated 19.10.2006 in the matter of M. Nagaraj & Others vs. Union of India and Ors., while upholding the validity of some of the Constitutional Amendments, observed that the concerned State will have to show in each case the existence of compelling reasons, namely, backwardness, inadequacy of representation and overall efficiency of administration before providing reservation in promotion. In order to provide impediment free reservation in promotion to SCs and STs, the Constitution (One Hundred and Seventeenth Amendment) Bill, 2012 was introduced in Rajya Sabha in September, 2012. The Bill was passed by the Rajya Sabha on 17.12.2012 and transmitted to the Lok Sabha for consideration and passing. The Bill could not be considered in the Lok Sabha and lapsed on the dissolution of 15th Lok Sabha. The issues emanating from the Supreme Court judgment in M. Nagaraj case are under examination.

This was stated by Minister of State for Personnel, Public Grievances and Pensions and Minister of State in the PMO Dr. Jitendra Singh in a written reply to a question by Shri Kaushal Kishore in the Lok Sabha today.

Monitoring of Grievances

The total number of grievances received on the online Centralized Public Grievance Redress and Monitoring System(CPGRAMS) in respect of Central Government Ministries/ Departments during the last four years are as under:-

No. of Grievances received

The increase is due to a number of citizen friendly measures taken by the Government particularly integration of Prime Minister Office Public Grievances Redress Mechanism with CPGRAMS, launch of a Mobile App through which grievances can be lodged on CPGRAMS through android based Mobile phones, integration of Common Services Centre portal with the CPGRAMS and also higher expectations of the citizens from the Government.

Instructions have been issued by the Department of Administrative Reforms and Public Grievances to Secretaries of all the Ministries/Departments to accord top level priority to the redress of grievances by including monitoring of grievance pendency as an agenda item in review meetings in their Ministries/Departments and to make it clear to all concerned dealing with public grievances that unwarranted delays in redressing grievances would be viewed seriously. To enable effective monitoring of grievances at Secretary level, an electronic Dashboard has been created showing the consolidated status of grievances disposed and pending on CPGRAMS for which the user IDs and passwords have been duly provided to all the Secretaries of Central Ministries/Departments. Secretaries of all the Departments having substantial public dealing have been advised to personally examine at least 10 grievances every week and upload the report on e samiksha portal of Cabinet Secretariat.

Some of the other important steps taken by the Department of Administrative Reforms and Public Grievances for expeditions and effective disposal of public grievances include : a Grievance Analysis Study of the top 20 grievance receiving Ministries/Departments/Organisations for identifying the major grievances , root cause analysis and systemic reforms for reducing the grievances and regular review meetings in the Department of Administrative Reforms and Public Grievances for monitoring the pendency of public grievances.

This was stated by Minister of State in the Personnel, Public Grievances and pensions and Dr. Jitendra Singh in a written reply to a question by Kunwar Haribansh Singh, Dr. Sunil Baliram Gaikwad, Shri Sudheer Gupta, Shri S.R. Vijayakumar, Dr. J. Jayavardhan, Shri Gajanan Kirtikar, Dr. Kirit P. Solanki, Shri Ashok Shankarrao Chavan and Shri Bidyut Baran Mahato in Lok Sabha today.

03-March-2016 18:39 IST
Abolition of Interview for Group C and D Services
The Central Government has decided to dispense with the interview for all Group C (including Group D) and non-gazetted Group B category in Central Government by 31.12.2015.

Accordingly, instructions have been issued to the Staff Selection Commission mandated with the recruitment of mainly Group B (Non-Gazetted) and Group C (Non-technical) posts in the Central Ministries/Departments to discontinue the interview in all mandated recruitments commencing from 1.1.2016.

SSC has already issued a notification for Combined Graduate Level Examination (CGLE) 2016 for recruitment of various Group B and Group C Posts in the Central Ministries/Departments/ Attached and Subordinate Offices, and notification of Sub-inspectors in Delhi Police, Central Armed Para-military Forces (CAPFs) and Assistant Sub-inspectors in Central Industrial Security Force (CISF) Examination 2016, in which interview has been dispensed with.

If a Department/Ministry considers interview absolutely necessary for any specific posts, then clearance of Department of Personnel & Training is necessary.

This was stated by the Minister of State for Personnel, Public Grievances and Pensions and Minister of State in Prime Minister’s office Dr. Jitendra Singh in written reply to a question by Shri Prabhat Jha in the Rajya Sabha today.

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