Wednesday, December 18, 2013

Lokpal just the beginning, more anti-corruption bills coming up: Rahul Gandhi

Rahul Gandhi. PTI image


FP 13 mts ago

New Delhi: Congress vice president Rahul Gandhi Wednesday said there were more anti-corruption bills "in the pipeline that need to be passed".
Speaking to media persons outside parliament after the Lokpal and Lokayukta Bill, 2011, which provides for formation of an anti-graft ombudsman, was passed, Gandhi said more bills were needed to curb corruption.
"We need more bills and we have the framework. Congress party has bills in the pipeline that need to be passed," said Gandhi.
"We've had big success with the Lokpal bill, we had the RTI (Right to Information) earlier," he added.
The Lokpal bill was passed by the Lok Sabha Wednesday and by the Rajya Sabha Tuesday.
IANS


Anna is the winner, Kejriwal the whiner

LS passes Lokpal Bill: Why Anna is the winner, Kejriwal the whiner
FP Akshaya Mishra 8 mins ago

The irony is hard to miss. Arvind Kejriwal and his band of firebrand activists dug the Lokpal matter out of near oblivion to transform it into a serious national issue. They made Anna Hazare the mascot of their movement and around his innocent and honest appeal erected a movement powerful enough to send the entire political class cowering. With immense goodwill from the streets, the media and elsewhere, they took the establishment head-on, rendering it helpless. They ensured, through obstinate posturing, that the Lokpal was not going to be manipulated the way the government wanted it.
Before the movement imploded and lost momentum, Anna had become as central to it as India Against Corruption. If Anna was the symbol, Kejriwal and his comrades were the substance of the anti-corruption crusade that shook the nation’s collective conscience two years ago.
But Team Kejriwal failed to acknowledge the change. How things shift! Now, as Parliament finally readies to clear the bill, the latter suddenly appears out of place, and is out of the frame. Anna Hazare looks set to take all the credit and the nation’s gratitude for the passage of the bill.
It’s likely that despite their intense struggle for the institution of Lokpal, Kejriwal and his team will be seen as losers and perennial whiners; as a bunch of inflexible people incapable of listening to the other view and making pragmatic compromises for the sake of a noble cause.
For the record, his team still calls the government’s Lokpal Bill ‘Jokepal’ and finds absolutely no merit in it while Anna and his group of activists have found the bill satisfactory. Now that the bill has been cleared in Parliament, it is seen as Anna’s bill as having received the endorsement of the House, not Kejriwal’s.
The end result: Anna climbs in public perception while Kejriwal shrinks. It might be counterproductive to his politics too.
His political journey as the fearless, incorruptible leader of a brave, new political outfit has been a charm so far. He still enjoys high credibility among the masses and the classes. He is still considered a breath of refreshing air in the putrid world of politics. But what if the Lokpal credit is snatched away from him? It could have serious consequences.
For one, once the Lokpall Bill is made into an Act, there’s no reason why other political parties would be respectful to him or his outfit.
Anna will be the toast of the nation, and will be hailed as the statesman-philosopher-doer. His haloed status could possibly drive Kejriwal and his group to irrelevance. Expect the latter to be scathing on the bill now, but they are likely to find few takers. For a party which has put all its eggs in one basket – the Aam Aadmi Party has not spoken on any other issue beyond Lokpal so far – it is a complex problem.
Now that AAP is isolated on this particular issue, its political rivals will pounce on it. Surely, they were waiting eagerly for the bill to pass to do just that.
Once Anna and his group perch themselves on the moral high ground, projecting themselves as the most important civil society voice in the country, they can easily occupy the rebel-reformist space occupied by the Kejriwal group. They can come up with ideas for change and the government and parties would be happy to do business with them since they are more amenable to reason. The irony in the entire situation is that Kejriwal is now in direct competition with Anna and he stands to lose everything if plays his cards wrong.
The fact that he has launched a political party now and is part of the political circus makes him a smaller threat to other politicians. He is no more the voice of the apolitical civil society – Anna has taken over that credit - thus he could be handled politically.
How Kejriwal positions himself post the passage of the Lokpal Bill would be interesting to note.

BEYND 2013 :Hope is not dead , it is just larger than our imaginationsits ,purpose extending for beyond our comprehension

hope is not deadit is just larger than our imaginationsits purpose extending for beyond our comprehension hope quote hope is not deadit is just larger than our imaginationsits purpose extending for beyond our comprehension hope quote

Clean up: RBI outlines action plan to tackle bad debts

Raghuram Rajan. AFP
FP : Dec 18,2013
The Reserve Bank of India, on Tuesday, outlined a corrective  plan to minimise rising non-performing assets (NPAs) or bad loans, which include incentivising early identification of problem cases, timely restructuring of accounts that  are considered to be viable, and taking prompt steps by banks for recovery or sale of unviable accounts.
The central bank  has proposed rules to help banks recover bad debts, including stricter treatment of delinquent corporate borrowers, in an effort to ease the financial stress on banks as the economy slows.

The RBI also proposed reforming how debts are restructured. The changes would help banks to work more closely and make future borrowing expensive for companies that do not cooperate with lenders.


The apex bank outlined the proposals in a discussion paper, released on Tuesday, on early recognition of financial distress, prompt steps for resolution and fair recovery for lenders.
Concern over banks' bad loans has been growing among policymakers in recent months, as economic growth over the past fiscal year subsided to its slowest pace in a decade.
Stressed loans in India - those categorised as bad and restructured - total $100 billion, or about 10 per cent of all loans. Fitch Ratings expects that to rise to 15 per cent by March 2016.
A large chunk of the bad loans are so-called "wilful" defaults, which is symptomatic of what critics say is a loose loan culture. They keep struggling companies in business but crowd out other borrowers and leave taxpayers on the hook to re-capitalise state banks.
In an attempt to curb such cases, RBI on Tuesday proposed transferring the holdings of company founders to a security trustee until the company is turned around, making it easier to change management.
If the founders cannot bring in more money or find a way to repay some of their loans, the lenders would be able to explore bringing other investors into the company.
"It will definitely improve our financial system, the quality of our disclosures and due diligence," C V R. Rajendran, chairman and managing director of state-run Andhra Bank told Reuters. "A major thing to watch out is change of management control. If that happens it will be a gamechanger."
The apex bank will create a database of directors on the boards of companies classified as "non-cooperative borrowers" for dissemination to lenders, it said.
The RBI also proposed leveraged buyouts for specialised entities to acquire "stressed companies". It also said sector-specific companies and private equity firms may be allowed to play an active role in the market for stressed assets.
The apex bank has invited comments on its discussion paper by January 1.
The discussion paper states that banks will have to furnish details of any account where they have an exposure of R5 crore and above for building the repository.
Additionally, they will have to submit current account details of customers with oustanding balance of Rs 1 crore and above. RBI officials explained that the idea is to ensure all banks can access information about borrowers who resort to multiple banking. In case an account is classified as a stressed asset, with repayment due for more than 60 days, by one or more lending banks or non-banking finance companies (NBFCs), they will be required to form a joint lender’s forum (JLF), which will look at formation of an action plan for resolution of the case.
Agencies