Decision to merge nationalised banks violates national law: Civil society seminar told

Prof Jayati Ghosh, Dr Thomas Franco, Sitaram Yechury

By A Representative
Is the Government of India decision to merge 10 nationalised banks without any legal basis? Speaking at a recent seminar organised by the Financial Accountability Network India (FANI), Dr Thomas Franco, former general secretary, All-India Bank Officers’ Confederation, said, “Bank merger is against the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, which stipulates that the consent from board and shareholders is mandatory.”
Several participants in the seminar accused the step as a move to bail out the "struggling corporates", even as pointing out that the Reserve Bank of India (RBI) decision to transfer Rs 1.76 lakh crore to the government as per the recommendations of the Bimal Jalan-led committee would on only "mess up with public finances."
Attended by representatives of civil society organisations, unions, students, teachers and concerned citizens, Sitaram Yechury, general secretary, CPI(M), told the seminar, “The transfer of RBI’s surplus to the government would destabilise RBI, make India vulnerable in an on-going global and domestic recession.” He added, the banks merger was done "at the behest of corporates, who have been demanding this to deal with one bank than the consortium of banks for the loans.”
Jayati Ghosh, professor of economics at the Jawaharlal Nehru University (JNU), asserted, “RBI’s autonomy died in November 2016 when the government declared demonetisation. The present government is the one without any accountability. The economic mess India is in also stems from this.” He added, "RBI’s money will go towards plugging in the holes created by the demonetisation and hastily implemented GST.”
Others who spoke on the occasion included Prof CP Chandrasekhar, professor of economics, JNU; Paranjoy Guha Thakurta, journalist and author; VK Tomar, secretary-general, National Confederation of Officers’ Associations of Central PSUs; and Purushottam Sharma, leader, CPI (ML).

Bihar’s land at ₹1 per acre for Adani sparks outrage, NAPM calls it crony capitalism

By A Representative The National Alliance of People’s Movements (NAPM) has strongly condemned the Bihar government’s decision to lease 1,050 acres of land in Pirpainti, Bhagalpur district, to Adani Power for a 2,400 MW coal-based thermal power project.

An open letter to PM: Before you forgive, ask for forgiveness

By Martin Macwan* Respected Prime Minister, The first step toward true forgiveness is asking for it, and it is out of respect for the Constitution that the title "Honourable" is used for the office of the Prime Minister. Every abuse is "dirty" because almost all abuse is uttered with the conscious intention of publicly humiliating a woman, much like the disrobing of Draupadi in the royal court. This includes remarks like "Jersey Cow," used at public meetings on the Gujarati land of Gandhi and Sardar; comparing a female MP's laughter in India's Parliament to "Surpanakha's laugh"; and using a vulgar address like "Didi O Didi" for a Chief Minister who holds a respected position in a democracy—along with every other such remark. In the 79-year history of independent India, you are better placed than anyone to say which Prime Minister has used such language against women.

Women's groups, feminists hail wrestlers' courage, vow to continue fight after Brij Bhushan acquittal

By A Representative In a powerful show of solidarity, more than 250 prominent feminists and members of women's organisations across India have condemned the acquittal of former BJP MP and ex-Wrestling Federation of India (WFI) president Brij Bhushan Sharan Singh in the high-profile sexual harassment case filed by six women wrestlers. The signatories have expressed unwavering support for the wrestlers who have waged a courageous legal battle for justice against formidable odds.

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