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).

To Sonam Wangchuk: 'Will undertake 70 hour solidarity fast in Gujarat'

By Martin Macwan * Dear Colleague Sonam Wangchuk, I have never met you personally. I wrote a short article at the time of your arrest. Your work correctly introduces you. There is truth in your words. You have embarked on a fast, following the footsteps of Gandhiji. Your intention is to make people think. Your demand is reasonable; I believe that the resignation of a single education minister will not improve the state of education in India. However, the question you have raised is extremely important for the future generation of the marginalized. Education is the key to power, development, and progress, which empowers a citizen.

US civil society coalition slams Hudson Institute for hosting RSS leaders

By A Representative The Hudson Institute ’s “New India Conference,” held on April 23, featured senior figures from India’s ruling political ecosystem, including RSS General Secretary Dattatreya Hosabale and BJP foreign affairs head Vijay Chauthaiwale . The event also included U.S. officials and former diplomats such as Kurt Campbell, Kenneth Juster, and Nisha Biswal, alongside India’s Ambassador to the U.S., Vinay Kwatra.

Remembering Rampur ka Tiraha: State violence and the birth of Uttarakhand’s struggle

By Vidya Bhushan Rawat* In the turbulent political landscape of the early 1990s, India witnessed events that reshaped its social and regional equations. After the Babri Masjid demolition in 1992, Uttar Pradesh politics shifted dramatically, bringing the Samajwadi Party–Bahujan Samaj Party coalition to power in 1993 under Mulayam Singh Yadav. But the partnership was uneasy. Mulayam was never entirely comfortable playing the “Mandal card.” While Kanshi Ram and the BSP had consistently demanded the implementation of the Mandal Commission recommendations, Mulayam hesitated, wary of how the move might play out.

Counterview

Search This Blog