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A welcome sign for Indian banks
Dear Sir,
Indian Finance Minister Arun Jaitley has advised public sector Indian banks to constitute a committee to monitor non-performing assets (NPA) and appoint nodal officers to expedite their recovery. He has further instructed that write-offs should not be more than recovery.
The steps initiated are a welcome sign as they are expected to accelerate the pace of progress being achieved by Indian economy in the last few months.
Indian public sector banks’ NPAs have been consistently registering an alarming increase. To remove bottlenecks in the recovery process, an act of law has been passed by Indian parliament which came into force in 2013. While the finance minister’s clarion call to Indian public sector banks to “implement various instructions and adopt adequate safeguards in order to ensure that the banking activities undertaken by them are run on sound, prudent and profitable lines” is a welcome signal, it is for the government to extend a helping hand to these banks to give them a free hand, not to pressurise them to extend finance and loans under various schemes.
When a goal is set, the channels and the strategies to achieve it must be kept open by the finance ministry to enable Indian public sector banks to prove their mettle. Indian public sector banks, unlike new entrant players, have contributed in no small measure to the growth of the Indian economy and one wishes that this trend will continue.
V Kalyanaraman /(e-mail address supplied)
Shocking indictment
Dear Sir,
The battle for the heart and soul of the Syrian town of Kobane rages on. People there have faced horrors beyond belief in the last several months.
When blood is spilled, there are no actual winners, only pain. The failure to intervene at the right time is a shocking indictment, not just of the UN Security Council, but even more so of governments and individuals who could have prevented what was happening but chose not to do so.
Farouk Araie, farouk.araie@telkomsa.net
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