Page 40 - Banking Finance March 2019

ARTICLE

The issue of making public, names of large willful defaulters to government is perhaps easily solvable by constitution of
has been in news and the Information Commissioner has an independent committee which could go into the core
even expressed extreme displeasure at RBI blocking the issue in detail and recommend appropriate amendment in
information. It is rather painful to see small farmers and RBI Act that would completely eliminate the source of
small borrowers being treated so harshly by the banks when dispute between RBI and government. It is to be understood
names of big defaulters is being so strictly guarded from that RBI in itself is a part of government and the reserves
public gaze. The time is ripe to come out with names of kept with it only creates a better buffer for the government.
those willful defaulters.
The last word:
The government has asked RBI to give relaxations in PCA to
Robustness of democracy and respect for functional
the 11 PSU banks so that they could lend to MSMEs which
autonomy of the important statutory institution like central
are being starved of credit on account of liquidity crunch in bank is of paramount importance, the differences so arisen
the system while the SME (Micro and Small enterprise)
can be settled amicably through dialogue and in the best
sector is the catchment area for jobs, reviving power units
interest of the economy and public as well. It is also
will generate economic activity besides helping meet the important that the discussions, and ironing out of differences
promise of electricity for all. A subvention scheme in line with on various issues as well as finding the best middle path are
that of agricultural and housing sector may be need of the always done out of the public and media glare. Public
hour in SME sector as well.
sparring between the central government and the central
RBI's view is that PCA is ensuring that the 11 sick PSU banks bank is misinterpreted for quite some time. The government
are being monitored well in the ICU and their response is as well as RBI should come forward in tandem and ensure
satisfactory. Any dilution at this stage will adversely affect that functional growth engines are perfectly in order so that
their recovery. Already RBI board meeting has been the developmental catalyst reaches to a new height.
announced to discuss on these important issues and both
the institutions should take a constructive view on the issue. Reference:
RBI Site, Deccan Herald, Economic Times, other financial
The third point regarding release of surplus capital of RBI news.

FORM IV (SEE RULE 8)

1. Place Kolkata
2. Periodicity of Publication Monthly
3. Printer’s Name Satyajug Employees Co-operative Industrial
Society Ltd.
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 13, Prafulla Sarkar Street, Kolkata - 700 072
4. Publisher’s Name Sushil Kumar Agarwala
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
5. Editor’s Name CA Rakesh Agarwal
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 25/1, Baranashi Ghosh Street, P.S. Girish Park,
Kolkata - 700 007
6. Name and address of individuals who own the Sushil Kumar Agarwala
newspaper and partners or shareholders holding Proprietor
more than one percent of the total capital 31/1,Sadananda Road, P.S. Kalighat, Kolkata - 700 026

40 | 2019 | MARCH | BANKING FINANCE