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CSR and CMI: promise of another Srinivasan Ramanujan... Mersal magnified Delhi is distant Airlines in India: cost and space Alexa – Talking Wikipedia Adapt Vajpayee dinner diplomacy Shaming of Tamils by Tamil farmers at Delhi New IT products of Ramco in the pipeline… IAS invades NDDB... Modi storms Silicon Valley Fall in crude prices help in oil sector reform Things happen by accident and not by design... Shanti and Sadhana through Music Contrarian cousins A friendly business group Colour-Chem’s colourful KRVS No engine for this car Haul over the coal F C Kohli - his concerns all embracing Delhi returns to BJP S V Raju – a ‘good’ true liberal He continues the focus on social amelioration Readers' Mail The few handicaps... Where is Rajaji? Boy, can you beat these? MHC should not return to its old indisciplined ways Cutting the nose to spite the face Maximising the micro pricing … Tihar, Puzhal not different from Parappana Agrahara Remembering Indira Sivasailam... Nuclear power at the nucleus Tribute – M V Murugappan Poor quality of university VCs More Shakthi to Das’ elbow Recognition to role of NBFCs.... Kinetic Karnataka Russi Mody – a tribute The rise and fall of Annamalai University More heat than light Varuna (rain) in 2015; Vaayu (air) in 2016. Chennai devastated CRS, a jewel among managers, is no more. Eternal support for capitalisation of PS banks Which side are you, Montek? Sweeter prospects for sugar The why of tax incentives GM Technology at last! Road development slows down Small units prefers to remain small... Protest masters... Computation of GDP – conundrums continue Shipping woes of Chennai companies Noble nonagenarians... Naidu will soon build a new Hyderabad An enemy’s enemy is a friend The ‘Jayanthi Tax.’ to the lack of interest on the part of these to focus on original research. This despite the much lower costs of such research in India. The industry which thrived on the protection of a closed economy and the advantage of a vast domestic market, has failed to organise its evolution on healthy lines Parliament in paralysis... A professional at the helm of IRDA... B H Kothari - a tribute TELANGANA at last…BUT Dr C Rangarajan returns to Chennai A glass full of corruption Inflation: are we emulating Argentina and Brazil? Infrastructure funding – lessons learnt Music happens Liberal imports idling indigenous capacities Tough task taking states together Don’t seem to feel the pulse… CIPET hqrs to stay at Guindy – for the present? Poor representation for Kerala and TN in Cabinet Solar thermal shines… Fortune for Indian Airlines Align crops to agro climate endowments… The balancing act Roaring Ro-Ro facility Welcome thrust on trade in Modi’s foreign visits... Mu Sigma – is no more A think tank for Chennai Wanted: a second airport for Chennai Tatas moving out of urea production... Solar, solar everywhere … Naidu’s return augurs well for Seemandhra The ‘Ayyo-yes’ is no more An informal presentation - analytical, forward locking... Banning booze... When Ratan Tata visited SRM Increasing non co-operation of state leaders Odisha: spectacular win by Naveen Patnaik More tributes to GR Five star activism stalls development activity The star of Spencers is no more Delhi is distant… Funding the un-funded Why land prices zoom in TN? Robber barons everywhere GNS - 100: our first subscriber Secularism and anti-Hinduism L&T: focus on infrastructure and more infrastructure… Not just in-laws (and outlaws); they’ve renowned academics at the helm! Tribute – UCAL Selvan… IPL - no surprise this scam How Air-India loses customs... When nations steal growth from one another… Modi and the lady Vibrant Gujarat Reliance’s TV – 18 ready to launch Tamil News Channel Sweet news for TN sugar mills Demise of a media baron... The Gulf aviation boom Gas is the way forward Welcome changes that testify to Jayalalithaa’s return to health PPP mode for upgrading Corporation Hospitals The rise and rise of KCP Return to king coal for urea... Welcome GST More Shakti to resource mobilisation... Tatas moving out of urea production... Telangana in top gear… Gay abandon in pricing TN – agglomerate land holdings without alienating ownership Whistle-Stop Tour of Raghuram Rajan The nuclear option Medical costs hit the roof... Delhi Chalo... Permanent secretariat for TN GIM Waning interest in public discussions… Convulsions in The Hindu Bihar – Nitish Kumar adopts the Lalu model Measuring roof tops in terms of KW/MW The Swadeshi Trump Quality silica from Neyveli PC’s preference for professionals A Grand Finale for SN’s MS centenary at the US… Valli, they are more marginalised West Bengal: mindless malignancy For whom the bell tolls? No Maha Koottani in TN... Air Asia India will set new benchmarks for budget travel Welcome focus on core competence Bihar elections - the Rajaji formula worked Cleaning Ganga – relocate tanneries and install electric crematoria Lalu’s envy, India’s pride When small is no larger beautiful.. Excel Generators provide the vital back-up Chennai and Kolkata miss opportunity to grow as Delhi and Mumbai The power-full Hindujas …and of a popular trade leader R Sridhar steps down as CEO of Shriram Capital The sea- saw battle continues... Tax agriculture Online not in line with brick and mortar businesses... TN accounts for the largest recruits by the IT sector Plummeting profits of PSBs There was flood of milk. Reason: no milk commissioner! Making ‘my Amaravati’... Come elections, come advertisements... Lesson from Chandrababu Naidu Cement prices continue to rise… IPL type auction for VCs? The brown list of Venkitaramanan A proud Madrasi S Ramanathan – a versatile musician, musicologist Land reclamation from sea appears cheaper! Kudos to NDTV... China invests in India Limit foreign borrowings to hi-tech, export potential projects... Quality education through the PPP mode Tribute Fortune 500 review Rahman at CIC Polls and promises An inexplicable neglect Revive development banks... Godspeed, Chief Minister JJ Scientists urged to take up farmer-oriented research Make standards certification mandatory... The Ports’ Pasha expands into Tamil Nadu Preserving for the future CII projects higher growth… Another Indian music maestro at the UN Where a state respects its litterateurs… Muffled voices for merit… Marketing expert Balagopal is no more Building loyalty through the stomach Streamlining mandatory third party cover WTO Meet: resolved to meet again Intellectual of rare qualities The Jan Dhan bonanza A Grand Finale for SN’s MS centenary at the US… Silver Years of Madras Musings He saved millions from starvation... Adharma of opposition politics No mega rail project for Tamil Nadu Moily’s bold thrust When online building permits work…. EVM is tamper-proof Breaththrough in malaria control L&T- the specialty of special purpose vehicles Build close rapport with business leaders Editor's Says A rich pool of talent not utilised…. For whom the MIDS bell tolls? This scant respect for Law TN-leverage strength of BHEL, NLC... ONGC at KG Basin Shale gas and its shallow future Pharma – overdose of copying Fuel for thought Strengthen the base... Sri Lanka votes for change Auto components surge… Kulandai was a giant Multi-faceted Venkat Put expensive assets created to use... Editor's Notes A yen for wastage… Should we change the official year? Insurance companies bleeding, yet no decision on increasing FDI limit! TIAM turns a full cycle EEC at the National Media Centre Padma Bhushan for A Ramakrishna When TN politicians can emulate Kerala's Why this malaise in medical education? Of course, Gujarat is vibrant Wise Presidents When the President was rendered homeless… Rs.1600 crore paper board plant of TNPL London, London Narayan Discoms deserve better… Like Hinduism: many paths to reach God... Engineering seats go abegging Towards speedy justice All eyes on Sankara Nethralaya Revving up the manufacturing sector SoA @ 80 Paytm karo... Diamond jubilee of Egmore Samskrt School Focus on quality of power - its only around 170-180V A more liberated TN… A welcome initiative by the judiciary A C Muthiah – his munificent bequeaths to science TGS- The king storyteller Tribute – Manikam Ramaswami
 
Readers' Mail
“It’s Raghuram Rajan’s duty to set right the financial position of banks. Evidently he didn’t,” says lawyer C Ramakrishna.

Senior advocate of the Madras High Court,C Ramakrishna (CR), has varied interests. These range from taking up intricate legal issues before the Court, to experiments in horticulture, to poverty eradication and to economic and judicial issues. In recent mails, he has referred to the huge loss suffered by the Punjab National Bank and wonders whether the regulator RBI had not discharged its function effectively: “what was the position of the banks when Raghuram Rajan took charge as Governor of RBI? I think it is his duty to set right the financial position of banks. Evidently, he didn’t. Otherwise it should not have seen this level of loss.”

From Dr. Subramanian Swamy to several others, there are complaints about Rajan’s stewardship of RBI. I notice a facile attempt to blame the RBI for the sluggish economic growth and inadequate job creation too! These are in the domain of the fiscal administrators in Delhi and also caused by systemic deficiencies that have not been attended for long.

Bad loans of banks are largely the result of government’s profligacy, especially of finance ministers P Chidambaram and Pranab Mukherjee, who opted to go for massive borrowings, hoping to prime the economy. The UPA II government announced massive projects for the infrastructure sector - mining, ports, power, roads, transport… without proper linkages of raw materials, tight construction schedules through timely clearances and adequate funding.  Dozens of companies plunged into projects without detailed preparation and plans. Government, keen to show development through spending and with its control over the PS banks, breezily advised the banks to lend large. These landed the public sector banks in serious crisis. N Vaghul provides a lucid explanation of this (IE March 2016).

IE has also pointed to the banks going for settlement of hundreds of loans taken by corporate borrowers at heavy discounts, often on pressure from higher ups to the bank boards.

To be fair to Rajan, through the last three years he has brought about a dramatic, welcome drop in inflation. He took a bold and extremely tough decision to clean the balance sheets of banks by directing them to report honestly the extent of non-performing assets and for making adequate provisions. It was thus that the public sector banks and the SBI, have been showing depressing balance sheets. Thanks to Rajan there is a hope on more scrupulous administration.

There is also a welcome reform related to appointment of chairmen and CEOs of PSBs: the induction of reputed professional bankers as CEOs and renowned professionals of proven merit as non-executive chairmen is also a help in  banks sprucing up their functioning.


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