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