National
RBI insolvency move to resolve NPAs not correct: Reddy
New Delhi, Nov 3 (IANS) The Reserve Bank of India’s (RBI) move to direct banks to take the major debt defaulters through the route of insolvency in order to tackle non-performing assets (NPAs) was principally “not correct”, former RBI Governor Y.V. Reddy said on Friday.
“It is essentially a problem of the public sector banks, which are owned by the sovereign. In a way asking RBI to take the initiative in solving the problem (of NPAs) is extraordinary,” Reddy said here at the 20th JRD Tata Memorial Lecture organised by the Associated Chambers of Commerce and Industry of India (Assocham).
“In principle, I agree it is not correct. I didn’t say it is not the best option. But the regulator’s measure is special.”
Reddy said banking was a business where one needed to take risks. “Essentially, it is a macroeconomic, banking and public sector problem.
“If it (NPAs) is fixed quickly, the better,” he added.
Reddy also said that if there was a difference in the public and private sector banks’ performance, then it should be attributed to its governance.
“Overall, the problem in public sector banking is a structural problem,” he added.
–IANS
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The RG Marathon Championship Run 2023 in Goa was a testament to inclusivity. Initially resistant to including persons with disabilities, it eventually featured wheelchair and standing categories, thanks to advocates’ efforts. Participants showed exceptional determination, emphasizing unity in diversity. Despite challenging weather, they demonstrated the power of community support, highlighting the need for accessibility and inclusion in all state-level events in Goa.
Following the marathon, a gathering of differently-abled individuals, predominantly wheelchair users, convened for a celebratory lunch at Barzilla. The event, orchestrated by Mr. Shariq Khan and Mr. Zain Aftab, proprietors of Barzilla, honored the birthday of Sadaf Fatima, who also uses a wheelchair and is Mr. Shariq Khan’s wife.
The lunch featured esteemed guests including the Tourism Minister of Goa, MLA Rohan Khaunte of Porvorim, Social Welfare Minister Subhash Phal Desai, and the State Commissioner for Persons with Disability in Goa, Guruprasad Pawaskar. The event was impeccably hosted by Ms. Falak Fatima and Mr. Adarsh Parashar, offering activities such as Karaoke and Billiards. The youth of Goa exhibited their unwavering support for the community, making the party an unequivocal success.
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