Banking on cooperatives
The RBI Governor rightly calls for transparency and plugging of financial irregularities in Urban Cooperative Banks in view of RBI’s recent concern for irregularities in Kerala. Political clout can only be reduced by urgent legislation that ensures selection of qualified professionals on their boards which should also include a public watchdog from district collector’s office well versed with cooperatives’ working.
Cooperatives need to be strengthened and encouraged to compete with corporates in the financial sector. This sector can be banked upon for rejuvenating States’ economies, but that needs strong administrative will for supporting cooperative banks .
Brij Bhushan Goyal
Bank loan recovery
The well timed Pocket Cartoon concerning a Bank Loan Recovery Officer/Manager ( September 27), implies the two possible situations.
One is that loans and advances granted by banks are being ‘repaid’ on time.
Second, loan defaulters have found some other ways to effectively deal with the emerging scenario which seems more plausible.
Wilful defaulters should have been ‘named and shamed’.
Banks may may to either go in for one-time settlement, transfer NPAs to ARCs or write off some of the bad loans.
Moody’s Aadhaar worry
The claims of Moody’s Investors Service on the Aadhaar not being reliable merit serious consideration from the government.
The Centre has not surprisingly rebuked the claims.
While the Aadhaar is the world’s largest digital ID programme that enables access to public and private services, legitimate concerns about the hurdles cannot be simply overlooked and the government needs to address them seriously.
This refers to “India@2047 instils hope, doubts” (September 27). Among all the criteria for achieving developed country status, per capita GDP is the most challenging.
The projected GDP growth of around 7 per cent may prove highly inadequate to achieve developed country status by 2047. Though India may tick some of the boxes like infrastructure growth, technological innovation, healthcare etc., these are necessary but not sufficient conditions.
India woefully falls short in meeting its energy needs.
Strong political leadership is the need of the hour.