Well done EC

With reference to ‘Mobile app to check poll code violations’ (September 17), the Election Commission deserves appreciation for ushering in the much needed electoral reforms in India. The “day elections are announced in Madhya Pradesh, Chhattisgarh, Rajasthan and Mizoram voters in these States will get to use a mobile application to check poll code violations by political parties and candidates”. The "C-Vigil" mobile app used in Bengaluru during the Karnataka Assembly polls, facilitates people to click pictures and take videos of violations while triangulating the exact location of the complaint using longitude and latitude information. It also has an in-built option which will help the people tick a box to keep their name and cell phone number secret.

Since the complainant will also be given feedback on the action taken within 100 minutes from concerned returning officer and deputy election officer soon after the complaint is verified, this move would certainly come as big “reprieve” for the hapless voters given how openly candidates flout the poll code. Perhaps, the need of the hour is to provide for some exemplary punishment like immediate “disqualification” of the erring candidates. There should be “zero” tolerance in all proven cases involving the “violation” of the EC mandated relevant poll code.

New Delhi

Capital markets are so over populated with listed companies, as to render every regulatory tool too important to be overlooked. Credit rating agencies have the enviable onus of professional guidance to investors, particularly the small retail segment. Despite efforts by regulators, public faith on many of them turn out to be misplaced. In the IL&FS case, these agencies seem to have put more faith on marquee promoters than prudence which is their primary calling.

The economic meltdown in the US following the housing mortgage crisis was traced to high ratings by leading rating agencies to high-risk stocks. Governments and regulators need to do more in fire-walling investors from disinformation. The regulator must heavily come down on companies that are lax on corporate governance and ensure that the rating agencies inform investors. The rating agency needs to be held accountable and must explain sharp changes in their ratings.

Navi Mumbai

With reference to the editorial “Don’t politicise NPAs”, it is not an exaggeration to say that in India everything will be politicised for catching votes.

The note submitted by former RBI Governor Raghuram Rajan to the Parliament estimates Committee is worth noting. Rajan is very pragmatic, outspoken, experienced and knowledgeble professor who was very much conversant with the present NPA crisis in the banking sector now. He found fault with the present and previous UPA governments for the present state of affairs. Rajan said that a list of high-profile cases were sent to PMO for a coordinated action to bring one or two bank fraudsters to book.

The union leaders also have been demanding filing of criminal cases on big defaulters which was not heeded. He also said that loan waivers are dangerous and would spoil the credit culture in the banking industry.

The EC should ban the waiver promises made by the political parties to save the banking industry. He also cautioned that future crisis in India's banking sector could come from loans given to the unorganised micro and small businesses called MUDRA loans and credit extended to farmers through kisan credit cards. The banks have a bitter experience with IRDP loans most of which were written off. The Congress’ claim that the NPAs during their regime are only ₹2.83 lakh crore which have now increased to ₹12 lakh crore is wrong. The ₹2.83 lakh crore figure hid a lot of NPAswhich came to light after Rajan mandated an asset quality review. The governance of PSBs has to be improved by professionalising boards and depoliticising appointments by handing them over to the Banks Board Bureau.

Bheemavaram (AP)

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