Letters to the editor dt Sept 7, 2020

Apropos ‘Moratorium woes’ (September 7), the government must clearly state its stand on the interest component. At a time when most of the public sector banks are struggling and private ones yet to restart fresh lending in full swing, it would be criminal to waive six months’ interest on the loan moratorium given to borrowers. Banks will have to pay interest to their depositors irrespective of the outcome of this issue. If loan interest is waived, it will punish banks further and will also delay economic revival in the country.

Noida

This is with reference to ‘The importance of teachers’ (September 7). One of the reasons for the pathetic condition of the Indian education system is the lack of committed teachers. In ancient times, India was considered the centre of learning and home to the likes of Aryabhata. However, today, Indian universities hardly have any presence among the top in the world. One of the reasons for this is lack of committed teachers. A teacher imbibes values and other good qualities in children.

We should develop an education system where leadership qualities, entrepreneurship and rational thinking should be encouraged at the school level. Teachers shape our future leaders and citizens and hence only those who are well trained and committed should be appointed in educational institutes.

Thane

It is a fact that Google has already supplanted the earlier gurus. Further, in all probability in the coming years even hard copies of books shall also become redundant. In the days of yore, getting concepts and doubts cleared was a tall order on account of absence of quality teachers, especially for the unprivileged. If technology is leveraged and made easily accessible it will create a level-playing field for all strata of society.

Nowadays, most students are smart at acquiring academic skills by harnessing the available resources. The role of a teacher should be to inculcate team spirit, enhance communication skills, and nurture critical and analytical thinking by involving and engaging the whole class — this surely Google cannot do.

Chennai

This is with reference to ‘How RIL and Jio raised billions without paying any tax’ (September 7). Tax avoidance within the contours of the law is no crime. The financial wizards in Reliance deserve accolades for this smart piece of accounting jugglery. However, there are challenges for Reliance in managing the expectations of multiple strategic investors who have bought into the digital vision of Jio.

Chennai

Apropos ‘Revisions in the Long Form Audit Report norms to improve audit efficiency, risk management in Banks’ (September 6). The purpose of Central Statutory Audit is to ‘not only ensure that banks’ books of accounts presented to the regulators and public are true and fair, but also that its processes are fail safe’.

In addition to what is currently reported, the revised LFAR would require the statutory auditors to comment on a bank’s credit, market and operational risks; capital adequacy; going concern and liquidity risk assessment; information systems; significant adverse features in the top 50 standard large advances and the accounts which need management’s attention, from FY 2020-21 onwards.

It is said that one reason why the sensational Nirav Modi fraud went undetected for long was due to the bank’s practice of issuing ‘letters of undertaking’ (since banned by the RBI), on behalf of the customer, bypassing its core banking system.

Of late, sensational frauds have also been reported in some public sector banks sourcing institutional deposits through middlemen. If the said changes in the LFAR contribute to improvement in risk-management processes inbanks, the purpose would have been well served.

Chennai

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