Indian banks on top of situation over NPA problem: SBI Chairman
New York, Oct 29 : Indian banks are now "on top of the situation" on the problem of the non-performing assets (NPA), State Bank of India Chairman Rajnish Kumar said.
Kumar said that going by the initial results that have started coming in September, it seems that many banks are returning to profit.
Elaborating further on the issue of NPAs, Kumar said last year the system was struggling with higher and elevated NPAs and largely it was the steel and power sectors that got impacted the most.
"The major challenge which the banks - public sector more and some of the private sector banks (in India) - they have been facing is the asset quality challenge. For the last three years, it has been going on but as of now we are now on top of the situation on the NPA problem," Kumar told PTI in an interview here.
"In the power sector, the banks have still not been able to resolve the issues. But the Insolvency and Bankruptcy Code has helped the banks and at least now there is a solution available," he said.
Kumar added that the Insolvency and Bankruptcy Code has come as a "very good tool" in the hands of the banks and the financial creditors.
On the value of the rupee, which had this month fell below the 74 level compared to the dollar, Kumar said, "If the oil prices are stabilized, the exchange will also stabilize Domestic inflation is not as much a cause of worry because it is very much well within the target that the Reserve Bank of India has set."
He said domestically, the economy continues to do well but the oil prices are the "major culprit" because that impacts the country's current account deficit in a big way and it puts pressure on the exchange rate.
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Rally against "vote chori" to protect every citizen's right, says D K Shivakumar
New Delhi/ Bengaluru (PTI): Karnataka Deputy Chief Minister D K Shivakumar asserted that the Congress party's rally against alleged 'vote chori' (vote theft) in New Delhi is to protect every citizen's right to vote.
Accusing BJP government at the Centre of restricting vehicles with Congress workers from entering Delhi to participate in the party's mega rally, Shivakumar, who is also the Karnataka Congress chief, said that about 3,500-4,000 party leaders and workers have come from the state to participate in the rally.
Congress is holding a mega rally at Ramlila Maidan in Delhi on Sunday, against the alleged "vote chori" (vote theft).
"We (state Congress) have made accommodation for 1,500 people (party workers and leaders), more than 2,000 people have made their own arrangements. They have come by flight and train. About 3,500-4,000 people have come. About 1.42 crore signatures have been gathered from the state (as part of its signature campaign)," Shivakumar said.
Speaking to reporters in New Delhi, he said, there is a lot of enthusiasm among party workers and leaders, and they are committed to saving the Congress party in the state and the country, and protecting the citizens' right to vote.
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"As per the information that I have received this morning, the BJP and the central government are stopping vehicles (with Congress workers) from coming to Delhi, they are apparently not allowing vehicles to enter the city. I don't know why they are doing this. I don't know why the BJP and the central government are so worried. But no one can stop our voice," he added.
Further stating that Congress is fighting on behalf of the people of the country to protect their right to vote, the Deputy CM said, there is no politics in it. He said, all the leaders will be leaving for the protest venue from the Congress office in Delhi.
Reacting to a question on Union Home Minister Amit Shah reportedly terming Congress party's rally as an "act of frustration" due to electoral losses, and similar criticism from other BJP leaders, he said, he doesn't want to react to anyone from the saffron party.
"Let them say anything for their enjoyment. We, the Congressmen, won't think about electoral victories and losses. We think about the sacrifice made by our elders during the freedom struggle, to give democracy and a constitution to the country. Sonia Gandhi sacrificed power (PM post) and gave it to an economist like Manmohan Singh. Indira Gandhi and Rajiv Gandhi sacrificed their lives for this country," he said.
Jawaharlal Nehru and Mahatma Gandhi went to jail for the sake of this country, he further pointed out, adding that, "A hundred years ago, Gandhi took over the leadership of the freedom struggle; today in these difficult times, Mallikarjun Kharge has taken the responsibility as the Congress President."
Shivakumar, responding to a question, said, Chief Minister Siddaramaiah will also be attending the rally. "Both of us will go together (to the venue) from the Indira Gandhi Bhavan (in Delhi)."
He, however, did not wish to comment on any meeting with the Congress high command, including Soina Gandhi, on the issue of leadership change in Karnataka. Meanwhile, slogans calling Shivakumar the "next CM" were raised by his supporters as the Deputy CM left the Karnataka Bhavan.
