Loans to ABG Shipyard turned NPAs prior to 2014: Finance Minister Nirmala Sitharaman
New Delhi(PTI): Finance Minister Nirmala Sitharaman on Monday said the ABG Shipyard account turned NPA during the erstwhile UPA regime and the banks took lesser than normal time to detect the fraud perpetrated by the shipping firm.
"...in this particular case with that kind of a measurement, actually, I should say to the credit to the banks, they've taken lesser than what is normally an average time to detect these kinds of frauds," Finance Minister Nirmala Sitharaman said at a press conference after addressing the members of the RBI board.
The minister said normally banks take 52-56 months of time to detect such cases and initiate follow-up actions.
The Central Bureau of Investigation (CBI) recently booked ABG Shipyard Limited, its former chairman and managing director Rishi Kamlesh Agarwal and others for allegedly cheating a consortium of two dozen lenders led by ICICI Bank.
ABG Shipyard fraud is much higher than the one perpetrated by Nirav Modi and his uncle Mehul Choksi, who allegedly cheated the Punjab National Bank (PNB) of around Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs).
Sitharaman also said that during the NDA regime, health of banks has improved and they are in position to raise funds from the market.
Addressing the press conference, the RBI Governor Shaktikanta Das asserted that RBI's inflation projections are quite robust. He further said the momentum of inflation, from October 2021 onwards, is on a downward slope.
"It's primarily the statistical reasons the base effect which is leading to higher inflation especially in third quarter, and the same base effect will play in different ways in the coming months," Das said.
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Karnataka govt directs municipal corps to regulate, prohibit pigeon feeding
Bengaluru (PTI): The Karnataka government has issued directions to municipal corporations across the state to regulate and prohibit feeding pigeons in public places, citing serious public health concerns.
Deputy Secretary to Government V Lakshmikanth has written to the Urban Development Department requesting it to issue directions to the Greater Bengaluru Authority (GBA) and all municipal corporations to take immediate steps to implement the measures.
In an official note dated December 16 issued by the Health and Family Welfare Department and released to the media on Wednesday, the department said uncontrolled feeding of pigeons in public places has resulted in large congregations of birds, excessive droppings and serious health concerns, particularly respiratory illnesses linked to prolonged exposure to pigeon droppings and feathers such as hypersensitivity pneumonitis and other lung diseases.
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"The commissioner, the Greater Bengaluru Authority and the Commissioners and chief officers of other municipal corporations shall take necessary action to mitigate the causes of dangerous disease spread by pigeon and enforce specified guidelines in their respective jurisdiction," the note said.
According to the department, these include a prohibition on feeding pigeons or causing pigeons to be fed in areas where it may cause nuisance or pose a health hazard to the public. Pigeon feeding shall be permitted only in designated areas in a controlled manner, subject to certain conditions.
"The designated areas may be selected in consultation with stakeholders. The responsibility for upkeep of the designated areas and compliance to the directions shall be taken up by some charitable organisation or an NGO. The feeding in designated areas shall be permitted only for some limited hours in the day," it said.
The note further stated that authorised officers of local authorities shall issue on-the-spot warnings and may impose fines for violation of the order, or lodge complaints to prosecute offenders under Sections 271 (Negligent act likely to spread infection of disease dangerous to life) and 272 (Malignant act likely to spread infection of disease dangerous to life) of the Bharatiya Nyaya Sanhita.
It also directed local authorities to conduct public awareness campaigns, including the display of signboards, banners and digital messages, explaining the health hazards associated with pigeon droppings and feathers, the content of the regulatory directions and penalties for violations, and alternative humane methods of bird conservation that do not endanger public health.
