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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Bhojshala case: Disputed structure built from remains of pre-existing temples, claims ASI
Indore (PTI): The ASI has told the Madhya Pradesh High Court that a massive structure dating back to the Paramara kings' rule existed at the disputed Bhojshala temple-Kamal Maula mosque complex, and the current structure was built from the remains of temples.
The Archaeological Survey of India (ASI) made the claim on Tuesday based on its 98-day scientific survey and over 2,000-page report.
The Hindu community considers Bhojshala a temple dedicated to Vagdevi (Goddess Saraswati), while the Muslim side claims the monument as the Kamal Maula Mosque. The disputed complex is protected by the ASI.
During the hearing before Justices Vijay Kumar Shukla and Alok Awasthi of the HC's Indore bench, Additional Solicitor General Sunil Kumar Jain, representing the ASI, presented a detailed account of the scientific survey conducted two years ago at the complex.
Referring to the ASI's survey report, he said, "Retrieved architectural remains, sculptural fragments, large slabs of inscriptions with literary texts, Nagakarnika inscriptions on pillars, etc, suggest that a large structure associated with literary and educational activities existed at the site. Based on scientific investigations and archaeological remains recovered during the investigations, this pre-existing structure can be dated to the Paramara period."
It can be said that the existing structure was made from the parts of earlier temples, based on scientific investigations, survey and archaeological excavations conducted, study and analysis of retrieved finds, study of architectural remains, sculptures, and inscriptions, art and sculptures, Jain said quoting the report.
Summarising the report, he also drew the court's attention to the fact that the archaeological study identifies that many architectural components, such as pillars and beams, were originally part of temple structures before being repurposed for a mosque.
"The evidence of this transition includes Sanskrit and Prakrit inscriptions that were damaged or hidden, alongside sculptures of deities and animals that were often mutilated or defaced," Jain contended.
The report also states that "all Sanskrit and Prakrit inscriptions are older than the Arabic and Persian inscriptions, indicating that users or engravers of the Sanskrit and Prakrit inscriptions occupied the place earlier".
In light of the Muslim side's earlier objections, the bench wanted to know why there were some discrepancies in the ASI's responses regarding the status of the disputed complex in the cases filed over the years.
The Additional Solicitor General argued that earlier studies of the complex involved only officials, while the current survey involved scientists and the use of advanced technologies such as Ground Penetrating Radar (GPR).
The hearing in the Bhojshala case will continue on Wednesday.
The high court has been regularly hearing four petitions and one writ appeal regarding the religious nature of the Bhojshala temple-Kamal Maula mosque complex since April 6.
