Monday 4 September 2017

2017 BRICS HIGHLIGHTS - SEE FULL DETAILS OF BRICS - All About BRICS SUMMIT 2017 BRICS Summit 2017 LIVE Updates - - Pak-based terror groups named in BRICS declaration for first time - INDIAN PM Narendra Modi Says GST Biggest Reform in India - BRICS Declaration Names Pakistan-Based Terror Groups For The First Time - Week After Doklam Thaw, A Prime Minister Narendra Modi-Xi Jinping Handshake At BRICS: 10 Facts - LATEST UPDATES FROM BRICKS - Modi, Putin talk strategic partnership, cooperation in oil and gas -





BRICS Summit 2017: Pakistan has not been named in the declaration adopted by BRICS. While it is a close ally of China, the statement makes a strong reference on the need for states to act against terror.

BRICS nations condemned terror in a strongly-worded declaration
Pakistan has not been named in the declaration adopted by BRICS
PM Modi is expected to hold bilateral talks with Xi Jinping tomorrow

NEW DELHI: 
India today scored a significant diplomatic win as BRICS nations at a summit in China named, for the first time, Pakistan-based groups like Lashkar-e-Taiba, Jaish-e-Mohammed and the Haqqani network in a strongly-worded declaration condemning terror.

"We strongly condemn terrorist attacks resulting in death to innocent Afghan nationals. We, in this regard, express concern on the security situation in the region and violence caused by the Taliban, ISIL/DAISH, Al Qaida and its affiliates including Eastern Turkistan Islamic Movement, Islamic Movement of Uzbekistan, the Haqqani network, Lashkar-e-Taiba, Jaish-e-Mohammed, TTP and Hizb ut-Tahrir," said the declaration issued by BRICS countries or Brazil, Russia, India, China and South Africa, at the summit in Xiamen.

Prime Minister Narendra Modi is attending the summit and will hold talks with President Xi Jinping of China tomorrow, their first meeting after the prolonged Doklam standoff ended last month.

Pakistan has not been named in the declaration adopted by BRICS. While it is a close ally of China, the statement makes a strong reference to the need for states to act against terror.

"We deplore all terrorist attacks worldwide, including attacks in BRICS countries, and condemn terrorism in all its forms and manifestations wherever committed and by whomsoever and stress that there can be no justification whatsoever for any act of terrorism. We reaffirm that those responsible for committing, organizing, or supporting terrorist acts must be held accountable," said the statement.


Getting China - in China - on board in a statement that refers to Pakistan-based terror is important since they had  resisted the same at last year's summit in Goa.

However, experts say this does not signal any big difference in Beijing's policy on Pakistan, one of its closest allies.

While this is the first time that a BRICS declaration has named Pakistan-based terror groups, a similar declaration was made in Amritsar during the Heart of Asia conference on Afghanistan last December. There too, the Lashkar and Jaish were named and Pakistan and China, who are members, were both in the meeting.

Jaish was banned way back in 2001 by the UN. China has made a distinction between the group and its chief Masood Azhar. China has repeatedly blocked efforts by India at the United Nations to designate the Masood Azhar a terrorist. The US, UK, France and other countries are backing India.
                       

BRICS Summit 2017: Tomorrow, Prime Minister Narendra Modi and Xi Jinping are expected to hold their first bilateral talks since the Doklam standoff when they meet formally on the sidelines of the BRICS meet.

XIAMEN, CHINA:  BRICS leaders today strongly condemned and named in a declaration, for the first time, Pakistan-based terror groups like Lashkar-e-Taiba, Jaish-e-Mohammed and the Haqqani network. PM Narendra Modi is in Xiamen to attend the summit of BRICS nations - Brazil, Russia, India, China and South Africa - and will hold bilateral talks with President Xi Jinping tomorrow. The two leaders greeted each other with a warm handshake and broad smiles before the meeting.

"We deplore all terrorist attacks worldwide, including attacks in BRICS countries, and condemn terrorism in all its forms and manifestations wherever committed and by whomsoever and stress that there can be no justification whatsoever for any act of terrorism," the BRICS resolution said.

Earlier, while speaking at the plenary session of the summit, PM Narendra Modi sought a strong BRICS partnership to spur growth, saying the bloc of emerging economies has developed a robust framework for cooperation and contributed to stability in a world "drifting towards uncertainty".

PM Modi said trade and economy were the foundations of cooperation in BRICS and called for the creation of a BRICS rating agency to cater to financing needs of sovereign and corporate entities of developing countries. He met Russian President Vladimir Putin and Brazilian President Michel Temer on the sidelines of the summit today.

"I wish to announce here that China will launch the economic and technical cooperation plan for BRICS (Brazil, Russia, India, China and South Africa) countries with 500 million yuan for the first term to facilitate policy exchange and practical cooperation and in the economic and trade field," Chinese President Xi Jinping said at the opening ceremony.

PM Narendra Modi and President Xi had met informally at the G20 summit in Germany in July, but their last bilateral talks were in June this year, when they met in Astana, the capital of Kazakhstan, during the Shanghai Cooperation Organisation. 

That meeting had come amid growing differences between the two nations over a host of issues, including the China-Pakistan Economic Corridor and China's opposition to India's efforts to enter the Nuclear Suppliers Group. 

Later that month, Indian soldiers stopped China from building a road in the remote, uninhabited territory of Doklam, claimed by both China and Bhutan, resulting in a stand-off near the Sikkim border that lasted over two months.

Last Monday, the External Affairs Ministry announced that New Delhi and Beijing had decided on "expeditious disengagement" of their border troops in the Doklam area.

On Sunday, Xi Jinping, without directly referring to the Doklam tension, underlined that "peace and development" should be the underpin to resolve issues as the world does not want "conflict and confrontation." At today's inaugural session, Mr Xi said, "Despite our differences in national conditions, our five countries are in similar stages of development and share the same development cause."


After the BRICS Summit, PM Modi will travel to Myanmar on a bilateral visit on Tuesday. The trip includes a visit to the historic city of Bagan and Yangon. He will also interact with the Indian community in the country.
                                        
Pak-based terror groups named in BRICS declaration for first time

At the ninth Summit of the grouping, the BRICS leaders condemned terrorism in all its forms and manifestations wherever committed and by whomsoever.
According to officials, Modi raised the issue of terrorism strongly at the Summit and was joined by other leaders, who expressed willingness to fight this menace.

XIAMEN: For the first time, Pakistan-based terror groups like the LeT and the JeM were named today in the Summit declaration of the BRICS countries+ that also asserted that those responsible for committing, organising or supporting terror acts must be held accountable.

In a significant diplomatic win for India, Prime Minister Narendra Modi was joined by Chinese President Xi Jinping, Russian President Vladimir Putin, Brazilian President Michael Temer and South African President Jacob Zuma in strongly denouncing terror activities of such groups, as they expressed determination to collectively fight the scourge.

The 43-page 'Xiamen Declaration', adopted at the end of the five-nation BRICS plenary, stressed on the need for immediate cessation of violence in Afghanistan.
                                        
It expressed "concern" over the security situation in the region and the violence caused by the Taliban, ISIS, al-Qaeda and its affiliates including Eastern Turkistan Islamic Movement, Islamic Movement of Uzbekistan, the Haqqani network, Lashkar-e-Taiba, Jaish-e-Mohammad, Tehrik-i-Taliban Pakistan (TTP) and Hizb ut-Tahrir.

At the ninth Summit of the grouping, the BRICS leaders also condemned terrorism in all its forms and manifestations wherever committed and by whomsoever.

They stressed that there can be no justification whatsoever for any act of terrorism.

"We reaffirm that those responsible for committing, organising, or supporting terrorist acts must be held accountable," the statement said.

Highlighting the primary leading role and responsibility of states in preventing and countering terrorism, the grouping emphasised on the necessity to develop international cooperation, in accordance with the principles of international law, including that of sovereign equality of states and non-interference in their internal affairs.

According to officials, Modi raised the issue of terrorism strongly at the BRICS Summit and was joined by other leaders, who expressed willingness to fight this menace.

"For the first time specific listing of terror organisations has been made (in the BRICS declaration)," Secretary (East) in the external affairs ministry Preeti Saran told reporters.

The inclusion of Pakistan-based terror groups in the declaration is also significant as it indicated a slight shift in the Chinese view towards terror groups operating out of Pakistan.

Ahead of the BRICS Summit, the Chinese foreign ministry spokesperson had said, "We noticed that India, when it comes to Pakistan's counter-terrorism, has some concerns. I don't think this is an appropriate topic to be discussed at the BRICS Summit."

During the last BRICS Summit in Goa, China did not allow inclusion of Pakistan-based terror groups in the declaration despite the fact that the Summit was taking place within weeks of the Uri terror strike carried out by a Pakistan-based militant group.

However, now it is to be seen that after being part of such a strongly-worded declaration on terrorism and indicting Pakistan-based terror group JeM, how China will act towards the designation of Jaish's chief Masood Azhar as a global terrorist by the UN.

Currently, China has put a hold on the proposal moved by the US and some other countries at the UN's Sanction's Committee.
The declaration referred to terrorism at least 17 times, apart from mentioning other forms of extremism and radicalisation. During the BRICS Summit here, India also offered to host a conference on countering radicalisation.

Talking about India's position on terrorism, Saran told reporters, "Terrorism is a scourge that has to be addressed collectively by the entire international community. And, I think, increasingly there is a realisation that you cannot have double standards in tackling this scourge."

"You cannot have good and bad terrorists. It is a collective action," she said.

Saran also said that prime minister Modi also raised the issue of speeding up the long-pending UN Security Council reforms during the Summit.

The BRICS countries also called upon all nations to adopt a comprehensive approach in combating terrorism.

They said that the approach should include "countering radicalisation, recruitment, movement of terrorists including Foreign Terrorist Fighters, blocking sources of financing terrorism including, for instance, through organised crime by means of money-laundering, supply of weapons, drug trafficking and other criminal activities, dismantling terrorist bases, and countering misuse of the Internet including social media by terrorist entities through misuse of the latest Information and Communication Technologies (ICTs)."

The BRICS leaders conveyed their commitment to prevent and counter the growing spread of terrorist narratives, and to tackle all sources, techniques and channels of terrorist financing.

They also recalled the responsibility of all states to prevent financing of terrorist networks and terrorist actions from their territories.

"We call for swift and effective implementation of relevant UNSC Resolutions and the FATF International Standards worldwide. We seek to intensify our cooperation in Financial Action Task Force (FATF) and FATF-style regional bodies (FSRBs)," the BRICS declaration said.

The BRICS also strongly deplored the nuclear test conducted by North Korea.

"We express deep concern over the ongoing tension and prolonged nuclear issue on the Korean Peninsula, and emphasize that it should only be settled through peaceful means and direct dialogue of all the parties concerned," the BRICS said.

PM Narendra Modi Says GST Biggest Reform in India

In a big win for India, the joint declaration of BRICS on Monday condemned Pakistan-based terror groups such as Lashkar-e-Taiba and Jaish-e-Muhammed. Prime Minister Narendra Modi had also called for joint action on terrorism. The PM will meet meet Chinese President Xi Jinping on Tuesday, trade and terror are likely to be on the agenda. The meeting gains significance as it is the first exchange between the two leaders after the month-long Doklam standoff.

Modi, Putin talk strategic partnership, cooperation in oil and gas

Russia’s support would have been crucial for India to have prevailed on China to include the names of specific terror groups in the BRICS statement released on Monday.


Trade and investment figured prominently in Prime Minister Narendra Modi’s bilateral meetings with Russian President Vladimir Putin and Brazil’s President Michael Temer on the sidelines of the BRICS summit here on Monday.

Modi and Putin touched on various aspects of bilateral ties, Indian diplomats said, adding trade and investment was among the issues the two leaders discussed. They also discussed cooperation in the oil and natural gas sector.

“Furthering a special & privileged strategic partnership,” external affairs ministry spokesperson Raveesh Kumar tweeted, tagging photos of Modi and Putin shaking hands and sitting for talks.

Briefing the Indian media later, Kumar said the two leaders spent a lot of time discussing different aspects of bilateral ties.

The meeting between Modi and Putin came three months after they met in St Petersburg in June for the annual India-Russia summit, and at the SCO meeting in Astana the same month where India was made a permanent member of the organisation.

At the St Petersburg summit, the two sides signed an agreement for building Units 5 and 6 of the Kudankulam nuclear power plant in Tamil Nadu, and decided to give new direction to their defence cooperation.

While the focus is on Modi’s meeting with China’s President Xi Jinping on Tuesday, his meeting with Putin assumes significance not only in the context of BRICS but also to keep bilateral ties on track.

Russia’s support would have been crucial for India to have prevailed on China to include the names of specific terror groups in the Xiamen statement released earlier on Monday.

Xi also met Putin on Sunday evening, when the two leaders agreed “to appropriately deal with the latest nuclear test conducted” by North Korea. According to official Xinhua news agency, Putin said it is significant for China and Russia to strengthen their comprehensive strategic partnership of coordination and to boost communication and coordination on major international and regional issues.

Putin added Russia stands ready for closer cooperation with China in areas such as investment, energy, agriculture, infrastructure, and aerospace and aviation.

RBI Recruitment – Reserve Bank of India – 05 Legal Consultant Vacancy – Last Date 05 September 2017



RBI Recruitment 2017

Reserve Bank of India (RBI) invites application for the post of 05 Legal Consultant. Apply Online before 05 September 2017. Qualification/eligibility conditions, how to apply & other rules are given below…

 RBI Job Details :

Post Name : Legal Consultant-F
No. of Vacancy : 02 Posts
Pay Scale : Rs.53.43 lakh/- (per annum)
Post Name : Legal Consultant – C/D
No. of Vacancy : 03 Posts
Pay Scale : Rs.26.26/35.58 lakh/- (per annum)
Eligibility Criteria for RBI Recruitment :    

Educational Qualification :  Bachelor’s Degree in Law recognized by the Bar Council of India for the purpose of enrollment as an Advocate with a minimum of 50% marks or equivalent in the aggregate of all semesters/years with Post Graduate Degree in Law from a recognized university.
Age Limit : Minimum & Maximum age limit is 45 to 55 years for Legal Consultant-F & 30 to 40 years for  Legal Consultant – C/D as on 01.07.2017
Job Location : All India

RBI Selection Process : Selection will be based on Interview.

Application Fee : GEN / OBC Candidates have to pay Rs. 600/- and Rs.100/- for SC/ST/PWD through Debit Cards (RuPay/Visa/MasterCard/Maestro), Credit Cards, Internet Banking, IMPS, Cash Cards/ Mobile Wallets.

How to Apply RBI Vacancy : Interested candidates may apply Online through the website  www.rbi.org. form 25.08.2017 to 05.09.2017 till 11:59 PM thereafter website link will be disabled.

Important Dates to Remember :

Starting Date for Submission of Online Application : 25.08.2017
Last Date for Submission of Online Application & Fee : 05.09.2017

RBI NEW NOTIFICATION 2018 RELEASED - ALL ABOUT RBI - SEE FULL DETAILS HERE - RESERVE BANK OF INDIA NOTIFICATIONS - Exam Dates - Salary - Application Fees - Coaching - Exam Centre - Exam Pattern - Preparation - Mock Tests Test Series - Preliminary Exam - Mains Exam - Syllabus - Eligibility - Age Limit - Category Age Relaxation - Admit Card & Call Letter - Results - Cut Off - LATEST FROM RBI - RESERVE BANK UPDATES



RBI Assistant 2017
RBI Assistant 2017 will be conducted by RBI to recruit candidates for the Assistant to its various branches all over the country. As it is a national level recruitment process, applications from all sections of India are invited. Candidates can apply online for this post after the RBI Assistant 2017 Notificationhas been released by RBI. The exam is going to be conducted in three phases: Prelims, Mains and Interview. Cumulative score of all the three phases will be used to make the merit list of candidates being selected for the post of RBI Assistant.

RBI Assistant 2017 Notification
The RBI Assistant 2017 Notification will be released soon and will be posted on the RBI official page. The tentative month for the release of notification for RBI Assistant Exam is in November, 2017. Visit this page regularly to remain updated about the upcoming notification of the RBI Assistant Exam.

RBI Assistant 2017 Exam Dates
The RBI Assistant 2017 preliminary exam will be conducted tentatively in January 2018. The mains exams of RBI Assistant 2017 are lined up in the month of January 2018. Along with the preliminary and mains exam an interview process will also be conducted based on the marks of both the examination. The students clearing all the three rounds are further considered for the post of Assistant in Reserve Bank of India.

RBI Assistant 2017 Salary
The Basic Pay for a RBI Assistant is Rs. 14,650/- every month. In addition to the Basic Pay, Dearness Allowance, House Rent Allowance, City Compensatory Allowance, Transport Allowance etc. are also granted to the RBI Assistant. Thus, the Gross Salary of a RBI Assistant ranges to approximately Rs. 32,124/- every month.

RBI Assistant 2017 Application Fees
Candidates are required to pay Rs. 450 (for General and OBC Candidate) or Rs. 50 (for Candidates belonging to SC/ST/PWD) as their Application Fee for RBI Assistant 2017 Exam. He/She can pay the application fee online using net banking or by any credit/debit card.

Please note that no application fee is required to be paid by the RBI staff.

RBI Assistant 2017 Exam Centre
The RBI Assistant 2017is the online mode of examination and is conducted at various centres all over the country. Candidates are allotted centres according to the preference provided by them during the submission of the RBI Assistant application form. RBI Exam Conducting Body may change the centre without prior notice to the candidate due to unavailability of seats in the preferred location in case of the unavailability of seat in the preferred location. Candidates do not have the authority to launch complain for the same.

RBI Assistant 2017 Exam Pattern
RBI Assistant Exam 2017 is going to be conducted in three phases. The preliminary examination has three sections: Reasoning Ability, Numerical Ability and English Language.
The mains exam has five different sections: Reasoning, Quantitative Aptitude, English Language, Computer Knowledge and General Awareness.
There is negative marking for the wrong answers attempted by the candidate. No marks will be deducted if the question is left unanswered or blank.

Preliminary Exam:

Sections          No. of Questions   Maximum Marks
English Language 30 30 A composite time of 1 hour is provided to the candidate
Numerical Ability 35 35
Reasoning Ability 35 35
Total 100 100
Mains Exam:
Sections                      No. of Questions                            Maximum Marks

English Language 40 40 A composite time of 2 hours is allotted to candidate
Quantitative Aptitude 40 40
Reasoning Ability 40 40
Computer Knowledge 40 40
General Awareness 40 40
Total 200 200
Based on the score of preliminary and mains examination students are called for the interview which holds 35 marks in the total. The cumulative score of the three phases will decide the fate of the candidate for the RBI Assistant Post.

RBI Assistant 2017 Syllabus
The RBI Assistant Exam 2017 has a predefined syllabus for all the sections for both preliminary examination and mains examination. The detailed syllabus of the examination is discussed below:

English Language ,General Awareness,Quantitative Aptitude,Computer Knowledge,Reasoning
Reading Comprehension,Current World News ,Time and Distance Languages,Number Series,
Synonyms,Current India News,Time and Work,Basic Hardware and Software,Blood Relations,Antonyms,Geography Concepts,HCF and LCM,History of Computers,Analogy
Sentence Correction,History Concepts, Simple and Compound Interest,Devices,Odd Man Out,
Word Meanings,Political Science,Problems on Trains Number Series,
Average Coding and Decoding,
Allegations and Comparison,Directions Based Concept
Probability,Row Arrangements,
Permutation and Combination,Symbols,
Pipes,Statement Reading, Understanding.

RBI Assistant 2017 Eligibility
Nationality: A candidate is required to be a citizen of India

Age Limit: A candidate must range between 20-28 years of age to be eligible for RBI Assistant 2017 Exam. Age relaxation is given too candidates belonging to reserved category. The age relaxationas granted by the Government of India is mentioned in the table below:

Category Age Relaxation
SC/ST 5 years
OBC 3 years
PWD 10 years in case of General Candidates, 13 years in case of candidates belonging to OBC category, 15 years in case of candidates belonging to SC?ST category
Ex-Servicemen To the extent provided by Armed Forces+5 years
Divorced Women/Women judicially separated and not re-married/widows 10 years
Candidates holding working experience in RBI Maximum of 3 years
Candidates belonging to Jammu and Kashmir province of India 5 years
Educational Qualification: A candidate must hold a bachelor’s degree with an aggregate of 50% and above in any discipline to be eligible for the RBI Assistant Exam 2017. He/She must hold knowledge of computers as well as have the proficiency in the official language of the concerned state of Union Territory.

RBI Assistant 2017 Admit Card & Call Letter
Candidates are required to download the RBI Assistant Exam 2017 admit card from its official website as the admit card won’t be sent to candidates via post. To login to the official website, a candidate will require the following:

Registration No./Roll No.
Date of Birth/Password
The admit card/call letter will be issued to candidates in three phases:

Online Preliminary Examination
Online Mains Examination
Interview
The link to download the admit card will be provided on this page. The candidates are requested to go through the guidelines mentioned on the RBI Recruitment page before downloading his/her admit card.

RBI Assistant 2017 Results
RBI will declare the results after completion of each phase of examination. Since the mains exam is conducted within 15-20 days after the commencement of preliminary examination, it is important that students keep visiting the website regularly to see their results. The cumulative marks of the preliminary exam, mains exam and the interview will decide the candidates for the post of Assistant in Reserve Bank of India.

RBI Assistant 2017 Cut Off
The cut off for the RBI Assistant Exam 2017 will be declared once the exams are conducted on both preliminary as well as mains level. The cut off is expected to be same as the last years’. Let’s take a look at RBI Assistant Mains Exam 2016 Cut Off:

City Wise Cut-Off for RBI Assistant Mains Exam 2016:

City Name General SC ST OBC PWD EXS
Ahmedabad 112 NV 79.75 95.50 - -
Bengaluru 113 93.50 94.00 96.75 121.75 -
Bhopal 122.75 101.00 84.75 112.25 113.75 -
Bhubaneshwar 116.50 88.75 79.75 NV - -
Chandigarh 127.00 96.00 NV 107.75 - -
Chennai 123.75 103.00 NV 117.00 119.75 -
Guwahati 107.25 94.25 74.50 119.50 - -
Hyderabad 126.00 107.25 108.00 115.75 - 115.75
Jaipur 124.50 98.75 94.50 113.75 - 120.25
Jammu 116.50 96.50 - 104.00 - -
Kanpur &Lucknow 119.00 97.00 97.00 101.50 119.75 -
Kolkata 126.00 71.50 NV 107.00 - 106.00
Mumbai 111.50 97.70 73.00 105.25 115.50 -
Nagpur 107.00 NV NV 103.25 - -
New Delhi 128.25 108.50 NV 113.75 128.00 -
Patna 116.50 90.25 100.75 104.80 - -
Thiruvananthpuram& Kochi 128.75 97.75 NV 119.00 131.00 103.75
Category wise cut-off for RBI Assistant Mains Exam 2016:

Category Reasoning Ability English Language General Awareness Computer Knowledge Numerical Ability
SC/ST/PWD/EXS 11.00 11.00 11.00 11.00 11.00
OBC 12.00 12.00 12.00 12.00 12.00
General 14.00 14.00 14.00 14.00 14.00

RBI Assistant 2017 Preparation
The preparation of RBI Assistant exam must be done magnanimously keeping in mind the latest pattern and the syllabus of the exam. It is necessary for the students to choose the right set of books to prepare for their examination as the syllabus of RBI Assistant Exam 2017 is quite vast.

Students must also go through previous years’ RBI Assistant Exam question papers in order to acclimatize to the change in pattern of the exam and to know the sections from which the questions are majorly asked in the exam. Apart from test series you can also join our Offline Classroom Program for exhaustive preparation for RBI Assistant 2017 Exam.

RBI Assistant 2017 Coaching
Career Power Classroom Program is most extensive coaching program containing exhaustive course materials designed specifically for candidates preparing for Banking and SSC Exams. Out of every 5 students enrolled in our classroom program, 3 got selected for Banking or SSC jobs in 2015-2016.

RBI Assistant 2017 Mock Tests Test Series
Career Power provides online test series for various banks and SSC exams like IBPS PO, IBPS Clerk, BANK PO, SBI PO, RBI, NABARD, SSC, CGL, SSC, CHSL etc. These test series are well researched and perfectly emulated for the exact exam pattern. Practice Papers are prepared keeping in mind the last years’ exam pattern and expected changes in the pattern and level of questions.

Urjit Patel: An RBI governor who doesn’t talk but acts - LATEST FROM RBI - RESERVE BANK OF INDIA



Urjit Patel: An RBI governor who doesn’t talk but acts.
RBI governor Urjit Patel’s wont to keep a low profile will keep the government happy but his actions may not, always

Raghuram Rajan had taken over as governor of the central bank in the world’s fastest-growing major economy in the thick of the taper tantrum in September 2013 when the local currency was depreciating every day against the dollar and inflation was in double digits. His predecessor D. Subbarao had witnessed the collapse of iconic US investment bank Lehman Brothers a few days after he had taken over, leading to the transatlantic financial crisis.

In contrast, Urjit Patel, the Reserve Bank of India’s (RBI’s) 24th governor who completes first year in office on Monday, took over the mantle when both the macroeconomic scenario in India and the external environment were relatively benign. However, he faced his litmus test two months down the line when Prime Minister Narendra Modi announced a radical plan to purge the financial system of black money.

Modi announced this in a nationwide televised address on 8 November night after a hurriedly convened board meeting of the central bank in Delhi, the minutes of which have not been made public as yet. In the 50 days between 10 November and 30 December 2016, Rs15.44 trillion worth of currency notes of Rs1,000 and Rs500 denominations —some 86.9% of the value of total notes in circulation—were withdrawn to attack black money hoarders, fake currency and terror funding in the country.

Many believe that RBI was arm-twisted to toe the government line and Patel has been a reluctant confrère for the exercise, which was shoddily implemented. While the jury is still out on the short-term pains versus long-term gains of demonetisation, RBI’s image as one of the finest banking regulators globally got dented and Patel has received the maximum flak. Till the publication of RBI’s annual report for 2017 (RBI follows a July-June fiscal year) on 29 August, speculation was refusing to die on the quantum of money that has come back into the system as RBI maintained a stony silence on this, giving the media a free rein to mock the governor. Without committing to their “numerical accuracy and authenticity” and subject to “future corrections based on verification process” the “estimated value” of the currency that came back into the system as on 30 June 2017 is Rs15.28 trillion (98.96% of the currency notes demonetized), says the annual report.

For argument’s sake, even if we accept that the demonetisation was not in the best interest of the Indian economy, could Patel have prevented this? Section 26(2) of the Reserve Bank of India Act, 1934, says that on recommendation of RBI’s central board, the government may, by notification in the Gazette of India, declare that with effect from a date specified in the notification, any series of banknotes of any denomination shall cease to be legal tender. And, Section 7 of the Act says, “The central government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest.” So, the government’s advice to RBI on demonetisation is in accordance with the Act, which also permits the government to supersede the central bank if it believes RBI has failed to carry out its obligations.

Clearly, Patel could not have prevented this even if he wanted to. At best, he could have resigned (which a former RBI governor had suggested initially but later retracted the statement). What purpose would it have served except for adding a halo to Patel’s profile as a fiercely independent governor?

If we leave this part out, Patel has been doing a competent job. With every monetary policy, he has been evolving. And, he has not wavered from the twin mission of inflation-fighting and cleaning up the banks’ balance sheets—a job started by his predecessor.

A dramatic entry

Patel’s entry into RBI in 2013 was rather dramatic. Then governor Subbarao’s first choice was continuing with his deputy Subir Gokarn , who was in charge of the monetary policy. But finance minister P. Chidambaram spiked it as he felt that those who entered the central bank laterally “had become hostage to the technocrats in the RBI” and it was “necessary to bring some fresh thinking” (Subbarao has written this in his book Who Moved My Interest Rate?, to explain why Gokarn did not get another term).

Entered Patel with an impressive academic background—London School of Economics, Oxford University and Yale University. As a professional, he has had exposure to the International Monetary Fund, department of economic affairs in the ministry of finance, various high-level committees at both the central and state government levels, Reliance Industries Ltd, Infrastructure Development Finance Co. Ltd (now IDFC Ltd), the Boston Consulting Group and even a short stint at RBI.

During his tenure as a deputy governor (for three years from 11 January 2013 and then another term which was cut short as he shifted to the corner room), he headed a very critical expert committee set up to revise and strengthen the monetary policy framework. Among other things, it had recommended that inflation should be nominal anchor for the monetary policy framework and constitution of a monetary policy committee (MPC) as the decision-making body. It also outlined the plan for developing the term repo market and creating a new instrument for liquidity management in the form of a remunerated standing deposit facility. While the first three recommendations have been accepted and the new architecture is already in place, the RBI Act needs to be amended for the new liquidity management tool. I understand that the government is not too keen to do this at the moment.

Patel has been continuing with the war on inflation, which Rajan had waged, and not toeing the government line on interest rates. He pared the policy rate by a quarter percentage point in August, not under pressure from the government but after being convinced that inflation has been well within the RBI target (4% +/- 2%), but refused to change the stance of the monetary policy from neutral to accommodative. This means future actions of the central bank will be driven by data—the rate can be cut only if MPC is convinced that inflation will go down further. His cautious approach is reassuring for those who root for a long-term sustainable growth for the Indian economy.

Saying ‘No’ to Finance Ministry

Ahead of this, in the run-up to the June policy, Patel spurned the invitation of the finance ministry for a meeting in Delhi. The finance ministry wanted to have two separate meetings, one with MPC members from RBI and another, with the outsiders (three in each group). All MPC members declined the request for the meeting. The background of this was a hawkish April policy statement (after the monetary policy stance changed from accommodative to neutral in February), leading to the first outburst by the government. Arvind Subramanian, chief economic adviser to the government of India, was vocal against MPC as well as the central bank for not cutting the policy rate despite considerable easing of inflation pressure.

Patel has also made public his displeasure with the farm loan waivers announced by quite a few state governments as it destroys the credit culture. He has used the all-important post- monetary policy press conferences to voice his displeasure on the finance ministry’s attempt to influence MPC and farm loan waivers by different states. The latter came after Uttar Pradesh chief minister Yogi Adityanath announced that he was going ahead with his party’s poll promise to farmers. Farm loan waivers, according to Patel, pose a serious moral hazard and are “inflationary”, as opposed to Subramanian’s view (“deflationary”).

However, it will be wrong to interpret that Patel revels in fighting the government. When it is needed, he is putting up a joint show with the government to serve the purpose. For instance, the RBI Act allows the central bank to direct commercial banks on certain things if it wants to, but RBI wanted the government to pass an ordinance for the demonstrative effect—both the government and RBI are on the same page when it comes to fighting the menace of bad loans; it is not the case that RBI wants to resolve the bank loan problem even as the government is shielding corporate India. Armed with this, RBI first instructed the banks to move the insolvency court against 12 big borrowers which account for one-fourth of the bad assets and followed it up with another round, identifying at least two dozen borrowers.

As a natural follow-up of bad loan resolution where banks are encouraged to take deeper haircuts, the corporate defaulters are staring at losing their business empires. Patel has been closely working with the government on likely capital infusion in deserving banks and merger of those that are fast losing relevance, to reduce the number of state-owned banks and adding scale.

He cannot escape comparison with Rajan. For that matter, all RBI governors are being compared with each other. Bimal Jalan, who took charge in the thick of the East Asian crisis in 1997, did a remarkable job in rescuing the rupee; he was more like a statesman who could keep every quarter happy. Y.V. Reddy, who succeeded Jalan, was fiercely independent; his five-year tenure has been unique for low inflation and high growth. Subbarao parachuted into RBI headquarters directly from the North Block, which houses the finance ministry, but soon found his feet and fought with the ministry on many issues in full public glare.

Rajan did a great job in bottling inflation, protecting the rupee and creating macroeconomic stability but with his international aura, he behaved more like an academician when it came to voicing opinion on different economic issues. Patel, in contrast, is restrained; he hardly talks. I could detect only one instance where he spoke on a subject which does not exactly fall in the domain of an RBI governor. At an IMC Chamber of Commerce and Industry event, he had said he was not “overly pessimistic” about the employment scenario in the information technology sector as the mushrooming start-ups could compensate for job losses. It’s very different from what, for instance, Rajan had said on the government’s “Make in India” initiative or India’s growth story.

Communication has never been Patel’s great strength but that cannot be an inhibiting factor. Jalan had Reddy to talk to the market; Reddy had his deputy governor Rajesh Mohan; and Patel has Viral Acharya in charge of the monetary policy.

Indeed, one year is not an ideal time frame to evaluate an RBI governor and put tick marks on the report card but I would like to believe that Patel is maturing fast and he will not disappoint us. His wont to keep a low profile will keep the government happy but his actions may not, always. A Rs13,190 crore provision that the central bank has made towards its contingency fund in its 2017 balance sheet is one such instance. It pared RBI’s dividend payout to the government. Had Patel wanted, he could have avoided such a hefty provision to generate a higher dividend. Prudence is the hallmark of a good governor.


Tamal Bandyopadhyay, consulting editor at Mint, is adviser to Bandhan Bank. He is also the author of A Bank for the Buck, Sahara: The Untold Story and Bandhan: The Making of a Bank.

FULL DETAILS OF NIRMALA SITHARAMAN - ALL YOU NEED TO KNOW ABOUT - Nirmala Sitharaman as Defence minister is neither best choice nor women's empowerment - She is the second woman Defence Minister after late Prime Minister Indira Gandhi- PM springs surprise, names first woman full-time defence minister - Nirmala Seetharaman, the pride of Tiruchi - Idiantha Mee Chalavea Athhayya, Telugu Intii Kodalu Nirmala Seetharaman ku Rakshana Sakha , Dakshtaku Rakshana , - SEE CONTENT IN BOTH TELUGU & ENGLISH LANGUAGES




The soft-spoken but articulate Sitharaman, replaced the experienced Arun Jaitley, who continues as finance minister.
The JNU alumna — she is an MA in economics — came to know of her portfolio hours after taking oath as a Cabinet-rank minister.
Sitharaman is the first full-time woman occupant of the South Block perch.

NEW DELHI: PM Narendra Modi on Sunday picked Nirmala Sitharaman as India's first full-time woman defence minister, delivering the biggest surprise in a Cabinet recast+ that saw nine new ministers being sworn in, elevating the next generation of BJP leaders+ to key berths and inducting in-house technocrats with an eye on the 2019 polls.
The soft-spoken but articulate Sitharaman, 58, who was an influential BJP spokesperson during the 2014 Modi campaign, and was minister of state with independent charge for commerce, replaced the experienced Arun Jaitley, who continues as finance minister.
The JNU alumna — she is an MA in economics — came to know of her portfolio hours after taking oath as a Cabinet-rank minister.
With external affairs minister Sushma Swaraj, Sitharaman will be the second woman member of the Cabinet Committee on Security, an elite ministerial group that deliberates on major strategic issues.
While Indira Gandhi held charge as defence minister as PM, Sitharaman is the first full-time woman occupant of the South Block perch, breaching an enduring glass ceiling as she assumes responsibility of a male-dominated military where demands for allowing women in combat roles are gaining traction. "I will look at the issue (of women in combat roles) with an open mind," she said soon after the portfolios were announced.
Her record in the commerce ministry was attacked by Congress, which pointed to low exports, but the government highlighted India being the top destination for greenfield foreign direct investment (FDI) and Sitharaman's record in handling tough multilateral trade negotiations.
The Cabinet changes are seen to reflect Modi and BJP chief Amit Shah's assessment of performance and accountability of the ministerial team.
PM bid to pace up growth in key areas
Among the younger leaders, Piyush Goyal takes charge of railways after several accidents, including the recent derailment of Utkal Express, dented the government's record in the rail sector.
Nine new ministers brought into the government indicate the PM's priorities, as he looks to accelerate delivery in areas with a significant bearing on the economy and jobs like housing, urban planning, river cleanup and transport, power and renewable energy and tourism along with pushing reforms in defence and railways.
Former DDA "demolition man" Alphons Kannanthanam will be in charge of tourism while former foreign service hand Hardeep Puri will be responsible for housing and urban affairs.
Both are former civil servants and currently not MPs. R K Singh, a former home secretary, has been given the important portfolio of power and renewables.
Goyal, who has been BJP treasurer, is an experienced party hand, being part of campaign planning at the national level. A CA by training, he is seen as an instinctive reformer who keeps a close eye on outcomes and costs and his main task will be to get the factious railway bureaucracy to pull in one direction.
Seen as a possible CM face for BJP in Odisha, oil minister Dharmendra Pradhan has delivered on schemes like Pahal and Ujjwala — the latter viewed as a factor that worked with poor households receiving cooking gas in the UP elections. He now also has the charge of skill development.

Mukhtar Abbas Naqvi has been elevated as cabinet minister and continues to hold charge of MoS parliamentary affairs and independent charge of minority affairs.

The chopping and changing that saw six ministers resign ahead of the reshuffle also saw downsizing of senior leader Uma Bharati, who has shed the water resources and Ganga rejuvenation portfolio and has been moved to sanitation.

Though the portfolio is important in terms of the prominence given to Swachh Bharat, the ministry is seen to be run by officials under the PMO's guidance.
Delhi leader Vijay Goel lost independent charge of sports, a comment on his tendency to get involved in the state party's affairs and factional politics.

Nirmala Seetharaman, the pride of Tiruchi 

She is the second woman Defence Minister after late Prime Minister Indira Gandhi

Most Tiruchites were glued to the television on Sunday as the ‘daughter of the soil’ Nirmala Seetharaman took oath as the Defence Minister of the nation.

She is the second woman Defence Minister of the country after the late Prime Minister Indira Gandhi who held the post.

Faculties and students of Seethalakshmi Ramaswami College where the new Defence Minister had studied B.A. Economics from 1977 to 1980, were on cloud nine.

Institutions in Tiruchi have always had the pride of place for having shaped the future of two former Presidents R. Venkataraman and A.P.J. Abdul Kalam, who had their moorings in National College and St. Joseph's College respectively.

The student days of Ms. Nirmala Seetharaman at SRC was as much impressive, recalled Usha Chandrasekar, retired Head of English Department.

Ms. Seetharaman had a continuous association with the English Department as an active participant in debates, discussions and quiz competitions, Prof. Usha said.

The self-confidence and leadership material in her was very much evident even then, she said.

Ms. Nirmala had visited the college twice since 2011. When she visited for the first time during 2011, Ms. Seetharaman was the spokesperson of BJP.

Last year, the faculty and students had the privilege of interacting with her as the Union Minister of State for Commerce and Industry.

During her 2011 visit, Ms. Seetharaman was elated to meet a few of her former teachers, and shared with them nostalgic memories of her student days.

She had thanked the teachers for shaping her overall personality.

Nirmala Sitharaman as defence minister is neither best choice nor women's empowerment 

Some of the electronic media response of hailing as women's empowerment the appointment of Ms Nirmala Sitharaman as India's full-time defence minister comes across as a classic case of self-deception with or without the aid of spin doctors who can transform for mass consumption the narrative of any new policy or current development. 

Surely at a time when the tensions are ratcheting up on India's borders with not just Pakistan but China, it makes sense to have a defence minister with a credible background by way of some degree of domain expertise. Surely, it is not a coincidence that not just the USA but China currently has a former general holding the crucial portfolio of defence. The incumbent US National Security Adviser is also a retired general. 
Nirmala Sitharaman's academic background shows an interest not so much in defence studies as in economics where, according to Wikipedia, she did her MA in JNU and followed that up with a MPhil and worked in PricewaterhouseCoopers as a senior manager before entering the political arena along with her husband who hailed from a political family and whose mother was an MLA. 

One's intention is not in any way to denigrate Nirmala Sitharaman's contribution to public life. She has served for the last three years as minister of state holding independent charge of the portfolio of commerce and industry, something more aligned with her MA and MPhil academic studies. That she is one of four ministers of state to be promoted to Cabinet rank speaks well of her performance. 

While wishing her well as the Modi government's full-time defence minister, the question still has to be asked as to whether she was the best choice for that crucial portfolio at a critical juncture. It is not as if the choice of a defence minister has to be restricted to those with ministerial experience in the 40-month-old Modi government. 

The question also has to be asked whether any Indian who has served with distinction in the Indian Army, Navy or Air Force should automatically be disqualified from ever holding the portfolio of defence minister. Surely, if an economist can serve as India's finance minister or a lawyer as the minister for justice, why should someone who has served with distinction in the defence services automatically be disqualified even after retirement from ever being India's defence minister. The defence establishment in India has a fine tradition of serving the democratically-elected government. India is not Pakistan where generals periodically overthrow elected governments. India has a number of retired generals, admirals and air marshals, who have served with distinction, and one of them could have been entrusted with the defence portfolio. 





                                             
                             








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