Sachin=GOD Posted August 22, 2014 Posted August 22, 2014 The SC doesnt have jurisdiction regarding what happens in the parliament.Congis when in brute majority never gave LOP post to anyone. Actually the petition is saying that how will the Lokpal wtc be appointed when there is no LoP (the LoP is part of the selection committee for Lokpal, CVC etc).
Sachin=GOD Posted August 22, 2014 Posted August 22, 2014 as long as jaitley is there' date=' nothing will happen :agree:[/quote'] You guys have read too many of Asterix's kaanspiracy theories. You really think Jaitley would have been given Finance AND Defense, probably two of most important portfolios in the entire Govt, if he was a mole or if Modi/RSS mistrusted him even slightly?
FischerTal Posted August 22, 2014 Posted August 22, 2014 You guys have read too many of Asterix's kaanspiracy theories. You really think Jaitley would have been given Finance AND Defense' date=' probably two of most important portfolios in the entire Govt, if he was a mole or if Modi/RSS mistrusted him even slightly?[/quote'] jaitley was the legal eagle for modi/shah. he is probably the only person they would deal with softly
Sachin=GOD Posted August 22, 2014 Posted August 22, 2014 jaitley was the legal eagle for modi/shah. he is probably the only person they would deal with softly But dealing softly wouldn't mean giving him two of the most important portfolios.
randomGuy Posted August 22, 2014 Posted August 22, 2014 the book of all major PSU banks already has 10's of thousands of crores of gross n net NPA mentioned. they are trading well below their book value. some even at price/book val. of 0.3, 0.4, 0.5. so market already discounts these scams to a great extent. at max, i see a 20% fall, tht too in PSU bank stocks only. overall market would not fall. Bhushan steel is one major defaulter i agree, exposur of 40k crore. but even that isnt an NPA yet, has been paying its dues on-time till now.
Malcolm Merlyn Posted August 22, 2014 Posted August 22, 2014 Actually the petition is saying that how will the Lokpal wtc be appointed when there is no LoP (the LoP is part of the selection committee for Lokpal' date=' CVC etc).[/quote'] That again is the parliaments job.The 1st speaker laid down the rule that minimum 10% seats are required to be LOP. Congress had brute majority many times and didnt give LOP to anyone but are now crying for LOP position even approaching SC.What sore losers.They have no dignity and honour cant take a loss.Pathetic.
Number Posted August 22, 2014 Posted August 22, 2014 Actually the petition is saying that how will the Lokpal wtc be appointed when there is no LoP (the LoP is part of the selection committee for Lokpal' date=' CVC etc).[/quote'] Funny thing is, it wasn't by any Congressi, it was AAP's Prashant Bhushan who filed this PIL for LoP.:cantstop:
Sachin=GOD Posted August 22, 2014 Posted August 22, 2014 That again is the parliaments job.The 1st speaker laid down the rule that minimum 10% seats are required to be LOP. Congress had brute majority many times and didnt give LOP to anyone but are now crying for LOP position even approaching SC.What sore losers.They have no dignity and honour cant take a loss.Pathetic. The 10% rule should be changed to biggest opposition party bcoz thats what basically LoP is - the leader of the biggest opposition party. Earlier the LoP wasn't on the selection committee for important institutions like Lokpal, CVC etc. Also, just bcoz there wasn't a LoP earlier doesn't mean that that wrong practice should be continued now. Funny thing is' date=' it wasn't by any Congressi, it was AAP's Prashant Bhushan who filed this PIL for LoP.:cantstop:[/quote'] lol
asterix Posted August 22, 2014 Posted August 22, 2014 ^ I remember some wording in the recent Judicial appointment bill. They've included, "in special circumstances, where LoP is required, the Leader of the largest opposition party will be consulted". Something in those lines. So, with a little amendment in the Lokpal bill, this issue of LoP can be resolved.
Malcolm Merlyn Posted August 23, 2014 Posted August 23, 2014 The 10% rule should be changed to biggest opposition party bcoz thats what basically LoP is - the leader of the biggest opposition party. Earlier the LoP wasn't on the selection committee for important institutions like Lokpal, CVC etc. Also, just bcoz there wasn't a LoP earlier doesn't mean that that wrong practice should be continued now. lol Funny thing that none of these changes were supposed to be necessary when Congress was with brute majority.Other parties accepted the rule. Congress is a cry baby,pathetic loser,arrogant and with a huge mountain of feeling of entitlement.
surajmal Posted August 23, 2014 Posted August 23, 2014 Action needs to be taken fast else Congis might start blaming BJP for not taking any action and complicity.. Also, offlate, I'm witnessing SC being pretty nasty against the Govt. I'm guessing this is because of the recently passed Judicial Appointment Bill... SC's (read Lodha's) way of getting revenge against the Govt. The Uttarakhand Guv is already cashing in... Indian economy will go into depression if this isn't managed right. Hence the hurry to bring structural changes to the banks. When Namo talked about the bitter pill, I think he was wary about the banks situation. Ofcourse, as a politician he can come out guns blazing but then his plans to take the growth rate back up to 9/10 percent will become a pipe dream for the next decade. The problem is we are talking about real money here (not notional like in the case of 2G). And it isn't just a case of writing off 200-300 billion dollars. This situation will have a cascading effect. Then feck Infra. development; rupee value goes into the tank; Gold imports/smuggling will increase because the public won't care a hoot about savings or banks as a institution in general which will loop back into inability for capacity builiding; trade deficit will keep on increasing; where does rupee bottom out 70, 100, 150?, and feck any job creation - the biggest project of Namo. Lack of FDI will be the least of your worries. It is literally a doomsday scenario.
Malcolm Merlyn Posted August 23, 2014 Posted August 23, 2014 PSU bank scam will kill NaMos pet project every family having a bank account.
jusarrived Posted August 24, 2014 Posted August 24, 2014 NPA situation is exaggertaed , there could be scams nevertheless , but colapsing of PSU banks is really stretching it .
diga Posted August 27, 2014 Posted August 27, 2014 Coalgate: Rs 3 lakh cr loans at risk. Banks biggest victims of UPA scam http://firstbiz.firstpost.com/corporate/coalgate-rs-3-lakh-cr-loans-at-risk-banks-biggest-victims-of-upa-scam-95016.html The Supreme Court’s verdict on Monday that deems coal block allocations made between 1993 and 2009 illegal might be a big blot in the otherwise impeccable resume of Manmohan Singh, but the biggest victims to the whole turn of events are banks, whose money appears to be at big risk. The SC verdict doesn’t quash the coal block allocations, but when the final verdict of the apex bank will be out on the matter, two possible scenarios can emerge: One, the Court can go for the cancellation of the licences of those firms, where the production is not commenced yet. Second, in other cases, penal actions can be imposed—possibly in the form hefty penalty. Either way, banks would suffer since the cash flows of the borrower firms will get severely impacted due to cost over-runs and resultant delay in the repayments to banks. The actual impact on banks/companies can be ascertained only after the final verdict is out on the matter. Till June, Indian banks have lent Rs 2.6 lakh crore to iron and steel companies and Rs 5 lakh crore loans to power companies. Not all of these loans will be at risk. For instance, of the Rs5 lakh crore given to power sector, a chunk of the money is given to electricity distribution units, which don’t have direct impact from the SC order. But a back-of-the-envelope calculation shows that exposure to power, steel producer firms could be between Rs 2.5 lakh crore to Rs3.5 lakh crore. Yet another big worry for the bankers will be the existing pile of restructured loans from iron, steel and power sectors, which too face stress due to the order. Even now, iron & steel and power segments are the biggest contributors to the restructured loan pile under the so-called corporate debt restructuring (CDR) mechanism, constituting about Rs80,000 crore or 24 percent of the total CDR loans. Under CDR, banks offer relaxed loan repayment terms to stressed companies. Possible cancellation of allotted coal blocks and resultant stress on the sector would be a double whammy since that will adversely impact the chances of recovery of these loans. If these firms fail, banks will have to either write off or classify them as non-performing assets (NPA). Bad loans impact the profitability of a bank since it requires the entity to set aside additional money to cover such loans. Provisions for bad loans can range from 20 percent to 100 percent, depending upon how bad the asset it. Overall, bank loans that will take direct hit from SC action on coal could be about Rs 3 lakh crore on a conservative estimate. To quote a banker, who is involved in the lending process to steel, power companies, “it can’t be positive anywayâ€. About 200 coal blocks were awarded between 1993-2009 to steel, cement and power companies for their own consumption. Only very few of them have begun production in these plants. If at all the Court decides to cancel the coal blocks and seek re-allocation, it would mean considerable delays, which would mean possible slippages. Banks will, in that case, will be forced to invoke the underlying assets of the companies, whichever way chances of impending stress are almost sure. This isn’t the first time SC whip on alleged wrongdoings of the UPA government raising concerns among the banks. In early 2012, banks faced similar plight when SC quashed 122 2G spectrum licences granted UPA-government on the ground that they were issued a "totally arbitrary and unconstitutional" manner. But, banks’ exposure to 2G loans was much less, about Rs 10,000 crore. What is important to note here is that in both cases, banks have lent to companies relying on the process followed the government in allocating the resources. But in both cases, the alleged irregularities on the part of the government and the subsequent intervention of the apex court have put their money at risk. Even though banks are technically safe since all the money they lent to steel are against some underlying assets, recovery will not be an easy task and time consuming as chances are high that these firms will move to court seeking legal relief. Clarity on the extent of damage on banks will emerge only after the final take of the apex court on the matter. The concern among bankers for repeatedly being victims of the wrongdoings of politicians are logical since banks are already sitting on a huge pile of sticky assets, about Rs2.5 lakh crore as at end June. This, coupled with about Rs 5 to Rs 6 trillion of restructured loans, makes the total size of stressed assets in India’s banking system about 13 percent of the total credit given by banks so far. Not a good sign for an aspiring economy.
hhunaeh Posted August 29, 2014 Posted August 29, 2014 How do you relate this news to the dire scenarios being discussed in the thread Big bang start: Record 1.5 crore bank accounts opened in a day If banks are about to collapse, how ethical is it to encourage poor people to open accounts and put their money in it?
Precambrian Posted August 29, 2014 Posted August 29, 2014 How do you relate this news to the dire scenarios being discussed in the thread Big bang start: Record 1.5 crore bank accounts opened in a day If banks are about to collapse, how ethical is it to encourage poor people to open accounts and put their money in it? What?
hhunaeh Posted August 29, 2014 Posted August 29, 2014 What? What happens to the money people put into these new accounts if these banks collapse as is being discussed by some posters in this thread? How easily can they get it back?
Precambrian Posted August 29, 2014 Posted August 29, 2014 What happens to the money people put into these new accounts if these banks collapse as is being discussed by some posters in this thread? How easily can they get it back? All deposits in savings below a certain threshold is guaranteed by govt.
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