RBI board meeting underway to discuss new economic capital framework

Of the 21 state-owned banks, 11 are under the PCA framework, which imposes lending and other restrictions on weak lenders. These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra. On Thursday, Das met the chiefs of a few state-run banks to discuss their concerns. Lenders requested the governor to ease the PCA norms and also sought relaxation in the one-day default norm announced in the February 12 RBI circular on reclassification of NPAs. At the November 19 meeting, the RBI board had also decided to refer the issue of relaxing PCA framework to the Board of Financial Supervision (BFS) of the central bank. Unlike the last meet, which lasted for 10 hours, Fridays meeting is likely to get over by afternoon. ... Dailyhunthttps://foretagslanns.blogspot.com/2018/11/what-natural-health-products-should-be.html

What do recent reverses tell us about Narendra Modi's political health?

Those numbers turn darker when set in a Venn diagram to depict the overlap with the desertion of SC/ST votes. The BJP lost more than 61 lakh votes in just those three states; the Congress gained close to a crore and a quarter. A projection - purely mathematical as opposed to political, it must be emphasised - suggests the BJP stands to lose as many as 44 Lok Sabha seats across this geography.The ground was adverse, angry. Which brings us to another, and probably critical, issue not many can argue with: Modi's inability to turn things around this time. It's what the BJP has come to invest great faith in - the knack Modi has of landing in the midst of a tough battle and extracting victory from the jaws of defeat, of turning things around single-handed, of turning the public mood with his oratory, of unleashing a surge of energy nobody else can. The Prime Minister barn-stormed the battlegrounds aggressively and provocatively, but he could not swing it. Whether the razor verdicts of Madhya Pradesh and Rajasthan were achieved because Modi was able to push and spur with his rallies or whether it was down to how popular local leaders like Shivraj Chouhan remained is a matter the BJP will best grapple with internally, but on the outside the patent truth is Modi could not make a significant difference.What can he do to intervene more decisively in the coming months, as he has often done in the past? Does he have a record to boast of, feathers to pin into his flamboyant pugrees? On the evidence of the campaign he just finished, there exists a poverty of positive talking points in his quiver. In the absence of credible claims he could make, he chose to rely on blame, on attacking the Nehru-Gandhis in particular. He often sounded surreal, as if they were still in saddle and he were launching into battle against the Nehru-Gandhi establishment. He no longer brags about demonetisation or GST, aware that the widespread verdict on both is palpably negative. The hope he generated in 2013-14 has turned to heated hype paid for mostly by the public exchequer. His fancy flagship initiatives have barely gone beyond claims and sloganeering. Unemployment is soaring, purses across the nation are pinching. (Or, it could be argued that farmers don't carry purses.) Key institutions he has turned to a shambles over the course of his reign - Supreme Court judges found themselves compelled to call an unprecedented press meet and raise alarm over executive interference, the Reserve Bank lies wracked, the CBI is controversially riven and headless, the Central Information Commission has complained of manipulation, the armed forces, well they have never ever before been encouraged into overt ultra-nationalist political discourse as today.Modi did play hard at his default mode on the side - Hindu Hriday Samrat. He commandeered the VHP-Bajrang Dal and UP chief minister "Yogi" Ajay Singh Bisht "Adityanath" to wage battle for him. The VHP-Bajrangis renewed their oaths to a Ram Mandir in Ayodhya, and were volubly endorsed by Shah and Ram Madhav. Bisht himself choppered about the campaign, addressing 74 rallies at reliable count. He had come from lavish Dussehra celebrations and the renaming of Faizabad as Ayodhya. He had come from rococo declarations of erecting a lofty Ram statue. He spouted such gems as calling Hanuman a Dalit; we know the Dalits were hurt, we haven't heard what Hanuman thought of it. He forsook Ali for Bajrangbali. He wanted Hyderabad changed to something that few Hyderabadis had ever heard of. The BJP lost wherever he went.When the public mood turns averse, not even God can help, much less the fabled poll mechanics and machineries Shah has put in place. Democracies live by another god, goes by the name of Voter.PS: If it at all is an aid to perspective, India's first cow welfare minister, Otaram Devasi, lost to an independent Congress rebel from Sirohi district in Rajasthan. Someday very soon someone will commission a poll on who will be India's preferred pick for prime minister in 2019, and the answer won't be worth either the wait or the bet. It will be the same man who has consistently led such polls since 2013 or thereabouts: Narendra Damodardas Modi. His most credible emerging challenger, Congress president Rahul Gandhi, will probably have added a few percentage points to his lapel but the overwhelming odds still are Modi will re-emerge frontrunner by a fair distance.There doesn't exist in the field yet a politician that can match Modi on vital counts - reach, resources, energy, focus, impact; the ability to intervene and disrupt and, very often, cynically and dangerously distort for political purchase; a flair for communicating to his constituency with things said and left unsaid; a whetted, and occasionally diabolical, determination to retain grip on his reign. Modi is a consummate and unsentimental power creature like no other about. He hasn't come under the lee of last week's reverses suffered by the Bharatiya Janata Party (BJP), he continues to loom over them, still quite a raved, even ravished, reputation.But here's the thing about reputations and public ravishment with them: they tend to quickly unravel, and sometimes they unravel without revealing upon the victim the approaching fall of fates. As happened to Atal Bihari Vajpayee in 2004, arguably the Leviathan of that time but one who had begun to gloat on the notion that he had conjured a Shining India. Or as happened to the Janata Party, so euphorically elected in 1977 as rap and replacement to Indira Gandhi and her excessive Emergency; the Janata jubilation soured so quickly and wholly, the widely despised and dethroned Indira Gandhi was brought back to power in 1980. Or even as happened to her son and successor, Rajiv Gandhi, who still holds the record for acquiring the largest-ever Lok Sabha kitty in 1984. It all got frittered in the space of less than a term; by 1989 India's first pin-up prime minister had come unstuck. When the ground beneath shifts, the first it fells are those that stand tallest on it.There will, justifiably, be arguments over whether or not the ouster of BJP governments in Madhya Pradesh, Rajasthan and Chhattisgarh reflect on Modi, and if they do, to what degree. Modi, after all, was not a contender anywhere. Several reports off the field suggested that despite the adverse turn of public mood towards incumbents in the states, Modi himself appeared unaffected, that this was a local vote driven by local factors; the 2019 vote, with Modi at its centre, will be quite another in nature. Presidential, if one word can sum it up; if not Modi, WHO?What there can be little argument about are a few other things that might also come to bear on the outcome of 2019. The first among them is this: a large chunk of the Indian heartland has now slipped under Congress rule and all of its governments will be freshly incumbent by the time Lok Sabha elections are held; power lends you key levers and in the three states the BJP just lost, those levers are with the Congress. For a party like the Congress, whose rank and file had turned infamously demotivated since 2014, three chunky handles on power will also likely mean an injection of energy and self-belief at the organisational level. At the leadership level, Pappu has already begun to fluster the authors of that moniker. And Pidi is no longer yelping or barking; Pidi just bit, not once but thrice. Rahul Gandhi is beginning to deliver what few reckoned he ever was capable of delivering: electoral victories and the shoots of a sense that Indian politics isn't the unipolar deal that Modi's raucous cries of "Congress-mukt Bharat" and BJP president Amit Shah's claims of "ruling another fifty years" had begun to suggest to some. That question has been resoundingly asked as counter-echo to There Is No Alternative (TINA): Is There No Alternative (ITNA) ?The Modi-Shah duo has suffered reverses earlier, in Delhi, in Bihar, in Punjab, in Karnataka. But this may be different. This is about a piece of real estate the BJP believed to have exclusive rights over, its core ground, the Hindi-speaking, overwhelmingly Hindu cow-belt. And the loss of it has arrived far too close to the 2019 contest. Dailyhunthttp://knowledge.thinkingstorm.com/UserProfile/tabid/57/userId/251129/Default.aspx

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Where poll mandates set focal point for Budgets

Consultations are on for a UBI scheme," a senior Finance Ministry official told TMS. Rural distress, which is being cited as one of reasons for BJP's ouster from three states in the recently concluded Assembly polls, has forced the party to reconsider its financial priorities. Last week, TMS had reported on the government planning a Rs 40,000 crore package to support the agriculture sector in the upcoming budget. Sources said the package will not necessarily mean a loan waiver, and that PMO is discussing it with the Finance Ministry and NITI Aayog. Another major area, which is likely to get its fair share of attention, is small traders. "We have already announced some measures for the MSME sector and the government is working on a major relief package for them," said another official from the Finance Ministry. The MSME sector roughly employs 11 crore people and contributes around 32 per cent to the economy. However, the sector was badly hit by demonetisation and GST. According to an All India Trade Union Congress survey conducted in July, one-fifth of India's 6.3 crore small businesses had seen a 20 per cent fall in profits since the GST rollout and the sector was growing disenchanted with the BJP government. "It's not just farmers. There was growing anger in trader communities, mainly the small traders. The Congress was able to tap their anger to a great extend," said a BJP leader from Rajasthan. Sensing the growing unease, Congress chief Rahul Gandhi, in his multiple political rallies, had attacked the government for "siding with big corporates and ignoring small businesses". In August, Gandhi went ahead and promised to shift focus of the country's economic policy towards small and medium-sized firms, if his party comes to power in 2019. This largely worked in Congress' favour. Dailyhunthttp://www.revellers.com.au/UserProfile/tabid/61/userId/21205/Default.aspx

Gone With The Wind is still going strong, and we still give a damn

In Vivien Leigh's Scarlett O'Hara (an English woman playing a southern American belle, another contradiction), film history gets what might be its first authentic antihero. Scarlett O'Hara marries for convenience, undercuts her siblings, earns money through any available means, has obvious social impropriety, refuses to be subservient - except as a ruse. She is as much a feminist icon as a good, old-fashioned scandal. For this is 1939. Women didn't even vote in the US then, far less become captains of industry. Scarlett's feisty feminism that Leigh portrays with such unforgettable spunk is just one of the things that makes Gone With The Wind a film for the ages. In Clark Gable's dashing Rhett Butler, the film gave audiences a poster boy and romantic hero to pine after forever. Even as it is every bit a romantic story of star crossed lovers, Gone With The Wind is also a war movie. The dulcet tones of music and summer balls are intertwined with the starkness of war and a society learning to cope with a fundamental change in the fabric of its culture. And yet, its cringeworthy treatment of African American characters and the callousness around the problems of race make the film a contradiction that even its most ardent fans cannot ignore. Even as Hattie McDaniel won an Oscar for her role, Malcolm X wrote in his autobiography about Butterfly McQueen's character Prissy that 'when Butterfly McQueen went into her act, I felt like crawling under the rug'. Eight decades after it first released, its legacy is more than just as a film that brought to life a much-beloved book. Helmed by three directors, scripted and revised by many writers, and having taken two years to cast the two leads, the almost four hour long film is what would now be known as a smash hit across the world. Underscoring the complications of how cinema can reflect the society in which it is made, Gone With The Wind, in spite of all its problems, remains a highly influential piece of American motion picture art. Dailyhunthttps://www.polygon.com/users/zeekrpheek

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Sensex ends over 150 points higher; Yes Bank slumps 6 per cent

Yes Bank, on the other hand, was the biggest loser, falling over 6 per cent after its board meet concluded. T he bank said it has finalised a candidate for the chairman's position and would be seeking approval from the RBI. The bank, however, did not disclose the candidate's name. Other losers include Sun Pharma, TCS, Tata Steel, Adani Ports and Coal India, falling up to 2 per cent. "In anticipation of some firm measures to ease the credit squeeze by the new RBI Governor post his meeting with PSU bank chiefs today, markets rallied in the morning but cooled off in the second half on some profit booking," said Essel Mutual Fund CIO Viral Berawala. "Stocks with rural focus also gained momentum on expectations of some pro-rural announcements by the Central government," Berawala added. The rupee, meanwhile, rose 35 paise to 71.66 against the US dollar in intra-day trade. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 1,299.43 crore on Wednesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,121.29 crore, provisional data available with BSE showed. Brent crude oil futures were trading flat at USD 60.15 per barrel. Elsewhere in Asia, Korea's Kospi rose 0.62 per cent, Japan's Nikkei gained 0.99 per cent, Hong Kong's Hang Seng surged 1.29 per cent and Shanghai Composite Index advanced 1.23 per cent. In Europe, Frankfurt's DAX fell 0.31 per cent and Paris' CAC 40 shed 0.30 per cent in their early deals. London's FTSE too slipped 0.02 per cent. Dailyhunthttp://www.splendidcrm.com/UserProfile/tabid/138/userId/68474/Default.aspx

Kids stop believing in Santa Claus by age of eight, youngsters pretend belief

Boyle received 1,200 responses from all around the world to his The Exeter Santa Survey, the only international study of its kind, mainly from adults reflecting on their childhood memories. The findings show that 34 per cent of people wished that they still believed in Santa with 50 per cent quite content that they no longer believe. Around 34 per cent of those who took part in the survey said believing in Father Christmas had improved their behaviour as a child whilst 47 per cent found it did not. The average age when children stopped believing in Father Christmas was 8, according to the study. About 65 per cent of people had played along with the Santa myth, as children, even though they knew it was not true. A third of respondents said they had been upset when they discovered Father Christmas was not real, while 15 per cent had felt betrayed by their parents and ten per cent were angry. Around 56 per cent of respondents said their trust in adults hadn't been affected by their belief in Father Christmas, while 30 per cent said it had. A total of 31 per cent of parents said they had denied that Santa is not true when directly asked by their child, while 40 per cent had not denied it if they are asked directly. About 72 per cent of parents are quite happy telling their children about Santa and playing along with the myth, with the rest choosing not to. "During the last two years I have been overwhelmed by people getting in touch to say they were affected by the lack of trust involved when they discovered Santa wasn't real," said Boyle. "It has been fascinating to hear why they started to believe he is fictional. The main cause is either the accidental or deliberate actions of parents, but some children started to piece together the truth themselves as they became older," he said. "As much as this research has a light-hearted element, the responses do show a sense of disappointment and also amusement about having been lied to," he added. Dailyhunthttps://able2know.org/user/kizaaakrizz/

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RBI reserve should be used to fix financial system: Subramanian

"Also, it should be done cooperatively, not adversarily," he added. He further said the government could have found a way to solve its differences by setting up a panel, which hopefully would have shared the belief of not using the RBI reserve for deficit financing. The Reserve Bank of India (RBI) has Rs 9.59 lakh crore reserves and the government, if reports are to be believed, wants the central bank to part with a third of that fund -- an issue which along with easing of norms for weak banks and raising liquidity has brought the two at loggerheads recently. Responding to a PTI query on the comments on RBI Board Member Swaminathan Gurumurthy's induction, he said: "I think, he (Gurumurthy), amongst others, has articulated new alternative conceptions. I think, we have to engage with that to run an economy. All of us, me included, would plan to engage with that vision. I promise I will engage with that". Gurumurthy should try avoiding being a party to build a perception of politicising RBI board appointments, the former CEA said. Subramanian was in the city to read some the excerpts from his book - Of Counsel: The Challenges of the Modi-Jaitley Economy. On the Swadeshi vs Videshi debate, he said both extremes should be avoided because finance theory talks about diversification. "India needs a portfolio. You get your Swadeshi and Videshi economists, but evaluate them on their merits. Finance theory talks about diversification," the former CEA said. ... Dailyhunthttps://www.sbnation.com/users/meekneekitto