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RBI must act as alert inspector, not just off-site surveyor: RBI union

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RBI

Mumbai | Reserve Bank union today requested Governor Urjit Patel to monitor banks through a combination of risk-based supervision, off-site surveillance and on-site inspections of operational systems.

In a letter written to the governor, the union suggested that the RBI should undertake random supervision of bank branches in all parts of the country periodically – possibly 10 percent of bank branches comprising all regions on an annual basis.

“We would request you that RBI monitoring of banks should be a triad – a combination of risk-based supervision, off-site surveillance and random on-site inspections of operational systems, which, we feel, will give the best result instead of RBI totally dispensing with on-site inspections,” the union said in the letter.

“We strongly feel that RBI must remain in the scene, not only as an off-site surveyor but an active and alert inspector,” it added.

The letter said that the RBI could train newly recruited computer-savvy assistants in banks for assisting this monitoring exercise, which will stand RBI in good stead without stretching its human resources too much.

Earlier this week, the RBI governor had appeared before a Parliamentary Panel, where he faced tough questions on bad loans, bank frauds and cash crunch, among others.

Patel assured the members of the committee, headed by senior Congress leader Veerappa Moily, that steps were being taken to strengthen the banking system.

“You (Patel) have stressed that it is not possible for RBI to inspect/audit about 1,20,000 branches of banks spread over the whole country. That is unexceptionable,” the union wrote.

It added that this should not mean that RBI totally withdraws itself from on-site supervision and relies on reports sent by the banks taking those as “sacrosanct”.

“If RBI believes that banking authorities are responsible enough to mind their operations and responsibilities, and RBI can safely rely on them then that will be definitely dereliction of duty,” the RBI union said while pointing out the PNB fraud case.

In the letter, the union thanked the governor for bringing to the fore regulatory impediments that the RBI is suffering from with regard to public sector banks.

It also praised him for putting forward that banking regulation and supervision should be “ownership neutral”.

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Karnataka government steps up relief, rescue operations in rain-hit Kodagu

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Kerala

Bengaluru, Aug 18 (PTI) Bolstered by the Army, Navy and Airforce, the state government today intensified relief operations in Kodagu district, as six people were killed in rain-related incidents during the last 24 hours.

Chief Minister H D Kumaraswamy undertook an aerial survey of the district which has been experiencing heavy rain for the past three days.

Deputy chief minister Parameshwara tweeted today six people have been killed in Kodagu due to floods and landslides during the last 24 hours.

The government has announced a compensation of Rs 5 lakh to the next of kin of each of the deceased, he said, adding that the government would take care of the treatment of the injured.

Landslides were reported from some places in the district and authorities have stepped up efforts to rescue stranded people, officials said.

“There is a severe situation for the past three days.

Now the central and state rescue teams are working on a war footing,” Kumaraswamy told reporters here.

An M17 Air Force helicopter has been deployed to provide food packets to the marooned and to airlift them, the chief minister said.

The government has deployed as many as 948 personnel from the army engineering task force, Dogra regiment, Indian Navy, national disaster response force, fire and emergency services, home guards and civil defence, Kumaraswamy said.

In addition to this, 200 NCC cadets have also been deployed, he added.

About 50 earthmovers have also been working round the clock to clear debris caused by the landslips. Boats are also being used in the rescue operations.

“More than 2,500 people have been rescued.. in Jodupal village alone, 348 people have been rescued,” he said.

The state government has sanctioned Rs 100 crore for undertaking relief work in Kodagu district.

A sum of Rs 200 crore was announced as grant-in-aid to the affected districts for relief work a few days ago.

A committee, comprising senior administrative officers led by chief secretary T M Vijay Bhaskar, has been constituted to monitor relief operations, Kumaraswamy said.

“In Jodupal village, about 300 acres of land are lost in landslides. As many as 39 relief camps have been set up in the state, of which 30 are in Kodagu alone and the rest are in Dakshina Kannada district,” he said.

Revenue officers and doctors from Mysuru, Ramanagar, Mandya, Hassan and Chamarajnagar have been deployed in large numbers in Kodagu district.

The government has supplied 2.5 lakh litres drinking water for Kodagu district and efforts are also on to restore power supply in rain-hit areas, he said.

Kumaraswamy said he has directed officials to identify those who have lost their houses.

“At least 800 houses have been completely damaged in Kodagu due to rain..I have directed district authorities to identify those who have lost their houses and prepare a list.

Considering them as special cases, Rs 2 lakh to Rs 2.5 lakh will be given as compensation to them,” he said.

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Chandrababu Naidu speaks to Kerala CM, promises help to rain-hit state

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Naidu

Amaravati, Aug 18 (PTI) Andhra Pradesh Chief Minister N Chandrababu Naidu today spoke to his Kerala counterpart Pinarayi Vijayan over the phone about the situation in the rain-ravaged state and assured him of providing all possible help in this hour of crisis.

A release from the Chief Minister’s Office here said Naidu expressed grief over the loss of lives and destruction of property in the monsoon fury.

Naidu assured Kerala that his state was ready to provide all possible help to it in this hour of crisis.

The Andhra Pradesh government had last night announced a financial assistance of Rs 10 crore to rain-ravaged Kerala.

Naidu told Vijayan that he would assist in mobilising more financial resources for rehabilitation work in Kerala.

Meanwhile, the Andhra Pradesh government today despatched a special rescue team comprising 66 disaster response and fire services personnel, a district fire officer, 12 motorboats and other equipment to Kerala.

A team of National Disaster Response Force (NDRF) personnel from Mangalagiri also left for Kerala by a special aircraft, State Disaster Management Authority Commissioner M V Seshagiri Babu said.

As many as 194 people have lost their lives and 36 are missing in Kerala since August 8 due to rains and landslides, while over 3.14 lakh people have been moved to relief camps.

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Tamil Nadu CM K. Palaniswami announces ₹5 cr. more, relief materials, medical teams for Kerala

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Tamil Nadu

Tamil Nadu Chief Minister K. Palaniswami on Saturday, August 18, 2018, announced relief materials including rice, milk and ₹ five crore more for relief operations in the flood ravaged Kerala.

Mr. Palaniswami said essential medicines and teams comprising medical and veterinary doctors will be immediately dispatched to the neighbouring state.

Over and above the ₹five crore contribution for relief given to Kerala on August 10 by Tamil Nadu, the Chief Minister said,”an additional ₹five crore,” will be provided from the Chief Minister’s Public Relief Fund.

On August 9, Mr. Palaniswami had announced the ₹ five crore for relief and rehabilitation work.

As regards relief materials, 500 tonne rice, 300 tonnes of milk powder and 15,000 litres of Ultra-High Temperature (UHT) processed milk, 10,000 blankets besides dhoties and lungies (coloured dhoties) will be immediately sent to Kerala, he said.

“Also, relief materials worth crores received from Tamil Nadu people have already been sent to Kerala through authorities in districts and this work will continue,” Mr. Palaniswami said in an official release here.

To coordinate relief-related tasks to help Kerala, two senior IAS officials have been assigned to work under Commissioner for Revenue Administration, K Sathyagopal, the Chief Minister noted.

Expressing anguish over the loss of lives, Mr. Palaniswami conveyed his condolences to the bereaved families.

Prime Minister Narendra Modi on Saturday announced an immediate financial assistance of ₹500 crore to Kerala, after reviewing the flood situation in the state.

According to the Kerala State Disaster Management Authority, since August 8, 194 people have lost their lives so far and 36 are missing.

Over 3.14 lakh people have been moved to relief camps.

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