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Tripura cancelling May 1 as public holiday evokes condemnation

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Agartala, Nov 5: The Tripura government’s decision to cancel May 1 as a public holiday has evoked widespread condemnation in the state.

The Centre of Indian Trade Unions’ (CITU) Tripura unit said on Monday that it will lodge a complaint with the International Labour Organisation (ILO) for cancelling the holiday that marks International Labour Day or “May Day”.

“The first Left Front government in Tripura in 1978 announced that May 1 will be marked a paid public holiday. But the BJP government cancelled the holiday without giving any reason,” the unit’s Secretary and Communist Party of India-Marxist (CPI-M) Lok Sabha member Sankar Prasad Datta told the media.

Datta said that the CITU had lodged a complaint with the ILO for obstructing holding of programmes in Tripura in connection with “May Day” this year.

On Saturday the government issued the list of government holidays for 2019. According to the notification, “May Day” will now be treated as a “restricted holiday”.

The opposition Congress has also slammed the Bharatiya Janata Party (BJP)-led state government’s decision, saying it was against the interest of the labour and working class people.

“‘May Day’ programme is not a political affair, this is an international event. We strongly condemn the decision,” party leader Tapas Dey told the media.

BJP affiliated Bharatiya Mazdoor Sangh (BMS) supported the government decision, saying it follows the Indian culture and civility and hence it does not follow “May Day.”

IANS

India

Rajasthan University BA final year results 2020 announced; Steps to check here

Candidates who have appeared for the examination can check their results online by visiting the official website at uniraj.ac.in.

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Results

The University of Rajasthan has released the results for BA final year (part 3) exam 2020. Candidates who have appeared for the examination can check their results online by visiting the official website at uniraj.ac.in.

At present, the official website of Rajasthan University is not opening because of the poor server and hence the students are unable to check their results. They are advised to have patience and try to login after some time.

Steps to check Rajasthan University BA Part 3 results 2020:

Once the server issue is fixed by the university candidates will be able to check their results by following these steps:

Go to the official website at uniraj.ac.in

Click on Students’ Corner tab given on the top menu

Click on the BA Part 3 results

A login page will appear

Key in your roll number and other login credentials as required

Your Rajasthan University BA final year results will be displayed on screen

Download and take its print out

Students are recommended to have patience thus, they can try to login after some time.

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India

Journalism is a responsibility, not a tool to mislead people, says Javadekar

Javadekar said the meters installed in around 50,000 households that measure television viewership “cannot measure the opinion of 22 crore” people and “we would expand its circumference so that we know what the people watch and what they wish to watch”.

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Prakash Javadekar

“Journalism is a responsibility, not a tool to mislead people”, Union Minister of Information and Broadcasting Prakash Javadekar told students of the Indian Institute of Mass Communication (IIMC) when he virtually inaugurated the orientation programme for the academic session 2020-21.

The I&B Ministry, which overlooks the autonomous mass communication institute, said in a statement that Javadekar “advised the media students not to be trapped in sensational or TRP-centric journalism and imbibe the skills of healthy journalism ensuring that anything good happening in society should also become news”.

Javadekar said the meters installed in around 50,000 households that measure television viewership “cannot measure the opinion of 22 crore” people and “we would expand its circumference so that we know what the people watch and what they wish to watch”.

“The freedom of the press has value in democracy and it has to be preserved at any cost. But we should keep in mind that freedom comes with responsibility… you understand both the aspects of the story, but your reporting should lead society in the right direction. TRP-centric journalism is not good.”

“There is no need for any drama or sensation if your story is based on facts. There are plenty of constructive stories in society, but sadly nobody in the media has time to publish them,” he said.

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Business

Proposal to allow corporate houses to set up banks a ‘bombshell’: Rajan, Acharya

They also said that the proposal is “best left on the shelf”.

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Ragharam Rajan Viral Acharya

The RBI working group’s proposal to allow corporate houses to set up banks is a “bombshell” and at this juncture, it is more important to stick to the tried and tested limits on involvement of business houses in the banking sector, according to an article jointly written by former RBI Governor Raghuram Rajan and ex-Deputy Governor Viral Acharya.

They also said that the proposal is “best left on the shelf”.

“The history of… connected lending is invariably disastrous — how can the bank make good loans when it is owned by the borrower? Even an independent committed regulator, with all the information in the world, finds it difficult to be in every nook and corner of the financial system to stop poor lending,” the article said.

Last week, an Internal Working Group (IWG) set up by the Reserve Bank of India (RBI) made various recommendations, including that a large corporate may be permitted to promote banks only after necessary amendments to the Banking Regulations Act.

The IWG was set up to review extant ownership guidelines and corporate structure for Indian private sector banks.

Referring to the group’s proposal to allow Indian corporate houses into banking, the article said, “its most important recommendation, couched amidst a number of largely technical regulatory rationalisations, is a bombshell”.

“… it proposes to allow Indian corporate houses into banking. While the proposal is tempered with many caveats, it raises an important question: Why now?,” the article said.

The article — posted on Rajan’s LinkedIn profile on Monday — noted that the IWG has suggested significant amendments to the Banking Regulation Act of 1949, aimed at increasing the RBI’s powers, before allowing corporates houses into banking.

“Yet if sound regulation and supervision were only a matter of legislation, India would not have an NPA problem. It is hard not to see these proposed amendments as a subtle way for the IWG to undercut a recommendation it may have had little power over.

“In sum, many of the technical rationalisations proposed by the IWG are worth adopting, while its main recommendation — to allow Indian corporate houses into banking — is best left on the shelf,” they opined.

Also Read | S&P sceptical of allowing corporates into Indian banking sector
“Have we learnt something that allows us to override all the prior cautions on allowing industrial houses into banking? We would argue no. Indeed, to the contrary, it is even more important today to stick to the tried and tested limits on corporate involvement in banking,” the article said.

Further, Rajan and Acharya said that as in many parts of the world, banks in India are rarely allowed to fail — the recent rescue of Yes Bank and of Lakshmi Vilas Bank are examples. For this reason, depositors in scheduled banks know their money is safe, which then makes it easy for banks to access a large volume of depositor funds.

They noted that the rationales for not allowing industrial houses into banking are then primarily two. First, industrial houses need financing, and they can get it easily, with no questions asked, if they have an in-house bank.

According to Rajan and Acharya, the second reason to prohibit corporate entry into banking is that it will further exacerbate the concentration of economic (and political) power in certain business houses.

“Even if banking licenses are allotted fairly, it will give undue advantage to large business houses that already have the initial capital that has to be put up. Moreover, highly indebted and politically connected business houses will have the greatest incentive and ability to push for licenses,” they said.

The approach of the RBI regarding ownership of banks by large corporate/ industrial houses has, by and large, been a cautious one in view of serious risks, governance concerns and conflicts of interest that could arise when banks are owned and controlled by large corporate and industry houses.

For the first time in 2013, the RBI, in its Guidelines for Licensing of New Banks in the Private Sector, had prescribed several structural requirements of promoting a bank under an Non-Operative Financial Holding Company (NOFHC).

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