Defaulter Bailouts and Broken Trust: RBI’s Views Swing like a Pendulum
Moneylife News Bites https://www.youtube.com/watch?v=7iPOSa1Dq60 Jun 22, 2023
When it comes to bank loan defaults, the Reserve Bank of India’s (RBI’s) views seem to swing from one extreme to another, like a pendulum

https://www.moneylife.in/article/defaulter-bailouts-and-broken-trust-rbis-views-swing-like-a-pendulum/71152.html

On 20th June, the Bombay High Court granted interim relief to a bunch of petitioners, including one by the defunct Jet Airways’ founder, on the issue of declaring their loan a fraud without a hearing.

At the next hearing, the court may be told that the pendulum has swung to the other end with RBI’s controversial “Framework for Compromise Settlements and Technical Write-offs” issued on 8th June. This permits bank boards to undertake ‘compromise settlements’ or and ‘technical write-offs’ of money due from ‘wilful defaulters’ and fraud accounts. In a further act of benevolence, banks can lend again to the same defaulters after a mere 12-month cooling period!..

Instead fixing of the bankruptcy law (Bankruptcy Law Changes: Without Extensive Public Consultation, a Hurried Amendment Will Be Full of New Loopholes and Issues), the RBI circular may open the door to bigger collusion, allowing bank boards to decide on ‘compromise settlements’ and bypass the bankruptcy process altogether.

In sharp contrast to the kindness towards crooks, is the government’s attitude to middle-class investors who depend on statutory regulators doing their job, and strictly regulated intermediaries, such as rating agencies, auditors and consultants, being honest about fulfilling their fiduciary duties. Lakhs of middle-class Indians, mainly in private employment, had their retirement nest egg invested in AAA rated bonds of Infrastructure Leasing & Financial Services (IL&FS) and Dewan Housing Finance Ltd (DHFL), the SREI group or the Anil Ambani’s companies.

मोदी के भाषण का बहिष्कार यह 140 करोड़ लोगों का अपमान है lhttps://www.youtube.com/watch?v=AivR0t9l7pw  Narendra Modi visits America l Protest l
Rashtra Maharashtra Jun 22, 2023 

Jammu Anand on Mahrashtra politics and Ajit Pawars speech on 24 years of NCP  https://youtu.be/AivR0t9l7pw?t=393

"In Loving Memory: Honoring the Life and Legacy of Prof Imtiaz Ahmad, Chairperson of Intercultural Resources

It is with great sorrow that we learned of the passing of our chairperson, Prof. Imtiaz Ahmad on 19th June 2023. Apart from being well-known as a renowned sociologist, author and former professor of Jawaharlal Nehru University (JNU), Prof. Imtiaz was also one of the founding members of Intercultural Resources (ICR) along with late Smitu Kothari and late Prof Roy Burman (founding Chairperson). In 2012 when Prof Roy Burman passed away, Prof Imtiaz Ahmad became the chairperson of ICR till to-date. It is with a heavy heart that we extend our deepest condolences during this time of profound loss.

Prof. Ahmad's departure leaves a significant void not only within the academic community but also at Intercultural Resources which has now lost a great mind, an exemplified visionary with great leadership qualities. To us he was always a beacon of wisdom, a man with great kindness, and compassion.

Prof. Imtiaz Ahmed has immensely contributed to the growth and development of Intercultural Resources and has been our guiding force all these years. Apart from his leadership qualities, he will always be remembered by us as a great father-figure who guided us in all matters. His remarkable contributions to ICR will always be remembered with deep admiration and gratitude. During this time of grief, let us remember his extraordinary legacy and honour his pursuit of knowledge and unwavering commitment to social justice. May his memories continue to resonate in our lives for years to come, as we strive forward with the vision of Intercultural Resources.

With heartfelt condolences,

Intercultural Resources Team