WITH THIS ISSUE FASHION’S FILIAL BOND A group of secondgeneration fashion entrepreneurs push the envelope by creating new idioms in style with substance by Sharmi Adhikary HUBBALLI SUNDAY FEBRUARY 25, 2018 `6.00 PAGES 28 CITY EDITION Takes exception to allegation of corruption against Siddaramaiah government, says Modi blowing up minor issues in Karnataka Modi has the habit of boasting about himself and also claiming credit for all the achievements like even the soldiers’ attack on militants Modi claims only he is working in the nation, and not others, including his cabinet members CM Siddaramaiah, Congress president Rahul Gandhi at Janaashirwada Yatre in Athani on Saturday | HEMANTH D EXPRESS NEWS SERVICE @ Athani CONGRESS president Rahul Gandhi mounted a scathing attack on Prime Minister Narendra Modi here on Saturday for invoking the name of 12th century social reformer Basavaeshwara. He accused Modi of failing to walk the talk on Basaveshwara’s vachanas (teachings). Hitting back at Modi, who had quoted the ‘Vachanas’ of Basaveshwara in Parliament as well as at his recent rally in Mysuru, Rahul said Modi had violated every principle Basaveshwara preached and he had no moral right to invoke Basaveshwara’s name to woo the people. Addressing a public rally as No privatisation of PSBs for now, says Jaitley No fresh arrests by CBI The CBI did not make any fresh arrests on Saturday but it questioned PNB’s CMD Sunil Mehta and executive director Brahmaji Rao. Corporates benefit much more than agri sector from PSB loan relaxations K U M A R V I K R A M @ New Delhi @ New Delhi RAGA NOTES Modi’s ‘Mann Ki Baat’ radio programme is onesided as he only states what he wants to say and does not listen to the people who wants to ask him questions Diamond exporter booked for `389-cr fraud EXPRESS NEWS SERVICE PM failed to walk the talk on Basava principles, says Rahul 6 MONTHS ON ENS ECONOMIC BUREAU FINANCE minister Arun Jaitley on Saturday rejected suggestions from a section of the industry that the government must proceed with the privatisation of public-sector banks in the light of the `11,400-crore PNB scam, saying such a move will need political consensus as it involves changing law. He also slammed companies for deviating from the path of ethical business. Taking a dig at the lackadaisical approach of supervisory bodies including regulators, he said while politicians get a lot of flak for such issues, regulators somehow manage to deflect the heat of criticism. “Those who deviate from that cause must always remember that the consequences will not only be commercial and civil,” he said. part of his second phase of Janaashirwada Yatre at Athani town, Rahul repeatedly quoted Basaveshwara, who is revered by the dominant Lingayat community in the region, to attack Modi. “Basaveshwara had said five things — don’t indulge in theft, don’t indulge in violence, do not lie, do not boast about your self and don’t spread anger,” Rahul said and alleged that Modi had been misleading the people about he adhering to all the five principles. Taking exception to Modi’s alle gation of cor ruption against Siddaramaiah government, Rahul said the previous BJP government had earned notoriety as Yeddyurappa and four other minis- ters from his government had gone to jail for corruption. He said though there were untoward incidents and the crime rate was going up in Gujarat and Uttar Pradesh, Modi and BJP president Amit Shah were blowing up minor issues of Karnataka. Rahul described Modi as a liar as he had assured of giving good governance, bringing back all the black money deposited in foreign banks by Indians and depositing Rs 15 lakh in everyone’s bank account, and most importantly, creating 2 crore jobs annually . As far as Nirav Modi’s case is concerned, he said Modi is only giving assurance of initiating action. THE CBI has registered a case against a Delhi-based diamond jewellery exporter for an alleged bank loan fraud to the tune of `389.85 crore towards Oriental Bank of Commerce. The agency has booked Dwarka Das Seth International Pvt Ltd for the alleged fraud, six months after the public sector bank filed a complaint with it in this regard. Directors of the firm — Sabhya Seth, Reeta Seth, Krishna Kumar Singh and Ravi Singh — and another company named Dwarka Das Seth SEZ Incorporation were also booked. The company availed various credit facilities from OBC between 2007 and 2012, which swelled to `389 crore during the period. The bank found that the company used Letters of Credit to pay off other creditors against the purchase of gold and other precious stone and transferred gold and funds outside the country using fictitious transactions, the bank complaint, now part of the CBI FIR, alleged. The firm also engaged in business transactions with non-existent entities, it said. EXPRESS READ Royal baby naming ceremony today in B’luru, secrecy being maintained over name Bengaluru: Two months after the arrival of a baby boy in the royal family, they are now preparing for another joyous event. The naming ceremony of the son of Yaduveer Krishnadatta Chamaraja Wadiyar, scion of erstwhile royal family, will be held at Bengaluru Palace on Sunday. However, secrecy is being maintained over the baby’s name. Yaduveer’s wife Trishika Kumari delivered a baby boy on December 7, 2017. Stone pelting reaches Jammu Srinagar: Two weeks after Jaish-e-Mohammad Fidayeen stormed an army camp at Sunjwan in Jammu, the camp came under intense stone pelting from unknown people. Sources said some youths pelted stones on the 36 Brigade military station on Saturday evening. Rotomac Pens owner Vikram Kothari exits after being presented in a court in Lucknow on Saturday | PTI VIKRAM AND RAHUL KOTHARI SENT TO CBI CUSTODY A CBI court on Saturday handed over the custody of Rotomac pens owner Vikram Kothari and his son Rahul Kothari to the investigating agency for 11 days in connection with alleged loan default to the tune of K3,695 crore. P5 VINDHYAGIRI HILLS 86-year-old Deve Gowda climbs over 400 steps AMIT S UPADHYE @ Shravanabelagola JD(S) supremo H D Deve Gowda climbs Vindyagiri Hills to participate in Mahamastakabhisheka, on Saturday I JITHENDRA M EVEN at age 86, it was not a tough task for former Prime Minister H D Deve Gowda to climb up 400 plus steps of Vindhyagiri Hills in Shravanabelagola on Saturday . Deve Gowda, along with his wife Chinnamma and other family members, visited the temple shrine and took part in the eighth day of veneration ceremony While Gowda chose . to scale the hills, his wife Chinnamma went in a ‘doli’. The security personnel and officials who came along with Gowda were in shock when the JD(S)supremo said he wished to climb the hills. He refused to sit in the doli and took rest at the foothills before starting the uphill task. Several supporters came along with Gowda shouting slogans in his praise, his party and Lord Bahubali. Two security personnel held Gowda and helped him climb the west side entrance of Vindhyagiri Hills. Last week, Chief Minister Siddaramaiah had scaled the hills from the same entrance. Deve Gowda took rest in a temporary health centre created by Hassan district health department atop Vindhyagiri. Later, Gowda also climbed the scaffolding along with his family members where he was received by chief pontiff of Shravanabelagola mutt, Charukeerthi Bhattarak swamiji. Gowda anointed the monolith of Lord Bahubali with water and milk and showered flowers on it. On the return journey too, Gowda refused doli and climbed down the hill. “It’s indeed a great effort by Deve Gowda to scale the hills. During the last edition of Mahamastakabhisheka held in 2006, Deve Gowda and his wife had taken a doli. But this year he sur prised everyone by climbing the hills at this age. Gowda has been an ardent devotee of Shravanabelagola shrine and Jain mutt for many years,” said a senior trustee of the Shravanabelagola mutt. THE wide divide between the agriculture and corporate sectors has surfaced so far as the public sector banks response towards these two sectors is concerned. Whether it is ‘writeoff ’ of loan or ‘restructuring’ of loan by the public sector banks, corporate sector is far ahead of the agriculture sector. Government data showed that public sector banks restructured loans worth 6,09,661 crore in the last three years (2014-15, 2015-16 and 2016-17) meant for the industry sector. In the agriculture sector, the restructuring of loan was done for Rs 38,646 crore which is 15 times less than the corporate sector. In banking parlance, restructuring of loans is done when the borrower faces financial stress and cannot repay loans. In that condition, it asks for relaxation of original terms and conditions. In such cases, banks ease certain terms like reduction of interest rates, moratorium on interest repayment and so on. During the year 2014-15, restructuring of loan worth Rs 2,95,065 crore was done in the industry sector by the public sector banks and the corre- sponding amounts for the years 2015-16 and the year 201617 were `1,78,602 crore and `1,35,994. On the other side, the amount of loan in agriculture sector and allied activities for restructuring in the years 201415, 2015-16 and 2016-17 were respectively `17,771 crore, `11,808 crore and `9,067 crore. Similarly, in the ‘write-off ’ of loans by public sector banks, industry or corporate sector is about 7 times ahead of the agriculture sector. Reduction in NPA due to write-off in the agriculture and allied activities was `7,091 cr and the corresponding amount in the industry sector during the same period was `48,435 crore. Sources from the banking sector claimed that public sector banks generally do writeoff of bad loans of bigger amounts. A bank official said that process of declassifying the loan as an ‘asset’ in the balance-sheets is termed as write-off. It does not mean that the bank will not try to recover money once it is written off. They might either try to continue to recover the money themselves or sell the loan to a recovery company . Moreover, by writing off the loan, banks get a tax break on the losses incurred. Restructuring of loans 2014-15 2,95,065 17,771 2015-16 1,78,602 11,808 2016-17 1,35,994 9,067 Industry Agriculture & allied activities
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