Nirmala Sitharaman Current Affairs - 2019

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100 Most Influential Women’ in UK Power List

Nirmala Sitharaman, Union Minister of Finance and Minister of Corporate Affairs was named in 100 Most Influential in UK-India Relations: Celebrating Women list. Besides Sitharaman, list included Penny Mordaunt, Britain’s Secretary of State for Defence and Ruchi Ghanashyam, Indian High Commissioner to the UK.

About The List

The ‘100 Most Influential in UK-India Relations: Celebrating Women’ list was launched by Sajid Javid, UK Home Secretary to mark India Day in Houses of Parliament in London. This is the 3rd year of list.

The launch of list also marked commencing of UK-India Week in Britain. The course of week will include a series of sessions on trade and investment and closer cooperation between two nations.

The women mentioned in list holds influencing positions in India and UK across 11 broad sectors such as politics, technology and sustainability.

Nirmala Sitharaman: The list called her as one of India’s most powerful women and credited her for playing a pivotal role in bilateral relationship. Having studied at London School of Economics (LSE) and worked in UK she is familiar with UK more so than probably all her other colleagues.

Oher Prominent Names in List: Priti Patel and Baroness Sandy Verma (Indian-origin parliamentarians in the UK), Gurinder Chadha (filmmaker), Zia Mody and Pallavi S Shroff (Indian law firm chiefs), Suneeta Reddy (Apollo Hospitals’ managing director) and Debjani Ghosh (Nasscom President).

Significance:

The list is recognition of front and centre role played by women in bilateral relationship. It acknowledges that from business to politics, and art and literacy, women are continuing to make their way in bringing together this bold startegic partnership via collaboration and relationships.

It highlights huge potential for bilateral future (of UK and India) as they continue to forge on together as two great countries.

Month: Categories: Awards & Honours

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Wilful Defaulters in Nationalised Banks up by 60% in 5 years: Govt

As per a written reply given by Union Finance Minister Smt. Nirmala Sitharaman in Lok Sabha, the number of wilful defaulters in nationalised banks has increased by more than 60% to 8,582 in five years to March 2019.

Key Highlights

The Finance Minister provided the written reply in Lok Sabha to a question asked that whether the cases of willful defaulters of banks have increased during the past five years.

Wilful Defaulter is an entity or a person that has not paid the loan taken back to the bank despite having the ability to repay it. Wilful defaulters are acted against comprehensively.

Data Provided by Government:

By end of fiscal year 2014-15, the figure of wilful defaulters in nationalised banks stood at 5,349, and since then the number of such borrowers has been consistently rising- with being 6,575 (2015-16), 7,079 (2016-17), 7,535 (2017-18) and now increased to 8,582 in 2018-2019 fiscal.

During the last 5 financial years about ₹7,654 crore has been recovered from wilful defaulters’ accounts.

Steps Taken By Government

As per data reported by 17 nationalised banks in India, till 31 March 2019, suits for recovery have been filed in 8,121 cases out of 8,582.

SARFAESI Act: In cases involving secured assets, action under provisions of SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002) has been initiated in 6,251 cases.

RBI Instructions: As per the instructions provided by Reserve Bank of India (RBI), wilful defaulters are not sanctioned any additional facilities by banks/financial institutions, their unit is debarred from floating new ventures for 5 year and even criminal proceedings are initiated wherever necessary. In accordance with this FIRs have been registered in 2,915 cases.

SEBI Regulations: Besides, vide Securities and Exchange Board of India (SEBI) regulations, wilful defaulters and companies who has with wilful defaulters as either promoters or directors have been debarred from accessing capital markets to raise funds.

IBC 2016: The Insolvency and Bankruptcy Code (IBC), 2016 has debarred wilful defaulters from participating in insolvency resolution process.

FEO Act 2018: The government has enacted Fugitive Economic Offenders Act, 2018 for effective action against wilful defaulters who flee Indian jurisdiction. It provides for attachment and confiscation of property of fugitive offenders and to disentitle them from defending any civil claim.

PSBs: Government has also advised all Public Sector Banks (PSB) to decide on publishing photographs of all concerned wilful defaulters and to obtain certified copy of passport of promoters/directors and other authorised signatories of companies availing loans of over ₹50 crore. The heads of PSBs have also been empowered to request for issuance of look out circulars (LoC) against wilful defaulters.

Month: Categories: Business, Economy & Banking

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