Ujjain/Badnawar/Bhopal, July 8 (IANS) Blowing the traditional conch before the war cry and whispering "earnest wishes" for public welfare in the ears of Lord Shiva's vehicle Nandi, former Madhya Pradesh Chief Minister Kamal Nath tried to reach out to devout Hindus as he on Tuesday launched the campaign for the mini-midterm elections involving 24 assembly seats.
In Badnawar, Kamal Nath, who is also the state Congress chief, visited the Baijnath Temple before addressing the first Loktantra Bachao rally.
Barbs and counter-barbs between the Congress and the BJP have gone on for quite some time in Madhya Pradesh. By picking on Chief Minister Shivraj Singh Chouhan and the BJP's recent acquisition Jyotiraditya Scindia, Kamal Nath seems to have focussed on voter's sympathy for a "wronged party."
The BJP's quick reaction through virtual rallies intensified the battle. Leader after leader from the BJP kept blaming the Congress of spreading lies and indulging in corruption.
About the BJP's allegations of corruption, Kamal Nath said his party would welcome a thorough investigations into the 15-month rule of his government. "We have the public as our witness. The farmers will decide if our government was true to the promise or not."
Asked about the "Tiger zinda hai" comment from Scindia and Chouhan, Kamal Nath said the public will soon hand its verdict on who is a tiger or a cat or a mouse, as it knows everything. He said people of Madhya Pradesh are straightforward and sensible. They know who the betrayer is and where the state is headed under the new government which earned the power under a deal and is still haggling with the wheelers and dealers.
There are striking similarities between his present campaign and the one he led in 2018 to bring the Congress back into power after 15 years. Kamal Nath had started the campaign with a pooja at Ujjain. The key difference of course is the absence of Scindia, who blindsided him and his departure with a big chunk of the party caused the current campaign. Scindia was the campaign convenor then.
Though Kamal Nath and former Chief Minister Digvijaya Singh were the senior leaders in the party, Scindia was presented as the youth face to draw the electorate. Digvijaya Singh was asked to bring about a patch up between various factions. Kamal Nath was thus the key campaigner. He retains that status.
Kamal Nath who drew good crowds in 2018 under Chouhan's rule has made a striking start with Ujjain Congress leaders responding in large numbers despite the lockdown curbs. The temple town responded with hundreds of billboards greeting him.
Kamal Nath also held a one-on-one discussion with prospective candidates to set the selection process rolling. The party plans to have 24 call centres, one in each constituency that will witness the by-elections. The party workers will receive voters' feedback and inputs for the prospective candidates and the agenda will be set on local issues.
New Delhi, Aug 8 (IANS) Public sector banks would need to increase their provisioning buffer factoring in the incremental provisioning requirement on restructured loans and potential NPAs, a report said.
To discourage rampant and unviable restructuring, the RBI has now mandated that banks will be required to make high provisions at 10 per cent on restructured retail/corporate loans (20 per cent on corp loans for banks outside inter-creditor agreement).
According to analysts, higher provisioning cost would deter unwarranted restructuring. But, this would put pressure on the PSBs to accelerate the pace of increasing their provisioning buffer or disallow restructuring, even in genuine case of stress due to the Covid-19 pandemic.
"Assuming Covid-19-induced stressed loans at 10-15 per cent and at least 50 per cent restructured in the worst case, our rough calculations show systemic level immediate additional provisioning cost at 10 per cent could be 50-75 bps," Emkay Global Financial Services said in a report.
This would mean certain banks would fare better while restructuring loans under stress owing to the pandemic. While ICICI/Axis carry contingent provisions of 125-130 bps, HDFCB/KMB/IIB/RBL have around 60 bps. But large PSBs have contingent provisions of just 10-15 bps.
"Thus, we believe that some banks may have to further accelerate their provisioning buffer, factoring in the incremental provisioning requirement on restructured loans and potential NPAs," Emkay said in its report.
The provision required for restructured loans, however, provides for reversal of 50 per cent of provisioning on retail loans in case the borrower pays 20 per cent residual debt, and the balance 50 per cent on payment of another 10 per cent without slipping into NPA.