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New Delhi, Jul 7 () Eminent banker and former president of New Development Bank K V Kamath on Tuesday pitched for a low interest regime, saying it is critical for survival of banks at this juncture. In view of the current economic slowdown induced by the coronavirus outbreak and subsequent lockdowns, Kamath's advice for lenders is considerable as banks are staring at a surge in non-performing assets (NPAs). "I think the banking sector was having a problem, but I think the banking sector with all the efforts of the government, the capital that was injected and so on was coming out of the problems. It needs a little more hand-holding when it was coming out of the challenges," he said in an interview to CNBC-TV18. The career banker said that the pick-up in growth is important for improving the health of the banking sector. "...with the steps that have been taken, the growth will happen whether it is in the corporate India, whether it is in rural India or whether it is in retail India, I think we need to maintain momentum of growth," he said. "Second is at this point in time low interest rates. Lower interest rates are going to be critical for survival of banks... I would guess that interest rates need to drop even further if the banks have to come around without too much pain. Otherwise they will probably come around but (with) extreme pain and money being provided by various stakeholders," he said. Kamath said "capital injection will be required, but the order of capital injection will be significantly lower than what it is, if you run the high interest rates regime. So I think banks really need to look at how they work with the government, with the regulator to ensure that low interest rate climate endures". Praising the decision of the RBI for extending moratorium to borrowers till August, Kamath said it was very well done. "I am even more heartened when I see bankers come out and say or some NBFCs come out and say that 'X' per cent of my customers took the moratorium, that was 2 months back, but today remaining of them have said that we will pay in time; extremely good news. So, I would think and hope that continues," he said. However, if there are sectors which genuinely have a problem, policymakers could consider one-time restructuring, he added. On India's potential to become an alternative for manufacturing companies looking beyond China, Kamath said if the country further improves on certain parameters including on 'ease of doing business', the Indian industry can emerge as a "world beater". DP CS MKJ

Low interest rate regime critical for survival of banks: Kamath

KV Kamath, President of the new $100-billion BRICS Bank has given up his position as non-executive chairman at <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword>. Ashok Leyland Vice-Chairman <keyword id="484178" type="PERSON" weightage="80" keywordseo="R-Seshasayee">R Seshasayee</keyword> is set to take his place. 
 
Kamath replaced founder NR Narayana Murthy as the company's chairman in August 2011. He has played a crucial role in the succession planning in the company since he took over. 
 "The Board of Directors accepted <keyword id="2885458" type="UNKNOWN" weightage="80" keywordseo="K-V-Kamath">K.V. Kamath</keyword>'s resignation from his position as Chairman of the Board and as an Independent Director of the Company with immediate effect, consequent to his nomination as the President of the <keyword id="2421583" type="UNKNOWN" weightage="60" keywordseo="BRICS-New-Development-Bank">BRICS New Development Bank</keyword>," Infosys has reported in an filing to the exchanges. 
 
Seshasayee’s appointment would be effective immediately. 
 
(Image credit: Indiatimes)

Chairman KV Kamath quits Infosys. R Seshasayee to take over

<keyword id="6360386" type="PERSON" weightage="100" keywordseo="Jawaharlal-Nehru">Jawaharlal Nehru</keyword> wrote eight letters to his daughter Indira Gandhi educating her about Indian history and civilisation during his years in prison. Those letters are testimony to people’s belief in hope during dark times in their lives. But in this digital age, sms and whatsapp have overpowered the art of writing letters. Even telegram died in 2013. During such times letters written by <keyword id="45875" type="PERSON" weightage="100" keywordseo="Chanda-Kochhar">Chanda Kochhar</keyword> to her daughter Aarti or <keyword id="396965" type="ORGANIZATION" weightage="100" keywordseo="KV-Kamath">KV Kamath</keyword> to his daughter Ajnya or Prakash Padukone to his daughter Deepika Padukone come as refreshing break from the digital age back to the age where paper and ink shared an adorable relationship. 

	Here are 5 letters written by eminent personalities passing on their wisdom to the next generation.
 

	
		1. The letter by the MD and CEO of ICICI, <a href="http://www.businessinsider.in/We-can-do-a-lot-more-if-we-focus-on-e-governance-says-Chanda-Kochhar/articleshow/50902901.cms">Chanda Kochhar</a>, to her daughter Aarti, a young girl on the threshold of beginning her professional life, is inspirational and insightful. It talks of Kochhar’s personal and professional journey. She tells Aarti, “Even today I can remember the equanimity and calmness with which she (her mother) handled the crisis on hand when my father passed away. You have to handle challenges and emerge stronger from them, rather than allow them to bog you down. I remember how, in late 2008, we were faced with a situation where ICICI Bank’s survival was in jeopardy in the face of a global economic meltdown. The situation was being analysed with a hawk’s eye by major media platforms and debated widely in the public space. The problem started at the peak of the financial crisis in the United States and resulted in investors and customers expressing doubts about the bank, given its exposure to global financial institutions. I got down to work, systematically communicating with all stakeholders... Simultaneously, I also advised staff across the bank’s various branches to lend a sympathetic ear to those depositors who turned up to withdraw their money.” “Aim for the sky but move slowly, enjoying every step along the way. It is all about all “those little steps that make the journey complete.” 
	 
	
		2. Kochhar’s mentor and the architect of India’s largest private sector bank, <a href="http://www.businessinsider.in/Now-use-your-voice-to-operate-your-ICICI-Bank-account/articleshow/47418147.cms">ICICI</a>, K.V. Kamath, wrote to his daughter Ajnya how he is inspired by his mother. He says, "Often in the world, women who are homemakers are not given the same place in society that a working woman is given."
	 
	
		3. <keyword id="166683" type="PERSON" weightage="100" keywordseo="Shaheen-Mistri">Shaheen Mistri</keyword>, the founder of the NGO Akanksha and the venture Teach For India, chooses to write a profound poem to her daughters Samara and Sana, inspiring them to take on the challenges of life with poise and courage. 
	
		4. PP Chabbria proudly writes, “I grew up a poor unlettered man and it makes me proud to see you so immersed in a career that has the power to change people's lives.”
	 
	
		5. <a href="http://www.businessinsider.in/7-inspiring-stories-of-the-early-lives-of-Indias-most-successful-people/articleshow/51343288.cms">Narayana Murthy</a> tells his daughter, "The world admires a woman who brings a sense of balance to all the three responsibilities - being a loving wife, a caring mother and a competent career woman."
	 


	 
	(Image credits: indiatimes)

Lessons from the letters written by eminent personalities to their daughters

New Delhi, Oct 10 (IANS) Citing Kamath Committee recommendations, the Reserve Bank of India (RBI) has informed the Supreme Court that it has accepted the recommendation for different treatment for sectors namely aviation, automobile manufacturing, roads and wholesale trading. In an affidavit, the RBI said: "Wherever the Committee felt that certain ratios were not relevant or not applicable based on the specific nature of the sector, the Committee itself had recommended a different treatment, for eg. aviation, automobile manufacturing, roads and wholesale trading, which has also been accepted by the Reserve Bank." Citing the September 7 special window notification, the RBI insisted that banks have sufficient flexibility to accommodate the impact of Covid-19 while specifying specific ratios for determining eligibility of loan resolution. The RBI said lending institutions are required to consider five key ratios while preparing the financial assumptions in respect of resolution plans under the "Resolution Framework". "The specific thresholds to be met for these ratios in respect of borrowers in 26 sectors have been prescribed, as recommended by the Expert Committee. As regards all other sectors, the lending institutions may make their own internal assessments with regard to the values of the five ratios to be considered", said the affidavit. In the second affidavit, the RBI said a long moratorium exceeding six months can also impact credit behaviour of borrowers and increase the risks of delinquencies post resumption of scheduled payments. "It may result in vitiating the overall credit discipline which will have a debilitating impact on the process of credit creation in the economy. It will be the small borrowers which may end up bearing the brunt of the impact as their access to formal lending channels is critically dependent on the credit culture", added the affidavit. The RBI said the cumulative reduction of 250 basis points in the repo rate since February 2019 is working its way through the economy, lowering interest rates in money, bond and credit markets, and narrowing down spreads. Financing conditions have eased considerably, enabling financial flows via financial markets and making improvements in different sectors, it added. Earlier this week, the apex court had asked the Centre and the RBI to place on record the actions taken on K V Kamath committee's report on debt restructuring and also asked the government to examine the issues raised by the real estate associations and power producers. --IANS ss/kr

RBI to SC: Freedom given for different treatment for aviation, automobile, roads

We are in the midst of tremendous changes in the IT industry as new technologies and new ideas are disrupting traditional business models, <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword>' non-executive chairman <keyword id="2912855" type="PERSON" weightage="100" keywordseo="R-Seshasayee">R. Seshasayee</keyword> said on Monday. 
 "Chief Executive, <keyword id="6369763" type="PERSON" weightage="100" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> and his management team have articulated a clear strategy to exploit these emerging opportunities," he told investors at the company's 34th annual general meeting. Seshasayee, 67, who took over the top post on June 5 from K.V. Kamath, has been an independent director of the global software major since January 2011 and its audit committee chairman. 

	"The board fully supports the strategic direction taken by the new management and we are confident of desired outcomes in the coming years," Seshasayee said in his first address to about 1,000 investors at a college auditorium in the city. 
	 
	 

	Acknowledging the efforts of the 1.76-lakh employees in shaping and growing the $8.7-billion company, the chairman said their dedication, hard work and sense of values had differentiated the company from others. 
	 
	 

	Noting that 2014-15 was a landmark year for the outsourcing firm during which three of the seven co-founders bid farewell and Sikka became the first non-founder executive, he said their vision, selfless efforts and fundamental values to build an institution had become the country's pride. 
 

	"The board of this company was chaired by two iconic leaders - co-founder N.R. Narayana Murthy and Kamath, who had set very high benchmarks in corporate governance and shareholder value creation," he .. 

	Kamath stepped down from the top post following his nomination as president of the $50-billion BRICS' development bank at Shanghai, 
 

	"Kamath has been a great source of guidance to all of on the board, bringing clarity of purpose and speed in execution, which helped in steering the troubled company through a time of change," Seshesayee noted. 
 Besides, Murthy, who was chairman, vice-chairman <keyword id="2913155" type="UNKNOWN" weightage="40" keywordseo="S-Gopalakrishnan">S.Gopalakrishnan</keyword> and chief executive S.D. Shibulal were the three co-founders who relinquished their executive posts in October and July last fiscal. The other four are <keyword id="44604" type="PERSON" weightage="60" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword>, N.S. Raghavan, K. Dinesh and <keyword id="336044" type="PERSON" weightage="40" keywordseo="Ashok-Arora">Ashok Arora</keyword>. 

	Though Raghavan retired in 2000 as joint managing director, and Arora, who was on the board till 1989, left for the US later, four co-founders steered the company from a $100 million to $8.7-billion IT behemoth as successive chief executives, with Shibulal being the last. 
 Nilekani, who was chief executive from 2002-07, quit the company as co-chairman in 2009 on becoming chairman of the <keyword id="86474" type="ORGANIZATION" weightage="40" keywordseo="Unique-Identification-Authority-of-India">Unique Identification Authority of India</keyword> ( UIDAI), which issues Aadhaar card to citizens. 

	Dinesh retired in 2011 as the company's head of quality, information systems and the communication design group. 

	 
	 
	(image credits: infosys)

2014-15 landmark year for Infosys: R. Seshasayee

In a bid to improve the strategic, economic and energy ties with the central Asian countries and <keyword id="6358826" type="COUNTRY" weightage="20" keywordseo="Russia">Russia</keyword>, Indian Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> started his 8-day visit today. 
 As per an The Economic Times report, the PM, who will attend the BRICS and <keyword id="170281" type="ORGANIZATION" weightage="20" keywordseo="Shanghai-Cooperation-Organization">Shanghai Cooperation Organization</keyword> (SCO) summits, will also visit the five central Asian countries. 
 Starting from <keyword id="108488" type="COUNTRY" weightage="20" keywordseo="Uzbekistan">Uzbekistan</keyword> today, the Prime Minister will reach <keyword id="6380984" type="COUNTRY" weightage="20" keywordseo="Kazakhstan">Kazakhstan</keyword> tomorrow. After which he will travel to Russia on July 8, <keyword id="113695" type="COUNTRY" weightage="20" keywordseo="Turkmenistan">Turkmenistan</keyword> on July 10, <keyword id="47109" type="COUNTRY" weightage="20" keywordseo="Kyrgyzstan">Kyrgyzstan</keyword> on July 11 and <keyword id="169344" type="COUNTRY" weightage="20" keywordseo="Tajikistan">Tajikistan</keyword> on July 12. 
 
India is looking forward to securing a membership status of the six-nation group comprising China, Russia, Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan in Russia’s Ufa. India, however, holds an observer status as of now. 
 On the other hand, the <keyword id="617785" type="UNKNOWN" weightage="20" keywordseo="BRICS-summit">BRICS summit</keyword>, world’s one of the most important economic summits will focus on increasing co-operation in economic field, which even includes the possibility of trade in local currency. 
 Apart from that, the summit might also look forward to the possibility of starting the credit facility in local currency as the <keyword id="989905" type="COMPANY" weightage="20" keywordseo="BRICS-Development-Bank">BRICS Development Bank</keyword> has already been set up. Noted Indian banker K V Kamath has been named as the first head of the bank. 
 As per a statement issued by the <keyword id="392303" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-External-Affair">Ministry of External Affair</keyword>, “During the visit to five central Asian nations, the first by an Indian Prime Minister to all of them together, the focus will be on enhancing trade, which is ‘not impressive’, and cooperation in energy and security.” 
 
Efforts to push the Turkmenistan- Afghanistan-Pakistan-India (TAPI) project have also been included in the program. The project, reportedly, is a crucial one for India's energy needs as it will carry gas from central Asia. However, it has also been hampered because of lack of physical connectivity. 
Image: indiatimes

First ever Indian PM to visit central Asian countries to boost economic and energy ties

<keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI Bank</keyword>’s newly appointed chairman <keyword id="2891027" type="UNKNOWN" weightage="100" keywordseo="MK-Sharma">MK Sharma</keyword> criticised the “poorly-drafted” Companies Act and said that tightening of norms has made it a "curse" to be a promoter and everyone is being made to pay because of a few cases like Satyam and Sahara. 

	Sharma said there is an urgent need to completely re-write the Act as it lays stress on regulations rather than playing a developmental role and it appears to have been written for lawyers and chartered accountants, rather than for companies. 
 

	Talking about the enhanced compliance procedures, Sharma said it is a "curse" to be a promoter in the current times, while cap imposed on directorships has also increased the compliance requirements for individual board members. 
 

	Sharma, who himself has been on various boards, said every document has to be read from cover to cover and called the scope for action against directors as a "frightening feature" given the fact that an audit committee on which the director may sit meets only five times a year. 
 

	"A law should not seek to regulate the black-sheep. You must deal with them through penal action. Just because one Satyam happened and one Sahara happened, everyone else has to play penalty for that," he said. 
 Sharma, who was appointed non-executive chairman in June after his predecessor K V Kamath became first President of the recently launched <keyword id="989539" type="COMPANY" weightage="100" keywordseo="BRICS-Bank">BRICS Bank</keyword>, said that various stakeholders including the industry, ICAI and ICSI should be consulted again for rewriting the legislation. 

	"The law seems to have been drafted for lawyers and some chartered accountants and less for corporates. It is a very poorly-drafted piece of legislation...it is very unfortunate," Sharma said. 
 

	The Companies Act, 2013 came into force from April 1, 2014 after intensive consultations over several years to replace a nearly six-decade-old Companies Act, 1956. The new law has introduced a number of provisions to tighten corporate governance norms, check frauds and safeguard the investors. 
 

	However, the government has made various changes in this law in recent months to make compliance easier for companies. 
 Sharma, who has been a veteran in the financial services and <keyword id="34523" type="CITY" weightage="100" keywordseo="fmcg">FMCG</keyword> industries, further said that rather than taking corrective actions on a few points, which discomfort the industry, there is a need to completely re-write the law. 

	"A law must equally play a developmental role as it plays a regulatory role," he said. 
 

	Citing the example of Titan Industries, Sharma said the company was forced to suffer reverses due to a provision under which it could not keep deposits for over a year. 
 This forced the <keyword id="6355725" type="CITY" weightage="100" keywordseo="Tata-Group">Tata group</keyword> company to liquidate all of their deposits resulting in heavy losses, he said, expressing a fear that travel companies who give over 20-year packages can suffer the same as the money taken for the future can be treated as a deposit. 

	On RBI, Sharma said he is all for the autonomy of the central bank but refused to elaborate further on the controversy triggered by the recent draft IFC.

	 
	 
	(Image credits: Indiatimes)

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Low interest rate regime critical for survival of banks: Kamath

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Chairman KV Kamath quits Infosys. R Seshasayee to take over

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Lessons from the letters written by eminent personalities to their daughters

Usha Rani Das

RBI to SC: Freedom given for different treatment for aviation, automobile, roads

IANS

2014-15 landmark year for Infosys: R. Seshasayee

BI India Bureau

First ever Indian PM to visit central Asian countries to boost economic and energy ties

BI India Bureau

ICICI Bank's Chairman asked “poorly-drafted” Companies Act to be rewritten

BI India Bureau

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