Budget has nothing for Maharashtra, says ruling alliance
(Eds: with additional quotes)
Mumbai, Feb 1 () The ruling Shiv Sena, NCP and
Congress on Saturday termed as "disappointing" the Union
budget, claiming that it did not offer much to the "highest
tax-payers" Mumbai and Maharashtra.
Opposition BJP in Maharashtra hailed the Budget 2020-
21, saying it strengthens the economy and makes provision for
the welfare of all.
"The budget has left Maharashtra and Mumbai the most
disappointed. Mumbai gives highest tax, Maharashtra gives
highest tax to the Centre, but they were completely ignored,"
Revenue Minister and state Congress chief Balasaheb Thorat
told reporters here.
The budget presented by Union finance minister Nirmala
Sitharaman was "old wine in new bottle", he said.
Thorat also questioned the Union government's claim
that farmers' income would be doubled by 2022.
The agricultural growth rate should be 11 per cent to
achieve this goal, while the current rate is not moving beyond
2 per cent, the Congress leader said.
NCP MP Supriya Sule said, "Sensex plunged when the
budget was being presented in the House. It shows the budget
makes no sense."
 The Budget has introduced new slabs and reduced the
income tax rate for different slabs for individual income of
up to Rs 15 lakh per annum, if a taxpayer opts for foregoing
exemptions and deductions.
Referring to it, Shiv Sena spokesperson Manisha
Kayande said there was no clarity about the option offered.
"Who would not like to get a tax benefit? If a person
is investing in LIC or mediclaim, why would the person not opt
for tax benefit? People basically make these investments for
tax benefit apart from getting insurance (cover). So there is
no clarity on this," she said.
The Sena leader also expressed concern over "closing
down" of government-owned enterprises like Air India.
"It is a major drawback. Plus, they are banking
completely on LIC. Almost 290 million people invest in LIC.
That means the government is eying public money," she added.
Water Resources Minister and NCP leader Jayant Patil
said the budget offers nothing to give a momentum to the
economy.
"Farmers too have got nothing from the budget...the
budget is mere 'jumlebaazi' (gimmick)," the former Maharashtra
finance minister said.
NCP spokesperson Mahesh Tapase accused the government
of "over-commitment and under-delivery" leading to loss of
faith of investors, industry and consumers.
Tapase said the current gross GDP figures do not
support the government's claim about the target of USD 5
trillion economy.
Former Maharashtra chief minister Ashok Chavan said
the budget ignores the burning issue of unemployment and the
Union government was making no effort to increase purchasing
power of the poor and middle classes.
BJP leader and former chief minister Devendra Fadnavis
hailed the budget as "progressive and reform-oriented", saying
it lays the foundation of a "new India".
"The 2020 #JanJanKaBudget lays the foundation for the
journey of Bharat to Navbharat in this new decade, of an even
more developed and modern India with a greater speed ! Kisan
Rail, Krishi UDAN are path breaking steps for our farmers and
will fulfill the ASPIRATIONS of INDIA!" Fadnavis tweeted.
Maharashtra BJP chief Chandrakant Patil said the
budget takes care of all sections of society including
farmers, women, the youth, tribals, traders, employed and
others in line with Prime Minister Narendra Modi's 'Sab Ka
Sath, Sab Ka Vikas, Sab Ka Vishwas' (inclusive growth with the
trust of all) slogan. ENM NSK
KRK KRK

BUD-LD MAHA-PARTIES

Mumbai, Feb 4 () Maharashtra State Co-operative (MSC) Bank has written to Union Finance Minister Nirmala Sitharaman seeking merger of branches of PMC Bank, in case of a takeover of the troubled lender, a top official said on Tuesday.
Any progress on such a scheme can only happen once the exact extent of the fraud and the liabilities arising are ascertained through a forensic audit, MSC Bank Chairman Vidyadhar Anaskar made it clear.
For the branch merger as opposed to bank merger idea, he explained that MSC Bank is an apex bank for cooperatives and Punjab and Maharashtra Cooperative Bank's multi-state presence makes it difficult to execute such a deal.
"We have written to the Finance Minister, suggesting a branch merger and not a bank merger," Anaskar told reporters here.
He said under the proposed scheme, apex banks in Gujarat and other states where PMC has a presence will take over its branches to make it easier for the transaction to go through.
It can be noted that over Rs 11,000 crore in depositor money has been stuck after the RBI decided to put PMC Bank under instructions in September last year, and appointed an administrator on it after discovering mismanagement.
The bank has been found to have given over Rs 6,700 crore loans to a single company - realty player HDIL - through allegedly fraudulent means and also hid the stress from the Reserve Bank of India by creating to separate books of accounts.
The police has pegged the extent of fraud at PMC Bank at RS 4,700 crore, while other agencies, including the Enforcement Directorate, are also investigating the matter.
A few months ago, NCP leader and Maharashtra minister Jayant Patil had publicly suggested the idea of merging PMC Bank with MSC Bank.
Anaskar said before any progress on the matter, it is essential to ascertain the extent of the fraud at the lender which can only be done after the RBI's forensic audit in the matter.
He, however, also said the RBI may not be averse to a branch merger that the bank is suggesting and such a transaction will not require any changes in laws.
In support of his argument, Anaskar reminisced over six years ago, there was a similar proposal for a branch merger of the troubled Rupee Cooperative bank and the RBI was amenable to the idea.
Meanwhile, the MSC Bank also announced that it has sent two separate proposals to the RBI for merging Rupee and City Cooperative Bank with itself, which will require it to allocate over Rs 1,300 crore of capital.
Both the proposals have been presented jointly with the target banks and after ratification by the cooperatives department of Maharashtra government.
It will have to allocate Rs 980 crore for the Rupee merger, while the City bank scheme will require it to allocate nearly Rs 300 crore.
The genesis of both the proposals is the bank's desire to de-risk beyond the sugar industry by serving the retail segment, Anaskar said, adding that merging the two urban cooperatives banks with itself will give it a retail heft both in distribution and assets.
The total assets of both the banks are Rs 1,400 crore, which will give MSC Bank a good foothold in the retail category, he said, adding that to start with the entire portfolio will be considered as a loss.
Both the proposals involve a support from the Deposit Insurance and Credit Guarantee Corporation, wherein the deposit holders in both the troubled banks will be paid upfront and the bank will subsequently pay-off the DICGC.
Over a third of the depositors' stuck money is released upfront by the DICGC as liquidity support to make a merger possible and then repaid back by the bank once asset recoveries start, he said.
Anaskar exuded confidence that the RBI will give it a go-ahead on both the mergers in about four months' time, despite its own record of having stuck with a mismanagement three years ago.
He said MSC Bank has a total capital adequacy of over 16 per cent, including core buffers at over 14 per cent, and will be able to take care of a merger like this.
At present, the bank is returning excess capital to the district banks which are its members, Anaskar said.
Rupee has five lakh depositors, while City has over 80,000 depositors. AA BAL
BAL

Maharashtra Co-op Bank pitches for branch merger of PMC Bank

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As India is looking towards a long term, strategic partnership between <a href="http://www.businessinsider.in/searchresult.cms?query=defence&amp;sortorder=effectivedate">defence</a> ministry and the private sector, the initiative has been divided into five sub-groups.

	The Ministry of Defence led by <a href="http://www.businessinsider.in/searchresult.cms?query=manohar+parrikar&amp;sortorder=effectivedate">Defence Minister Manohar Parrikar</a> has cleared composition of the five sub-groups constituted for focused discussions on the strategic partnership model for selected platforms in the defence sector.

	READ ALSO: <a href="http://www.businessinsider.in/Here-is-the-complete-information-of-23-projects-that-defence-ministry-is-taking-up-under-Make-in-India-initiative/articleshow/52092916.cms">Here is the complete information of 23 projects that defence ministry is taking up under Make in India initiative</a>

	The first sub-group for Armoured Fighting Vehicles will be chaired by Col (Retd) H S Shankar, Chairman, FICCI Defence sub-committee on Indian Defence SME and will have representatives from the Defence Research and Development Organisation (DRDO) and two star rank officers from the Armoured Division of the Army Headquarters.

	The second sub-group, which will have discussions on platforms such as Aircrafts and Helicopters (fighter, transport, etc), will be headed by Sukaran Singh, who is Co-Chairman of CII National Committee on Defence. This group will also have participation from <a href="http://www.businessinsider.in/searchresult.cms?query=drdo&amp;sortorder=effectivedate">DRDO</a> and two star rank officers from Air Head Quarters.

	Sub-group-III that will focus on platforms including Submarines and their major systems will be chaired by Jayant Damodar Patil, Chairman FICCI Defence Committee and will comprise representatives from DRDO and two star rank officers from the Naval Head Quarters. Rear Admiral Pritam Lal (Retd), who was member of the Dhirendra Singh committee of experts, will also be a member of this Sub-group-III on submarines.

	Ammunition including smart ammunition will be the focus area for Sub-group-IV and will be headed by Neeraj Gupta, MD, MKU Pvt Ltd and nominee of industry association, ASSOCHAM. As in other sub-groups, this sub-group will have DRDO representatives and two star rank officers from the Army HQs. This sub-group will be facilitated by Wing Commander Vani Mishra, PO (Systems).

	Sub-group V will look into macro process management of issues related to eco-system, technical competence, financial evaluation, weightage to existing infrastructure, commitment of partner for life cycle support and other regulatory matters.

	This sub-group will be chaired by Rajinder Bhatia, Co-chairman, CII national Defence Sub-committee on Land Systems and will also comprise of DRDO representatives.

	As per sources, chairpersons of each of these five sub-groups have been asked to expeditiously complete the discussions on their relevant topics and be ready with their respective presentations latest by June 3, 2016.

	Parrikar had held a consultative meeting with the industry associations on April 25 on the issue of strategic partners for defence sector from private sector.

	(Anupama Airy is the Founder and Editor of EnergyInfraPost.com and DefenceAviationPost.com. She can be reached at <a href="mailto:anupama.airy@gmail.com" target="_blank">anupama.airy@gmail.com</a>​, Twitter handle: @anupamaairy)

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Maharashtra Co-op Bank pitches for branch merger of PMC Bank

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India’s defence manufacturing deals will take place under these 5 categories

Anupama Airy