Discrimination faced by Mumbaikars...
If the housing societies in Mumbai (Bombay) are only meant for families (married couples), then the government of Maharashtra should make marriage compulsory in the state/city.
Or else the government should tell its citizens where will Unmarried, Divorcees, Bachelors, Spinsters live in the city of skyscrapers or is Bombay only for those who have families.
This is one of the greatest mental blocks of Mumbaikars, who otherwise want to bask in the FALSE HALO of Cosmopolitanism.
This disease (of not giving apartments to Bachelors, Muslims, etc on rent) is specially prevalent in housing societies where the Gujaratis, Marathis and North Indians (to some extent) abound; while the rest of the population is more or less okay with the concept.
The government of Maharashtra should take this matter seriously and devise laws to eradicate this malice ASAP, so that BOMBAY (and its suburbs) becomes free of discrimination based on Marital Status, Religion, etc. Or else the Honourable Supreme Court of India should step in, and give directions to the state or central governments -- so that the fundamental rights of its citizens enshrined in the constitution of India is not violated.
Tuesday, November 19, 2013
Raghuram Rajan plans ‘dramatic remaking’ of India’s banks
~By James Crabtree, Lionel Barber and Victor Mallet in Mumbai
November 18, 2013: India’s central bank governor, Raghuram Rajan, has promised to carry out a “dramatic remaking” of the country’s banking sector as he seeks to introduce a new era of competition in Asia’s third-largest economy.
The recently-appointed head of the Reserve Bank of India said there would be an expanded role for foreign banks, more licences for domestic companies and a push to shake-up the state-backed lenders.
“I see over the next few years a dramatic remaking of the banking landscape,” he said in an interview with the Financial Times. “Both from the . . . new banks which are going to come on board and the foreign banks which are going to be allowed to expand more freely. It will be a multiplier in terms of competition.”
Earlier this month Mr Rajan published new rules liberalising the treatment of foreign banks alongside plans to issue the country’s first new banking licences in a decade next year, as part of far-reaching reforms of Indian financial services.
International outfits such as Standard Chartered and HSBC account for only about 6 per cent of Indian bank assets but Mr Rajan said the RBI’s new rules provided a “huge” opportunity to grow by expanding into areas such as trade finance and even to “take over Indian banks at some point”.
The RBI also plans to grant more regular licences for a broader range of financial institutions, providing what Mr Rajan described as a “substantial change” to bank structures.
“We could have wholesale banks, we could have mobile [phone] companies doing some banking activities, within certain constraints. We could have small banks, which we currently don’t allow, and we could allow co-operative banks,” Mr Rajan said.
The measures are part of what could become one of the most far-reaching attempts to free India’s banks from the morass of state controls introduced after Indira Gandhi nationalised many private banks when she was prime minister in the late 1960s.
Over the past two decades the banking sector has been opened gradually to competition. As of last year, about a fifth of the country’s Rs96tn ($1.5tn) in bank assets were controlled by Indian private sector institutions.
The RBI’s newly liberal approach is conditional on international banks setting up separately capitalised local subsidiaries, with the regulator in return promising to lift restrictions on their expansion, including previous limits on opening new retail branches.
In private, some foreign bankers have expressed scepticism about the new regulations, which come with expensive obligations to lend to poorer customers, as part of a wider RBI attempt to bring financial services to India’s vast “unbanked” population.
But Mr Rajan plans to offer reassurances to foreign players about the costs involved in making the transition to the proposed new structure. “I would like some of them to do it and I think some of them will,” he said.
The RBI also plans to overhaul rules relating to state-backed banks, which control roughly three-quarters of lenders’ assets, partly by encouraging swifter recognition of bad corporate assets, which have hampered the financial system during India’s economic slowdown.
“I would like to see the public sector banks up their game, given the heightened competition [from the private sector],” Mr Rajan says. “We need to clean up the bad loans. But at the same time cleaning up bad loans shouldn’t be seen as a witch-hunt, where you are going after everybody and this country’s not open for business.”
Courtesy: Financial Times