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Can banking recover?
We need stricter adherence to sound banking rules and more transparency from public and private players
wilful defaulters are neither pun In India, in the decade before
ished nor prevented from leaving the nationalisation of banks in
GETTY IMAGES/ISTOCKPHOTO
Jayati Ghosh panies are made to sell their assets private Global Trust Bank and
T
he red ags had gone up long before Canadian which are then purchased at thro Centurion Bank (among others)
Prime Minister Justin Trudeau arrived for an waway prices by relatives or asso resulted in mergers, with the loss
T
he bank frauds involving ciates of the defaulting owners. es being borne by public sector
eightday state visit to India. For some time now,
Punjab National Bank (PNB) Despite claims to the contrary, banks. Private banks such as Axis
New Delhi has been sending messages of protest to Ot and the companies associat shell companies held by inuen and ICICI also face large NPAs, of
tawa — especially after his Liberal Party shepherded a ed with businessmen Nirav Modi tial people continue to enable the ten with the same companies that
resolution in the Ontario provincial legislature calling and Mehul Choksi as well as the siphoning of assets and money are defaulting on public banks. Ko
the 1984 antiSikh violence “genocide”; he went on to Rotomac case couldn’t have come rent fall guys) have been implicat vast amounts borrowed from oth laundering in various forms. tak Mahindra Bank and several
attend a rally in Toronto organised by Khalistani at a worse time. The Indian bank ed. Senior management and audi er banks based on these LoUs others have been found guilty of
groups. More recently, Mr. Trudeau’s oce and the Mi ing system is already reeling under tors did not track these were apparently siphoned o to Privatisation no answer providing unsecured loans and ev
nistry of External Aairs diered over the details of the the pressure of growing NPAs, or problematic transactions for shell companies controlled by the Many analysts within and outside ergreening, practices that the
nonperforming assets (less polite years. The Reserve Bank of India ModiChoksi combine — the buck government have responded to PNB is now accused of. In fact, be
visit. While New Delhi would have preferred a shorter,
ly known as loans that are not go (RBI) did not monitor banks pro stops with the issuing bank. What these scams by pointing the nger cause of the opacity of banking
more businesslike itinerary beginning with the ocial ing to be repaid), which will touch perly and created opacity with was intended to be trade credit at public sector banks, claiming practices, public banks are actual
engagement in Delhi, Ottawa opted for a vecity tour, nearly 10 lakh crore by March this new nancial instruments. The Fi was misused, with no record and that they are more vulnerable to ly easier to regulate.
with a bilateral meeting with Prime Minister Narendra year. This does not include the 6 nance Ministry failed in its over monitoring of the spending from inuence peddling and crony cap So why has banking regulation
Modi on the penultimate day. New Delhi would have al lakh crore already writteno. This sight and regulation. And succes those loans. There is talk of sums italism. The current mess has also in India failed to this extent? It is
so liked the delegation to exclude Canadian ministers has already caused a slowdown in sive Central governments, in excess of 20,000 crore being become an excuse to demand the not only mala de intent and cor
suspected of sympathising with extremist Sikh groups disbursal of bank credit, in turn af including the present one, did and involved in this case as these busi privatisation of stateheld banks. ruption but also an overall ap
fecting productive investment. have not done anything to address nessmen were alleged to be so in This completely misses the point proach to economic policy. The
in Canada, especially as they had already been in India
the obvious problems that were uential that they were even able since privatisation would actually RBI may have been too occupied
controversially in the past few months — but Ottawa Failure at many levels festering, and made them even to game the SWIFT system for fo make things much worse for In in counting old currency notes
was adamant they be included. Finally, the government What has been revealed so far worse. reign exchange transactions. dian banking. and dealing with the other damag
wanted Mr. Trudeau to reach out to Punjab Chief Minis could be only the tip of the iceb This case involves pure criminal The key issue is one of poor reg ing consequences of demonetisa
ter Amarinder Singh well ahead of the visit, as the latter erg. The sheer ease with which Using LoUs fraud, but there is a thin line bet ulation, and not ownership. In tion to pay enough attention to its
had been denied a trip to Canada in 2016 and was un fraudulent practices have been The PNB scam relied on the exis ween fraud and the many large de deed, the reason why the current real job — of bank regulation. But
derstandably oended. But till his arrival, Mr. Tru carried out and the length of time tence of an unusual nancial in faults that plague the system. scam has not led to a widespread more signicantly, this govern
over which they continued suggest strument, the letter of undertak Commercial bank lending is mas run on the PNB and other banks is ment, like the previous one, has
deau’s oce did not conrm a meeting with the Chief
that the rot is much deeper. Other ing (LoU). This is a bank guarantee sively skewed: according to the precisely because of the sovereign created incentives for all banks to
Minister. As a result, the controversies that followed the banks could have provided large that enables a bank’s customer to RBI, in March 2016, 11,643 borrow guarantee that, despite everyth privilege large highprole corpo
Canadian Prime Minister through the visit had gathered loans without due diligence, raise shortterm credit from ers accounted for 38% of all bank ing, still generates trust in the pu rate borrowers and be relatively
their own momentum. The responsibility lies on both which other companies then re another Indian bank’s foreign loans; large corporate borrowers blic banking system. lax on their repayment in the mis
sides, on Ottawa for its tonedeafness to Indian sensitiv ceived without intent to repay; this branch. It has to be another Indian had the overwhelming share (84%) Poorly regulated private banks taken belief that this would en
ities, and on New Delhi for failing to press its concerns means that many more loans gone bank, because the LoU as a form of of bad loans. Just 12 large outstand are even more prone to scams and courage sustained income growth.
or have the visit discreetly put o until the dierences bad could soon surface. underwriting other borrowing ing NPA accounted for as much as failure as the nancial sector is rife This context makes it easy for
These revelations cannot bode does not exist in other countries 250,000 crore. with information asymmetries some players to game the system.
were resolved. Mr. Modi’s decision to stick to protocol,
well for the ruling party or for a and is not even recognised by fo The issue of crony capitalism and market imperfections. Private Recovering from this will re
and not welcome Mr. Trudeau as eusively as he has Prime Minister who had promised reign banks. It was created by the that was much criticised during prot orientation generates incen quire stricter adherence to sound
tended to do for many foreign visitors, was a signal. to be the nation’s “chowkidar” to RBI as an additional incentive to the United Progressive Alliance go tives for managements to exploit banking rules and more transpa
The nal straw in a visit steadily turning icy was the prevent any such loot. But let us importers who could then avail of vernment is alive and well under loopholes in the rules and engage rency and accountability from
appearance of Jaspal Atwal at an ocial reception, step away from the politics. It is cheaper credit abroad, even this government. Finance is one of in risky behaviour, as examples by both public and private players.
which had an embarrassed Mr. Trudeau left explaining now clear that the scams are fun though import credits already ex the many ways in which conces U.S. and European bank beha But most of all, these would apply
how a man who attempted to assassinate an Indian mi damentally and overwhelmingly a ist. sions and advantages are distribut viour leading to the great nancial to the regulators themselves and
failure of regulation. These LoUs — which are equiva ed. Some favoured companies are crisis of 200809 show. The bai the government that frames all
nister in 1986 had slipped into his entourage. In turn,
This failure has occurred at ma lent to providing credit and should not declared wilful defaulters even louts they then require tend to be this.
the Indian government was left scrambling for answers ny levels. At the level of the bank, be recorded as contingent liabili when the government’s own inves even more expensive for the pu
on how Mr. Atwal was even allowed into the country. it is impossible to believe that only ties — were not so recorded. When tigating agencies nd that they are blic exchequer because bank runs Jayati Ghosh is a professor of economics at
The real casualty amidst all the controversies was the a handful of employees (the cur loans are not repaid — in this case diverting funds. Those declared as have to be prevented. Jawaharlal Nehru University, New Delhi
IndiaCanada bilateral relationship, which has turned
Justin Trudeau’s discovery of India
frosty after a decade of excellent progress. In this pe
riod, the two sides had forged close cooperation on
energy and trade, including a civil nuclear cooperation
agreement and a commitment from Canadian pension
funds to invest in India. India and Canada have much in
While mutual interests can drive IndiaCanada ties, there needs to be greater sensitivity shown to India’s core concerns
#4 4 6 6 0 1
N
agaland and Meghalaya go to the polls on Tues relations. Controversies about the have avoided the controversy con tion” on security, nance, justice, ponse to global challenges”. Final search and brainstorming among
day, nine days after voters in Tripura voted, at a Khalistan issue and an unusual cerning the Khalistan movement, law enforcement and operations. ly, Mr. Trudeau extended strong experts, ocials and business pe
programme could make it easy to but it was selfinicted. It Through further interaction, New support for India’s membership of ople.
time when there is a change in the nature of pol
portray this visit as a “disaster”, stemmed from the ruling Liberal Delhi is certain to ensure and the Nuclear Suppliers Group.
itical contestation in all three States. If the Tripura cam “asco” or “bad trip”. But, doing Party’s soft approach on extremist monitor closely that Ottawa deliv Bilateral cooperation, progress The way ahead
paign was marked by the rise of the Bharatiya Janata so is neither fair nor accurate, and separatist activities in Canada. ers on this commitment. Progress ing fairly well on a wide spectrum, As a capital, technology and inno
Party as a force in the reckoning, regional parties, in judging by the immediate out In its quest for votes of sections of in this realm will spur positivity in is likely to blossom further, thanks vationrich economy and an open,
cluding newly formed ones, are expected to have a comes. the Sikh community in Canada, In other domains of mutual coopera to the joint initiatives agreed dur inclusive and multicultural socie
greater say in the elections to the other two States. In At age 11, Mr. Trudeau rst visit dia’s basic interests were surpris tion. It was reassuring that Mr. ing the visit. A business leader saw ty, Canada is highly relevant to In
Nagaland, former Chief Minister Neiphiu Rio, elected ed India in 1983, accompanying ingly given short shrift by the Lib Trudeau reiterated his support for IndiaCanada cooperation an dia. It is sharpening its role as a
unopposed from a constituency in Kohima district, has his father, Canadian Prime Minis erals. The silver lining now is that a united India. chored on ve Es: economy, ener Pacic Ocean power. India’s com
ter Pierre Trudeau. On his India Mr. Trudeau returns home amply gy, education, entertainment in mitment to peace and prosperity
added a new wrinkle to the contest by resigning from
mission last week, Justin Trudeau enlightened and chastened about Regional, bilateral issues dustry linkages, and in the IndoPacic should deepen
the ruling Naga People’s Front and joining a new party received valuable help from his fa India’s red lines. Deeper friend A close commonality of views empowerment of women. While geopolitical anity. Thus mutual
which he had helped found, the Nationalist Democratic mily. From the moment their ship is possible when Canada reins emerged on several regional is trade is rather limited (about $6 interests are likely to impel the
Progressive Party. The NDPP has stitched an electoral plane landed in Delhi on February in antiIndia elements. sues. The two Prime Ministers billion in 2016), investment in two nations to strengthen their
alliance with the BJP, ceding 20 of the 60 seats, and is 17, with the Trudeau couple and From the Indian viewpoint, the called for dismantling the infras both directions has been increas strategic partnership. However,
now seen as the main competitor to the ruling NPF, their three beautiful children giv most important agreement signed tructure of support to terrorism ing steadily. Mr. Trudeau an for this vision to turn into reality,
even as the Congress has been reduced to a shell of its ing a perfect ‘Namaste, India’ shot, during the visit is the “Framework “from across borders of Afghanis nounced that understandings the Canadian leadership needs to
until their departure, the Indian for Cooperation between India tan”, a clear reference to Pakistan. reached last week would result in demonstrate greater sensitivity to
old organisational self. The NPF had in any case lured
public saw more of them than any and Canada on Countering Terro The Maldives government was additional investment of over $1 India’s core concerns than what
legislators from the Congress and others into its fold other foreign VIPs in recent years. rism and Violent Extremism”. It urged “to ensure early resumption billion. Progress on two govern Mr. Trudeau could muster last
during its previous term in power, leaving the legislative Enhancement of awareness commits the two nations to com of the political process.” On Myan mentlevel agreements, one on in week.
assembly with no opposition. This was before dierenc among Indians about Canada bating this phenomenon in all its mar, the need for voluntary, safe vestment and the other on trade
es within the Front cropped up, resulting in the resigna through creative public diplomacy “forms and manifestations”, and and sustainable return of the Roh was minimal as expected, but the Rajiv Bhatia, a former diplomat, is
tion of Chief Minister T.R. Zeliang in February 2017 and is no small achievement. to facilitate “eective coopera ingya refugees was stressed. two leaders directed ocials to in Distinguished Fellow at Gateway House
the appointment of Shurhozelie Liezietsu, and the re
turn of Mr. Zeliang to the post again in July 2017 after yet LETTERS TO THE EDITOR Letters emailed to letters@thehindu.co.in must carry the full postal address and the full name or the name with initials.
another upheaval. These internal dierences, besides
Mr. Rio’s exit, have weakened the NPF in the bipolar Reaction and reality is manageable and the accomplishments, then it is disconcerting to note that ■ Sridevi’s stellar Sridevi but also of countless
contest between the NPF and the NDPPBJP. Interest In all fairness, Union government can ask banks also has to take ownership of the mass transfers of public performance in the much teenage girls in rural India.
ingly, the BJP has said that its relations with the NPF are Finance Minister Arun to act on this. An outofbox failures too. bank employees now being acclaimed Tamil lm 16 Premnath D.,
Jaitley has been cautious in idea would be to ask all resorted to goes against the Vayathinile (1977), arguably Melbourne, Australia
intact, indicating it is hedging its bets till the results are R. Sridharan,
dealing with the situation borrowers to deposit their Chennai spirit of timetested transfer one of her best, alongside
out. The contest is less of a battle of agendas than a
clash of personalities — which does not augur well. arising out of the bank passports with the settlements, agreements and actor Kamal Haasan and ■ The sudden and untimely
the nature of the governments that will be formed. which accounts for about class claims credit for the corporate sector which is K.A. Solaman, mentioned this lm, which more letters online:
80% of loans. This number achievements and at the root of the problem. It Alappuzha, Kerala to me is the soul of not only www.hindu.com/opinion/letters/
CM A ND-NDE
YK
https://t.me/EStore33 https://www.estore33.com/ https://t.me/TheHindu_Zone
THE HINDU
MONDAY, FEBRUARY 26, 2018
NOIDA/DELHI
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OPED 9
The U.K. government denies a crisis, but a recent case highlights yet again the systemic failings in the system There is nothing called
around £20 billion,” says Dr. Chand,
who believes the government is ideo
logically opposed to the NHS as it
local error
currently exists.
An error in editorial judgment in local or hyperlocal
Role in politics editions has a global implication
Vidya Ram The pressures on the NHS have un
surprisingly led to it playing an in The rst thing this newspaper did was to
National Health Service (NHS) doc creasingly pivotal role in British pol change the headline from sounding like a
tors Moosa Qureshi, James Haddock, itics, such as during the runup to the eulogy to a matteroffact statement, with a
and Chris Day could hardly have ex Brexit referendum when the Leave visible disclaimer on the web. The new hea
pected the level of support they re campaign pledged to channel £350 dline was: “Amit Shah campaigns with a fev
ceived when they launched an online million a week in extra funding to er.” The disclaimer read: “The original hea
fundraising campaign to help a trai wards the NHS. Since then it has con a.s. panneerselvan dline was inappropriate and had the tone of
nee paediatrician, Hadiza BawaGar tinued to come into play: whether in a comment. It has been changed.”
ba, in the U.K. The campaign sought proRemain critiques of unfullled Letters from readers often reminds me of the
to launch a legal challenge to the de promises, or in the power struggle song ‘To Life’ from Fiddler On The Roof: When do we take down stories?
cision by Britain’s General Medical within the Conservative Party, as Fo “Life has a way of confusing us/Blessing and Some readers wondered why only the hea
Council to remove Dr. BawaGarba reign Secretary Boris Johnson at bruising us.” Their pithy humour in pointing dline was changed and why the story was not
permanently from the medical regis tempted to portray himself as the out editorial slip ups has the power to force taken down altogether. The transparent in
ter over her role in the death of a six “For all the pressures, Britons by and large remain deeply committed to the one ghting the NHS corner, much to us to constantly evaluate our journalism. tervention was to retain one of the core prin
yearold, Jack Adcock, in February NHS.” A protest in London calling for an end to the crisis in the NHS. AFP *
the ire of his cabinet colleagues. They weave unrelated strands of informa ciples that this newspaper has been follow
2011. Adcock, who had Down’s Syn There is also concern over the extent tion into a ne texture of harsh criticism. The ing since it launched its web edition nearly
drome, was admitted to a hospital in the hospital level. “Everyone agrees are heavily dependent on state sup to which NHS services, some of latest case of such weaving was two decades ago: not to take
Leicester with diarrhoea, breathless that the system is underfunded and port mechanisms, the NHS has had which are already contracted out, a declaration by Donald Trump down a story and falsify the histo
ness and vomiting. He died hours la overstretched. What happened to Dr. to pick up much of the slack. There could be opened up to foreign rms Jr. and a fawning report on Bha ry of publication. Any sly altering
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pacity of human brains, packing in and exchanged rings, before being declared man and wife. On
about a billion neurons. He pred ly members of the Nehru family, relatives of the late Feroze
icted that if these machines were Gandhi and the bride’s family which arrived here last week,
pitted against a human interroga and a few close friends were present. The bride, draped in a
tor in what is now known as the salmon pink “zarigota” saree and decked in owers instead of
Turing test, they would end up fooling the interrogator into jewellery in the Kashmiri tradition, arrived at the Prime Minis
guessing that he or she was playing against a human contes ter’s residence shortly after six. She was chaperoned by her
tant 70% of the time. It is now nearly 70 years since then, uncle, Mr. Angello Predebon.
and neither has the Turing test been surpassed by any ro
bot, nor have humans succeeded in creating articial brains A HUNDRED YEARS AGO FEBRUARY 26, 1918.
that have this capacity. However, this is not to say that such CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
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an event may never come about; rather, the question is, how
CONCEPTUAL SHELF HELP Calcutta royal exchange. Opening ceremony.
do we handle that eventuality?
More recently, David Hanson, founder of Hanson Robot This afternoon [Feb. 25] H.E. the Governor opened the new
ics that made the humanoid Sophia, when speaking at the Cockroach Who is Donald Trump? building of Calcutta Royal Exchange. Sir Hugh Bray, President,
World Congress on Information Technology and Nasscom theory Bengal Chamber of Commerce, in asking the Governor to
India Leadership Forum in Hyderabad, invoked the possibil Finance We still await the denitive biography open the building, said: A good many of us hoped that we
ity that robots will be alive and conscious in 25 years from should witness the opening ceremony in times of peace. Ho
now. This may appear to be a farfetched goal at the outset, This refers to the observa Suhasini Haidar look into his past. Perhaps vid Brody (with Scott wever that was not to be and though disappointed we might
judging by our success, or lack of it, with the Turing test. In tion that companies that the most anticipated book Lamb), based on several perhaps nd a certain amount of consolation in reecting that
particular, it is the challenge of programming the human report unexpected bad As Hillary Clinton went in came from his rst wife interviews with the U.S. though the end of the war is not yet, the commerce of Bengal
adeptness to learn that is one of the most crucial challenges news to their investors to the 2016 U.S. presiden Ivana Trump (Raising President, which tries to survives and may be almost said to be ourishing in spite of it.
facing developers of articial intelligence (AI) that could may report even more ne tial election, there were Trump) in October 2017, paint him as deeply reli
stand up to human competition. We just have to see a face gative news in the future. It any number of books that but if you were looking for gious, while glossing over
once to recognise the person the next time. However, AI, po is generally used to warn could tell you about her details about “The Do reports of his “sins”, CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
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wered by neural networks and deep learning, needs to be investors about the likeli life. When Donald Trump nald”, you would be dis which they say only make
trained with many exposures of a face before it can recog hood of bigger problems won, however, the reams appointed, as the book is him human. As a result,
DATA POINT
nise it. emanating from compa and reams about him, his really about her struggles Michael Wol’s sensation
An arXiv paper by Delahunt et al (2017) speaks of a biolog nies that are not transpa past wives, and the rise of as a mother. Three others, al Fire and Fury is a much
ical neural network experiment that by far surmounts this. rent in their reporting to his fortunes were nearly written by Trump’s col more satisfying read.
The researchers mimic a moth’s olfactory system and use investors. The theory is only in the tabloids. Books leagues and a journalist, Two works by Pulitzer
neurotransmitters to generate a synthetic neural network named after the common about Trump were mostly are enlightening, but far Prizewinning journalist
that can detect odours and learn relatively faster. If this sin observation that the pre written by Trump, and too fawning for real in David Cay Johnston are
gle task should take that much thought and eort to repro sence of a single cock dealt primarily with his sight into his personality. equally probing, if even
duce, building an AI that can match human behaviour and roach in the kitchen likely business philosophy. The rst is former Speaker more critical of the Presi
be selfaware is likely to take a long time. The route to build suggests that there may be Hence, The Art of The Newt Gingrich’s Under- dent: The Making of Do-
ing selfaware AI that can challenge humans will therefore more hidden in the same Deal, in which he says he standing Trump, lled nald Trump and It’s Even
be an arduous route, dotted with milestones in related areas area. Many investors might keeps his scheduled meet with anecdotes of his rela Worse Than You Think.
such as robotics. The ongoing rise of AI will also challenge refrain from investing in ings to a minimum, or the tionship with the U.S. Pre Two other more academic
the human condition, for example through displacement companies that have re books that followed in the sident. Another is by works to note are David
from jobs, threat of inhuman errors, and threats of hacking ported bad news as they same vein — Surviving at former Trump campaign Frum’s Trumpocracy: The
that can damage or even hijack the robot from its assigned expect worse to follow. the Top, How to Get Rich, manager, Corey Lewan Corruption of the Ameri-
duties. Time to Get Tough and dowski (with David Bos can Republic and Michael
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The 21st century has seen major breakthroughs in numer CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC The Art of the Comeback — sie), Let Trump be Trump, Nelson’s Trump’s First
ous elds, touching what we believe is the core of our hu MORE ON were essentially paper which also attempts to Year. These are all ulti
manness — from gene editing methods that can, in principle,
produce designer babies to robots that assist in surgery,
computer programs that defeat humans at various games,
THE WEB 3 back pulp versions that
told you “how to…” rather
than inform us about who
portray Trump as a misun
derstood working class
outsider to the system.
mately books on what
Trump has done, but one
is still awaiting the deni
Sridevi: a picture of divine
drive cars, and write news reports. Rather than respond Trump really is. Then there is The Faith of tive work on who Trump
grace
with fear or suppression, it is time we started working on The drought is ending Donald J. Trump by Chris is, the man least expected
methods of regulation and moderation that can deal with now, and we have several tian Broadcasting Net to helm the most powerful
http://bit.ly/SrideviTribute
the inevitable AIhuman interaction. investigative works that work correspondent Da country in the world.
CM A ND-NDE
YK