Latest news with #Ganapathy
Time of India
3 days ago
- Business
- Time of India
RBI eyes bank-like rate norms for NBFCs to plug policy gaps
RBI MUMBAI: RBI is looking to introduce interest rate rules for non-banking finance companies similar to those that govern banks. The goal is to improve how changes in monetary policy pass through to borrowers and to make loan pricing more transparent. As of now, when RBI changes its benchmark repo rate, banks pass on the changes quickly to borrowers with floating-rate loans. However, NBFCs, including housing finance firms, adjust more slowly or in ways that are less transparent. "The extant regulations on interest rates on advances vary across all regulated entities," said RBI. "In order to harmonise the same, a comprehensive review of the extant regulatory instructions is underway. " RBI has been consulting internally and with key industry stakeholders about how to standardise interest rate frameworks. "In order to solicit wider public feedback, it is proposed to issue a discussion paper delineating the various imperatives of moving to a harmonised regime for interest rates on loans and advances across all regulated entities," the central bank said in its annual report. Analysts say the current system creates gaps in oversight. "Banks have repo rate-linked loans, MCLR (marginal cost of lending rate) loans, etc, which are all well defined and RBI can track how transmission happens," said Suresh Ganapathy of Macquarie. "NBFCs don't have these repo-linked or MCLR loans and they price their loans off some antiquated PLR (prime lending rate) concept. Of course, eventual end-pricing will be determined by competitive forces. Having said that, this entire process is super opaque and hence it is essential a proper alignment is sought," Ganapathy added. RBI also wants to overhaul how it supervises NBFCs broadly. One change involves reviewing its risk-based approach to monitoring compliance with anti-money laundering rules. It will examine whether KYC framework is being applied effectively, especially for higher-risk firms. The regulator also plans a thematic review to ensure NBFCs follow interest rate guidelines, particularly to prevent customers from being charged excessive rates. At the same time, it is studying how to bring more NBFCs under a risk-based supervision model, where regulatory attention depends on the complexity and risk profile of each firm. RBI also plans to simplify rules for borrowing and lending in rupees, and to streamline the process by which companies are authorised to handle foreign currency under India's foreign exchange law. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
5 days ago
- Politics
- Time of India
Buzz in Bastar says Ganapathy back, but Maoist leadership will go to Andhra or T'gana commander
Raipur: Amid speculation over who would replace Basavaraju as CPI(Maoist) general secretary after he was shot dead in an encounter with state's District Reserve Guards on May 21, the buzz in Bastar is that Mupalla Laxman Rao alias Ganapathy — Basavaraju's mentor and predecessor — is back in the country. Ganapathy was the CPI(Maoist) general secretary for nearly 15 years before he stepped aside in 2018 and passed the baton to Basavaraju. "Ganapathy was in the Philippines all these years for treatment and rest, but is back after Basavaraju's encounter killing. He was acting as an 'advisor' to the outfit. He is in his late 70s and his deteriorating health won't allow him to be back as the head of Maoists," said a security source. The echoes from deep forests of Bastar division suggest that the general secretary post is likely to go to a senior commander from Andhra Pradesh or Telangana. It is very likely that the name of Basavaraju's successor will never be officially announced, the same way it was not declared when Ramchandra Reddy took over as secretary of Dandakaranya Special Zonal Committee after Ramanna died due to a cardiac arrest, said the source. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo No matter who replaces Basavaraju, he knows he's living on borrowed time and security forces will eliminate him, a counter-insurgency officer told TOI. "There is no leader within the ranks who can fill Basavaraju's shoes. The remaining commanders now have only two options, surrender or face the same fate," said Bastar IG Sundarraj. "The Maoist organization is disintegrating rapidly, with no credible leadership and no strategic direction. Debates around Basavaraju's successor are, at this point, totally irrelevant because the outfit is breathing its last. In all likelihood, Basavaraju would be the last effective general secretary of a now-defunct organization. There is no possibility of any other senior cadre taking over the already depleted and devastated Naxal outfit," Sundarraj told TOI. The latest Maoist press note, issued by 'Vikalp', may carry a clue to who would succeed Basavaraju. It quotes Basavaraju's last purported message to cadres: "I'll be holding this responsibility for only two-three more years… Focus should be on the security of new youth leadership." Police wouldn't comment on the veracity of this statement, but pointed out that the Maoist organisation is in pieces after relentless security operations and with only four politburo members left, it's counting its last days. "After Basavaraju and Ganapathy, Sonu alias Mallojula Venugopal and Thippiri Tirupati alias Devji from Telangana are most likely to take over. Mishir Besra alias Bhaskar from Jharkhand is also a possibility, but the Telugu dominance in the outfit will not give him that much importance nor will give the hold to Jharkhand," said an officer. With Basavaraju's killing, a power vacuum is growing in the top leadership of the Maoist insurgency. According to sources, the organization is struggling to find a leader of similar stature and influence. "The headless organization is at a crossroads. The absence of an influential commander may destabilize internal command structures. Will CPI(Maoists) think of elevating Central Committee members, aged 50-55 years, into key leadership roles? That's the key question," he added. An officer pointed out that the latest Maoist press note exposes the contrast between intention and action of Maoists. "Maoists claim to seek peace talks and ceasefire, while they publicly announce big plans to carry forward the outfit and movement," he said. "No matter who follows Basavaraju, this fear will gnaw at every top Maoist commander — 'Am I next?' If we can get Basavaraju, we can get anyone, they know that. What's more, the pool of loyal cadres is diminishing rapidly. There are fissures in the Maoist ranks. Top commanders don't know who to trust," he added.
Time of India
5 days ago
- Politics
- Time of India
Buzz in Bastar says Ganapathy back, but Maoist leadership will go to Andhra or Telangana commander
Raipur: Amid speculation over who would replace Basavaraju as CPI(Maoist) general secretary after he was shot dead in an encounter with Chhattisgarh's District Reserve Guards on May 21, the buzz in Bastar is that Mupalla Laxman Rao alias Ganapathy — Basavaraju's mentor and predecessor — is back in the country. Ganapathy was the CPI(Maoist) general secretary for nearly 15 years before he stepped aside in 2018 and passed the baton to Basavaraju. 'Ganapathy was in the Philippines all these years for treatment and rest, but is back after Basavaraju's encounter killing. He was acting as an 'advisor' to the outfit. He is in his late 70s and his deteriorating health won't allow him to be back as the head of Maoists,' said a security source. The echoes from deep forests of Bastar division suggest that the general secretary post is likely to go to a senior commander from Andhra Pradesh or Telangana. It is very likely that the name of Basavaraju's successor will never be officially announced, the same way it was not declared when Ramchandra Reddy took over as secretary of Dandakaranya Special Zonal Committee after Ramanna died due to a cardiac arrest, said the source. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo No matter who replaces Basavaraju, he knows he's living on borrowed time and security forces will eliminate him, a counter-insurgency officer told TOI. 'There is no leader within the ranks who can fill Basavaraju's shoes. The remaining commanders now have only two options, surrender or face the same fate,' said Bastar IG Sundarraj. 'The Maoist organization is disintegrating rapidly, with no credible leadership and no strategic direction. Debates around Basavaraju's successor are, at this point, totally irrelevant because the outfit is breathing its last. In all likelihood, Basavaraju would be the last effective general secretary of a now-defunct organization. There is no possibility of any other senior cadre taking over the already depleted and devastated Naxal outfit,' Sundarraj told TOI. The latest Maoist press note, issued by 'Vikalp', may carry a clue to who would succeed Basavaraju. It quotes Basavaraju's last purported message to cadres: 'I'll be holding this responsibility for only two-three more years… Focus should be on the security of new youth leadership.' Police wouldn't comment on the veracity of this statement, but pointed out that the Maoist organisation is in pieces after relentless security operations and with only four politburo members left, it's counting its last days. 'After Basavaraju and Ganapathy, Sonu alias Mallojula Venugopal and Thippiri Tirupati alias Devji from Telangana are most likely to take over. Mishir Besra alias Bhaskar from Jharkhand is also a possibility, but the Telugu dominance in the outfit will not give him that much importance nor will give the hold to Jharkhand,' said an officer. With Basavaraju's killing, a power vacuum is growing in the top leadership of the Maoist insurgency. According to sources, the organization is struggling to find a leader of similar stature and influence. 'The headless organization is at a crossroads. The absence of an influential commander may destabilize internal command structures. Will CPI(Maoists) think of elevating Central Committee members, aged 50-55 years, into key leadership roles? That's the key question,' he added. An officer pointed out that the latest Maoist press note exposes the contrast between intention and action of Maoists. 'Maoists claim to seek peace talks and ceasefire, while they publicly announce big plans to carry forward the outfit and movement,' he said. 'No matter who follows Basavaraju, this fear will gnaw at every top Maoist commander — 'Am I next?' If we can get Basavaraju, we can get anyone, they know that. What's more, the pool of loyal cadres is diminishing rapidly. There are fissures in the Maoist ranks. Top commanders don't know who to trust,' he added.
Time of India
21-05-2025
- Politics
- Time of India
The fall of Basavaraj: A turning point in India's Maoist insurgency
Hyderabad: The death of Nambala Keshava Rao , alias Basavaraj , in Wednesday's encounter in Chhattisgarh marks a critical juncture in India's decades long Maoist insurgency . At 70, Basavaraj was the general secretary of the banned Communist Party of India (Maoist), making him the highest-ranking leader ever killed in action. His elimination in the Maoist stronghold of Maad division, deep in the Dandakaranya forest, is being hailed as a watershed moment by security agencies. Srikakulam roots Born in Jiyannapeta village of Andhra Pradesh's Srikakulam district, Basavaraj came from a middle class Kalinga family. A B Tech graduate from the Regional Engineering College (now NIT), Warangal, he was drawn into radical politics through the Radical Students Union (RSU) during his college days. A 1979 campus clash with RSS members, which resulted in a student's death, led to Basavaraj being arrested and later jumping bail in 1980. He soon disappeared underground, beginning his revolutionary career in the tribal belts of the Andhra-Odisha border, organising peasant movements and laying the foundation for armed resistance. He formally entered the Maoist armed struggle with three country-made pistols and a mission to form the Rythu Coolie Sangham. Architect of armed strategy Joining the People's War Group in the 1980s, Basavaraj steadily rose as its chief military strategist. Between 1989 and 1990, he is believed to have trained in explosives and landmines under the LTTE. He used this expertise to train Maoist cadres and orchestrate large-scale attacks across Chhattisgarh and beyond. In 2001, he became the head of the Central Military Commission, overseeing operations such as the 2003 Alipiri blast targeting then Andhra Pradesh chief minister N Chandrababu Naidu and the 2013 Jhiram Ghati ambush, which killed senior Congress leader Mahendra Karma and 25 others. Always accompanied by his elite armed guard of 'Company 7,' Basavaraj was known to carry an AK-47 and was fluent in Telugu, Hindi, English, and Gondi. After the 2004 merger of the People's War and Maoist Communist Centre, Basavaraj remained in the top echelons. He succeeded Muppala Lakshmana Rao (Ganapathy) as general secretary in 2018, after the latter stepped down citing health concerns. Focus on militarisation Unlike Ganapathy's cautious ideological approach, Basavaraj prioritised militarisation and rejected peace talks unless preceded by a complete state withdrawal. He continued to direct operations from the forests of Maad, maintaining contact with both central and regional Maoist units. Intelligence sources suggest he acted as a liaison with international extremist networks, allegedly travelling to Turkey, Peru, and Germany to establish foreign military ties. Basavaraj's wife, Sharada, was a Maoist commander who died by suicide in 2010. His family in Andhra Pradesh, however, chose conventional lives — one brother is a vigilance officer in Visakhapatnam Port Trust, while others include a doctor, teachers, and a local politician. This stark contrast reflects the ideological and personal dualities he embodied. With a bounty of ₹25 lakh on his head in Andhra Pradesh alone, Basavaraj was among India's most wanted Maoist leaders. Pivotal blow Security agencies believe his death could destabilise the Maoist leadership , as he held multiple top positions—general secretary, politburo member, and Central Committee member. Telangana director general of police Jitender told TOI, "It's a big blow to Maoists and a major success for security forces in Chhattisgarh." While Basavaraj's death closes a significant chapter, whether it signals the decline of the Maoist insurgency remains uncertain.
Time of India
21-05-2025
- Politics
- Time of India
A BTech who opted for radical activism, plotted Jhiram Ghati massacre
HYDERABAD: An engineering graduate who once trained in explosives with LTTE and roamed Dandakaranya forests of Chhattisgarh flanked by his "Company 7" guard, AK-47 slung over shoulder, was killed Wednesday in a gunfight with security forces. CPI(Maoist) general secretary Nambala Keshava Rao alias Basavaraju, 70, was the highest-ranking Maoist leader ever killed in action. His death in Maad division of Chhattisgarh, a rebel stronghold deep inside forests, is being hailed by security officials as a watershed in the country's decades-long fight against left-wing extremism. Basavaraju, fluent in Telugu, Hindi, English, and Gondi, came from Jiyannapeta village in Andhra Pradesh's Srikakulam district. Son of a middle-class Kalinga family, he earned a BTech degree from REC Warangal (now NIT). Campus politics and a 1979 clash with RSS members drew him to radical activism. Arrested and later out on bail, he vanished in 1980. His early revolutionary years saw him mobilising tribal peasants along the Andhra-Odisha border, building Rythu Coolie Sangham and initiating armed struggle with three country-made pistols. By the mid-1980s, he had joined People's War Group and steadily rose as chief military strategist. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Bangladesh: Unsold Sofas at Bargain Prices (View Current Prices) Sofas | Search Ads Search Now Undo Between 1989 and 1990, he is believed to have undergone explosives training with LTTE in Sri Lanka - an expertise he passed on to Maoist cadres. As head of CPI(Maoist)'s "Central Military Commission" from 2001, Basavaraju directed high-profile attacks - including the 2003 Alipiri blast targeting then Andhra CM N Chandrababu Naidu and the 2013 Jhiram Ghati ambush that killed senior Congress politician Mahendra Karma and 25 others. After the 2004 merger of People's War with Maoist Communist Centre, Basavaraju climbed the ranks, eventually succeeding Muppala Lakshmana Rao (Ganapathy) as general secretary in 2018. Unlike Ganapathy's ideological approach, Basavaraju focused on militarisation and consistently rejected peace talks unless preceded by a complete govt withdrawal from Maoist zones. He remained based in Maad forests, directing operations and keeping active links with central and regional units. Intelligence agencies claim he also acted as a conduit to international extremist outfits, allegedly traveling to Turkiye, Peru, and Germany to forge foreign ties. His wife Sharada, a Maoist commander, died by suicide in 2010. While Basavaraju lived underground for over four decades, his family chose conventional paths - one brother is a vigilance officer at Visakhapatnam Port Trust, others include a doctor, teachers, and a local politician. With a bounty of Rs 25 lakh in Andhra alone, Basavaraju was one of India's most wanted Maoists. Telangana DGP Jitender called his death "a big blow to Maoists and a major success for security forces in Chhattisgarh".
