Latest news with #MNagaraju
Time of India
4 days ago
- Business
- Time of India
Shield bank staff from assault, intimidation, Centre tells states
MUMBAI: Finance ministry has asked states to take urgent steps to protect bank employees from instances of assault and intimidation by anti-social elements, following reports of such incidents disrupting banking operations. Tired of too many ads? go ad free now In a letter to chief secretaries, financial services secretary M Nagaraju said that ensuring the uninterrupted availability of banking services is critical for enabling households to meet daily financial needs, access welfare benefits through DBT, and support economic activity by traders, small businesses, farmers and industry. Citing media reports and social media posts, Nagaraju flagged disturbing incidents involving verbal abuse, physical assault and operational disruptions at bank branches. "These unlawful actions discourage the morale of bank staff and undermine public trust in the safe delivery of banking services. Such actions must be dealt with firmly and promptly," he said. The ministry has requested state govts to direct district magistrates and police officials to take preventive steps, including deploying police or patrols at sensitive locations during peak banking hours.
Time of India
5 days ago
- Time of India
Protect bankers to ensure uninterrupted banking, DFS secretary tells states
Financial services secretary M Nagaraju has written a letter to the chief secretary of all state governments urging them to deal firmly and promptly, and with deterrent legal measures, to protect bank staff and ensure uninterrupted public access to banking . Nagaraju in his letter said that securing the availability of banking services to the public at all times is essential to enable households to meet their daily financial needs, access government welfare benefits through Direct Benefit Transfers (DBT) and for traders, micro-entrepreneurs, farmers and industries to carry on their economic activities without disruption. "News reports and social media coverage in the recent past highlighted disturbing incidents of anti-social elements behaving aggressively with bank staff within bank premises, which includes verbal abuse, physical assault and even disruption of operations," he noted adding that these are the unlawful actions which discourage the morale of bank staff and undermine public trust in the safe delivery of banking services. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Click here for more information Undo "Such actions must be dealt with firmly and promptly, with deterrent legal measures to protect bank staff and ensure uninterrupted public access to banking," he said. The financial services secretary further requested state governments to issue suitable advisories to sensitize and instruct district Magistrates and the State Police to take all preventive measures to avoid such incidents in bank branches including deployment of local police/ patrolling during peak banking hours at vulnerable locations. Live Events "Ensure prompt and effective response to such complaints by the designated law enforcement agencies and take strong and deterrent action against perpetrators under relevant provisions," he said in his letter. The financial services secretary noted that these measures will enhance public trust, provide a secured environment for bank employees and facilitates the effective delivery of banking services.
Business Standard
30-05-2025
- Business
- Business Standard
When DFS Secretary Nagaraju played the role of King Vikramaditya
Legend has it that King Vikramaditya of the Gupta Dynasty frequently disguised himself as a commoner to assess the wellbeing and conditions of his subjects. Recently, the secretary in the Department of Financial Services (DFS), Ministry of Finance, played the role of Vikramaditya to check how banks were serving their customers. Of course, unlike the ruler of Ujjain, he was not in disguise. On April 8, after lunch, M Nagaraju, a 1993-batch Indian Administrative Service officer, left North Block, which houses the finance ministry, and drove down to the Parliament Street branch of a large public-sector bank. Posing as a customer, he wanted to say hello to the branch manager. The secretary was directed to an officer by the head of the branch who was too busy talking on his mobile phone. Even the second banker didn't care much to talk to him. At that point, Nagaraju politely revealed that he was the boss of the bank's boss. Even that did not cut the ice, as name-dropping is not uncommon in Delhi culture. ALSO READ: Policy lessons from data gaps in Covid death toll and Maha Kumbh mumbers Neither the branch manager, holding the rank of an assistant general manager (AGM), nor the other executive, was willing to talk to the 'customer', who had walked in after office hours. In the public-sector banking industry, an AGM rank is part of the senior management grade, typically a Scale-V officer. Deputy general managers, general managers and chief general managers form the top management grade.
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Business Standard
24-05-2025
- Business
- Business Standard
Finance Ministry calls for joint effort to cut backlog at debt tribunals
The Finance Ministry on Saturday urged all stakeholders to collaborate in reducing pendency of cases at debt recovery tribunals (DRTs) by establishing an effective recovery ecosystem. This would facilitate the redeployment of capital locked in cases pending before DRTs for productive use in the economy, the finance ministry said in a statement. During a colloquium of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) organised by the Department of Financial Services (DFS), the Ministry of Finance also discussed effective implementation of DRT Regulations, 2024 and prioritisation of high value cases in DRTs for optimal recovery. Justice S V N Bhatti, Judge of the Supreme Court of India, graced the meeting which was also attended by senior officers of the DFS, representatives of various public and private sector banks and Indian Banks' Association. DFS Secretary M Nagaraju highlighted various key initiatives taken by the Department such as adoption of revised DRT Regulations, mandatory e-filing, hearing through video-conferencing, hybrid hearings etc. for reducing turnaround time of the matters adjudicated by the tribunals. During the meeting, introduction of further reforms to reduce turn-around time for various processes in DRT proceedings etc. were also discussed. Robust monitoring and oversight mechanisms by banks for increasing recovery through DRTs and use of alternate dispute resolution mechanisms including Lok Adalats for expeditious disposal of cases were also discussed.
Economic Times
11-05-2025
- Business
- Economic Times
Finmin asks banks to strengthen legal recovery processes
The finance ministry is pushing banks to tighten legal recovery processes by reviewing advocates, streamlining case allocation, and reconciling settled cases. This directive follows concerns raised by the Supreme Court regarding the Bhushan Power and Steel acquisition. Banks are urged to expedite resolutions, minimize delays in NCLT filings, and actively pursue the vacation of stay orders to resume stalled processes. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The finance ministry has directed banks to further strengthen legal recovery processes, including doing periodic reviews of empanelled advocates, rationalising case allocation, and reconciling settled cases in recovery tribunals."Banks have been told to ensure that there are no delays and put in place effective monitoring and oversight mechanisms for efficient management of all cases, including those pending in the courts," said a government official, requesting ministry's directive comes at a time when banks are still to work out their strategies on the Supreme Court verdict scrapping JSW Steel 's ₹19,350-crore acquisition of Bhushan Power and Steel (BPSL) four years ago. The top court had observed that contradictory stands taken by the committee of creditors, or CoC, at various stages of proceedings clearly proved that it had played foul and not exercised its commercial wisdom in the interest of the government is inclined to back banks to explore all legal options, it wants them to plug the loopholes to avoid any further similar instances."The performance of advocates also needs to be assessed and accordingly rationalised in the assignment of cases," the official cited above said, adding that the idea is to continuously monitor and reduce pendency at various stages.A bank executive said lenders have also started to reconcile cases that are pending in debt recovery tribunals and DRATs but have already been settled."Different approaches will be pursued for small and high-value cases pending in DRTs so that resources are not spread and maximum recovery is achieved," he week, financial services secretary M Nagaraju chaired a review meeting to monitor the progress of PSBs in clearing pending cases for admission at the National Company Law Tribunal (NCLT).In a statement, the finance ministry noted that banks were advised to expedite the resolution process by minimising delays in filing CIRP applications, avoiding asking for unnecessary adjournments, and simultaneously keeping other channels of recovery open."The Advocates of the Banks should oppose any attempts to delay proceedings on frivolous grounds by the opposing parties," it said, adding banks were urged to review their top 20 cases regularly and also monitor accounts where resolution plans are pending for consideration with the CoC for more than three government further directed banks to focus on getting stay orders vacated so as to resume the resolution process without further loss of time.
