With the aim of attracting investors to the Malabar region, Kozhikode will host a two-day investors… Related Items
By Bharat Sharma New Delhi, Sep 24 (PTI) After being dumped unceremoniously by the selectors, veteran all-rounder Rajat Bhatia today said that one “cant expect anything from an association like DDCA”, which he feels has taken Delhi cricket to its nadir amid “perennial infighting”. After serving for more than a decade, Bhatia has been dropped from Delhis Ranji opener against Rajasthan primarily due to the insistence of skipper Gautam Gambhir. “I turned up at the nets yesterday only to find out that hardly anything was in place a week before the first Ranji game. There were not enough balls to practice with and something as basic as drinking water was also hard to find. And then later in the day, I found out that I was dropped from the team. I have not seen a worse time (in Delhi cricket) than this,” an angry and equally hurt Bhatia told PTI a day after being sacked without notice. Gambhir played a substantial role in selecting the team yesterday but when asked for a specific reason behind his axe, Bhatia spoke his mind although stopped short of taking a dig at his longtime teammate. “We all now how DDCA works. The association is in a mess, so much so that it has become an open secret. They will only think about the players only after they get time off from chasing proxy votes or serving their own interest or fighting over who is going to be in the sports committee. “As far as Gautam is concerned, I can only wish him all the best for the season. If he thinks I dont fit in the team anymore, then so be it. It is not the end of the road for me. I will continue training. I have just come from England where I spent three months playing club cricket. I still have a few years left in me,” said the 35-year-old, who has 95 First-Class and 93 List A matches under his belt. Though the 15-man squad is only for the opener against Rajasthan, starting October 1, Bhatia doesnt see himself being recalled to the side. He is in a rather tricky situation with the deadline for inter-state transfer already over leaving him with no option to fall back upon. His IPL career is also in a limbo with Rajasthan Royals being banned from the competition for two years. “It would have been better had the DDCA informed me earlier (that he wont be considered). That way I could have planned my future. I am a player and my job is to play for whichever team I can. I dont think I can play for any other state this season, so I will just continue training,” he said. (MORE) PTI BS KHS KHSadvertisement
Admirers lined up the passage leading to the hotel as they awaited Salmans arrival. Once in, a lot of hotel staff were seen excitedly trying to get a glimpse of Salman and incessantly clicking photographs. A few were heard whispering to each other that they had “cancelled” their offs to see the actor in person. Sports Minister Goel lauded the efforts of the athletes and support staff. “We are sending 121 athletes this time, which is the highest contingent till now. This contingent is one third more than last years. We are sending players in 15 disciplines. Players have worked very hard and even the coaches are worked well. We have provided them all the facilities under the vision of Prime Minister which is khelo aur khelne do,” Goel said. Rahman, who performed a song that matched the occasion, said, “Once upon a time I thought that it was impossible task for an Indian to get an Oscar or a Grammy but time has proved that it was possible to win and it is a testimony that anything can be achieved.” Ramachandran spoke about the importance of sufficient funds in running sports. “We have very quickly realised for the IOA to be truly independent it must have fund and towards this IOA has done an association with IOS and the various commercial firms who have come forward to support the cause of the sports person in India. “I was shocked when I was told that the brand value of IOA is something like 500 crores. It just blew my mind. We have started in a very small way for the IOA to be truely independent financially. We need the governments facilities which are spread all over the country through the Sports Authority of India (SAI), for our athletes to train and also to go abroad and train with better equipments. “Technology has changed for the athletes today. It is not what used to be 10 years ago and there is an old saying that if you dont change then people will change you so our view is to change, change for the better and to change with time.” Rashesh Shah, Chairman & CEO, Edelweiss Group, which is a sponsor of IOA, said “Olympics is a real opportunity in a way of our saying thank you to the athletes. We have given Rs 1 crore insurance cover from our insurance company to each and every athlete.” Shah said it is a way of supporting them because they are truly the brand ambassadors of India as they have shown excellence.advertisement”Also, in view of brand association Olympics is so prestigious, it is also very beneficial. We think sports and business have a lot of common elements,” Shah said. PTI AH KPM KHS KHS
Team Japan, including top players like world No.1 Kento Momota and former world champion Nozomi Okuhara, has complained to the Badminton World Federation (BWF) about the red-coloured courts at the BWF World Tour Finals 2018 at Guangzhou, China.The year-ending World Tour Finals began on Wednesday and all the 40 participating players took to the court for their opening matches of the campaign. Team Japan has particularly given a feedback to BWF about the courts being difficult.”Yes, we have received feedback from Team Japan that the players said the courts were slippery and rough. We have also received similar feedback from players from Canada and USA.”However, no player or coach has made a complaint to the referees regarding the issue,” BWF told indiatoday.in.BWF clarified that they have “specifications around slip resistance” and the courts are approved accordingly. BWF also said that inspections are carried out before the start of play but that does not involve technical details.”BWF has specifications around slip resistance and the Li-Ning courts are approved according to the specifications.”Inspections are always carried out before the start of play. However, such inspections will not test technical details like slip resistance, as this is done through the general equipment approval process for such courts.”We have full confidence in our court provider Li-Ning and have a deal with them for the next four years and we look forward to using these courts next year,” BWF further said.This year in Guangzhou, the courts have a very eye-catching red colour spread over. While usually the courts are coloured blue, the red has caught everyone’s eye.advertisementBWF said there is no rule against the change of court colour and all the teams were told beforehand about the red colour of the court this year.”Regarding the colour of the courts, all teams were notified that we will be using red court mats in the provisional invitation letter and official invitation letters sent out last month.”Regulations only say that the lines must be contrasting to the court mat and as such, it is not against regulations to use red court mats. The colour has no influence on the quality of the court mats as the approval is based on the court mat meeting certain technical requirements.”On being asked what measures BWF is planning to take in accordance with Japan’s feedback, they said they have just received the complaint and have taken notice of it.”Japan just provided feedback on the matter which we have acknowledged.”PV Sindhu and Sameer Verma are the only Indians participating in the World Tour Finals this year – an event that sees the participation of only the top 8 players from a World Tour ranking system (this is different from the BWF World rankings).While PV Sindhu began her campaign with a win over Japan’s Akane Yamaguchi on Wednesday, Sameer Verma was thrashed by Momota in his opener. However, he made amends on Thursday and played a dominating game to beat Tommy Sugiarto to stay alive in the tournament.Also Read | Cried, slumped on the sofa after hearing I had nose cancer: Lee Chong Wei
India Today Web Desk Rio de JaneiroSeptember 2, 2019UPDATED: September 2, 2019 22:38 IST Apurvi Chandela has won her 3rd World Cup Gold Medal. (IANS Photo)HIGHLIGHTSApurvi and Deepak blew away the Chinese pair of Yang Qian and Yu Haonan 16-6 in a one-sided finalAnjum and Divyansh shot 418.0 to lie fourth and qualified for the bronze medal matchIndia have so far secured 9 quota places in shooting for Tokyo OlympicsIndian shooters Apurvi Chandela and Deepak Kumar put in a dominant display to clinch gold in the 10m air rifle mixed team event of the ongoing ISSF shooting World Cup on Monday.The duo outclassed China’s Yang Qian and Yu Haonan 16-6 in the final. It is India’s fourth gold at the event. India have so far secured 9 quota places in shooting for Tokyo Olympics.Meanwhile, Anjum Moudgil and Divyansh Singh Panwar beat the Hungarian pair of Eszter Meszaros and Peter Sidi 16-10 in the bronze medal match.Apurvi-Deepak win gold!Superb show by our #TOPSAthlete Mixed Team 10m Air Rifle pair of @apurvichandela & #DeepakKumar for winning the goldat the @ISSF_Shooting World Cup.#TOPSAthlete pair of @anjum_moudgil & #DivyanshPanwar won bronze.Many congratulations! pic.twitter.com/7aRF8wZ8sxSAIMedia (@Media_SAI) September 2, 2019India won eight of the 11 single-shot duels between the teams, where the combined score of one pair is compared to that of the other and the higher total awarded two points.The first to 16 points wins and this is the format which will be used in the Tokyo 2020 Olympics.After comfortably getting through round one of qualification, the pair of Apurvi and Deepak topped the board after 20 individual shots in round two, featuring the top eight teams from the previous round.Their total of 419.1 enabled them to get straight into the gold medal match where they found themselves against the Chinese pair who had come in second with 418.7.Anjum and Divyansh shot 418.0 to lie fourth and qualified for the bronze medal match against the Hungarian pair of Eszter Meszaros and Peter Sidi, who shot 418.6 to finish third.advertisementAlso See:For sports news, updates, live scores and cricket fixtures, log on to indiatoday.in/sports. Like us on Facebook or follow us on Twitter for Sports news, scores and updates.Get real-time alerts and all the news on your phone with the all-new India Today app. Download from Post your comment Do You Like This Story? Awesome! Now share the story Too bad. Tell us what you didn’t like in the comments Posted bySaurabh Kumar Tags :Follow Apurvi ChandelaFollow Deepak KumarFollow ISSF shooting World Cup ISSF World Cup: Apurvi Chandela, Deepak Kumar clinch gold in 10m air rifle mixed team eventThe duo of Apurvi Chandela, Deepak Kumar outclassed China’s Yang Qian and Yu Haonan 16-6 in the final to clinch gold in 10m air rifle mixed team event.advertisement Next
New Delhi: Prime Minister Narendra Modi Tuesday used the anniversary of the Dandi March to target the Congress and said the “anti-thesis” of Gandhian thought is the opposition party’s culture.In a blog post to mark the 89th anniversary of the Dandi March, he said, Mahatma Gandhi “taught us to think of the plight of the poorest person” and “we have seen and thought about how our work impacts that person.” “I am proud to say that in all aspects of our government’s work, the guiding consideration is to see how it will alleviate poverty and bring prosperity. Sadly, the anti-thesis of Gandhian thought is the Congress culture,” Modi said. Also Read – Squadrons which participated in Balakot air strike awarded citations on IAF DayThe prime minister said that while Gandhi did not believe in inequality and caste divisions, “sadly, the Congress has never hesitated from dividing society.” “The worst caste riots and anti-Dalit massacres happened under Congress rule,” he alleged in the blog post. Continuing his attack, the prime minister said though Gandhi held that detachment and staying away from excess wealth was necessary, “all that the Congress has done is to fill their own bank accounts and lead luxurious lifestyles at the cost of providing basic necessities to the poor.” Alleging that Congress and corruption have become “synonyms”, Modi said his government has done everything to punish the corrupt. “The nation has seen how Congress and corruption have become synonyms. Name the sector and there will be a Congress scam – from defence, telecom, irrigation, sporting events to agriculture, rural development and more,” he said.
CALGARY — Petronas Canada has extended the deadline for its takeover bid for Progress Energy Resources Corp. in hopes it will be able to salvage the deal.The federal government derailed the $6-billion takeover of the Calgary-based company earlier this month after it denied it approval under the Investment Canada Act.Petronas says the deadline had been extended by 30 days to Nov. 30 and may be extended again.However, Petronas says it has met with Industry Canada and plans to submit a revised proposal in hopes of winning approval.The Petronas-Progress decision comes as Ottawa also weighs the more politically troublesome $15.1-billion takeover of Nexen Inc. by China National Offshore Oil Co.A key issue with both deals is that the bidders are state-controlled companies, raising concerns about how much control of Canadian resources should be in the hands of foreign governments.
The Port Dover Lions recently upgraded the entrance sign at Lions Silver Lake Park, almost 20 years after purchasing the land.The 28-acre park purchased about 20 years ago from the former Ivey Greenhouse Company is the anchor property for the Lions Club in Port Dover.It takes a whole crew of Lions to maintain the land for the various community events that are hosted in Silver Lake Park, the club said in a media release. These events include weekly Saturday Markets, Canada Day celebrations, the Show & Shine Car Show, youth soccer, Shakespeare in the Park, and weddings.
by The Canadian Press Posted Nov 29, 2016 12:51 pm MDT Last Updated Nov 29, 2016 at 1:40 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email CALGARY – A quick look at the Line 3 oil pipeline replacement project proposed by Enbridge (TSX:ENB):Estimated Cost: $7.5 billionRoute: 1,660 kilometres between Hardisty, Alta., to Superior, Wisc. Crosses through Saskatchewan, Manitoba, North Dakota and Minnesota.Capacity: Would restore the pipeline’s original regulated capacity of 760,000 barrels of oil per day and allow for further expansion to 915,000 barrels per day. The line is almost half a century old and its regulated maximum output has been reduced to about 390,000 barrels per day. The oil goes to refinery markets in Chicago, the U.S. Gulf Coast and the Eastern U.S. and Canada.Background: In April, the National Energy Board recommended approval of the Canadian part of the project with 89 conditions. Line 3 already has a U.S. presidential permit but still requires state regulator approvals.Note to readers: This is a corrected story. A previous version said Line 3 would be Enbridge’s most expensive project. QuickFacts: What you need to know about Enbridge’s Line 3 project
Former Boston Red Sox slugger David Ortiz is hospitalized following surgery for a gunshot wound after being ambushed by a man in a bar in his native Dominican, authorities said.Dominican National Police Director Ney Aldrin Bautista Almonte said Ortiz was at the Dial Bar and Lounge in Santo Domingo around 8:50 p.m. Sunday when the gunman approached from behind and shot him at close range. Ortiz was taken to the Abel Gonzalez clinic, where he underwent surgery, and his condition was stable, Bautista said.Ortiz’s father, Leo, speaking to reporters outside the clinic, said his son was out of danger and there wasn’t any collateral damage, meaning no damage to major organs. He said he had no idea why someone would have shot at his son.“He is out of surgery and stable; he is resting,” Leo Ortiz said. “Big Papi will be around for a long time.”The Boston Red Sox, in a statement early Monday, said they have been notified by Ortiz’s family that he sustained a gunshot wound to his “lower back/abdominal region” and that he is recovering after surgery.The Red Sox said they offered the Ortiz family “all available resources to aid in his recovery” and they will continue to keep them in their hearts.The alleged gunman was captured and beaten by a crowd of people at the bar, Bautista said. He said police are waiting until the man undergoes treatment for his injuries before questioning him.Investigators are trying to determine whether Ortiz was the intended target, Bautista said.Two other people were wounded, Bautista said, including Jhoel Lopez, a Dominican TV host who was with Ortiz. Bautista said police believe Lopez was wounded by the same bullet.Lopez was shot in the leg and his injuries were not life-threatening, said his wife, Liza Blanco, who is also a TV host.Police did not identify the third person or detail that person’s injuries.The Dial Bar and Lounge is located in eastern Santo Domingo on Venezuela Avenue, a bustling nightlife district packed with dance clubs and pricey bars that Ortiz is known to frequent. Ortiz, who lives at least part of the year in the Dominican, is often seen getting his cars washed and hanging out with friends including other baseball players, artists and entertainers.The 43-year-old Ortiz hit 541 homers in 20 major league seasons, including 14 with the Red Sox. He helped lead Boston to three World Series titles and retired after the 2016 season. He was a 10-time All-Star and World Series MVP in 2013.
Florida coach Billy Donovan declined to divulge why he suspended junior starting point guard Scott Wilbekin indefinitely.The 6-foot-2 playmaker did not do anything criminal or anything that would be considered an NCAA violation, Donovan said. Donovan said “information was brought to me” early Thursday that led to the suspension.“Scottie is a good kid who made some choices and did some things that I’m not going to have him a part of,” Donovan said.Donovan was unsure when Wilbekin would return.“How long it lasts, I don’t know,” he said. “But right now, I felt like he didn’t need to be here or playing in this game.”The Gators also will be without swingman Casey Prather, who sustained his second concussion in nine days earlier in the week. Throw in the unexpected departure of forward Cody Larson last month and Florida will have just five returning players and four freshmen for the opener.“This throws a wrench,” Donovan said. “We’ve got to do some things in practice to make some adjustments going into this game. You’ve taken three veterans players off of our team. Instead of having eight guys, you’re really down to five. Our freshmen are going to get a chance to play.”Kenny Boynton will move to point guard, and Donovan said either freshman Michael Frazier or senior Mike Rosario will start at shooting guard.Wilbekin averaged 2.3 points last season playing behind Erving Walker. With Walker gone, the Gators expected much more from Wilbekin this season. He is the son of a minister and hasn’t been known to get into trouble.“I think Scottie will learn from this, grow from this and I think he’ll be better from it,” Donovan said. “Like anything else, when you’re dealing with anybody, none of are immune from making mistakes or making poor choices and doing things.”Donovan said Wilbekin regretted his mistake.“He’s very, very remorseful,” Donovan said. “He feels very, very bad. Internally, really, really hurt by it. Took responsibility, accepted being accountable. I think he understands. For me as a coach, I think a lot of times it’s a lot bigger than the outcome.”
The study may help understand why a sweaty commute is so objectionable “With globalization, people are increasingly traveling for work and moving to new cities,” said Dr Chen.“Our research suggests that something as simple as taking an article of clothing that was worn by your loved one could help lower stress levels when you’re far from home.” The women were then asked to smell either an unworn t-shirt, a shirt from their partner, or one from a stranger, before undergoing a mock job interview to raise their stress levels.The researchers found that women who smelled their partner’s shirts felt less stressed both before and after the interview.Those who smelled their partner’s shirt also felt less stressed before and after the test. And the effect was greater in the woman that recognised that the scent belonger to their partner, suggesting the benefits are strongest when people know what they are smelling.Conversely, women who has smelled a stranger’s scent had higher cortisol level than the control unworn t-shirt group throughout the stress test. For the study, researchers recruited 96 straight couples and the man was asked to where a clean t-shirt for 24 hours without using deodorant, or other scented products. They were also asked refrain from smoking or eating strong smelling foods. Women became more stressed when asked to smell the sweat of strangers Women may complain about the smell of their husband’s dirty laundry but a new study has found the odour of a romantic partner’s clothing can help lower stress.In new research published this week in the Journal of Personality and Social Psychology, academics found that sniffing the sweaty cast-offs of a loved one, decreases levels of the stress hormone cortisol and instills a sense of calm.But be warned, the opposite effect happens when smelling the body odour of a stranger, an effect to which most commuters can relate.Canadian researchers, from the University of British Columbia, said the new findings explained why women sometimes choose to wear a partner’s jumper or t-shirt when they are away from home.“Many people wear their partner’s shirt or sleep on their partner’s side of the bed when their partner is away, but may not realize why they engage in these behaviours,” said Marlise Hofer, the study’s lead author and a graduate student in the UBC department of psychology.“Our findings suggest that a partner’s scent alone, even without their physical presence, can be a powerful tool to help reduce stress.” The authors speculate that evolutionary factors may influence why the stranger’s scent makes people feel more stressed.“From a young age, humans fear strangers, especially strange males, so it is possible that a strange male scent triggers the ‘fight or flight’ response that leads to elevated cortisol,” added Hofer.“This could happen without us being fully aware of it.”Dr Frances Chen, the study’s senior author and assistant professor in the UBC department of psychology, said the findings could have practical implications to help people cope with stressful situations when they’re away from loved ones.
The Police Service expects its officers and staff to behave professionally, ethically and with the utmost integrity at all times.“Any conduct which brings or is likely to bring discredit on the Service will be investigated to establish whether or not a breach of the Code of Ethics has occurred. This may, as a result, lead to a criminal investigation.”The suspects have been taken to the Serious Crime Suite at Antrim police station for questioning.Read: 16 cars, including two stolen from the Republic recovered in Newry>Read: PSNI chief to face questions on controversial ‘on the runs’ letters> A POLICE OFFICER is among six men arrested as part of an investigation into the awarding of a number of PSNI vehicle contracts.Two men were arrested in England and are being brought to Northern Ireland for questioning.While four men were arrested in counties Antrim, Down and Tyrone.Those arrested in Northern Ireland include a 48-year-old police officer, a 37-year-old member of police staff, a 54-year-old former police officer and a 62-year-old civilian.The two civilians arrested in England are aged 34 and 54.The suspects were arrested by the Serious Crime Branch on suspicion of a range of offences including bribery, misconduct in public office and procuring misconduct in public office.A number of searches at homes and business premises have been carried out and several items have been seized.The PSNI spokesperson stated that:
Some Clark County schools are delayed after snow mixed with freezing rain fell this morning.The National Weather Service had a weather advisory in place until 8 a.m. today, warning that the freezing rain and snow, though that has since turned to rain. The agency warned that the precipitation could lead to snow and ice accumulation in parts of the region.Schools in the Washougal School District are among those that are on a two hour delay schedule today. For a full list of school delays and closures, click here.The precipitation left a thin layer of slush on the roads in some areas, though the morning commute does not appear to be moving any slower than usual.C-Tran had its morning buses on snow route, but resumed normal operations just after 8 a.m., today. The Ridgefield and LaCenter Connector services, which were previously canceled, will resume at noon.
VISTA (KUSI) — A man who tried to lure a number of underage girls into his car in Escondido, and succeeded in getting a young woman to get into his vehicle, was sentenced Tuesday to eight years in state prison.Spicer Van Allen Conant, 46, pleaded guilty last month to felony charges of kidnapping, contact with a minor with intent to commit a sexual offense and unlawful possession of an assault rifle.The defendant, who will be required to register as a sex offender for life, expressed remorse for his actions and apologized to his victims, even though there were none in the courtroom, said Deputy District Attorney Garret Wong.Conant was arrested during a traffic stop in Escondido the morning of March 21, 2017, minutes after an 18-year-old woman agreed to get into his red 1994 Mazda Miata convertible. In the trunk of the suspect’s car, police found an assault rifle and about 1,000 rounds of ammunition, Lt. Justin Murphy said.Beginning in May 2016, Conant drove up alongside girls and women on various Escondido roadways, asked them for directions to nearby streets or freeways and then urged them to get into his car, Murphy said.Following the first several suspected abduction attempts, which involved girls ages 15 and 16, police identified Conant as the suspect via a cellphone photo taken by a witness, Murphy said.Though they ultimately decided that no crimes had occurred during those incidents, detectives interviewed Conant and put out a public bulletin seeking other potential victims. None came forward, and the case was closed, the lieutenant said.Last March 15, a man matching Conant’s description and driving a red older-model Mazda Miata approached a 27-year-old woman and asked her for directions, Murphy said. After she complied with his request, the driver began insisting that she get into his vehicle to show him the way. Growing suspicious, the woman took a photo of him with her cellphone, at which point he drove off. Murphy said.Due to the clear similarities with the earlier suspected abduction attempts, detectives put Conant under surveillance.About 6:30 a.m. on March 21, Conant left his home, drove into Escondido and approached five female pedestrians — four of them minors — over a period of about 90 minutes, the lieutenant said. The first four declined his exhortations to get into his car, but when the fifth pedestrian consented, officers promptly pulled Conant over and took him into custody, Murphy said. January 16, 2018 Man who tried to lure teenage girls in Escondido sentenced to eight years Posted: January 16, 2018 KUSI Newsroom KUSI Newsroom, Categories: Local San Diego News Tags: Crime FacebookTwitter
MIAMI INTERNATIONAL AIRPORT, FLA. (WSVN) – An elderly man went missing at Miami International Airport while waiting for his connecting flight, Sunday.According to police, 77-year-old Jesus Buena Santos went missing when he became separated from his family at Miami International Airport while waiting for his connecting flight to Chicago.Santos suffers from memory loss and may have been confused at the time.Santos is described as a black, Hispanic male who stands 6 feet 6 inches tall.He was last seen wearing a light blue, long-sleeved shirt with blue jeans, black shoes and a blue baseball cap with a red Nike logo.If you have any information on Santos’ whereabouts, call Miami-Dade Crime Stoppers at 305-471-TIPS.Copyright 2019 Sunbeam Television Corp. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
In an attempt to keep up with other states, Ohio should establish a military affairs office that reports to the governor, according to a new report from a task force chaired by state Rep. Rick Perales (R). The office would craft a strategy for growing the state’s defense presence, assess the strengths and weaknesses of its installations, pursue new missions, assist communities dealing with a closure or downsizing, and oversee a revolving loan fund to finance infrastructure projects linked to bases’ health, reports the Toledo Blade.A new office would help ensure the state is always prepared for the possibility of base closures, regardless of whether a new BRAC round is scheduled, Perales said. “It’s not about that 2021 BRAC. It could happen tomorrow, and if we’re not prepared, I guarantee other states will be prepared,” he said. Perales introduced a House bill creating an office of government and military affairs within the governor’s office, but because the current session is almost over, it’s unlikely to be enacted this year.A new statewide office would help coordinate the various local military affairs committees that already exist but don’t communicate with each other, reported the Dayton Daily News.Air Force photo by J.M. Eddins Jr. Dan Cohen AUTHOR
Close Who is Nirav Modi, and how did he commit the Rs 11,000 crore fraud? Bankers too agree that such a phenomenon has been in existence. “People are withdrawing money even if they do not need it and keeping it with them,” a senior SBI executive from Visakhapatnam told the Indian Express. “Cash is not coming back into the banking system … We are unable to refill ATMs because people are not depositing in banks,” the banker said adding that this phenomenon is experienced by “all banks” since November 2017.If people are not depositing their money in banks that’s a problem. And statistics show this is true. The last financial year saw a steep decline in the rate of bank deposit growth. Deposits grew 6.7 percent as against 15.3 percent growth in the previous year.The Financial Resolution and Deposit Insurance (FRDI) bill and the controversial bail-in clause in it had created a lot of mistrust and fear among depositors. If anything, the cycle of events that started from demonitization had struck the root of trust. The year 2018 started with a flurry of reports on bank scams, loan malpractices, insider manipulations, nepotism and corruption at the highest levels. It was easy for discerning observers to identity a pattern of loot.The events at Punjab National Bank and other smaller state-run banks shattered confidence, but a greater shock came when large private banks ICICI and Axis, along with their iconic woman bosses, came under the shadow of alleged malpractices.It looked like trust in banks touched a new low. The failure of trust stems from the banks’ sins. And trust will return only when banks bring probity and integrity back into the system and throw out the corrupt — bosses and officers alike. Trust is not going to be restored until the sins are atoned for. Like the Bishop of Rochester said during a particularly ugly phase of the serial wars between England and France, the sins are too grave now.”I fear that because of all our sins, our kingdom has decayed and collapsed, and God, who used to be English, has withdrawn from us,” he said. The bishop was probably drumming up support for war as a national enterprise, and asking people to leverage that single most effective capital they knew thus far – piety. He must have meant that god will win wars for the English again when the sins of the French exceeded theirs.Well, a medieval sermon will not help cure the rot in the banking system. But it’s better the bankers realize that their gods (is customer still the god?) are leaving them because of their sins.Trust is a key social investment, something our banks have spectacularly frittered away. Of course banking is not the only institution that has diluted the trust quotient. As Francis Fukuyama rightly said, “a nation’s well-being, as well as its ability to compete, is conditioned by a single pervasive cultural characteristic: the level of trust inherent in the society.” [Trust: The Social Virtues and The Creation of Prosperity]Trust in banks also determines how much a nation saves. This is far more relevant for developing economies such as India. The growth in China and much of East Asia was fuelled by decades of high savings. It’s only recently that India caught up with the Asian peers in terms of the national savings rate. It now looks like we are about to lose that advantage.According to data from CEIS, India’s gross savings Rate in 2017 was 30 percent. From 1951 to 2017 the average savings rate was 18.8 percent. In comparison, the average gross savings rate in China during that period was nearly double, at 36.7 percent. China’s savings rate in 2017 was a stupendous 46.4 percent.India’s years of above average savings correlated with the periods of high growth as well. An RBI report clearly says empirical data in India shows that higher domestic saving boosts economic growth.In India, more than half of the nation’s gross savings are held in bank deposits. The diversification away from traditional savings methods is still a work in progress. That’s why a decline of trust in banks impacts the savings rate hugely. Eight years ago, India’s gross savings rate was at a high of 37 percent. The rate has been on the decline, and the trust problem with banks can hurt it further. A customer withdraws money from a Bank of Baroda automated teller machine (ATM) in Mumbai, India, May 3, 2016.Reuters fileThe cash shortage in ATMs and bank branches, which started last month in Telangana and Andhra Pradesh, is spreading fast across India. The central government and the Reserve Bank of India are fighting fire with alacrity. The RBI has formed a committee to fix the issue as soon as possible while the finance ministry has sought three days to bring normalcy back to banking.ATMs across India are running dry. Small businesses are hit. The persisting blockage in liquidity is breeding more mistrust. The optimists and spin doctors say it’s festival demand for cash that has triggered the chain of events. Or that it’s because Karnataka is going to the polls. Then there is talk of hoarding. Some say the RBI is holding up cash to make digital payments more ubiquitous. It would be a stretch yet to say there’s anarchy but there is obviously confusion and lack of clarity.Unusual shortage of cash in the system was reported more than 45 days ago. However, the latest comments from the finance ministry seems to imply that the issue is more of a cash logistics problem. “We’ve cash currency of Rs 1,25,000 crore right now. There is one problem that some states have less currency and others have more,” Minister of State for Finance S P Shukla said.However, the RBI statement on the issue differs substantially. The central bank has said the rate of cash withdrawal is higher than the rate of deposits. It said the pattern is more evident in states like Andhra Pradesh, Bihar, Karnataka, Maharashtra, Rajasthan, Uttar Pradesh, Madhya Pradesh and Telangana.
File PhotoFive people including a minor boy suffered severe burn injuries after the gas cylinder of a CNG-run auto-rickshaw exploded at Bahaddarhat in the port city on Friday, reports UNB.The injured were Md Farid, 40, the driver of the CNG auto-rickshaw, and its passengers Naznin Akter, 25, her son Mohammad Sifat, 2, Amena Begum, 40, and Rokeya Begum, 25.Officer-in-charge of Chandgaon police station Abul Bashar said the gas cylinder of the vehicle exploded when it reached in front of Mohona Community Centre where they were commuting to attend a wedding ceremony in the afternoon.The injured were taken to the Burn and Plastic Surgery Unit of Chittagong Medical College and Hospital, the OC added.