Taxpayers made sacrifices; now its banksturn to strengthen economy: FM

NEW DELHI, Jan 6:

Finance Minister Arun Jaitley said on Saturday that Indian tax-payers are now making sacrifice for the good health of the PublicSector Banks (PSBs) and its responsibility of the banks to performand give back to economy.

Addressing the function organised to mark the occasion of thePlatinum Jubilee (75th Anniversary of Foundation Day) of UCOBank in Delhi, Mr Jaitley said that Government has come out withRs 2.11 lakh crores recapitalising of PSBs at a cost of taxpayers.They have make sacrifices to make the improvement of the Bank'shealth so that the economy could gain better results.

He said that strong banking is essential for the strong economyand now, its bank's responsibility to perform properly and givemomentum to the economy. "Lending by banks impacts howgrowth will move. Credit growth has increased. With capital infu-sion, credit growth will further increase," he said.

He said, "When the global economy slowed down, India con-tinued to grow at a steady rate. We continued to grow as the fastesteconomy for three years. And it will do better as the worldwidecommodity prices are regaining their positions."

The Finance Minister said, "Once the worldwide economy willovercome from the slowdown, Indian economy will furtherimprove and that will be the testing time for the banks where theyhave to prove themselves. It is a challenge for the banks to bringnormalcy in the banking system."

On the occasion, Finance Minister also launched the mobileapp of the bank 'Ucopay Plus' which will provide most the servic-es online.

Speaking on the occasion, Financial Services Secretary RajeevKumar urged UCO Bank to work on its bad loan problems after theReserve Bank of India initiated prompt corrective action against it.Ravi Kishan Takkar, Managing Director and CEO, UCO Bank alsoassured the Government that the bank and its employees are work-ing on the NPA challenges. (UNI)

NEW DELHI, Jan 6:

Expressing concern over thevacancies of teaching staff inCentral universities, PresidentRam Nath Kovind on Saturdaysaid these vacancies should befilled quickly.

Addressing the concluding ses-sion of a one-day meet of Vice-Chancellors of 17 new CentralUniversities set up under theCentral Universities Act, 2009, thePresident said, ''vacancies in theCentral Universities should be filledquickly and urgently. Vacancies inteaching staff are unfair on studentswho have enrolled, and a disserviceto their education. Where necessaryengagement of retired professorsfor specific periods could be done.Vacancies that are anticipated dueto retirements or expanded needsshould be planned for months inadvance. And it is for all authoritiesto ensure that recruitment isabsolutely above board and notinfluenced by other considerations.''Stressing need to equip these uni-versities to become national assetsand world-class institutions, thePresident said,'' If we cannotachieve this in a reasonable timeframe, we will be failing cominggenerations.'' The President saidthat these universities have to con-

tribute to the well-being of the com-munity and the state that hoststhem.

''Coordination with the stateGovernment should be a contin-uous process, and not limited toinitial questions of land transfer.It would also be helpful to lever-age and share resources andbuild partnerships with existinguniversities and institutionslocated nearby,'' he said.

The President emphasised thatthere is increasing competition inour country and our world for thebest minds, for the best professorsand for the best students. He stat-ed that there are many doors openfor good teachers and professors.Universities have to compete fortalent.

''That is why assessing thequality of a university through,for example, the NAAC evalua-tion system is so important. Ithelps a potential student decidewhich university to opt for. MrKovind urged every CentralUniversity to endeavour to get agood NAAC rating for itself andits affiliated colleges,''he said.

The President expressed hopethat the Ministry of HRD willresolve the problems discussed in atime-bound manner, and also setout a medium to long-term vision

for these new Central Universities. Addressing the concluding ses-

sion, Mr Kovind, said that our newCentral Universities may havesome teething troubles but are actu-ally at an advantage. They cancompletely avoid legacy issues.They can create systems and mech-anisms that are in tune with futureneeds and futuristic technologies.

In short, they can be genuine21st century universities. Havingbeen set up together, these univer-sities are part of the same fraterni-ty like the IIMs or the IITs too arepart of their fraternities. As such,the new Central Universities mustrise together and must engage incross-learning.

Among those who participatedin the one-day meet were UnionMinister for Human ResourceDevelopment, Prakash Javadekar;Minister of State for HumanResource Development, Dr SatyaPal Singh; Chairman, UniversityGrants Commission, Professor DPSingh, representatives of Ministryof HRD and Department ofExpenditure, Ministry of Finance,

apart from the Vice Chancellors ofthe 17 new Central Universities.

The agenda of the meetincluded steps taken for enhanc-ing quality of academics and fac-ulty development; issues pertain-ing to building and infrastructure;filling up of vacancies in the fac-ulty and in administration; timelyadherence to the individual uni-versity's academic calendar;encouraging technology-inducedmodels of pedagogy; computeri-sation in admissions and otheradministrative matters; fundingoptions for higher education;maintenance of annual accountsand audit of accounts; progress onresearch and innovation andbuilding academic-industry link-ages; establishment of academiccollaborations between universi-ties; and a long-term vision for thenew Central Universities. (UNI)

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HOTEL ASIA VAISHNODEVI KATRAVacancies in Central Universities should be filled quickly: Prez