Warns against ‘expansionism’

Leh, July 3: Asserting that the bravery shown by the Indian troops in Ladakh has sent a message to the world about India’s strength, Prime Minister Narendra Modi on Friday said ‘enemies of Bharat Mata have seen the fire and fury of our soldiers’.
PM Modi, who on Friday reached here on a surprise visit to review the ground security situation amid the standoff with China at Line of Actual Control (LAC) and said those who are weak can never initiate peace as bravery is a pre-requisite for peace.
The Prime Minister said this while addressing soldiers at one of the forward locations in Nimu, which is located at 11,000 feet above sea level. “Your courage is higher than the heights where you are posted today. Today as I’m among you I can feel the courage and valour in all of you. When the safety of the country is in your hands, then there is a belief. Not only me, but the entire nation believes in you and is not worried. As you protect our borders, it inspires every citizen to work day and night. Our resolve for self-reliant India has become stronger because of you and your strong resolve,” Modi said.
Those who laid down their lives for the country belonged to all parts of India and epitomised its ethos of bravery, he said, rallying the troops.
“The valour shown by you recently has shown India’s strength on the global front. Leh, Ladakh to Siachen and Kargil and Galwan’s icy waters, every mountain, every peak is witness to the valour of Indian soldiers,” he said.
Lauding the soldiers, he said, “Bharat Mata’s enemies have seen your fire and fury. Those who are weak can never initiate peace as bravery is a pre-requisite for peace. Your willpower is as strong and firm as Himalayas; the whole country is proud of you.”
Without naming China, the Prime Minister said: “The age of expansionism is over, this is the age of development. History is witness that expansionist forces have either lost or were forced to turn back.”
PM Modi also paid tributes to the soldiers who were killed in the Galwan Valley face-off with the Chinese troops. “I once again pay my tributes to the brave soldiers martyred in Galwan clash. These soldiers were from different parts of the country,” he said.
In an attempt to boost the morale of the Indian soldiers post stand-off which China that left 20 Indian soldiers dead, PM Modi said, “Tales of your bravery and valour are echoing in every house in the country.”
Praising the women soldiers, who were present during the address, the Prime Minister said, “I am looking at women soldiers in front of me. In the battlefield at the border, this view is inspiring…Today I speak of your glory.”
He said the world has seen the Indian soldiers’ efforts to maintain peace and how they worked for the betterment of humanity. “Whether World Wars or peace, whenever the need arises, the world has seen the victory of our braves and their efforts towards peace. We have worked for the betterment of humanity,” he said.
The PM also announced that the Indian government has increased the expenditure on the development of infrastructure in the border areas by three times.

New Delhi, July 3: China said today that “artificial blocks” to bilateral cooperation would harm India’s interests and that the two countries should work together to uphold peace in their border region. Beijing will take necessary measures to uphold the rights of Chinese businesses in India, a spokesman for the Foreign Ministry in Beijing told a news briefing.

His comments came after India banned 59 apps including TikTok citing a threat a national security and as Prime Minister Narendra Modi made a surprise visit to Ladkah where, last month, 20 Indian soldiers died in a face off with China. Beijing has not confirmed its number of casualties in the clash, which marked the first time in 45 years that soldiers had died in combat on the border.

PM Modi, who said in his monthly radio address Mann ki Baat that, “those who eyed Indian territory in Ladakh have received a befitting response”, toured a military base at Nimoo in Ladakh, about 100 kilometres (60 miles) from the site of the June 15 battle.

He will also military hospital in nearby Leh to meet soldiers injured in the hand-to-hand skirmish.

Army Chief MM Naravane and Chief of Defence Staff General Bipin Rawat, accompanied the PM to the sensitive area, which has been used as a staging post to build up troop numbers in the region.

Despite several rounds of military talks and an agreement to disengage along the simmering border in Lakadh in the Western Himalayas, little progress has been made in pulling back troops.

China has warned that India’s ban on China-linked apps amounts to a violation of WTO rules.

Leh, July 3: Twenty Indian soldiers who lost their lives in a violent face-off with the Chinese in Ladakh last month did not die in vain, Prime Minister Narendra Modi told injured troops at the army hospital in Leh on Friday, as he visited the Himalayan region to deliver a message to China.

“The bravehearts who left us, have not left us without a reason. Together, you all gave a fitting reply (karara jawab bhi diya hai),” he told the injured soldiers, adding their bravery will be a source of inspiration for times to come and 130 crore Indians are proud of them.

“Our country has never bowed down and will never bow down to any world power, and I am able to say this because of braves like you,” he added.

CSR, other initiatives likely to be hit

Malik Sameed

Srinagar, July 3: Jammu and Kashmir Bank has reported net loss of ₹1139.41 Crore for the year ended March 2020 as compared to net profit of ₹464.88 Crore during the previous financial year, a local news agency KNB reported on Friday.

The Bank announced its annual results for the financial year ended March 31, 2020 after the Board of Directors adopted the audited numbers of the bank in their meeting held on June 29, 2020.

According to insiders the huge loss reported has eroded the net worth of the bank from ₹6626 Crore as on March 31, 2019 to ₹6393 Crore as on March 31, 2020 and wiped out the capital  of ₹500 Crore recently infused by the government of UT in the bank besides adversely impacting the following key ratios.

In the end year march 2019, the return on assets was 0.49 percent while in march 2020 the percentage dropped to -1.10.  Same as return on Average Net Worth in 2019 was 8.04 and in 2020 it dropped to -19.96.

Net profit per employee(in Rs Lakh) was 3.69 in year 2019 and has dropped to -9.03 in 2020 financial year. Net Profit per Branch (in Rs. Crore) was 0.49 and which is now -1.19, similarly Capital Adequacy Ratio(%) was 12.46 and now 11.40.

Earnings per share(in Rupees) dropped from 8.35 to -15.97 and net Asset Value (in Rupees) also dropped from 108.11 to 76.65.

With such a huge loss CSR activities of the bank which has a co-relationship with the Net profit is likely to have a spending freeze for CSR Programmes revolving around health, education, ecology and community welfare at large in the UT’s of J&K and Ladakh.

Operating profit of the bank before provisions and contingencies was down by 10 percent at ₹1525 Crore as compared to ₹1717 Crore for the full year and down by 36 percent at ₹382 Crore (₹601 Crore) on QoQ basis. Other income of the bank was sharply down 70 percent in Q4 at ₹121 Crore (₹404 Crore) and down by 33 percent at ₹546 Crore against ₹812 Crore on YoY basis. Gross non-performing assets (GNPA’s) ratio increased sharply from 8.97 percent to 10.97 percent (₹6211 Crore vs ₹7671 Crore) on YoY basis on account of fresh slippages to the tune of around ₹1100 Crore. Credit Cost has gone up at 3.81 percent vis a vis 1.53 percent a year ago.

Despite the guidance given by the management to the market that the emphasis during the year will be on rationalisation of costs/expenditure yet the operating expenses have gone up by 10 percent on YoY basis and cost income ratio has risen sharply at 64.14 percent for the financial year ended March 2020 as compared to 59.06 percent for the financial year ended March 2019.

As on March-2020 advances declined 3 percent YoY to ₹64399 Crore but surprisingly income on loans and advances has shown a 11 percent increase on YoY.

On the positive note the deposits have shown a growth of 9 percent YoY at ₹9778 Crore compared to ₹89638 Crore. CASA ratio stood at 53.6 percent vis a vis 50.70 percent a year ago, however term deposits have shown a marginal increase of only 3 percent on YoY basis. NIM’s for the financial year ended March 2020 up at 3.92 percent vis a vis 3.84 percent for the financial year. Also net interest income has increased 10 percent on YoY. Further net NPA Ratio has come down from 4.89 percent to 3.48 percent on YoY basis and NPA Coverage Ratio has increased to 78.59 percent vis a vis 64.30 percent a year ago on account of the provisioning prescribed by the Regulator.

Share price of the bank has shown constant decline during the past one year and has fallen from 52 weeks high of ₹63 to 52 weeks low of ₹11. Management of the bank needs serious introspection to see that despite the bank having a Net Asset Value of ₹75 per share why the share is grossly undervalued and trading at a huge discount vis a vis its peers. Despite the media reports that investors show renewed interest in J&K bank stock on the back of new Management structure the share price of the bank post declaration of annual results slumps to 17.25 INR.

Due to the inadequate capital for Regulatory compliance/maintaining growth momentum, the bank will have serious challenges on capital front for the current fiscal as raising the capital from the market on the basis of the current performance will be difficult and only recourse left for the bank is to approach to the Government of UT for infusion of further capital. Also with the erosion in the Net worth the capacity to lend has decreased as per the prudential norms of RBI. Going forward it will be interesting to watch the performance of the bank amidst the tough times and how effectively the present management of the bank will leverage the support being extended both by the Government of UT of J&K and Central Government to their advantage. (KNB)

Srinagar, July 3: Central Administrative Act (CAT) does not have the jurisdiction over selection process by J&K Bank regarding 1850 posts of Probationary Officers and Banking Associates, Jammu and Kashmir High Court ruled on Friday.

“It cannot be said that sub-section (3) of Section 14 of the CAT Act applies to the Bank or the instant recruitment process of the Bank,” a bench of Justice Ali Mohammad Magrey said, according to GNS, adding, “Resultantly, it is held that the CAT does not have the jurisdiction under Section 14 in relation to the subject matter of controversy in the instant case; and, further, that this Court continues to have the jurisdiction in relation thereto to entertain this petition.”

Last week, the court had reserved its decision on the plea whether it or CAT has the jurisdiction over the matter.

J&K government through its Advocate General D C Raina had told the court that the CAT not the high court had jurisdiction over the matter.

The Advocate General had submitted that after the establishment of the CAT for the Jammu and Kashmir, and Ladakh, all the jurisdiction, powers and authority which were exercisable by High Court immediately before establishment of the CAT in relation to the matters enumerated thereunder, in terms of Sub-Section (1) of Section 14 of the CAT Act are exercisable by the CAT as the court of first instance. He had made specific reference to the words ‘recruitment, and matters concerning recruitment’ occurring in Clause (a) of Sub-section (1) of Section 14 and submitted that since the instant matter relates to recruitment in the Bank, declared as a public authority, all jurisdiction and powers and authority in relation thereto lies with the CAT.

Advocate Jehangir Iqbal Ganai, senior counsel, for the petitioners had submitted that the instant matter does not fall within the purview of sub-section (1) of Section 14, but is covered by sub-section (3) thereof, which exclusively refers to ‘any local or other authority or corporation or society’. However, he had submitted that the provision of sub-section (3) does not have an automatic application to local or other authorities or corporations or societies, but this provision is to be applied by the Central Government by notification.

“It is not that the Central Government has not issued any notification in exercise of the powers under sub-section 2 of Section 14 of the Act applying the provision of sub-section (3), “ the court observed, “adding, “ Certain documents / notifications issued by the Central Government, from time to time, in exercise of such power under sub-section (2) of Section 14 have been placed before the Court which depict that so far nearly 214 organizations, by their name, have been brought under the purview of sub-section (3) of Section 14 of the CAT Act; the J&K Bank, in any case, is not one amongst them.” (GNS)

Jahangeer Ganaie

Srinagar, July 3: Kashmir on Friday recorded four more COVID-19 deaths, taking the number of people who have died due to the deadly virus in J&K to 121.

The four persons who died today include 80-year-old from Chattabal, 70-year-old from Sopore, a 70-year-old man from North Kashmir’s Baramulla district and an 80-year-old man from Rajbagh, Srinagar. Since Wednesday, Covid has claimed 13 lives in J&K that include one from Jammu and 12 from Kashmir. All the deceased were in the age group of 60 to 80.

About the Chattabal Covid-19 victim, Dr Saleem Tak, Medical Superintendent Chest Diseases hospital told KNO that 80-year-old male from Chattabal who was referred to CD hospital from SMHS on June 29, breathed his last this evening.

“He was Covid positive and had underlying medical conditions that include hypertension, bilateral pneumonia and chronic obstructive pulmonary disease,” Dr Saleem said. Chattabal man became the fourth Covid causality in a day.

Dr Saleem said that a 70-year-old man from Sopore area of Baramulla district, who was admitted on June 29 died this evening. “He had tested positive for the Covid-19. He was suffering from bilateral pneumonia and other ailments,” the MS CD hospital said.

As for the fourth death, Dr Saleem  said that a 70-year-old man from Baramulla, who had tested positive for COVID-19 and was referred from SMHS on Thursday, died at CD hospital this afternoon.

The patient was very critical and was on ventilator, he said, adding that the patient was suffering from Hypertension, Diabetes, Chronic Obstructive Pulmonary Disease (COPD) and other ailments.

Earlier, a patient from Rajbagh, Srinagar, Dr Nazir Choudhary, Medical Superintendent at SMHS told KNO that an 80-year-old man from Rajbagh, Srinagar who was admitted on July 2 died on Friday afternoon. He said that patient was suffering from pneumonia and heart ailments. With four fresh deaths in J&K today, the total number of lives claimed by Covid in UT have reached to 121 of which 14 are from Jammu region and 107 are from Kashmir.