Tuesday, November 13, 2012

Bad HR Policies Leads to Resignation by Good Officers

Collected from the Blogs of  
Himadri Shekhar Bhattacharjee

 Annotation from ‘musings of life’.

Attrition! Attrition! these nightmarish words  are making HR honchos  of banks all over the world, tumbling in their beds, since, major bank executives are resigning left and right

Though the turmoil in financial nerve centers of the world created ripples the effect is somewhat milder in Indian shores but, enough to give sleepless nights to think tanks of banks, over the shape of things to come in future.
So, it is high time that, banks in India, do some brainstorming and take steps to apply balms to the painful sores tormenting the banking and finance sector of India, before they turn cancerous and become un treatable:
  • A through revamp of HR set up of banks, to make the process performance and value oriented and transparent rather than molly coddling oriented, as at present.
  • Make the promotion process automatic after a definite intervals and seniority and lack of demerits should be the key in spite of those draconian ‘APARS’.
  • Transfer and postings should be on the basis of an un biased policy and particularly, for transfers, roasters should be made and should be make serially, on the basis of entries in those roasters. Transfers and postins should not be made weapons to ‘teach a lesson to employees, who refuse to tread along’.
  • Bosses should behave like ‘guides’ and ‘mentors’ not as bullies and all interactions with employees should be under ‘CCTV’ surveillance, to stop the menace of consigning employing to the lap of death through unparliamentarily reprimands.
  • All out efforts to boost ‘emotional salary’, in line with tangible salary and perks( for a brief write up on ‘emotional salary’ please visit this links below).
The excellent write up which lifted the veil from this new ailment afflicting banks all over the world and sent to ‘musings of life’ by ‘aiobeu NUBE’, is reproduced below:

February Fever: Why are Major Bank Executives Resigning Left and Right?
23rd February 2012
By Madison Ruppert

Contributing Writer for Wake Up World
This month has seen a rash of top level resignations across some of the most major banking institutions across the globe.

There has also been news of potential upcoming resignations which could have a considerable impact as well, not the least of which is the potential resignation of Lloyd Blankfein, chief executive officer (CEO) of Goldman Sachs.
According to Fortune, this could occur as early as this summer, although this is still merely a possibility and far from set in stone.

However, there are many very real and quite perplexing instances of bank heads quitting across major institutions like the World Bank, the Nicaraguan Central Bank, Kuwait’s Central Bank, two of Slovenia’s biggest banks and more.

It appears this trend began some time early this month, perhaps with the resign of Amitabh Chaturvedi, the CEO of Dhanlaxmi Bank Ltd on February 6.

This was supposedly due to Chaturvedi having “serious differences with the board regarding the strategies of the bank. He had different views on several issues. It was coming,” an anonymous bank official told Mint.

Chaturvedi’s resignation was just the beginning. On February 10, Business Standardreported that A K Jagannathan, the managing director and chief executive of Tamilnad Mercantile Bank resigned, citing personal reasons.

Then, on February 13, the Washington Post reported via the official Kuwait News Agency that Sheik Salem Abdulaziz Al Sabah, a member of the Kuwaiti royal family, resigned after 25 years heading up the nation’s central bank.

While the brief announcement gave no immediate reason for the move, internal speculation surrounds his opposition to increased domestic spending, including wage increases.

Just the next day, the head of the Nicaraguan Central Bank, Bloomberg reportedthat Antenor Rosales quit, apparently over disagreements with Nicaraguan President Daniel Ortega, however an official statement claimed that the resignation was “normal government procedure” and not the result of a disagreement.

The following day brought reports of the CEOs of Slovenia’s two largest banks stepping down along with the planned resignation of World Bank President Robert Zoellick, who will leave the bank on June 30.

Then the next day, February 16, the chief financial officer of Australia and New Zealand Banking Group Ltd (ANZ Bank) resigned after 15 years as the bank’s CFO. Also on that day, it was announced that Andrew Check would lead the Royal Bank of Scotland’s Australian arm after Stephen Williams resigns in the next three to six months.

On the February 17 the news broke of Blankfein’s possible future resignation along with Bloomberg reporting that Credit Suisse Group AG’s private bank in Signapore’s chief Asian economist, Joseph Tan, resigned.

On February 18 the British Daily Mail reported that Germany’s president, Christian Wulff, resigned over a scandal involving an attempt to gag a press investigation into political favors and possible bribes. While this obviously isn’t a bank executive, it is noteworthy nonetheless as it is still part of the trend of prominent individuals resigning, quitting and otherwise stepping down from their position of power.
The reasons behind this trend are unknown as of yet and indeed they could not be connected in any way, yet I think that is highly doubtful. I am not yet prepared to speculate as to why this is happening with such frequency right now, however I will say that I hope it is due to some serious changes being made in the financial system – hopefully for the good of us all.

About the Author
Madison Ruppert is the Editor and Owner-Operator of the alternative news and analysis database End The Lie and has no affiliation with any NGO, political party, economic school, or other organization/cause. He is available for podcast and radio interviews. If you have questions, comments, or corrections feel free to contact him at admin@EndtheLie.com
40 RESIGNATIONS FROM  BANKS ALL OVER THE WORLD SINCE 25TH SEPTEMBER 2011
INDIA, NOT TO BE LEFT BEHIND HERE TOO:
(18) 2/06/12 (INDIA) Dhanlaxmi Bank CEO Amitabh Chaturvedi quits: http://www.livemint.com/2012/02/06160111/Dhanlaxmi-Bank-CEO-Amitabh-Cha.html
(2) 10/29/11 (CHINA) Resignations Suggest Shift for China’s Banks http://online.wsj.com/article/SB10001424052970203687504577003734190522426.html
(3) 11/01/12 (INDIA) More directors of the Beed district bank resign http://www.thenews.coop/article/more-directors-beed-district-bank-resign
(4) 11/21/11 (JAPAN) UBS?s Japan Investment Banking Chairman Matsui to Resign http://www.bloomberg.com/news/2011-11-22/ubs-s-japan-investment-banking-chairman-yasuki-matsui-to-resign.html
(5) 11/29/11 (Iran) Iran’s Bank Melli CEO Resigns Over Loan Scam http://www.dailymotion.com/video/xlcznz_iran-s-bank-melli-ceo-resigns-over-loan-scam_news
(6) 12/15/11 (UNITED KINGDOM) Senior private banker resigns from Coutts [a very exclusive private bank] http://www.reuters.com/article/2011/12/15/coutts-fleming-idUSL6E7NF23S20111215
(7) 12/22/11 (FRANCE) Societe Generale?s Investment Banking Chief Steps Down http://dealbook.nytimes.com/2011/12/22/socgens-investment-banking-chief-steps-down/
12/23/11 (USA VA) Bank feud: Chairman Giles quits VNB with other directors http://www.readthehook.com/102524/bank-feud-chairman-giles-quits-vnb-other-directors
(8) 1/05/12 (UNITED KINGDOM) Chief executive of Saunderson House [Private Bank] steps down http://www.ftadviser.com/2012/01/05/ifa-industry/people/saunderson-house-chief-executive-steps-down-M0vEWlpbSqKA3OCLZDCcGM/article.html
(9)1/09/12 (SWITZERLAND) Switzerland’s central bank chief resigns http://www.aljazeera.com/news/europe/2012/01/201219145612935171.html
(10) 1/12/12 (United Kingdom) Lloyds? head of wholesale quits http://www.bankingtimes.co.uk/2012/02/01/lloyds-head-of-wholesale-quits/
(11) 1/19/12 (SPAIN) Spanish bank Santander’s Americas chief quits http://www.expatica.com/es/news/spanish-news/spanish-bank-santander-s-americas-chief-quits_202395.html
(12) 1/30/12 (UNITED KINGDOM) Head Of UK Private Bank Steps Down [Butterfield Private Bank] http://www.wealthbriefing.com/html/article.php?title=Head_Of_UK_Private_Bank_Steps_Down&id=43933
(13) 1/20/12 (JAPAN) Normura’s head of wholesale banking quits http://www.euromoney.com/Article/2959021/Nomuras-head-of-wholesale-banking-quits.html
(14) 1/29/12 (NEW ZEALAND) New Zealand Reserve Bank Governor Alan Bollard to Step Down in September http://www.bloomberg.com/news/2012-01-29/new-zealand-reserve-bank-governor-alan-bollard-to-step-down-in-september.html
(15) 1/21/12 (Greece) Banks’ top negotiator quits Greece, but talks go on http://www.france24.com/en/20120121-banks-top-negotiator-quits-greece-but-talks-go
(16) 2/02/12 (VENEZUELA) Key Chavez Minister Resigns Amid Banking Corruption Fallout http://www.laht.com/article.asp?CategoryId=10717&ArticleId=348565
(17) 2/05/12 (USA – NY) Two Top Morgan Stanley Bankers Resign http://www.stockbroker-fraud.com/lawyer-attorney-1133774.html
(20) 2/07/12 (IRAN) Iran denies central bank resignation rumor (don’t believe until its denied?) http://finance.yahoo.com/news/iran-denies-central-bank-resignation-164154294.html
(22) 2/10/12 (KOREA) Korea Exchange Bank chief steps down http://english.yonhapnews.co.kr/business/2012/02/10/0503000000AEN20120210005100320.HTML
(23) 2/10/12 (INDIA) Tamilnad Mercantile Bank CEO resigns http://www.business-standard.com/india/news/tamilnad-mercantile-bank-md-resigns/464259/
(25) 2/14/12 (NICARAQUA) Nicaraqua Central Bank Pres Rosales resigns http://www.bloomberg.com/news/2012-02-14/nicaragua-central-bank-head-quits-amid-row.html
(26) 2/14/12 (UNITED KINGDOM) Social finance pioneer Hayday steps down from Charity Bank http://www.socialenterpriselive.com/section/news/people/20120214/social-finance-pioneer-hayday-steps-down-charity-bank
(28) 2/15/12 (SLOVENIA) Slovenia TWO largest Banks CEO’s (2) resign http://www.bloomberg.com/news/2012-02-15/slovenia-s-nova-kreditna-banka-maribor-ceo-plos-resigns.html
(30) 2/16/12 (GHANA) Ken Ofori-Atta steps down as Executive Chair of Databank Group http://business.thinkghana.com/pages/finance/201202/57429.php
(32) 2/16/12 (AUSTRALIA) Anz Bank CFO Australia resigns http://www.proformative.com/news/1470243/cfo-anz-bank-resigns-amid-turmoill
(35) 2/17/12 (USA) Blankfein out as Goldman Sachs CEO by summer http://finance.fortune.cnn.com/2012/02/17/gary-cohn-goldman-sachs/
(36) 2/17/12 (SWITZERLAND) SNB Council President To Leave Central Bank http://online.wsj.com/article/BT-CO-20120217-710604.html
(38) 2/20/12 (RUSSIA) Head of Russian Bank Regulator Steps Down http://newsley.com/articles/head-of-russian-bank-regulator-steps-down/206711
(40) 2/20/12 (USA) R. David Land Submits Resignation from the Boards of Directors of Peoples Bancorporation, Inc. and Seneca National Bank http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=25695731

http://mitalismusings.blogspot.in/2012/11/major-bank-executive-resigning-left-and.html
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Saturday, November 3, 2012

Why Credit Growth is Poor in Public Sector Banks


Indian banks' advances and deposits grew at a slower pace so far this fiscal year that started in April, compared with the similar period last year, as a sluggish economy dampened demand for credit.. As of October 19, credit grew 2.6 percent to Rs 48,15,938 crore since the start of April, compared with a growth of 4.9 percent in the year-ago period, data from the Reserve Bank of India showed on Wednesday.

I do not agree with the excuse given by clever bankers that there is economic slowdown which has resulted in lesser credit growth in the current financial year. There is no slowdown in the economy and hence it is foolish to blame economy or to blame the global recession for slow rate of credit growth. It is the culture of Indians to blame other countries, to blame environment or interest rate or natural calamities for all its inefficiencies and bad intention for poor performance resulting in poor credit growth. 

In fact there are still hundreds  of branches of many banks in India which have achieved credit growth of more than 50  percent or even more than 100 percent in some cases .Banks like Axis Bank, HDFC bank , Kotak bank ICICI bank invariably book a credit growth of more than 30 percent in a year whereas public sector banks can book hardly 15  percent credit growth and that too by mostly window dressing and by sanctioning of short term loan in the last fortnight of the quarter or year .The million dollar question therefore arises ,”Is economic slowdown only for public sector banks?

In the recent past, pressure on bank officials at all levels has increased to a great extent and this has resulted in creating panic in most of the bank’s branches. Officers who earned huge wealth by sanctioning loan to unscrupulous companies have actually got retired or not holding the top posts in the bank. Now when due to their ill motivated lending, account has become bad, entire pressure for recovery of money from such willful defaulters and recalcitrant borrowers lies on innocent and inexperienced officers posted at branches. They neither get time, nor do they have enough knowledge of how to sanction loan and how to recover money from bad borrowers. There is clear message and crystal clear impression among bank employees and in in banking arena that erring officers get promotion and recognition at all levels whereas innocent and good performers are sidelines, rejected and tortured.

 In fact there is always a fear of account going bad in the mind of credit processing officials if the integrity and capacity of the loan seekers appears to be bad or doubtful though they are ready to offer desired bribe to loan sanctioning officials. In the olden days even if the loan account sanctioned by a branch head turned bad they used to conceal the same as long as they were posted in the branch and even their successors were not permitted to declare a bad account as Non performing assets as long as higher authorities permitted on phone. But in the age of CBS and when system is mechanically recognizing (if not tempered by clever bankers) generating NPA, they are afraid of getting exposed during their tenure only and hence they avoid sanctioning loan to such loan seekers.

On the contrary they are not likely to get desired bribe from loan seekers who are good in intention and who are determined to repay the loan if they are sanctioned. , Obviously good businessmen cannot offer handsome gifts and big amount of bribe to credit officials from branch level to higher offices. They cannot flatter to bankers for months together and hence they think it wise to arrange credit from informal sources like friends and relatives, private banks or local money lenders. In fact good businessmen avoid loan from public sector banks because of many reasons such as inordinate delay in clearance of project and sanction of loans, administrative hurdles and lack of knowledge as also lack of capacity of credit processing officers to assess and understand the economic feasibility and technical viability of any project.

I therefore do not agree that rate of interest is any hurdle in growth of credit in banks. When private banks which are accusing of charging higher rate of interest and charging so many other service fees can grow at considerable higher rate, you can say at least double the rate of state run banks, why not state run banks can achieve good credit growth .After all load of interest in the balance sheet of a businessman is insignificant. When the businessmen can earn profit at 20 to 25 percent per month on the capital they receive from bank, they do not hesitate in paying interest as bankers demand.

People were ready to avail vehicle loan or home loan even when CITY bank used to charge interest even more than 30 percent per year. Even now various banks are offering different rate of interest on different loan products. But majority of valued loan seekers hardly gives any importance to rate of interest banks are charging, but they are concerned with quality of service and capacity of bankers to sanction the desired loan in shortest period of time without demanding any bribe of gift in lieu of sanction of loan.

So far as bad borrowers are concerned they are always ready to serve bank officials as they desire for getting approval of loan they desire.. .Bad borrowers manage Chartered Accountants to prepare balance sheet and other financial papers as per need of banks. And for this purpose they are ready to pay any amount of fees to CAs. Similarly bad borrowers manage advocates to prepare good legal report to suit the bankers even if the documents of paper related to title of landed properties are bad or fake. These bad borrowers can convince valuers to submit valuation of property at inflated rate even if the property is not even marketable. Bad loan seekers can serve any and all officials related to sanction of loan by using power of money, woman and wine. A banker can be in most of the cases motivated for sanction of loan by ill-motivated loan seekers in many ways by many means suitable to loan sanctioning officers. Sometimes even flattery to officer or his family for a few days and few months may also serve the purpose. Sometimes managing deposits for the branch from other sources may help in their task. When bankers as well as loan seekers are bad, credit growth takes place even if the economy is facing slowdown or there is global slowdown or there is natural calamity in the country.

Obviously when policy paralysis is the root cause of poor performance of the government and for poor GDP growth in the country as admitted by even Finance Minister, it is the collapse of credit sanctioning processes at all levels in the bank and non –clearance of pending credit proposals at various levels in the bank due to poor knowledge or due to bad intention is the root cause of poor credit growth in public sector banks.

During last two decades of reformation banks have completely failed to maintain the quality of manpower and ensure adequate manpower at the branches. They have failed to ensure equitable and justifiable deployment of manpower. They might have won many awards for imparting best training to their manpower by impressing the assessing authorities i.e. award giving entities. The bitter truth is that ninety percent of officers do not have enough knowledge and expertise of sanctioning a loan. This is why, there is either poor credit growth in branches or there is bad credit growth in the branches.

In brief, credit growth will be poor when loan seekers (in purpose of loan or in intention to repay) are good and bank officers are bad ( in skill or in intention ) or when bank officers are good but loan seekers are bad and incompetent to execute the project they pretend to execute. Credit growth has never stopped for branches or for any bank where bank officers and borrowers both are good or both are bad and ill-motivated. Bank officers holding top post in the bank create the culture among field functionaries and when they are corrupt and incompetent; the same culture is reflected and percolated down the line. Because it is the gang of top bankers who choose officers for various branches as per their whims and fancies and it is they who promote juniors as per their sweet will with or without taking into account the merit of officers. This is the reason that in most of the banks where officers do not taper with the system and who do not indulge in window dressing , credit growth is poor and growth in NPA is more than recovery from defaulters. 

To add fuel to fire, legal system in the country is so weak that bankers are unable to recover the money even from rich borrowers who have enough capacity to repay the bank’s loan in time.

Politicians have spoilt the banking culture throughout the country by resorting to loan mela at the cost of quality and by announcing loan waiver or loan settlement scheme which has demotivated and discouraged the borrowers who are honest in repayment and who used to repay the dues in time.

Thirdly none of top officials are punished even if it is found during inquiry that they were prima facie responsible for bad lending and for account becoming NPA. None of government officials are punished even when it is found that they put hurdles and they delay in recovery of bank’s loan. None of judges or magistrates or police officials are ever punished for inordinate and willful delay in disposal of court cases or that of complains and requests for help submitted to administrative offices by bankers to expedite recovery of dues.

This is why several lac of cases are pending and languishing in the offices of certificate officers, district magistrates, lower courts, Debt Recovery Tribunals and also in High courts for years and decades.

Lastly, onus of creating environment in banks as well in the country conducive for credit growth and for GDP growth lies on the shoulders of politicians who rule the country and who rule various state governments. If politicians are not serous on real development of their area, no power can ensure safe credit growth, consistent, equitable and judicious GDP growth, and accelerated justice from court of law, punitive action against erring officials, and punishment to defaulters and finally a real prosperity, and welfare of common men.
Deceleration in credit growth sharper for state-run banks
BS Reporter / Mumbai Oct 30, 2012, 00:12 IST

The deceleration in credit growth at the end of September is sharper for public sector banks (PSBs) compared to those in the private sector, said Reserve Bank of India’s (RBI) Macroeconomic and Monetary Developments for second quarter review 2012-13 released on Monday.

 “At the bank-group level, the deceleration was particularly sharp for PSBs. As PSBs are the largest lenders in terms of credit, deceleration in their credit growth pulls down overall credit expansion of scheduled commercial banks taken together,” said the review. According to RBI, the deceleration in credit growth reflected the slack investment demand, slowing economic activity and, more importantly, deteriorating credit quality, especially in the case of PSBs.

 The review also points out that private sector banks, which registered strong credit growth in the comparable period last year, continued to witness a robust credit growth. But the credit growth of foreign banks registered an even sharper deceleration.



There are also concerns on asset quality and this is particularly grave for PSBs. “The ratio of gross non-performing assets (NPAs) to gross advances and the net NPA to net advances that had increased significantly during 2011-12, rose further in the first quarter of 2012-13 across the bank groups. The increases in these ratios were maximum for PSBs, which account for the major part of bank advances,” said the review. It added restructuring of standard assets also increased significantly for PSBs during the first quarter of 2012-13.

 According to bankers and experts, the NPA cycle is yet to peak out due to factors like drop in the productivity of Indian corporates, larger proportion of long-term loans, exposure to sectors which are cyclical in nature and aggressive lending to agriculture sector. In fact, bankers and experts are of the view that the stress in assets are expected to continue at least for the next 12 months.

 According to RBI, deterioration in assets quality and in the macroeconomic conditions resulted in added risk aversion in the banking sector. This led to a portfolio switch from credit creation to investments in government securities on the back of large government market borrowing.

 “The scheduled commercial banks were holding around 28 per cent of their Net Demand and Time Liabilities in Statutory Liquidity Ratio investments at end-September 2012,” said the review.
http://www.business-standard.com/india/news/deceleration-in-credit-growth-sharper-for-state-run-banks/491097/

Credit growth to remain at 15.1% this fiscal: CARE Research

Published in Hindu Business Line on 04.111.2012
MUMBAI, OCT. 3: 
Highlighting the stress in the Indian banking industry due to weak economic activity, CARE Research said credit growth for the year 2012-13 will remain at 15.1 per cent.
Credit growth had declined to 17.7 per cent in August compared with 20.8 per cent in August 2011.
According to the report, deposit growth for FY13 will be at 13.3 per cent on the back of slowing domestic savings due to persistent inflation. In addition, incremental credit-deposit ratio declined on higher deposit mobilisation and low credit off-take.
It also expects gross non-performing assets (NPAs) to increase to 3.3 per cent from 2.9 per cent in FY12, while the net interest margins (NIMs) are estimated at 3 per cent for FY13 as against 3.2 per cent in FY12.
Further, share of incremental credit to infrastructure (as a percentage of total incremental industry credit) fell from 35.5 per cent in July 2011 to 29.6 per cent in July 2012 on continued stress in power, aviation and roads sectors.
The research arm of CARE Ratings also expects more restructuring in the power sector on account of approval by the Cabinet Committee on Economic Affairs to the financial restructuring of state distribution companies.
Maintaining the GDP estimates for FY13 at 5.86 per cent, CARE Research expects no rate cut in the second-quarter review of monetary policy due on October 30 on account of easing liquidity and upside risk to food inflation on weak monsoon (low rainfall) and recent increase in fuel prices.

Chidambaram urges colleagues to overcome policy paralysis, says Rs 7,500 cr investments stuck in red tapism ( published in economic times )

NEW DELHI: Finance Minister P Chidambaram has urged his cabinet colleagues to "get together" in order to overcome policy paralysis, pointing out that 700 projects withinvestments of Rs 7,500 crore are stuck due to delays caused by the absence of regulatory approvals. The finance minister, who was making a presentation to his cabinet colleagues, said the delays were on account of the absence of environmental and other regulatory approvals as well as problems stemming from land acquisition, difficulty in arranging financing and and arranging fuel supply.

"If the 78 of us can get together for the next five months, 2013-14 can be a happy year," Chidambaram is learnt to have told his colleagues, while making the presentation on the "Current state of the economy" on Thursday. The government is particularly concerned about investments, from domestic and foreign, drying up. The recent surge of reform measures, many of them procedural in nature, is aimed at breaking the logjam and removing hurdles in investment flows.
In a rare admission by the government, the FM has acknowledged that projects stuck across key sectors as on September 2012 had reached the highest since 2005, when the number of such delayed projects was less than 100. Policy paralysis and bureaucratic delays peaked between September 2011 and June 2012 - a period in which Pranab Mukherjee, now the President of India was the finance minister - when as many 300 projects came to a halt with approvals held up at various government departments.
Chidambaram was speaking to members of the reconstituted cabinet. Parts of the presentation, notably the fact India ran the risk of being downgraded to junk by rating agencies if the government did not get its act together were reported by the Times of India in its Friday edition.
Elaborating on how public and private sector investments have both plummeted, the finance minister cited data collated by the Centre for Monitoring the Indian Economy (CMIE) showing that in the third quarter of 2012 new investment proposals were less than Rs 2000 billion ( Rs 2,00,000 crore), of which government investments were down to less than Rs 500 billion ( Rs 50,000 crore) . The slide after December 2010 when new projects were Rs 4,000 billion ( Rs 4,00,000 crore). CMIE uses a statistical technique known as rolling or moving averages for its calculations.
The worrying fiscal deficit numbers have added to the government's woes as revenue collections have been below expectations and dwindling investments meant that the immediate future was bleak, according to the presentation. The finance ministry has already revised the targeted fiscal deficit numbers to 5.3% from the figure of 5.1% in the 2012 budget presented by Mukherjee. The fiscal consolidation roadmap unveiled by the FM on October 29 calls for reducing the fiscal deficit to 4.8% for the fiscal ending 31 March 2014 and to 3% by 2016-17.
The news on the trade front is even worse. While the trade deficit is projected to be a negative $180.3 billion, the current account deficit is expected to touch a negative $ (-)70.3 billion by the end of this financial year.
Prime Minister Manmohan Singh has called upon his cabinet colleagues handling the ministries ofenvironment, coal, power, oil and gas and the regulatory authorities to fast-track approvals and gets the stranded projects back on track within the next five months of the current fiscal to get the economy back on the growth trajectory.
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