Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr680dfdddd3123-trace').style.display = (document.getElementById('cakeErr680dfdddd3123-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr680dfdddd3123-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr680dfdddd3123-code').style.display = (document.getElementById('cakeErr680dfdddd3123-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr680dfdddd3123-context').style.display = (document.getElementById('cakeErr680dfdddd3123-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr680dfdddd3123-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
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The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.
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Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.
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DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&amp;rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.
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Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).
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The matter concerning Nabard&amp;rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.
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Thomas warned that if the restructuring exercise was carried out, Nabard would &amp;ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&amp;rdquo;. He urged the government not to allow any such restructuring.
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Following this, the finance ministry asked Nabard to reply to the MP&amp;rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.
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&lt;br /&gt;
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Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&amp;rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.
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On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&amp;rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.
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&amp;ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&amp;rdquo; said an official of the All-India Nabard Employees Association (AINBEA).
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&lt;br /&gt;
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Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &amp;ldquo;It has restructured the organisation violating Parliament&amp;rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,&amp;rdquo; he said.
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Karmakar, who retired recently, told DNA that he was opposed to involving BCG and had recommended Nabard to hire the services of the Indian Institute of Management, Ahmedabad, instead. &amp;ldquo;IIM-A was responsible for creating Nabard and their model has evolved in 28 years and worked brilliantly for the country, so they should have been approached,&amp;rdquo; he said.&amp;nbsp;
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The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&amp;rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The matter concerning Nabard&amp;rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Thomas warned that if the restructuring exercise was carried out, Nabard would &amp;ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&amp;rdquo;. He urged the government not to allow any such restructuring.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Following this, the finance ministry asked Nabard to reply to the MP&amp;rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&amp;rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&amp;rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&amp;rdquo; said an official of the All-India Nabard Employees Association (AINBEA).&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &amp;ldquo;It has restructured the organisation violating Parliament&amp;rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,&amp;rdquo; he said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Karmakar, who retired recently, told DNA that he was opposed to involving BCG and had recommended Nabard to hire the services of the Indian Institute of Management, Ahmedabad, instead. &amp;ldquo;IIM-A was responsible for creating Nabard and their model has evolved in 28 years and worked brilliantly for the country, so they should have been approached,&amp;rdquo; he said.&amp;nbsp;&lt;/div&gt;&#039;,
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The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&amp;rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The matter concerning Nabard&amp;rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Thomas warned that if the restructuring exercise was carried out, Nabard would &amp;ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&amp;rdquo;. He urged the government not to allow any such restructuring.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Following this, the finance ministry asked Nabard to reply to the MP&amp;rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&amp;rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&amp;rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&amp;rdquo; said an official of the All-India Nabard Employees Association (AINBEA).
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &amp;ldquo;It has restructured the organisation violating Parliament&amp;rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,&amp;rdquo; he said.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Karmakar, who retired recently, told DNA that he was opposed to involving BCG and had recommended Nabard to hire the services of the Indian Institute of Management, Ahmedabad, instead. &amp;ldquo;IIM-A was responsible for creating Nabard and their model has evolved in 28 years and worked brilliantly for the country, so they should have been approached,&amp;rdquo; he said.&amp;nbsp;
&lt;/div&gt;&#039;,
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$disp = &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&amp;rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The matter concerning Nabard&amp;rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Thomas warned that if the restructuring exercise was carried out, Nabard would &amp;ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&amp;rdquo;. He urged the government not to allow any such restructuring.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Following this, the finance ministry asked Nabard to reply to the MP&amp;rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&amp;rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&amp;rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&amp;rdquo; said an official of the All-India Nabard Employees Association (AINBEA).&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &amp;ldquo;It has restructured the organisation violating Parliament&amp;rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,&amp;rdquo; he said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Karmakar, who retired recently, told DNA that he was opposed to involving BCG and had recommended Nabard to hire the services of the Indian Institute of Management, Ahmedabad, instead. &amp;ldquo;IIM-A was responsible for creating Nabard and their model has evolved in 28 years and worked brilliantly for the country, so they should have been approached,&amp;rdquo; he said.&amp;nbsp;&lt;/div&gt;&#039;
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                <strong>DNA investigation: Nabard’s lies on restructuring process-Sandeep Pai</strong></h1>
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                <div style="text-align: justify"><br /></div><div style="text-align: justify">The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The matter concerning Nabard&rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Thomas warned that if the restructuring exercise was carried out, Nabard would &ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&rdquo;. He urged the government not to allow any such restructuring.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Following this, the finance ministry asked Nabard to reply to the MP&rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&rdquo; said an official of the All-India Nabard Employees Association (AINBEA).</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &ldquo;It has restructured the organisation violating Parliament&rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,&rdquo; he said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Karmakar, who retired recently, told DNA that he was opposed to involving BCG and had recommended Nabard to hire the services of the Indian Institute of Management, Ahmedabad, instead. &ldquo;IIM-A was responsible for creating Nabard and their model has evolved in 28 years and worked brilliantly for the country, so they should have been approached,&rdquo; he said.&nbsp;</div>               </font>
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The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.
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Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.
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DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&amp;rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.
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Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).
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The matter concerning Nabard&amp;rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.
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Thomas warned that if the restructuring exercise was carried out, Nabard would &amp;ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&amp;rdquo;. He urged the government not to allow any such restructuring.
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Following this, the finance ministry asked Nabard to reply to the MP&amp;rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.
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Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&amp;rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.
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On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&amp;rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.
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&amp;ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&amp;rdquo; said an official of the All-India Nabard Employees Association (AINBEA).
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Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &amp;ldquo;It has restructured the organisation violating Parliament&amp;rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,&amp;rdquo; he said.
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The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&amp;rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The matter concerning Nabard&amp;rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Thomas warned that if the restructuring exercise was carried out, Nabard would &amp;ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&amp;rdquo;. He urged the government not to allow any such restructuring.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Following this, the finance ministry asked Nabard to reply to the MP&amp;rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&amp;rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&amp;rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&amp;rdquo; said an official of the All-India Nabard Employees Association (AINBEA).&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &amp;ldquo;It has restructured the organisation violating Parliament&amp;rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,&amp;rdquo; he said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Karmakar, who retired recently, told DNA that he was opposed to involving BCG and had recommended Nabard to hire the services of the Indian Institute of Management, Ahmedabad, instead. &amp;ldquo;IIM-A was responsible for creating Nabard and their model has evolved in 28 years and worked brilliantly for the country, so they should have been approached,&amp;rdquo; he said.&amp;nbsp;&lt;/div&gt;&#039;,
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	&#039;id&#039; =&gt; (int) 14772,
	&#039;title&#039; =&gt; &#039;DNA investigation: Nabard’s lies on restructuring process-Sandeep Pai&#039;,
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&lt;div style=&quot;text-align: justify&quot;&gt;
The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.
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Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.
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&lt;br /&gt;
&lt;/div&gt;
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DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&amp;rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
The matter concerning Nabard&amp;rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Thomas warned that if the restructuring exercise was carried out, Nabard would &amp;ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&amp;rdquo;. He urged the government not to allow any such restructuring.
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Following this, the finance ministry asked Nabard to reply to the MP&amp;rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&amp;rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&amp;rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&amp;rdquo; said an official of the All-India Nabard Employees Association (AINBEA).
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &amp;ldquo;It has restructured the organisation violating Parliament&amp;rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,&amp;rdquo; he said.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Karmakar, who retired recently, told DNA that he was opposed to involving BCG and had recommended Nabard to hire the services of the Indian Institute of Management, Ahmedabad, instead. &amp;ldquo;IIM-A was responsible for creating Nabard and their model has evolved in 28 years and worked brilliantly for the country, so they should have been approached,&amp;rdquo; he said.&amp;nbsp;
&lt;/div&gt;&#039;,
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The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made...&#039;
$disp = &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. 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He urged the government not to allow any such restructuring.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Following this, the finance ministry asked Nabard to reply to the MP&amp;rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. 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So this is again a vague reply,&amp;rdquo; said an official of the All-India Nabard Employees Association (AINBEA).&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &amp;ldquo;It has restructured the organisation violating Parliament&amp;rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. 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                <strong>DNA investigation: Nabard’s lies on restructuring process-Sandeep Pai</strong></h1>
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                <div style="text-align: justify"><br /></div><div style="text-align: justify">The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The matter concerning Nabard&rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Thomas warned that if the restructuring exercise was carried out, Nabard would &ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&rdquo;. He urged the government not to allow any such restructuring.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Following this, the finance ministry asked Nabard to reply to the MP&rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&rdquo; said an official of the All-India Nabard Employees Association (AINBEA).</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &ldquo;It has restructured the organisation violating Parliament&rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,&rdquo; he said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Karmakar, who retired recently, told DNA that he was opposed to involving BCG and had recommended Nabard to hire the services of the Indian Institute of Management, Ahmedabad, instead. &ldquo;IIM-A was responsible for creating Nabard and their model has evolved in 28 years and worked brilliantly for the country, so they should have been approached,&rdquo; he said.&nbsp;</div>               </font>
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr680dfdddd3123-trace').style.display = (document.getElementById('cakeErr680dfdddd3123-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr680dfdddd3123-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr680dfdddd3123-code').style.display = (document.getElementById('cakeErr680dfdddd3123-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr680dfdddd3123-context').style.display = (document.getElementById('cakeErr680dfdddd3123-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr680dfdddd3123-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
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The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.
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Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.
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DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&amp;rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.
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Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).
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The matter concerning Nabard&amp;rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.
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Thomas warned that if the restructuring exercise was carried out, Nabard would &amp;ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&amp;rdquo;. He urged the government not to allow any such restructuring.
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Following this, the finance ministry asked Nabard to reply to the MP&amp;rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.
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Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&amp;rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.
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On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&amp;rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.
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&amp;ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&amp;rdquo; said an official of the All-India Nabard Employees Association (AINBEA).
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Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &amp;ldquo;It has restructured the organisation violating Parliament&amp;rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,&amp;rdquo; he said.
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The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&amp;rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The matter concerning Nabard&amp;rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Thomas warned that if the restructuring exercise was carried out, Nabard would &amp;ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&amp;rdquo;. He urged the government not to allow any such restructuring.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Following this, the finance ministry asked Nabard to reply to the MP&amp;rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&amp;rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&amp;rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&amp;rdquo; said an official of the All-India Nabard Employees Association (AINBEA).&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &amp;ldquo;It has restructured the organisation violating Parliament&amp;rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. 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The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.
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Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.
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DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&amp;rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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The matter concerning Nabard&amp;rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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Thomas warned that if the restructuring exercise was carried out, Nabard would &amp;ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&amp;rdquo;. He urged the government not to allow any such restructuring.
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&lt;br /&gt;
&lt;/div&gt;
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Following this, the finance ministry asked Nabard to reply to the MP&amp;rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&amp;rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&amp;rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.
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&amp;ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&amp;rdquo; said an official of the All-India Nabard Employees Association (AINBEA).
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$disp = &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. 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So this is again a vague reply,&amp;rdquo; said an official of the All-India Nabard Employees Association (AINBEA).&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &amp;ldquo;It has restructured the organisation violating Parliament&amp;rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. 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                <strong>DNA investigation: Nabard’s lies on restructuring process-Sandeep Pai</strong></h1>
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                <div style="text-align: justify"><br /></div><div style="text-align: justify">The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The matter concerning Nabard&rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Thomas warned that if the restructuring exercise was carried out, Nabard would &ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&rdquo;. He urged the government not to allow any such restructuring.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Following this, the finance ministry asked Nabard to reply to the MP&rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&rdquo; said an official of the All-India Nabard Employees Association (AINBEA).</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &ldquo;It has restructured the organisation violating Parliament&rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,&rdquo; he said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Karmakar, who retired recently, told DNA that he was opposed to involving BCG and had recommended Nabard to hire the services of the Indian Institute of Management, Ahmedabad, instead. &ldquo;IIM-A was responsible for creating Nabard and their model has evolved in 28 years and worked brilliantly for the country, so they should have been approached,&rdquo; he said.&nbsp;</div>               </font>
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The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.
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Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.
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DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.
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Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).
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The matter concerning Nabard&rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.
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Thomas warned that if the restructuring exercise was carried out, Nabard would &ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&rdquo;. He urged the government not to allow any such restructuring.
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Following this, the finance ministry asked Nabard to reply to the MP&rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.
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Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.
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On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.
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&ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&rdquo; said an official of the All-India Nabard Employees Association (AINBEA).
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Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &ldquo;It has restructured the organisation violating Parliament&rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,&rdquo; he said.
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Karmakar, who retired recently, told DNA that he was opposed to involving BCG and had recommended Nabard to hire the services of the Indian Institute of Management, Ahmedabad, instead. &ldquo;IIM-A was responsible for creating Nabard and their model has evolved in 28 years and worked brilliantly for the country, so they should have been approached,&rdquo; he said.&nbsp;
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The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made...',
	'disp' => '<div style="text-align: justify"><br /></div><div style="text-align: justify">The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The matter concerning Nabard&rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Thomas warned that if the restructuring exercise was carried out, Nabard would &ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&rdquo;. He urged the government not to allow any such restructuring.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Following this, the finance ministry asked Nabard to reply to the MP&rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&rdquo; said an official of the All-India Nabard Employees Association (AINBEA).</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &ldquo;It has restructured the organisation violating Parliament&rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,&rdquo; he said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Karmakar, who retired recently, told DNA that he was opposed to involving BCG and had recommended Nabard to hire the services of the Indian Institute of Management, Ahmedabad, instead. &ldquo;IIM-A was responsible for creating Nabard and their model has evolved in 28 years and worked brilliantly for the country, so they should have been approached,&rdquo; he said.&nbsp;</div>',
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	'title' => 'DNA investigation: Nabard’s lies on restructuring process-Sandeep Pai',
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	'description' => '<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The matter concerning Nabard&rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Thomas warned that if the restructuring exercise was carried out, Nabard would &ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&rdquo;. He urged the government not to allow any such restructuring.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Following this, the finance ministry asked Nabard to reply to the MP&rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
&ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&rdquo; said an official of the All-India Nabard Employees Association (AINBEA).
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &ldquo;It has restructured the organisation violating Parliament&rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,&rdquo; he said.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Karmakar, who retired recently, told DNA that he was opposed to involving BCG and had recommended Nabard to hire the services of the Indian Institute of Management, Ahmedabad, instead. &ldquo;IIM-A was responsible for creating Nabard and their model has evolved in 28 years and worked brilliantly for the country, so they should have been approached,&rdquo; he said.&nbsp;
</div>',
	'credit_writer' => 'DNA, 2 May, 2012, http://www.dnaindia.com/mumbai/report_dna-investigation-nabards-lies-on-restructuring-process_1683324',
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The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made...'
$disp = '<div style="text-align: justify"><br /></div><div style="text-align: justify">The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG&rsquo;s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M).</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The matter concerning Nabard&rsquo;s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Thomas warned that if the restructuring exercise was carried out, Nabard would &ldquo;cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks&rdquo;. He urged the government not to allow any such restructuring.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Following this, the finance ministry asked Nabard to reply to the MP&rsquo;s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard&rsquo;s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard&rsquo;s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,&rdquo; said an official of the All-India Nabard Employees Association (AINBEA).</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. &ldquo;It has restructured the organisation violating Parliament&rsquo;s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,&rdquo; he said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Karmakar, who retired recently, told DNA that he was opposed to involving BCG and had recommended Nabard to hire the services of the Indian Institute of Management, Ahmedabad, instead. &ldquo;IIM-A was responsible for creating Nabard and their model has evolved in 28 years and worked brilliantly for the country, so they should have been approached,&rdquo; he said.&nbsp;</div>'
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DNA investigation: Nabard’s lies on restructuring process-Sandeep Pai

The National Bank for Agriculture and Rural Development (Nabard) set up to finance agriculture and rural development, has been giving evasive replies to specific questions raised by the Union finance ministry and by Parliament on the nature of recommendations made by the Boston Consulting Group (BCG) to restructure the bank. Some MPs believe that the restructuring violates the role mandated for Nabard by Parliament. DNA earlier reported that the restructuring/repositioning of Nabard could cause interest rates to rise even as farmer suicides continue unabated. A letter signed by 35 MPs across party lines and sent to the finance minister said that the restructuring exercise, based on the BCG’s recommendations, was contrary to the purpose for which Nabard was set up by an act of Parliament in 1981. Among others, the letter was signed by Mulayam Singh Yadav of the Samajwadi Party, Sharad Yadav of the Janata Dal (U), former prime minister HD Deve Gowda and Basudeb Acharya of the CPI(M). The matter concerning Nabard’s restructuring along recommendations made by the BCG report was brought to the attention of Parliament by PT Thomas, Congress MP from Idukki, in December 2011. Thomas warned that if the restructuring exercise was carried out, Nabard would “cease to exist as a development finance institution and become a direct financing institution competing with other financial entities like commercial banks, corporative banks and regional rural banks”. He urged the government not to allow any such restructuring. Following this, the finance ministry asked Nabard to reply to the MP’s apprehensions. Nabard replied on February 2, 2012, but without referring to BCG or its recommendations. Dissatisfied with the reply, Anil Kumar, section officer (AC) in the department of financial services of the finance ministry, sent an urgent message to Nabard on March 13 this year. Kumar pointed out that Nabard’s reply was silent on whether its restructuring was based on recommendations of the BCG and sought a specific, urgent reply in this regard. On March 14, Nabard sent the same reply, adding that the BCG was appointed as a consultant after Nabard’s board of directors had approved of it and that both organisations held several meetings with various agencies and came out with initiatives and products. However, the reply did not dwell on the exact recommendations made by the BCG or those that had been used in the restructuring process. “It is obvious that the consultant was appointed by the board and that they would have held meetings. So this is again a vague reply,” said an official of the All-India Nabard Employees Association (AINBEA). Dr KG Karmakar, former MD of Nabard, said the chairman and other top management officials are afraid of being exposed. “It has restructured the organisation violating Parliament’s mandate and paid close to Rs21 crore (Rs13 crore at the time of contract and Rs8 crore later) to BCG. They desperately want to hide this fact,” he said. Karmakar, who retired recently, told DNA that he was opposed to involving BCG and had recommended Nabard to hire the services of the Indian Institute of Management, Ahmedabad, instead. “IIM-A was responsible for creating Nabard and their model has evolved in 28 years and worked brilliantly for the country, so they should have been approached,” he said.