India Can’t Lose Sight Of UNSC Dream  

THE United Nations Security Council is the principal international body which oversees global peace and security.  Largely, the five permanent member nations have controlled the functioning of the council.  The  ‘veto’ power,  which  vests a member with the power of rejecting proposals and resolutions of the UNSC, has placed the  United States, the United Kingdom, France, Russia and China in an unassailable position. That is not to say that the remaining ‘non-permanent’ members are the weaklings of the council. The ten nations are expected to play a vital role in global diplomacy.  It is another matter that they have been overshadowed by the ‘top five’.  India now has the chance to change all that, as   it reentered the coveted council for a two-year term (2021-22) by an overwhelming margin. Resistance from China and complex diplomatic  aspects  have left a large democratic country, with a popular of more than one billion,  in the wilderness despite being backed by the other four permanent members. Notwithstanding the long wait, India’s name in the non-permanent members’ list means a lot. New Delhi shares a common interest of multilateralism and sovereignty with the UNSC.  There are very few countries in the world which can match India’s ability to put to good use dialogue, cooperation and coordination as trump cards in global diplomacy. The UNSC swings into action in times of security crisis stepwise – negotiations, control and sanctions.  New Delhi can play a large role in two of the three.  Indian leaders cannot lose sight of their main objective – permanent membership.  Using India’s non-permanent membership status as a platform to further its cause cannot be overemphasised. India’s ability to take responsibility will send subtle messages to those who matter, and its stature as a country to look for in exigencies could considerably enhance.


Letdown For PMC Bank Depositors

A big disappointment for lakhs of depositors of Punjab Maharashtra Co-operative Bank, who had been keeping their fingers crossed hoping that they would wake up on June 22 to withdrawal of the nine-month-old moratorium on PMC Bank. Unfortunately, this was not to be, as the RBI has further extended the moratorium by six  months till December 22. However, it has increased the withdrawal limit up to a maximum of Rs 1 lakh. This is hardly any relief for the hard hit depositors; it  is akin to crumbs from the RBI table  in these days of lockdowns, rising prices, growing  unemployment and overall economic decline. It is not known what the RBI has in mind and why are they prevaricating on their earlier assurances that depositors’ money is safe, and a mechanism is being worked out to revive the bank early. Justice has already been done by convicting all the scamsters and attaching their assets. PMC Bank also has sufficient assets and profits of over Rs 100 crore. Why then are the depositors made to suffer for no fault of theirs? Maharashtra Co-operative Bank recently confirmed its desire for merger  with PMC Bank, and accordingly a letter of merger was sent to the RBI Governor for  approval. Union minister Nitin Gadkari has also requested the RBI Governor to find an early solution to end  the depositors’ woes. Why then the delay?