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How to tackle NPAs? His Holiness has the clue

BS City Editor

What does His Holiness Shri Jayendra Saraswati Shankaracharya Swamigal of Kanchi Kamakoti Peetam have in common with Crisil chief R Ravimohan, former National Stock Exchange managing director RH Patil and Bank of Baroda chairman-cum-managing director PS Shenoy?

The Shankaracharya is going to present to these financial sector stalwarts his solution for the problem of rising non-performing assets of banks and financial institutions. These are institutions that could do with some divine blessing.

His Holiness will share the podium with Ravimohan, Patil and Shenoy in Mumbai on December 31 at a seminar on converting unproductive assets to wealth and give his views on sick industries and rising NPAs.

The regulators are also expected to be present. Reserve Bank of India governor Bimal Jalan and Securities and Exchange Board of India chairman D R Mehta as well as CEOs of banks and financial institutions have been invited to join the seminar where His Holiness will discuss the sorry state of affairs of the financial sector. Industrial slowdown and tardy credit offtake will feature in the discussions.

"On the eve of the new year, His Holiness wants to discuss the incidence of sickness in Indian industry. Naturally, the impact of WTO and other relevant issues including Enron will come up for discussion. His mission is to convert unproductive assets into wealth. The banks and financial institutions have locked so much funds in NPAs. He has his views on all these issues," says a source familiar with Shankaracharya's economic thinking.

Crisil managing director Ravimohan, who has taken the initiative to arrange the seminar, was not available for comment.

Sri Jayendra Saraswati Swami was initiated and nominated successor in 1954. He succeeded the 68th Acharya of Kanchi, the world-renowned Sri Chandrasekharendra Saraswati Swami.

Sri Kanchi Kamakoti Peetham - established by Sri Adi Sankara in the year 482 BC - has the distinction of an unbroken line of 70 Acharyas till now. The Acharyas have taken measures for the protection of Veda dharma, for propagating the Advaita discipline and alleviating the sufferings of the people.

While activities of a religious nature are undoubtedly within the realm of the Peetham, the social side has not been neglected. Sri Kanchi Kamakoti Peetam runs hospitals across the country. The Acharyas sympathy for the poor and the lower classes of society is too well known. But perhaps for the first time His Holiness will give his advice on how to alleviate the financial and industrial sector ills.

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