RBI Expands Oversight Committee; Inducts Three-Member On Panel

Mumbai: The Reserve Bank has expanded the oversight committee by appointing three more members to the high-level panel that will vet the process to resolve mounting bad loans bogging down the banking sector.

Former chief vigilance commissioner Pradeep Kumar will head the now 5-member panel that will work through multiple benches, RBI said in a statement.

The expansion follows promulgation of the Banking Regulation (Amendment) Ordinance, 2017 last month. The ordinance had outlined the reconstitution of the Overseeing Committee (OC) with an expanded mandate.

RBI is concerned over the growing bad loans which has soared above Rs 8 lakh crore.

“The Reserve Bank has since brought the OC under its aegis. The OC will, for the present, have five members, including a chairman, and will work through multiple benches as may be necessary and constituted by the Chairman to opine on the cases referred to it by the banks,” it said.

The reconstituted OC will work with an expanded mandate to review, in addition to cases being restructured under the Scheme for Sustainable Structuring of Stressed Assets (S4A), resolution of other cases where the aggregate exposure of the banking sector to the borrowing entity is greater than Rs. 500 crore, it said.

“The circular advising the banks of the above changes and other details of the process to be followed by banks for resolution of identified stressed assets within six months will be issued separately,” it said.

Besides Kumar, the other members of the committee are former SBI Chairman Janki Ballabh, former Canara Bank Chairman and Managing Director M B N Rao, former Chairman and Managing of L&T Finance Y M Deosthalee and S Raman, member Sebi.

Raman would be inducted into the panel from September 7, 2017 after he completes the term at Sebi.

On May 22, RBI had said it will reconstitute the OC under its aegis to operationalise the banking ordinance for resolving the issue of bad loans that have soared to over Rs. 8 lakh crore.

The ordinance authorises RBI to issue directions to banks to initiate insolvency resolution process in respect of a default under the provisions of the IBC.

Hannibal High dual-credit program expands to include juniors; online, summer courses added

The first big leap in Hannibal High School’s (HHS) Dual Credit program is poised to offer classes during summer for the first time, preparing more students for the college experience while they receive higher-education credits at a reduced rate.

The first big leap in Hannibal High School’s (HHS) Dual Credit program is poised to offer classes during summer for the first time, preparing more students for the college experience while they receive higher-education credits at a reduced rate.

Assistant Superintendent Darin Powell said college dual-credit courses have been available for about 15 years to seniors, but this is the first time the opportunity has opened up for juniors. And for the first time, summer and online courses are offered through partnerships with Hannibal-LaGrange University (HLGU) and Moberly Area Community College (MACC), at a rate of rate of $70 to $80 per credit hour — compared to figures that can range from $300 to $1,200 per credit hour in a traditional college setting, Powell said.

He said the new online classes offer a great way to prepare for online classes and assignments in college, and juniors can earn between 24 to 36 college credits before they graduate from HHS — stretching parents’ college budgets and allowing students the chance to complete general education requirements before pursuing studies tied to their chosen major. Powell said he anticipated seeing more students graduating from college in three years, coupled with the potential for more students to pursue advanced degrees due to increased financial opportunity.

“It’s a win-win for everyone involved,” he said.

At Hannibal-LaGrange University, officials said they are excited to offer expanded summer courses — providing several benefits to high school students who enroll.

“Students who take advantage of our summer online course receive the benefit of focusing on one or two classes at a time versus taking them along with their high school course load,” said Kayla McBride, Assistant Director of Graduate and Online Programs. “The courses are offered in an eight-week format allowing the student to earn college credit in a shorter amount of time.”

Carolyn Carpenter, Director of Public Relations, said the new course format can help students and their parents through an often hectic chapter in their lives.

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“We truly enjoy the opportunity to offer college courses to area high school juniors and seniors,” she said. “We are thankful so many have taken advantage of the summer online classes. Getting a few classes knocked out during the summer definitely helps ease the stress on the student and possibly the parents as well.”

Powell encouraged parents to contact the Hannibal High School Booster Club if they need financial assistance. Scholarships are available, and HHS Guidance Director JoAnn McCollum said a couple students used the scholarships this summer.

On Friday, June 23, Junior Alec Mundle logged onto a desktop computer at HHS, preparing for an upcoming mid-term exam in front of his College Algebra professor at HLGU. He said he planned to enter the medical field and he looked forward to the chance to get a jump on general education credits amid a lengthy course of study. The online experience is new for Mundle, but he said he enjoys the format.

“So far, it’s been nice to work at my own pace and not be rushed, or I can speed up when I’m going through parts I already know,” he said. He said he plans on taking another online course next year.

Senior Grace McIntosh was also taking her first Dual Credit course online through MACC — American History to 1865. So far, McIntosh is about half-way through. She said Professor Kristine Zauke regularly keeps in contact with her regarding the calendar of assignments and providing feedback. She happily noted that Zauke rescheduled her mid-term exam so she could attend a summer camp. McIntosh said the online layout gives her greater access to the textbook and related information.

“I feel like I learn knowledge more easily, just because I have an actual online book to read. We have books in history class in school, but sometimes when you’re lecturing students, they don’t get the full experience — they don’t get all the information,” she said. “With it being online, I can see everything, and I can go back and check things and use it when I’m writing my responses.”

McCollum said she felt excited about these new educational opportunities for a high school students who are focused on success.

“We really have good kids here, and it’s great that they can take these classes and have these opportunities to compete with others,” she said.