I submit some points hereunder highlighting reign of injustice in banks perpetuated by team of officers sitting at the helm of affairs in collusion wit union leaders.
There is practically no stagnation for central government employees as per last pay commission recommendation and as accepted by government of India. There is time bund promotion. Central pay Scale is too long to stagnate any employee at any particular point of scale for two or three years
Why is there stagnation for bank employees particularly when bank is not in a position to accommodate so many candidates in higher scale, when there are fewer vacancies?
For none of fault of senior officers, they are denied promotion as also annual increment. It is really a fun that they are not given even full terminal benefits when they resign at their own.
When banks do not find such senior officers for promotions, bank should not hesitate in accepting resignation of such officers and allow full pension and retirement benefits. Why officers who resign are not allowed pension, leave encashment or refund of accumulated bank's contribution in PF etc. Bank can remove an officer as per its choice but staff cannot leave the job without loosing his rightful terminal benefits.
Officers who have transferred from outside states to North East States were getting so many incentives as per 1984 circular or as per guidelines of IBA as prevalent for central government employees working in other sectors in eighties. Why these incentives have not been revised during last 25 years?
Special allowance fixed Rs.1200/ or Rs.1500/ for specified area is common for all staff posted in North East region. What about additional benefits for those who are transferred from other states to North East?
For outsiders, there was a provision of Rs.1500. p.m. in 1984 when Rs.1500/ was a significant amount compared to prevailing scale of pay for officers at that time. Now even that Rs.1500/ (it should be at least 10000 in view of price rise and scale rise during last 25 years) or 12.5% of pay has been abolished.
Originally North East posting policy was framed for enthusing employees to serve in north eastern based branches for two years and then they were given preferred posting. Unfortunately this holy policy is now misused by greedy and corrupt executives to sideline good officers from their path of earning illegal money and golden gifts.
Incentives of NE posting have also been snatched and left on whims and fancies of executives. Preferred posting after completion of two years tenure also lies on the mercy of top officials. ED or top executives in banks do not have fear in mind in violating the existing policy or misusing the same in the name of bank’s exigencies.
After all what union leaders are doing?
There are lacs of bank employees who are continuously working in rural areas, say for one or two decades or even more.
On the other hand there a few lacs of bank employees who are continuously posted in Metros and Urban areas.
Unfortunately residual a few of employees are facing frequent transfers from one corner to the other corner of the country.
It clears defeats the very purpose behind rural posting policy and NE posting policy framed by government of India. Banks do not hesitate in violating its own transfer policy or promotion policy. Officers posted continuously in rural areas seldom get promotion because their fate depends not on performance but on whims and fancies of Interview panel. Members of Interview in general award marks based on merit of employees on points such as flattery, gifts and welcome kits. Justice is nowhere visible.
After all what union leaders are doing?
Answer is that they are also standing in the same que in which a team of flatterers are standing to get maximum benefit from higher bosses, cream posting, reckless earning through credit lending or waiver of loan without any fear of action from higher bosses and get preferred promotions for their flatterer members if they so like.
Why huge arrear to the amount of two lacs or three or four lacs are being paid to executives as per 9th Bipartite Settlement and only a few thousand to middle management officers considered senior officers. Even peons and junior clerks are getting arrear to the extent of one lac rupees. Even junior officers are getting more. Obviously pay scale fixed for various scales is not based on principals of equality but based on whims and fancies of IBA team and union leaders. Pension optees are getting more and PF optees are getting noting in comparison. Why discriminatory treatment is being allowed by union leaders even in fixation of revised pay in 9th BS, not to speak of discrimination with PF optees desiring to offer for pension.
Are senior officers in middle management so bad they are not fit for promotion, increment, pension and even equal rise in wage revision? If so why are they not given offer of VRS as given in the year 2000?
Why CMDs of various banks then talk of crisis of talented officer in bank and why do they express apprehension for painful future when a good number of officers will retire?
If there is a will there is a way. When government is formed of corrupt persons and that of flatterers, when administration is manned by corrupt and flatterers when judiciary is weak, ineffective, costly and centre of corruption, any one in Government cannot dream of taking step to reduce corruption in the system or to punish corrupt people.
And people who try to move against the main stream gets tired very soon and finally succumb to death.
It is therefore better to say All is Well sir, No problem sir, everything will be o.k. sir, I am there don't worry, I will manage it, I will manage media people, I will manage CBI people and so on. These wordings are a few permanent wording of flatterers.
Media men are not getting any interest or attractive news in the reign of injustice pervading and prevailing in banking industry. A few executives by using their mobile phones using some flatterer Branch Managers ges success in extending credit to unscrupulous borrowers and sacrificing huge amount in compromise and waiver of loan scheme just to earn some illegal money.
Banks assets worth thousands and thousand of crores of rupees are locked and lost in bad borrowers every year whereas government of India, RBI and all regulating agencies remain silent spectators. People have seen how NPA rose 500% this year in Indian Bank but regulating agencies are not ready to accept that similar pain will occur to other banks too in near future. There is in fact none to bell the cat.
Banks management, government of India and RBI loudly say with a sense of pride that Indian Banks are not affected by global slowdown or recession or sub prime crisis but IBA says that banks are not in a position to pay pension to bank employees and hence begging for sharing of pension cost from bank employees.
IBA has filed affidavit in Madras High Court that banks are facing fund crisis and not in a position to pay pension to retirees and hence praying for stay granted by the same court on 24th June 2010 on illegal and unjustified recovery from PF optees agreed in 9th Bipartite settlement .
How much shameful and painful it is that staff of banks who served banks for 30 to 35 years in bank and contributed his entire energy for growth of bank has now to run from pillar to post or knock the door of courts to stop reign of injustice.
Are Banks earning profits by simple exploitation of staff??
Thursday, August 5, 2010
Saturday, July 31, 2010
Willful Violation of Human Rights and Policies
There is practically no stagnation for central government employees as per last pay commission recommendation and as accepted by government of India. Why is there stagnation for bank employees particularly when bank is not in a position to accommodate so many candidates in higher scale, when there are fewer vacancies?
For none of fault of senior officers they are denied even annual increment.
When banks do not find such senior officers for promotions, bank should not hesitate in accepting resignation of such officers and allow full pension and retirement benefits. Why officers who resign are not allowed pension, leave encashment or refund of accumulated bank's contribution in PF etc. Bank can remove an officer as per its choice but staff cannot leave the job without loosing his rightful terminal benefits.
Officers who have transferred from outside states to North East States were getting so many incentives as per 1984 circular or as guidelines of IBA as prevalent for central government employees working in other sectors in eighties. Why these incentives have not been revised during last 25 years?
Special allowance fixed Rs.1200/ or Rs.1500/ for specified area is common for all staff posted in North East region. What about additional benefits for those who are transferred from other states to North East?
For outsiders, there was a provision of Rs.1500. p.m. in 1984 when Rs.1500/ was a significant amount compared to prevailing scale of pay for officers at that time. Now even that Rs.1500/ (it should be at least 10000 in view of price rise and scale rise during last 25 years) or 12.5% of pay has been abolished.
Originally North East posting policy was framed for enthusing employees to serve in north eastern based branches for two years and then they were given preferred posting. Unfortunately this holy policy is now misused by greedy and corrupt executives to sideline good officers from their path of earning illegal money and golden gifts.
Incentives also snatched. Preferred posting after completion of two years tenure also lies on the mercy of top officials. There is no shame feeling in the mind of ED or top executives in violating the existing policy or misusing the same in the name of bank’s exigencies.
After all what union leaders are doing?
There are lacs of bank employees who are continuously working in rural areas for one or two decades or even more. On the other hand there a few lacs of bank employees who are continuously posted in Metros and Urban areas. Unfortunately residual a few of employees are facing frequent transfers from one corner to the other corner of the country.
After all what union leaders are doing?
Answer is that they are also standing in the same que in which a team of flatterers are standing to get maximum benefit from higher bosses, cream posting, reckless earning through credit lending or waiver of loan without any fear of action from higher bosses and get preferred promotions for their flatterer members if they so like.
Why huge arrear to the amount of two lacs or three or four lacs are being paid to executives as per 9th Bipartite Settlement and only a few thousand to middle management officers considered senior officers. Even peons and junior clerks are getting arrear to the extent of one lac rupees. Pension optees are getting more. Why discriminatory treatment allowed by union leaders even in fixation f revised pay in 9th BS, not to speak of discrimination with PF optees desiring to offer for pension.
If there is a will there is a way. When government is formed of corrupt persons and that of flatterers, when administration is manned by corrupt and flatterers when judiciary is weak, ineffective, costly and centre of corruption, any one in Government cannot dream of taking step to reduce corruption in the system or to punish corrupt people.
And people who try to move against the main stream gets tired very soon and finally succumb to death.
It is therefore better to say All is Well sir, No problem sir, everything will be o.k. sir, I am there don't worry, I will manage it, I will manage media people, I will manage CBI people and so on. These wordings are a few permanent wording of flatterers.
Media is also in grip of these corrupt elements because media people also like to have more and more money, more and more asset, more and more recognition in time in shortest period as people in other field like. If some one watches various interviews conducted by TV people, he will definitely observe how ruling party biased questions are asked by media men. I have seen during recent past how media men are trying to divide opposition unity in their fight against price in Parliament. Media men in general try to save the VIPs of ruling party somehow or the other. They always try to divert the main topic of national concern to pseudo secularism or inter party rivalry prevailing at regional level among smaller parties. As such media men are not getting any interest in the reign of injustice pervading and prevailing in banking industry. A few executives by using their mobile phones using some flatterer Branch Managers to extend credit to unscrupulous borrowers and sacrificing huge amount in compromise and waiver of loan scheme just to earn some illegal money. Banks assets worth thousands and thousand of crores of rupees are locked and lost in bad borrowers every year whereas government of India, RBI and all regulating agencies remain silent spectators. People have seen how NPA rose 500% this year in Indian Bank but regulating agencies are not ready to accept that similar pain will occur to other banks too in near future. There is in fact none to bell the cat.
Saturday, July 3, 2010
Banking Division is silent spectator of misdeeds of Bank officials, Why Why Why
Government framed policy for posting of bank employees in Villages as also for posting in North Eastern States to promote rural banking and to help development work in rural areas and North Eastern states is more often than not misused. Whenever self interest of an executive is not served by an officer he issue transfer order for him for either remote villages or for critical branches located in North East States Obviously management of banks have always misused this excellent policy to discard non-flatterers and to torture those employees who do not indulge in corrupt practices and who do not implements bad orders of the executives.
RBI or any investigating agency on honest inquiry will find that some officers have been working in villages for two or three decades whereas flatterers of the top officials of the management have been allowed to work in Metros for decades together. When an officer do not provide gifts to General Manager, he is posted in North Eastern States on the plea of Non Performance whereas those who commit fraud or indulge in irregular credits but always provide golden gifts to GMs, DGMs, AGMs in the name of some function either of inauguration or customer’s meeting are allowed to remain in big towns.
Some officers are simply creating bad advances and some others are constrained to recover the bad advances merely to save the corrupt officers from punishment. This is why loans or advances become Sub Standard in one or two years of its disbursement. It is also a bitter fact that such bad advances are concealed by gifting Auditors and inspectors and treated as good advances till the sanctioning officer wither is promoted or get safe exit from the bank. Honest workers are made scapegoat for the misdeeds of big executives.. It is undeniably truth that excellent results exhibited through annual balance sheets are due to devoted work of good performers and it is they who are salvaging banks from the misdeeds of bad officers. As such shining balance sheet of a bank should not give conclusion that the results shown are hard work of top officials sitting in AC rooms but that of field workers who are head of a branch and who is doing hard worker even under acute manpower shortage. In banks manpower is adequately provided only to flatterers even if he has caused banks crores of rupees. Until RBI or CBI catch hold of corrupt executives and punish the evil performers and at the same time award those officers who have been whimsically kept away from promotions and unless good officers are given respectable posting and promotions one cannot imagine of any rise in intrinsic value of any bank
On the contrary PSU banks are facing erosion in intrinsic value due to dirty implementation of apparently good HRD policies. In the name of Interview any employee can be deprived of and denied of promotion. Power makes executive corrupt if the decisions made by them are not transparent and subject to review. Root cause of persistence and promotion of such corrupt officers is due to the bitter fact that even courts fail to provide justice in decades together and this is why management bosses indulge in whimsical promotions, arbitrary transfers and postings.
I request bank officers to send their personal experience and story of corrupt officers to me at dkjain49709@rediffmail.com so that such illustration may be incorporated in PIL to be filed in the court. These information will be helpful in seeking information from bank under Right to Information Act to expose the true colour of officers who have been holding top posts in the bank and who have been getting continuous shelter from Banking division, RBI and Ministry of Finance. The aggrieved officer may also send the real story about them, how they have been cheated by their bosses, how they have been denied promotion and how they have been given always critical posting. After all how long you will bear with injustice in fear of repercussion from higher authorities. One has to come out of imaginary fear and expose the true picture of bad officers. How long meritorious and talented officer will face humiliation and posting against their dignity.
I will come with name of AGM,DGM ,GM,CM and BM and tell the officer community and Government of India how reign of injustice prevails in the banking industry. I need your cooperation in making a strong case against some of CMDs who are recognized as star performers but under the shelter of such CMDs ,their left and right hand officers who themselves are facing CBI charge sheets are exploiting power for self interest.
RBI or any investigating agency on honest inquiry will find that some officers have been working in villages for two or three decades whereas flatterers of the top officials of the management have been allowed to work in Metros for decades together. When an officer do not provide gifts to General Manager, he is posted in North Eastern States on the plea of Non Performance whereas those who commit fraud or indulge in irregular credits but always provide golden gifts to GMs, DGMs, AGMs in the name of some function either of inauguration or customer’s meeting are allowed to remain in big towns.
Some officers are simply creating bad advances and some others are constrained to recover the bad advances merely to save the corrupt officers from punishment. This is why loans or advances become Sub Standard in one or two years of its disbursement. It is also a bitter fact that such bad advances are concealed by gifting Auditors and inspectors and treated as good advances till the sanctioning officer wither is promoted or get safe exit from the bank. Honest workers are made scapegoat for the misdeeds of big executives.. It is undeniably truth that excellent results exhibited through annual balance sheets are due to devoted work of good performers and it is they who are salvaging banks from the misdeeds of bad officers. As such shining balance sheet of a bank should not give conclusion that the results shown are hard work of top officials sitting in AC rooms but that of field workers who are head of a branch and who is doing hard worker even under acute manpower shortage. In banks manpower is adequately provided only to flatterers even if he has caused banks crores of rupees. Until RBI or CBI catch hold of corrupt executives and punish the evil performers and at the same time award those officers who have been whimsically kept away from promotions and unless good officers are given respectable posting and promotions one cannot imagine of any rise in intrinsic value of any bank
On the contrary PSU banks are facing erosion in intrinsic value due to dirty implementation of apparently good HRD policies. In the name of Interview any employee can be deprived of and denied of promotion. Power makes executive corrupt if the decisions made by them are not transparent and subject to review. Root cause of persistence and promotion of such corrupt officers is due to the bitter fact that even courts fail to provide justice in decades together and this is why management bosses indulge in whimsical promotions, arbitrary transfers and postings.
I request bank officers to send their personal experience and story of corrupt officers to me at dkjain49709@rediffmail.com so that such illustration may be incorporated in PIL to be filed in the court. These information will be helpful in seeking information from bank under Right to Information Act to expose the true colour of officers who have been holding top posts in the bank and who have been getting continuous shelter from Banking division, RBI and Ministry of Finance. The aggrieved officer may also send the real story about them, how they have been cheated by their bosses, how they have been denied promotion and how they have been given always critical posting. After all how long you will bear with injustice in fear of repercussion from higher authorities. One has to come out of imaginary fear and expose the true picture of bad officers. How long meritorious and talented officer will face humiliation and posting against their dignity.
I will come with name of AGM,DGM ,GM,CM and BM and tell the officer community and Government of India how reign of injustice prevails in the banking industry. I need your cooperation in making a strong case against some of CMDs who are recognized as star performers but under the shelter of such CMDs ,their left and right hand officers who themselves are facing CBI charge sheets are exploiting power for self interest.
North East Posting used by Bank CEOs with ill-motives
Government framed policy for posting of bank employees in Villages as also for posting in North Eastern States to promote rural banking and to help development work in rural areas and North Eastern states is more often than not misused. Whenever self interest of an executive is not served by an officer he issue transfer order for him for either remote villages or for critical branches located in North East States Obviously management of banks have always misused this excellent policy to discard non-flatterers and to torture those employees who do not indulge in corrupt practices and who do not implements bad orders of the executives.
RBI or any investigating agency on honest inquiry will find that some officers have been working in villages for two or three decades whereas flatterers of the top officials of the management have been allowed to work in Metros for decades together. When an officer do not provide gifts to General Manager, he is posted in North Eastern States on the plea of Non Performance whereas those who commit fraud or indulge in irregular credits but always provide golden gifts to GMs, DGMs, AGMs in the name of some function either of inauguration or customer’s meeting are allowed to remain in big towns.
Some officers are simply creating bad advances and some others are constrained to recover the bad advances merely to save the corrupt officers from punishment. This is why loans or advances become Sub Standard in one or two years of its disbursement. It is also a bitter fact that such bad advances are concealed by gifting Auditors and inspectors and treated as good advances till the sanctioning officer wither is promoted or get safe exit from the bank. Honest workers are made scapegoat for the misdeeds of big executives.. It is undeniably truth that excellent results exhibited through annual balance sheets are due to devoted work of good performers and it is they who are salvaging banks from the misdeeds of bad officers. As such shining balance sheet of a bank should not give conclusion that the results shown are hard work of top officials sitting in AC rooms but that of field workers who are head of a branch and who is doing hard worker even under acute manpower shortage. In banks manpower is adequately provided only to flatterers even if he has caused banks crores of rupees. Until RBI or CBI catch hold of corrupt executives and punish the evil performers and at the same time award those officers who have been whimsically kept away from promotions and unless good officers are given respectable posting and promotions one cannot imagine of any rise in intrinsic value of any bank
On the contrary PSU banks are facing erosion in intrinsic value due to dirty implementation of apparently good HRD policies. In the name of Interview any employee can be deprived of and denied of promotion. Power makes executive corrupt if the decisions made by them are not transparent and subject to review. Root cause of persistence and promotion of such corrupt officers is due to the bitter fact that even courts fail to provide justice in decades together and this is why management bosses indulge in whimsical promotions, arbitrary transfers and postings.
I request bank officers to send their personal experience and story of corrupt officers to me at dkjain49709@rediffmail.com so that such illustration may be incorporated in PIL to be filed in the court. These information will be helpful in seeking information from bank under Right to Information Act to expose the true colour of officers who have been holding top posts in the bank and who have been getting continuous shelter from Banking division, RBI and Ministry of Finance. The aggrieved officer may also send the real story about them, how they have been cheated by their bosses, how they have been denied promotion and how they have been given always critical posting. After all how long you will bear with injustice in fear of repercussion from higher authorities. One has to come out of imaginary fear and expose the true picture of bad officers. How long meritorious and talented officer will face humiliation and posting against their dignity.
I will come with name of AGM,DGM ,GM,CM and BM and tell the officer community and Government of India how reign of injustice prevails in the banking industry. I need your cooperation in making a strong case against some of CMDs who are recognized as star performers but under the shelter of such CMDs ,their left and right hand officers who themselves are facing CBI charge sheets are exploiting power for self interest.
RBI or any investigating agency on honest inquiry will find that some officers have been working in villages for two or three decades whereas flatterers of the top officials of the management have been allowed to work in Metros for decades together. When an officer do not provide gifts to General Manager, he is posted in North Eastern States on the plea of Non Performance whereas those who commit fraud or indulge in irregular credits but always provide golden gifts to GMs, DGMs, AGMs in the name of some function either of inauguration or customer’s meeting are allowed to remain in big towns.
Some officers are simply creating bad advances and some others are constrained to recover the bad advances merely to save the corrupt officers from punishment. This is why loans or advances become Sub Standard in one or two years of its disbursement. It is also a bitter fact that such bad advances are concealed by gifting Auditors and inspectors and treated as good advances till the sanctioning officer wither is promoted or get safe exit from the bank. Honest workers are made scapegoat for the misdeeds of big executives.. It is undeniably truth that excellent results exhibited through annual balance sheets are due to devoted work of good performers and it is they who are salvaging banks from the misdeeds of bad officers. As such shining balance sheet of a bank should not give conclusion that the results shown are hard work of top officials sitting in AC rooms but that of field workers who are head of a branch and who is doing hard worker even under acute manpower shortage. In banks manpower is adequately provided only to flatterers even if he has caused banks crores of rupees. Until RBI or CBI catch hold of corrupt executives and punish the evil performers and at the same time award those officers who have been whimsically kept away from promotions and unless good officers are given respectable posting and promotions one cannot imagine of any rise in intrinsic value of any bank
On the contrary PSU banks are facing erosion in intrinsic value due to dirty implementation of apparently good HRD policies. In the name of Interview any employee can be deprived of and denied of promotion. Power makes executive corrupt if the decisions made by them are not transparent and subject to review. Root cause of persistence and promotion of such corrupt officers is due to the bitter fact that even courts fail to provide justice in decades together and this is why management bosses indulge in whimsical promotions, arbitrary transfers and postings.
I request bank officers to send their personal experience and story of corrupt officers to me at dkjain49709@rediffmail.com so that such illustration may be incorporated in PIL to be filed in the court. These information will be helpful in seeking information from bank under Right to Information Act to expose the true colour of officers who have been holding top posts in the bank and who have been getting continuous shelter from Banking division, RBI and Ministry of Finance. The aggrieved officer may also send the real story about them, how they have been cheated by their bosses, how they have been denied promotion and how they have been given always critical posting. After all how long you will bear with injustice in fear of repercussion from higher authorities. One has to come out of imaginary fear and expose the true picture of bad officers. How long meritorious and talented officer will face humiliation and posting against their dignity.
I will come with name of AGM,DGM ,GM,CM and BM and tell the officer community and Government of India how reign of injustice prevails in the banking industry. I need your cooperation in making a strong case against some of CMDs who are recognized as star performers but under the shelter of such CMDs ,their left and right hand officers who themselves are facing CBI charge sheets are exploiting power for self interest.
Wednesday, June 23, 2010
Health of PSU Banks
Government is constrained to infuse capital in PSU banks year after year to salvage sinking banks or to boost up their capital adequacy ratio. Even World Bank is contemplating to infuse capital in selected banks in India to strengthen these banks. This reveals that PSU banks are actually growing weakness year after year and their balance sheets are nothing but result of window dressing in the style similar to which Satyam Computers applied to boost up image of the company.
PSU Banks are facing continuous erosion in their capital due to dirty policies of the government, politically motivated steps taken by the government and constraint in implementation of good policies. Inter bank interest rate competition, waiver of loan culture, financing based on political compulsions, constraints in recovery of loan from willful defaulters, undue delay in legal proceedings in want of proper judicial reforms, unhealthy HRD policies resulting in promotion of corrupt officers and demotivation of good officers etc are a few reasons which are causing great loss to banks and which has made the bank’s health poor and ultimately which forces government to infuse capital in banks.
It is to be noted here that when politicians take advantage of public money held in banks by resorting to loan melas or waiver of loan culture, bankers take it easy while lending to public. Bankers too do not hesitate in lending to improper companies and individuals with doubtful integrity just for their personal gain. There is no doubt bankers have inculcated wrong practices of flattery in banks. Executives, Branch heads, Regional Heads, Zonal Heads, EDs, CMDs focus on their personal status , personal earning by way of underhand dealings and indulge in flattery to their bosses, ministers, officers in banking divisions. They do not hesitate in taking malafide decisions just to please their bosses. Financing to wrong persons and taking gifts or money in return has become a common feature in banks at all levels.
If bankers do not earn illegal money they cannot please their bosses, government offices and even their juniors. Such honest officers cannot dream of promotion and good posting. As such earning money in credit delivery and sharing the same with bosses has become inevitable for survival in banks with dignity. Those officers who are not versed in this tact or modern art of survival or those who protest wrong financing are either posted at remote places or punished. Such genuinely loyal officers can never imagine of promotion or good posting. This is the main reason that bank officers holding key posts indulge in corrupt practice without caring for health of bank’s assets and this is the reason that intrinsic health of banks in general is not sound and banks always need financial support from government to survive.
But the million dollar question is who will bell the cat when Charter Accountant, officers working in rating agencies, officers in vigilance departments, officers working in bank’s own audit offices, advocates, key regulators all are birds of same feather.
23rd June 2010
PSU Banks are facing continuous erosion in their capital due to dirty policies of the government, politically motivated steps taken by the government and constraint in implementation of good policies. Inter bank interest rate competition, waiver of loan culture, financing based on political compulsions, constraints in recovery of loan from willful defaulters, undue delay in legal proceedings in want of proper judicial reforms, unhealthy HRD policies resulting in promotion of corrupt officers and demotivation of good officers etc are a few reasons which are causing great loss to banks and which has made the bank’s health poor and ultimately which forces government to infuse capital in banks.
It is to be noted here that when politicians take advantage of public money held in banks by resorting to loan melas or waiver of loan culture, bankers take it easy while lending to public. Bankers too do not hesitate in lending to improper companies and individuals with doubtful integrity just for their personal gain. There is no doubt bankers have inculcated wrong practices of flattery in banks. Executives, Branch heads, Regional Heads, Zonal Heads, EDs, CMDs focus on their personal status , personal earning by way of underhand dealings and indulge in flattery to their bosses, ministers, officers in banking divisions. They do not hesitate in taking malafide decisions just to please their bosses. Financing to wrong persons and taking gifts or money in return has become a common feature in banks at all levels.
If bankers do not earn illegal money they cannot please their bosses, government offices and even their juniors. Such honest officers cannot dream of promotion and good posting. As such earning money in credit delivery and sharing the same with bosses has become inevitable for survival in banks with dignity. Those officers who are not versed in this tact or modern art of survival or those who protest wrong financing are either posted at remote places or punished. Such genuinely loyal officers can never imagine of promotion or good posting. This is the main reason that bank officers holding key posts indulge in corrupt practice without caring for health of bank’s assets and this is the reason that intrinsic health of banks in general is not sound and banks always need financial support from government to survive.
But the million dollar question is who will bell the cat when Charter Accountant, officers working in rating agencies, officers in vigilance departments, officers working in bank’s own audit offices, advocates, key regulators all are birds of same feather.
23rd June 2010
Saturday, June 19, 2010
multiple borrowings
There are many such persons in our country who have taken many houses on loan from different banks in the same name or in different name of the family in different bank at different places. Banks have in fact no control over multiple bank accounts, multiple borrowings, multiple title deeds for same house, and multiple tax payers in same family and so on. Extraordinary benefit in interest rates on housing loans, unjustified huge Income tax concessions on loan takers and the most important is positive response in the office of lending bank and their enthusiasm to sanction more and more housing loan are a few reasons behind reckless financing in housing loan segment and continuous increase in home loan activities in the country.
Not only this, even lenders avoid financing in other commercial activities like trade, agriculture, trasport, industry and concentrate only in retail loan segment. Almost all banks have opened specialized branches only to finance in retail sector with special focus on home loan and vehicle loan because retail loan helps in booting overall credit delivery and reducing surplus liquidity profitably instead of parking with RBI at negligible rate.
But there is no justification in giving all benefits to the same family and at the same deprives others (middle class family) only because he does not have adequate repaying capacity and margin to avail home loan from a bank. In our country where 95% of population cannot afford a good house or avail home loan from a bank, policy of liberalized fiancé to purchase house is used by only rich and affluent class.
It is an open secret that in our country there are some persons who are well versed and have all tools in their hand to take advantage of all types of tax benefits, subsidies and relief schemes launched by state or central government in the name of social inclusion and development of the area.
It is also true that these cleaver people get support from all offices and they get preferred services because they know how to handle government employees, how to flatter and how to share income with dealing officers to carry our their activities without any hurdle and it is they who accumulate wealth in very short span of time and eventually become instrumental in framing of policies in the corridor of Ministry of various departments in a government. Even tax official and bank officers flourish when this small segment of shrewd person flourish and this is why fault of policy or fraud in implementation level is not easily detected and by the time some aggrieved person exposes the reality and naked truth of government policy it is either too late or government comes out with same policy in different name, old wine in new bottle.
It is worthwhile to mention here that some private bankers though belatedly have realized the lacuna when they found percentage of Non Performing Assets increasing in Home loan portfolio year after year. But government is totally insensitive to national issues, health of PSU banks and the pain of the common men. It is beyond one’s comprehension as to how RBI or Government of India will actually be able to stop speculative activities in Home Finance.
Not only this, even lenders avoid financing in other commercial activities like trade, agriculture, trasport, industry and concentrate only in retail loan segment. Almost all banks have opened specialized branches only to finance in retail sector with special focus on home loan and vehicle loan because retail loan helps in booting overall credit delivery and reducing surplus liquidity profitably instead of parking with RBI at negligible rate.
But there is no justification in giving all benefits to the same family and at the same deprives others (middle class family) only because he does not have adequate repaying capacity and margin to avail home loan from a bank. In our country where 95% of population cannot afford a good house or avail home loan from a bank, policy of liberalized fiancé to purchase house is used by only rich and affluent class.
It is an open secret that in our country there are some persons who are well versed and have all tools in their hand to take advantage of all types of tax benefits, subsidies and relief schemes launched by state or central government in the name of social inclusion and development of the area.
It is also true that these cleaver people get support from all offices and they get preferred services because they know how to handle government employees, how to flatter and how to share income with dealing officers to carry our their activities without any hurdle and it is they who accumulate wealth in very short span of time and eventually become instrumental in framing of policies in the corridor of Ministry of various departments in a government. Even tax official and bank officers flourish when this small segment of shrewd person flourish and this is why fault of policy or fraud in implementation level is not easily detected and by the time some aggrieved person exposes the reality and naked truth of government policy it is either too late or government comes out with same policy in different name, old wine in new bottle.
It is worthwhile to mention here that some private bankers though belatedly have realized the lacuna when they found percentage of Non Performing Assets increasing in Home loan portfolio year after year. But government is totally insensitive to national issues, health of PSU banks and the pain of the common men. It is beyond one’s comprehension as to how RBI or Government of India will actually be able to stop speculative activities in Home Finance.
Thursday, May 20, 2010
Naxalism and terrorism
Government framed policy for posting of bank employees in Villages as also for posting in North Eastern States to promote rural banking and to help development work in rural areas and North Eastern states. But management of banks have always misused this excellent policy to discard non-flatterers and to torture those employees who do not indulge in corrupt practices and who do not implements bad orders of the executives.
RBI or any investigating agency on honest inquiry will find that some officers have been working in villages for two or three decades whereas flatterers of the top officials of the management have been allowed to work in Metros for decades together. When an officer do not provide gifts to General Manager, he is posted in North Eastern States on the plea of Non Performance whereas those who commit fraud or indulge in irregular credits but always provide golden gifts to GMs, DGMs, AGMs in the name of some function either of inauguration or customer’s meeting are allowed to remain in big towns.
Some officers are simply creating bad advances and some others are constrained to recover the bad advances merely to save the corrupt officers from punishment. This is why loans or advances become Sub Standard in one or two years of its disbursement. It is also a bitter fact that such bad advances are concealed by gifting Auditors and inspectors and treated as good advances till the sanctioning officer wither is promoted or get safe exit from the bank. Honest workers are made scapegoat for the misdeeds of big executives.. It is undeniably truth that excellent results exhibited through annual balance sheets are due to devoted work of good performers and it is they who are salvaging banks from the misdeeds of bad officers. As such shining balance sheet of a bank should not give conclusion that the results shown are hard work of top officials sitting in AC rooms but that of field workers who are head of a branch and who is doing hard worker even under acute manpower shortage. In banks manpower is adequately provided only to flatterers even if he has caused banks crores of rupees. Until RBI or CBI catch hold of corrupt executives and punish the evil performers and at the same time award those officers who have been whimsically kept away from promotions and unless good officers are given respectable posting and promotions one cannot imagine of any rise in intrinsic value of any bank
On the contrary PSU banks are facing erosion in intrinsic value due to dirty implementation of apparently good HRD policies. In the name of Interview any employee can be deprived of and denied of promotion. Power makes executive corrupt if the decisions made by them are not transparent and subject to review. Root cause of persistence and promotion of such corrupt officers is due to the bitter fact that even courts fail to provide justice in decades together and this is why management bosses indulge in whimsical promotions, arbitrary transfers and postings.
I request bank officers to send their personal experience and story of corrupt officers to me at dkjain49709@rediffmail.com so that such illustration may be incorporated in PIL to be filed in the court. These information will be helpful in seeking information from bank under Right to Information Act to expose the true colour of officers who have been holding top posts in the bank and who have been getting continuous shelter from Banking division, RBI and Ministry of Finance. The aggrieved officer may also send the real story about them, how they have been cheated by their bosses, how they have been denied promotion and how they have been given always critical posting. After all how long you will bear with injustice in fear of repercussion from higher authorities. One has to come out of imaginary fear and expose the true picture of bad officers. How long meritorious and talented officer will face humiliation and posting against their dignity.
I will come with name of AGM,DGM ,GM,CM and BM and tell the officer community and Government of India how reign of injustice prevails in the banking industry. I need your cooperation in making a strong case against some of CMDs who are recognized as star performers but under the shelter of such CMDs ,their left and right hand officers who themselves are facing CBI charge sheets are exploiting power for self interest.
RBI or any investigating agency on honest inquiry will find that some officers have been working in villages for two or three decades whereas flatterers of the top officials of the management have been allowed to work in Metros for decades together. When an officer do not provide gifts to General Manager, he is posted in North Eastern States on the plea of Non Performance whereas those who commit fraud or indulge in irregular credits but always provide golden gifts to GMs, DGMs, AGMs in the name of some function either of inauguration or customer’s meeting are allowed to remain in big towns.
Some officers are simply creating bad advances and some others are constrained to recover the bad advances merely to save the corrupt officers from punishment. This is why loans or advances become Sub Standard in one or two years of its disbursement. It is also a bitter fact that such bad advances are concealed by gifting Auditors and inspectors and treated as good advances till the sanctioning officer wither is promoted or get safe exit from the bank. Honest workers are made scapegoat for the misdeeds of big executives.. It is undeniably truth that excellent results exhibited through annual balance sheets are due to devoted work of good performers and it is they who are salvaging banks from the misdeeds of bad officers. As such shining balance sheet of a bank should not give conclusion that the results shown are hard work of top officials sitting in AC rooms but that of field workers who are head of a branch and who is doing hard worker even under acute manpower shortage. In banks manpower is adequately provided only to flatterers even if he has caused banks crores of rupees. Until RBI or CBI catch hold of corrupt executives and punish the evil performers and at the same time award those officers who have been whimsically kept away from promotions and unless good officers are given respectable posting and promotions one cannot imagine of any rise in intrinsic value of any bank
On the contrary PSU banks are facing erosion in intrinsic value due to dirty implementation of apparently good HRD policies. In the name of Interview any employee can be deprived of and denied of promotion. Power makes executive corrupt if the decisions made by them are not transparent and subject to review. Root cause of persistence and promotion of such corrupt officers is due to the bitter fact that even courts fail to provide justice in decades together and this is why management bosses indulge in whimsical promotions, arbitrary transfers and postings.
I request bank officers to send their personal experience and story of corrupt officers to me at dkjain49709@rediffmail.com so that such illustration may be incorporated in PIL to be filed in the court. These information will be helpful in seeking information from bank under Right to Information Act to expose the true colour of officers who have been holding top posts in the bank and who have been getting continuous shelter from Banking division, RBI and Ministry of Finance. The aggrieved officer may also send the real story about them, how they have been cheated by their bosses, how they have been denied promotion and how they have been given always critical posting. After all how long you will bear with injustice in fear of repercussion from higher authorities. One has to come out of imaginary fear and expose the true picture of bad officers. How long meritorious and talented officer will face humiliation and posting against their dignity.
I will come with name of AGM,DGM ,GM,CM and BM and tell the officer community and Government of India how reign of injustice prevails in the banking industry. I need your cooperation in making a strong case against some of CMDs who are recognized as star performers but under the shelter of such CMDs ,their left and right hand officers who themselves are facing CBI charge sheets are exploiting power for self interest.
Ministry of Finance
Government framed policy for posting of bank employees in Villages as also for posting in North Eastern States to promote rural banking and to help development work in rural areas and North Eastern states. But management of banks have always misused this excellent policy to discard non-flatterers and to torture those employees who do not indulge in corrupt practices and who do not implements bad orders of the executives.
RBI or any investigating agency on honest inquiry will find that some officers have been working in villages for two or three decades whereas flatterers of the top officials of the management have been allowed to work in Metros for decades together. When an officer do not provide gifts to General Manager, he is posted in North Eastern States on the plea of Non Performance whereas those who commit fraud or indulge in irregular credits but always provide golden gifts to GMs, DGMs, AGMs in the name of some function either of inauguration or customer’s meeting are allowed to remain in big towns.
Some officers are simply creating bad advances and some others are constrained to recover the bad advances merely to save the corrupt officers from punishment. This is why loans or advances become Sub Standard in one or two years of its disbursement. It is also a bitter fact that such bad advances are concealed by gifting Auditors and inspectors and treated as good advances till the sanctioning officer wither is promoted or get safe exit from the bank. Honest workers are made scapegoat for the misdeeds of big executives.. It is undeniably truth that excellent results exhibited through annual balance sheets are due to devoted work of good performers and it is they who are salvaging banks from the misdeeds of bad officers. As such shining balance sheet of a bank should not give conclusion that the results shown are hard work of top officials sitting in AC rooms but that of field workers who are head of a branch and who is doing hard worker even under acute manpower shortage. In banks manpower is adequately provided only to flatterers even if he has caused banks crores of rupees. Until RBI or CBI catch hold of corrupt executives and punish the evil performers and at the same time award those officers who have been whimsically kept away from promotions and unless good officers are given respectable posting and promotions one cannot imagine of any rise in intrinsic value of any bank
On the contrary PSU banks are facing erosion in intrinsic value due to dirty implementation of apparently good HRD policies. In the name of Interview any employee can be deprived of and denied of promotion. Power makes executive corrupt if the decisions made by them are not transparent and subject to review. Root cause of persistence and promotion of such corrupt officers is due to the bitter fact that even courts fail to provide justice in decades together and this is why management bosses indulge in whimsical promotions, arbitrary transfers and postings.
I request bank officers to send their personal experience and story of corrupt officers to me at dkjain49709@rediffmail.com so that such illustration may be incorporated in PIL to be filed in the court. These information will be helpful in seeking information from bank under Right to Information Act to expose the true colour of officers who have been holding top posts in the bank and who have been getting continuous shelter from Banking division, RBI and Ministry of Finance. The aggrieved officer may also send the real story about them, how they have been cheated by their bosses, how they have been denied promotion and how they have been given always critical posting. After all how long you will bear with injustice in fear of repercussion from higher authorities. One has to come out of imaginary fear and expose the true picture of bad officers. How long meritorious and talented officer will face humiliation and posting against their dignity.
I will come with name of AGM,DGM ,GM,CM and BM and tell the officer community and Government of India how reign of injustice prevails in the banking industry. I need your cooperation in making a strong case against some of CMDs who are recognized as star performers but under the shelter of such CMDs ,their left and right hand officers who themselves are facing CBI charge sheets are exploiting power for self interest.
RBI or any investigating agency on honest inquiry will find that some officers have been working in villages for two or three decades whereas flatterers of the top officials of the management have been allowed to work in Metros for decades together. When an officer do not provide gifts to General Manager, he is posted in North Eastern States on the plea of Non Performance whereas those who commit fraud or indulge in irregular credits but always provide golden gifts to GMs, DGMs, AGMs in the name of some function either of inauguration or customer’s meeting are allowed to remain in big towns.
Some officers are simply creating bad advances and some others are constrained to recover the bad advances merely to save the corrupt officers from punishment. This is why loans or advances become Sub Standard in one or two years of its disbursement. It is also a bitter fact that such bad advances are concealed by gifting Auditors and inspectors and treated as good advances till the sanctioning officer wither is promoted or get safe exit from the bank. Honest workers are made scapegoat for the misdeeds of big executives.. It is undeniably truth that excellent results exhibited through annual balance sheets are due to devoted work of good performers and it is they who are salvaging banks from the misdeeds of bad officers. As such shining balance sheet of a bank should not give conclusion that the results shown are hard work of top officials sitting in AC rooms but that of field workers who are head of a branch and who is doing hard worker even under acute manpower shortage. In banks manpower is adequately provided only to flatterers even if he has caused banks crores of rupees. Until RBI or CBI catch hold of corrupt executives and punish the evil performers and at the same time award those officers who have been whimsically kept away from promotions and unless good officers are given respectable posting and promotions one cannot imagine of any rise in intrinsic value of any bank
On the contrary PSU banks are facing erosion in intrinsic value due to dirty implementation of apparently good HRD policies. In the name of Interview any employee can be deprived of and denied of promotion. Power makes executive corrupt if the decisions made by them are not transparent and subject to review. Root cause of persistence and promotion of such corrupt officers is due to the bitter fact that even courts fail to provide justice in decades together and this is why management bosses indulge in whimsical promotions, arbitrary transfers and postings.
I request bank officers to send their personal experience and story of corrupt officers to me at dkjain49709@rediffmail.com so that such illustration may be incorporated in PIL to be filed in the court. These information will be helpful in seeking information from bank under Right to Information Act to expose the true colour of officers who have been holding top posts in the bank and who have been getting continuous shelter from Banking division, RBI and Ministry of Finance. The aggrieved officer may also send the real story about them, how they have been cheated by their bosses, how they have been denied promotion and how they have been given always critical posting. After all how long you will bear with injustice in fear of repercussion from higher authorities. One has to come out of imaginary fear and expose the true picture of bad officers. How long meritorious and talented officer will face humiliation and posting against their dignity.
I will come with name of AGM,DGM ,GM,CM and BM and tell the officer community and Government of India how reign of injustice prevails in the banking industry. I need your cooperation in making a strong case against some of CMDs who are recognized as star performers but under the shelter of such CMDs ,their left and right hand officers who themselves are facing CBI charge sheets are exploiting power for self interest.
Thursday, May 13, 2010
Bank officers wage revision
IBA has apparently committed Fraud on Pension Optees as also PF optee in banks in the recently concluded wage settlement agreement with bank employees.
• When pension was offered in lieu of provident fund. IBA/ Banks can not recover any cost/ incremental cost from pension optees. It is totally illegal and can not stand for judicial scrutiny in the court of law.
• The pension scheme of 1995 was not contributory in nature; any recovery toward the cost is illegal.
• The unions have wrongly agreed to IBA proposal for sharing the cost in all the above 3 settlements.
• If Bank employee’s pension was contributory in nature; there was no need to implement NPS i.e. 01.04.2010 in the banks.
• Central Govt. employees/ Railway/ State Govt. Employees or Judges of high Court/ Supreme Court do not pay any thing toward the cost of pension. Our pension regulations are based on there pension regulations only.
• During 7, 8 & 9th BPS (Bipartite settlement between IBA and bank employees unions) the above referred incremental cost of the pension has been recovered from both PF & Pension Optees. The IBA has reduced your wages to the extent of incremental cost while revising the wage. Hence both PF & Pension optees have been cheated and received lower wages.
• Can IBA/ Bank’s recover the incremental cost from a PF optee who is not the beneficiary of the Pension Fund Trust?
• Can IBA/ Bank transfer the share of incremental cost of pension of PF optees to pension fund instead of transferring to his PF Fund?
• The incremental cost of the pension, recovered from the PF optees should have been paid to PF optees in their PF or paid additionally along with the salaries.
• Is it not a fraud within the meaning of India Penal Code? Read the definition of Fraud in IPC?
Please note that above fraud has been perpetuated by the IBA in connivance with UFBU & Statutory Central Auditors who signed the balance sheet of the bank, since 7th BPS i.e. 01.11.1997.
Why the recovery of Rs 1800 crores from PF Optees is illegal in nature
• The actuarial liability of Rs 6000 crores for existing employees and Rs 3115 crores for retired employees are estimates only and not the actual number.
• Bank can not make actual recoveries on the basis of estimated actuarial liabilities. It is illegal.
• The Bank should first arrive at the actual numbers and actual figures of the pension gaps and then recover the actual recoverable dues.
• Then the bank should offer the pension option on the basis of actual recoverable dues.
• Hence any recovery from wage arrears is illegal liable to be rejected in judicial scrutiny.
Why such whimsical and unjustified act by IBA is possible?
I simply ask the wise and cleaver IBA chairman Mr. M V Nair and veteran Union leaders whether any bank can discriminate two officers ( in same scale with same status and same work responsibilities and same age of service ) only on the ground that one opted for pension in 1995 and another in 2010. It is worthwhile to mention here that both officers will get same pension if they leave the job.
Officers who are going to opt for pension as per new settlement have to pay as much as there times of one month pay i.e. as much as one lac rupees to become eligible for same pension which none of officers contributed in the past .
Such discriminatory attitude of IBA chairman just to please negotiating union leaders who have a vested interest to give benefits to those who have left service during last 15 years can in no way stand as legally valid agreement. It means retired employees or those who left banks service due to some reason or the other will get more benefits than working employees.
Is it possible to give different fitment to two officers drawing same basic of Rs.23520/ only because one is scale III and another is scale IV.
Is it justified to stop increment of senior officers only because there is no vacancy in upper scale? Stagnation Increment is given to senior officers after three years. It is directly disrespect to seniors for no reason.
Can you imagine the gainer on account of 9th bipartite settlement?
It is clerks whose union leaders are militant and devoted for their members.
It is SBI employees who are already getting pension as third terminal benefits without any extra contribution
It is executives and union leaders (who already left banks service) because they are part f negotiating committee for bipartite settlement.
Can you say, who are the real losers?
Yes they are officer in Junior and Middle Management. Officers who will opt for pension now. Because they have to contribute almost a lac rupee out of arrear towards pension fund, benefits of which will be shared by all pension optees equally. They have been punished only because they did not opt for pension in 1995.
I am unable to understand how and why union leaders feel pride in claiming achievement of second option for pension.
All these and many other illegal things are likely to happen in the recently concluded wage agreement for bankers.
Because Bank Management knows very well that individuals cannot go to court and even if anyone dare goes he cannot get justice in decades together.
Inefficacy, ineffectiveness and inefficiency of Indian Judiciary have become a matter of concern for common men.
Powerful person are exploiting their power to the maximum extent it is possible. They are even selling promotions and postings through their GMs and DGMs.
If money is lost nothing is lost, if health is lost some thing is lost but if character is lost everything is lost.
If top management indulge in unhealthy practices only because there is no option for victim to get the justice, none can stop erosion in intrinsic value of the bank and we have no doubt that such cleverness will spoil the bank’s health. People of India do not believe in what is achieved through Balance sheets only because the same is certified by Chartered Accountants. Indians have seen the balance sheets of Satyam computers and many more such companies. Similarly, officers in general understand that the the Bipartite settlement concluded for bank employees on 27th April 2010 is fully discriminatory, improper, biased and illegal.
Since the judicial system in our country is weak, officers have to digest the injustice and bear with it till they are associated with bank.
• When pension was offered in lieu of provident fund. IBA/ Banks can not recover any cost/ incremental cost from pension optees. It is totally illegal and can not stand for judicial scrutiny in the court of law.
• The pension scheme of 1995 was not contributory in nature; any recovery toward the cost is illegal.
• The unions have wrongly agreed to IBA proposal for sharing the cost in all the above 3 settlements.
• If Bank employee’s pension was contributory in nature; there was no need to implement NPS i.e. 01.04.2010 in the banks.
• Central Govt. employees/ Railway/ State Govt. Employees or Judges of high Court/ Supreme Court do not pay any thing toward the cost of pension. Our pension regulations are based on there pension regulations only.
• During 7, 8 & 9th BPS (Bipartite settlement between IBA and bank employees unions) the above referred incremental cost of the pension has been recovered from both PF & Pension Optees. The IBA has reduced your wages to the extent of incremental cost while revising the wage. Hence both PF & Pension optees have been cheated and received lower wages.
• Can IBA/ Bank’s recover the incremental cost from a PF optee who is not the beneficiary of the Pension Fund Trust?
• Can IBA/ Bank transfer the share of incremental cost of pension of PF optees to pension fund instead of transferring to his PF Fund?
• The incremental cost of the pension, recovered from the PF optees should have been paid to PF optees in their PF or paid additionally along with the salaries.
• Is it not a fraud within the meaning of India Penal Code? Read the definition of Fraud in IPC?
Please note that above fraud has been perpetuated by the IBA in connivance with UFBU & Statutory Central Auditors who signed the balance sheet of the bank, since 7th BPS i.e. 01.11.1997.
Why the recovery of Rs 1800 crores from PF Optees is illegal in nature
• The actuarial liability of Rs 6000 crores for existing employees and Rs 3115 crores for retired employees are estimates only and not the actual number.
• Bank can not make actual recoveries on the basis of estimated actuarial liabilities. It is illegal.
• The Bank should first arrive at the actual numbers and actual figures of the pension gaps and then recover the actual recoverable dues.
• Then the bank should offer the pension option on the basis of actual recoverable dues.
• Hence any recovery from wage arrears is illegal liable to be rejected in judicial scrutiny.
Why such whimsical and unjustified act by IBA is possible?
I simply ask the wise and cleaver IBA chairman Mr. M V Nair and veteran Union leaders whether any bank can discriminate two officers ( in same scale with same status and same work responsibilities and same age of service ) only on the ground that one opted for pension in 1995 and another in 2010. It is worthwhile to mention here that both officers will get same pension if they leave the job.
Officers who are going to opt for pension as per new settlement have to pay as much as there times of one month pay i.e. as much as one lac rupees to become eligible for same pension which none of officers contributed in the past .
Such discriminatory attitude of IBA chairman just to please negotiating union leaders who have a vested interest to give benefits to those who have left service during last 15 years can in no way stand as legally valid agreement. It means retired employees or those who left banks service due to some reason or the other will get more benefits than working employees.
Is it possible to give different fitment to two officers drawing same basic of Rs.23520/ only because one is scale III and another is scale IV.
Is it justified to stop increment of senior officers only because there is no vacancy in upper scale? Stagnation Increment is given to senior officers after three years. It is directly disrespect to seniors for no reason.
Can you imagine the gainer on account of 9th bipartite settlement?
It is clerks whose union leaders are militant and devoted for their members.
It is SBI employees who are already getting pension as third terminal benefits without any extra contribution
It is executives and union leaders (who already left banks service) because they are part f negotiating committee for bipartite settlement.
Can you say, who are the real losers?
Yes they are officer in Junior and Middle Management. Officers who will opt for pension now. Because they have to contribute almost a lac rupee out of arrear towards pension fund, benefits of which will be shared by all pension optees equally. They have been punished only because they did not opt for pension in 1995.
I am unable to understand how and why union leaders feel pride in claiming achievement of second option for pension.
All these and many other illegal things are likely to happen in the recently concluded wage agreement for bankers.
Because Bank Management knows very well that individuals cannot go to court and even if anyone dare goes he cannot get justice in decades together.
Inefficacy, ineffectiveness and inefficiency of Indian Judiciary have become a matter of concern for common men.
Powerful person are exploiting their power to the maximum extent it is possible. They are even selling promotions and postings through their GMs and DGMs.
If money is lost nothing is lost, if health is lost some thing is lost but if character is lost everything is lost.
If top management indulge in unhealthy practices only because there is no option for victim to get the justice, none can stop erosion in intrinsic value of the bank and we have no doubt that such cleverness will spoil the bank’s health. People of India do not believe in what is achieved through Balance sheets only because the same is certified by Chartered Accountants. Indians have seen the balance sheets of Satyam computers and many more such companies. Similarly, officers in general understand that the the Bipartite settlement concluded for bank employees on 27th April 2010 is fully discriminatory, improper, biased and illegal.
Since the judicial system in our country is weak, officers have to digest the injustice and bear with it till they are associated with bank.
Monday, May 10, 2010
Takeover of cooperative Banks
Government has asked now PSU banks to target urban cooperative banks and advised them to takeover sinking banks. I am unable to understand RBI works as an advisor to keep a man healthy or a doctor to diagnose ailing bank or simply a doctor to conduct post Mortem report of a dead body and submit report. It will not be an exaggeration to say that government in general works like a doctor to submit post mortem report of all dead bodies like scams, terror attacks, fraud ,scandals and forget.
RBI and other regulators first allow banks to loot the money, extend reckless credits, spoil the internal culture and intrinsic value of the bank, promote corruption in credit and Human Resource Management, waiver of loan and so on and in the next phase recommends for infusion of capital to salvage the bank and lastly recommends other big banks to takeover sinking bank.
Some times cooperative banks become out of control and some times some Regional Rural banks or some other time some PSU or private bank. In the past several cooperative banks have closed their shutters. Many Private Banks have been forcibly merged with PSU banks like Punjab National Bank or Union Bank or Bank of India. Even there was a proposal to merge banks like United Bank or U Co bank or Indian Bank.
Government has in the past provided capital as oxygen from time to time to various sinking or weak banks .Even in the last month government has passed a bill to provide Rs15000/ capital infusion to weak banks. But unfortunately it never tries to strike at the root of unhealthy culture and stop political intervention. Inspite of preaching all sermons NPA in banks has been rising speedily though it is concealed at the behest of RBI or Government of India.
The great question arises why and how does RBI fail to nip in the bud and why does it not punish the person who caused and perpetuated corrupt line of action in all fields. Why does it fail to break nexus of politicians in spread of corrupt culture in credit delivery prevailing all over the country in almost all banks? Why does it not punish the chartered Accountants who more often than not sell their signature and blindly certify balance sheets? How a rating agency fails to identify bad banks and alert the regulators in time?
Danendra jain
Ganaraj choumuhani Agartala
11.05.2010
RBI and other regulators first allow banks to loot the money, extend reckless credits, spoil the internal culture and intrinsic value of the bank, promote corruption in credit and Human Resource Management, waiver of loan and so on and in the next phase recommends for infusion of capital to salvage the bank and lastly recommends other big banks to takeover sinking bank.
Some times cooperative banks become out of control and some times some Regional Rural banks or some other time some PSU or private bank. In the past several cooperative banks have closed their shutters. Many Private Banks have been forcibly merged with PSU banks like Punjab National Bank or Union Bank or Bank of India. Even there was a proposal to merge banks like United Bank or U Co bank or Indian Bank.
Government has in the past provided capital as oxygen from time to time to various sinking or weak banks .Even in the last month government has passed a bill to provide Rs15000/ capital infusion to weak banks. But unfortunately it never tries to strike at the root of unhealthy culture and stop political intervention. Inspite of preaching all sermons NPA in banks has been rising speedily though it is concealed at the behest of RBI or Government of India.
The great question arises why and how does RBI fail to nip in the bud and why does it not punish the person who caused and perpetuated corrupt line of action in all fields. Why does it fail to break nexus of politicians in spread of corrupt culture in credit delivery prevailing all over the country in almost all banks? Why does it not punish the chartered Accountants who more often than not sell their signature and blindly certify balance sheets? How a rating agency fails to identify bad banks and alert the regulators in time?
Danendra jain
Ganaraj choumuhani Agartala
11.05.2010
Sunday, May 2, 2010
Please conduct CBI inquiry on captioned persons
Will you please help me and servicemen in general on following points:-
When a bank or any government office is unable to promote an employee due to shortage of vacancies in upper cadre , bank should not stagnate the employee only because he has reached the last stage of his scale .This is a fundamental question concerning all employees who are not getting annual increment only because he could not get promotion in time due to management’s fault or due to corrupt interview panel who promote an employee not on the basis of performance but on the basis of gift or money he receives from the employee.
In this age of flattery there is no respect for policy or performance. An officer is promoted only when he or she has a God father in upper echelon or he has pleased his boss with huge gifts in cash or in kind or bought and motivated the top executive who is a member of Interview panel.
In my opinion there should not be any scope of Interview for existing employee for giving him promotion because quality of his services have already been tested and attested by management for a decade or two or even three.
Even 25 marks allotted for Interview in any departmental promotion processes are enough to make or mar the career of an officer in a bank or any government office. It is a bitter truth of our country that a corrupt officer get 25 out of 25 in interview process whereas a performer get hardly 10 out of 25 which results in diluting the effect of performance of an employee or good marks obtained by him in his appraisals.
This is happening in even government departments and this is why, whenever a new Chief Minister takes charge of a state several IAS officers and IPS officers are transferred from one place to another as per whims and fancies of the ministers in the new government. All decisions are taken on the basis of earning capacity of the officer who can share his illegal earnings with the minister or support the minister in carrying out his illegal tasks for the benefit of his kith and kin or his party men.
In conclusion there should not be any stagnation in any scale of any cadre of any officer of any department or office or bank and there should be no Interview for existing employees to be promoted. In my opinion whimsical posting, arbitrary promotions and abrupt but ill motivated transfers are the root causes of all corrupt practices prevailing in the Indian administrative, judiciary and political system. It is the power delegated to persons sitting at post empowered to take whimsical decisions which irrigates and promotion the culture of flattery and demotivates the person who actually work and believe in honest performance.
It is unfortunate that no remedy can be obtained even through courts even after lapse of a decade or two .This is the reason that management of a bank or any office indulge in selling promotions and postings and in turn increasing the level of corruption.
I therefore request you to file PIL or any suitable court case which can immediately stop unhealthy practices. You can start with stopping the ongoing promotion processes in a bank. I hope you will take the initiative and oblige serving employees of the country.
3rd May 2010
When a bank or any government office is unable to promote an employee due to shortage of vacancies in upper cadre , bank should not stagnate the employee only because he has reached the last stage of his scale .This is a fundamental question concerning all employees who are not getting annual increment only because he could not get promotion in time due to management’s fault or due to corrupt interview panel who promote an employee not on the basis of performance but on the basis of gift or money he receives from the employee.
In this age of flattery there is no respect for policy or performance. An officer is promoted only when he or she has a God father in upper echelon or he has pleased his boss with huge gifts in cash or in kind or bought and motivated the top executive who is a member of Interview panel.
In my opinion there should not be any scope of Interview for existing employee for giving him promotion because quality of his services have already been tested and attested by management for a decade or two or even three.
Even 25 marks allotted for Interview in any departmental promotion processes are enough to make or mar the career of an officer in a bank or any government office. It is a bitter truth of our country that a corrupt officer get 25 out of 25 in interview process whereas a performer get hardly 10 out of 25 which results in diluting the effect of performance of an employee or good marks obtained by him in his appraisals.
This is happening in even government departments and this is why, whenever a new Chief Minister takes charge of a state several IAS officers and IPS officers are transferred from one place to another as per whims and fancies of the ministers in the new government. All decisions are taken on the basis of earning capacity of the officer who can share his illegal earnings with the minister or support the minister in carrying out his illegal tasks for the benefit of his kith and kin or his party men.
In conclusion there should not be any stagnation in any scale of any cadre of any officer of any department or office or bank and there should be no Interview for existing employees to be promoted. In my opinion whimsical posting, arbitrary promotions and abrupt but ill motivated transfers are the root causes of all corrupt practices prevailing in the Indian administrative, judiciary and political system. It is the power delegated to persons sitting at post empowered to take whimsical decisions which irrigates and promotion the culture of flattery and demotivates the person who actually work and believe in honest performance.
It is unfortunate that no remedy can be obtained even through courts even after lapse of a decade or two .This is the reason that management of a bank or any office indulge in selling promotions and postings and in turn increasing the level of corruption.
I therefore request you to file PIL or any suitable court case which can immediately stop unhealthy practices. You can start with stopping the ongoing promotion processes in a bank. I hope you will take the initiative and oblige serving employees of the country.
3rd May 2010
Saturday, April 3, 2010
Who knows real NPA
It has been the demand of many bankers before RBI to relax norms for classification of assets as Non performing Assets. It is because most of banks are showing profits by hiding bad assets and cutting down the amount of provision and booking inflated profit on unearned income. Banks know very well that concealed NPA are likelty to explode if norms are norms are relaxed by RBI.
RBI has infused capital in so many banks so many times in the past because they also know very well how bankers are cooking their balance sheets by concealing bad assets and window dressing in credit delivery and deposit mobilization. Government of India waived loans of 70000 crores last year before the evil activities of banks are revealed by Auditors. Waiver of loan and compromise settlement is an on going process where banks are constrained to sacrifice good money in bad hands.
CMD who flatter Ministry and key figure in the government is believed blindly as long as big exposure takes place as happened with Satyam Computers. Once upon a time Chairman of Indian bank was most beloved figure in banking circle, but when reality came on the floor, he was thrown out of system. I have been regularly writing on various forums on this subject in my language and as peer my competence to open the eyes of person sitting at the top of affairs. In banks , an officer who try to say the truth is thrown ina remotest place to shut his mouth.
As a matter of fact none wants to say and accept the truth and think it wise to remain in fool’s paradise.
There are several Harshad Mehtas, several Raju, many Ketan Parikh, many Natwarlals ,Many Kodas,many fake Sai Babas, Many Icchadharis, a lot of Mayawatis,several Lalus , hundreds of Mulayams, plenty of Rabri Devi in our country who earn unparallel popularity and after a few years face severest erosion in it and have to bear with just reversal in popularity with greater momentum. When they go up in their ladder even if by fake means, media and so called great leaders start worshiping them, following them blindly.
In share market when share prices of a script goes up, all experts on TV and all investors start recommending and buying it. Suddenly real value of that script comes on the floor and all experts starting giving negative news for the same script. Similarly some people are worshipped and condemned without knowing the facts.
Is there anyone who will investigate and discover the real and intrinsic value of PSU BANKS?
Danendra Jain
Ganaraj Chumuhani
Agartala
03.04.2010
Saturday, March 13, 2010
Manage bank honestly
Can CMD like MVNair ensure long lasting good health of the bank with the help of bad General Managers? Can Mr. Nair portray attractive balance sheet for long without window dressing when his most of General Managers are corrupt, charge sheeted or facing CBI inquiry.
When General Managers are not of sound mind and spotless integrity, can they expect their juniors to be clean and loyal to bank? When executive holding top posts are not honest and loyal to the bank, honest and efficient junior officers in the field cannot dream of getting promotion and good posting.
This is a bank where promotions take place completely on the whims of Interviewer. Officers who do not toe the line of bosses are posted at critical places. Charge sheeted officers, General Managers, DGMs and AGMs in Mumbai or in any Metro are not transferred out of their home town. But officers belonging to other states who are not having any God father at Administrative offices are posted at such branches which were spoilt by flatter and corrupt officers and who left no stone unturned to keep boss happy through gifting of costly and precious items.
After all who can stop this unhealthy culture prevailing in a bank when person sitting at the helm of affairs are corrupt and shielded by God father in Banking Division in Delhi or RBI or Ministry of Finance. There are many Satyam like Raju in all banks. It is a matter of time when real exposure of these mischievous persons takes place. Yes it is true that by the time their exposure takes place career of many good persons will be spoilt, ruined and raped.
I have however no doubt that future generation will curse MVNair and blame his policy for the fate of bank, though MVNair as a man is very much effective, assertive and knowledgeable.
When General Managers are not of sound mind and spotless integrity, can they expect their juniors to be clean and loyal to bank? When executive holding top posts are not honest and loyal to the bank, honest and efficient junior officers in the field cannot dream of getting promotion and good posting.
This is a bank where promotions take place completely on the whims of Interviewer. Officers who do not toe the line of bosses are posted at critical places. Charge sheeted officers, General Managers, DGMs and AGMs in Mumbai or in any Metro are not transferred out of their home town. But officers belonging to other states who are not having any God father at Administrative offices are posted at such branches which were spoilt by flatter and corrupt officers and who left no stone unturned to keep boss happy through gifting of costly and precious items.
After all who can stop this unhealthy culture prevailing in a bank when person sitting at the helm of affairs are corrupt and shielded by God father in Banking Division in Delhi or RBI or Ministry of Finance. There are many Satyam like Raju in all banks. It is a matter of time when real exposure of these mischievous persons takes place. Yes it is true that by the time their exposure takes place career of many good persons will be spoilt, ruined and raped.
I have however no doubt that future generation will curse MVNair and blame his policy for the fate of bank, though MVNair as a man is very much effective, assertive and knowledgeable.
Thursday, February 25, 2010
M V Nair,S L bansal ,Vijendra , Bikash Mahapatra, BD Mishra, Duggal, Chauhan
Everyday news about GDP growth or bank lending rate comes on TV and newsprint. Chairman of ICICI or HDFC or SBI or PNB or Union Bank whoever he or she may be, they are inclined to give such a statement which suits wishes of government. They are number one yes-men of Ministers and they are invariably surrounded by corrupt and CBI case ridden General Managers .When General Managers are facing CBI inquiry and are not punished by Chairman of any bank it shows how much corrupt and false they themselves are. Executives more often than not, are addicted to speak lie and concoct figure. Therefore if these CEO talks about stable interest rate regime or social inclusion it appears ridiculous and ludicrous. Neither can one believe on statistics submitted by them or bad loans or real health of economy.
Even Chartered Accountants or Credit rating agencies are not doing their job honestly. Based on some statistics or the other they are simply predicting the probable NPA percentage in banks based on some premise or the other. They believe on balance sheet data of last year which I do not believe. . If they look into the books /CBS system of at least five banks in five towns or ten towns in a state say Jharkhand or Bihar and they assess personally without believing any word from banker I think reality will precipitate. But before that rating agency has to learn prudential norms of the banks very carefully and then work for this task seriously at least for three months. I think bad loan percentage will be at least five times of what they are exhibited in balance sheets.
An officer who is not well versed in modern tact of keeping boss happy or not master in cooking figure cannot become executive. An officer who is not tactful in earning money and share with bosses cannot dream of becoming executive. When corruption is at large scale at higher level even CBI or CVC will not pursue the case. Even Ministry of Finance will remain silent. RBI officers and inspectors will submit favourable report.
One can imagine what is happening in a bank where all General Managers like Vijendra, Bansal, Govindan are surrounding the Managing director of that bank and not punished even after various charges. It may be also be guessed who are the God fathers behind such heavyweights .In such sorry state of affairs one cannot dream of good health of bank and neither can he believe on the preaching of these CEOs of the bank. In such bank good officers cannot dream of promotion or good posting. And this is bitter truth that a bank cannot show stable growth without the whole hearted support of field workers. When field functionaries are ingeneral unhappy they cannot be loyal but they can be good flatterer.It is therefore hard nut to crack to assess the real health of any bank.
Even Chartered Accountants or Credit rating agencies are not doing their job honestly. Based on some statistics or the other they are simply predicting the probable NPA percentage in banks based on some premise or the other. They believe on balance sheet data of last year which I do not believe. . If they look into the books /CBS system of at least five banks in five towns or ten towns in a state say Jharkhand or Bihar and they assess personally without believing any word from banker I think reality will precipitate. But before that rating agency has to learn prudential norms of the banks very carefully and then work for this task seriously at least for three months. I think bad loan percentage will be at least five times of what they are exhibited in balance sheets.
An officer who is not well versed in modern tact of keeping boss happy or not master in cooking figure cannot become executive. An officer who is not tactful in earning money and share with bosses cannot dream of becoming executive. When corruption is at large scale at higher level even CBI or CVC will not pursue the case. Even Ministry of Finance will remain silent. RBI officers and inspectors will submit favourable report.
One can imagine what is happening in a bank where all General Managers like Vijendra, Bansal, Govindan are surrounding the Managing director of that bank and not punished even after various charges. It may be also be guessed who are the God fathers behind such heavyweights .In such sorry state of affairs one cannot dream of good health of bank and neither can he believe on the preaching of these CEOs of the bank. In such bank good officers cannot dream of promotion or good posting. And this is bitter truth that a bank cannot show stable growth without the whole hearted support of field workers. When field functionaries are ingeneral unhappy they cannot be loyal but they can be good flatterer.It is therefore hard nut to crack to assess the real health of any bank.
Saturday, February 20, 2010
Stimulus Funda
I am not an economist, nor an expert in finance management of the government. I however try to project my feelings. Liquidity crisis or Sub Prime Crisis occurred in USA and other European countries. How did it affect Indian economy in the year 2008 which forced Indian Government to sanction stimulus package in line with what Obama did in USA.I am unable to understand it. Can anyone help me?
I came to know that since FII were withdrawing money from stock market, India’s economy has been shaken. It means our great miracle economy of the world depends on FII fund and survives due to FII fund.
Some intelligent persons tell that due to financial problems in USA, they had blocked payment of exports made by Indian businessmen. This resulted in liquidity crisis in many countries. Some says that export of goods has suffered a lot.
Is it true that export proceeds of goods exported to USA or any other countries were stopped by importing countries?
If not how did it result in liquidity crisis? When foreign countries stop import, real problem may arise in selling exportable goods in domestic market.
If export proceeds were really stopped by importing nations like USA, government could have been justified in sanctioning financial package for such affected exporters or manufacturers, but not justified in allowing benefit to all.
CRR and SLR were reduced to release liquidity for banks. Is it justified to provide such liquidity (interest free fund) to all banks whether they were associated with affected exporters or manufacturers or not?
Even if it is considered that release of liquidity or relaxation in tax in general without discriminating the real victim of said sub prime crisis of USA was justified, the matter of vital concern is whether government has ensured that affected units have actually benefited in any way from the said stimulus package.
Has government ensured that domestic demand of exportable goods has been created to compensate loss caused due to stoppage of exports?
If domestic demand has not increased, how the said affected units have utilized the stimulus package and how they could maintain the same turnover as they used to exhibit through export proceeds?
Has government tried to ascertain the proportion of stimulus package released for banks used for growth of manufacturing or export sector and what proportion invested in MF or parked in RBI at Repo rate to earn interest or dividend?
Is it not true that excess of fund provided to business units, traders, manufacturers and exporters resulted in huge hoarding, black-marketing and abnormal profit making?
If it is true, government should admit that the current price rise is nothing but the making of the government.
Income of poor people did not rise but prices showed relentlessly rise and this resulted in considerable erosion in purchasing capacity of poor and middleclass families. As a result demand of the consumer goods at grass root level has sharply come down.
Had the government avoided stimulus package, the exportable goods could have come in the domestic price at reasonable price and demand could have gone up to a considerable height and the end result could have given a boost to manufacturers and traders.
Further the government could have used the fund released through stimulus package in carrying out additional public investment to create additional demand and additional employment opportunities.
If there is a little bit relevance in points raised by me I think government should not hesitate in withdrawing stimulus package in gradual and comfortable manner. This will help in combating inflation and ease the burden of poor to a good extent.
If liquidity from banks is withdrawn, banks will not invest in MF, will not park surplus fund in RBI to earn interest at repo rate and at least not opt for sub-PLR lending to corporate or to real estate sector which benefits none other than upper class of the society.
Banks will be forced to mobilize deposit at some higher rate which will benefit poor and middle class families and pensioners to a greater extent. If lending rate to corporate goes a little bit higher, if rate for housing loan or loan for car goes higher I am very much confident and the experience of pre-reformation era reaffirms my belief that sale of these luxurious goods will not come down and neither nay corporate sector will stop their activities on account of little rise in borrowing rates.
It is ironical that the government which is talking of social inclusion to attract Indian voters is also talking of merger of banks or infusion of fresh capital into PSU banks to enable them to compete with global banks which caused crisis in USA and other countries. When they plead consolidation of banks in raising exposure limit of the banks they perhaps forget the interest of common men or the issue of social inclusion.
Can I conclude now that the fear of global recession in India was artificial and virtual and maintenance of growth rate achieved by dint of the said stimulus package is also imaginary, unreal and willful exaggerated to hide the faulty policy and faulty execution of government’s good policies?
Danendra Jain
Ganaraj Choumuhani
Agartala 799001
18th Feb 2009
I came to know that since FII were withdrawing money from stock market, India’s economy has been shaken. It means our great miracle economy of the world depends on FII fund and survives due to FII fund.
Some intelligent persons tell that due to financial problems in USA, they had blocked payment of exports made by Indian businessmen. This resulted in liquidity crisis in many countries. Some says that export of goods has suffered a lot.
Is it true that export proceeds of goods exported to USA or any other countries were stopped by importing countries?
If not how did it result in liquidity crisis? When foreign countries stop import, real problem may arise in selling exportable goods in domestic market.
If export proceeds were really stopped by importing nations like USA, government could have been justified in sanctioning financial package for such affected exporters or manufacturers, but not justified in allowing benefit to all.
CRR and SLR were reduced to release liquidity for banks. Is it justified to provide such liquidity (interest free fund) to all banks whether they were associated with affected exporters or manufacturers or not?
Even if it is considered that release of liquidity or relaxation in tax in general without discriminating the real victim of said sub prime crisis of USA was justified, the matter of vital concern is whether government has ensured that affected units have actually benefited in any way from the said stimulus package.
Has government ensured that domestic demand of exportable goods has been created to compensate loss caused due to stoppage of exports?
If domestic demand has not increased, how the said affected units have utilized the stimulus package and how they could maintain the same turnover as they used to exhibit through export proceeds?
Has government tried to ascertain the proportion of stimulus package released for banks used for growth of manufacturing or export sector and what proportion invested in MF or parked in RBI at Repo rate to earn interest or dividend?
Is it not true that excess of fund provided to business units, traders, manufacturers and exporters resulted in huge hoarding, black-marketing and abnormal profit making?
If it is true, government should admit that the current price rise is nothing but the making of the government.
Income of poor people did not rise but prices showed relentlessly rise and this resulted in considerable erosion in purchasing capacity of poor and middleclass families. As a result demand of the consumer goods at grass root level has sharply come down.
Had the government avoided stimulus package, the exportable goods could have come in the domestic price at reasonable price and demand could have gone up to a considerable height and the end result could have given a boost to manufacturers and traders.
Further the government could have used the fund released through stimulus package in carrying out additional public investment to create additional demand and additional employment opportunities.
If there is a little bit relevance in points raised by me I think government should not hesitate in withdrawing stimulus package in gradual and comfortable manner. This will help in combating inflation and ease the burden of poor to a good extent.
If liquidity from banks is withdrawn, banks will not invest in MF, will not park surplus fund in RBI to earn interest at repo rate and at least not opt for sub-PLR lending to corporate or to real estate sector which benefits none other than upper class of the society.
Banks will be forced to mobilize deposit at some higher rate which will benefit poor and middle class families and pensioners to a greater extent. If lending rate to corporate goes a little bit higher, if rate for housing loan or loan for car goes higher I am very much confident and the experience of pre-reformation era reaffirms my belief that sale of these luxurious goods will not come down and neither nay corporate sector will stop their activities on account of little rise in borrowing rates.
It is ironical that the government which is talking of social inclusion to attract Indian voters is also talking of merger of banks or infusion of fresh capital into PSU banks to enable them to compete with global banks which caused crisis in USA and other countries. When they plead consolidation of banks in raising exposure limit of the banks they perhaps forget the interest of common men or the issue of social inclusion.
Can I conclude now that the fear of global recession in India was artificial and virtual and maintenance of growth rate achieved by dint of the said stimulus package is also imaginary, unreal and willful exaggerated to hide the faulty policy and faulty execution of government’s good policies?
Danendra Jain
Ganaraj Choumuhani
Agartala 799001
18th Feb 2009
Thursday, February 18, 2010
Respected Manmohan Singh
I am not an economist, nor an expert in finance management of the government. I however try to project my feelings. Liquidity crisis or Sub Prime Crisis occurred in USA and other European countries. How did it affect Indian economy in the year 2008 which forced Indian Government to sanction stimulus package in line with what Obama did in USA.
Is it true that export proceeds of goods exported to USA or any other countries were stopped by importing countries?
If not how did it result in liquidity crisis? When foreign countries stops import , real problem may arise in selling exportable goods in domestic market.
If export proceeds were really stopped by importing nations like USA, government could have been justified in sanctioning financial package for such affected exporters or manufacturers, but not justified in allowing benefit to all.
CRR and SLR were reduced to release liquidity for banks. Is it justified to provide such liquidity (interest free fund) to all banks whether they were associated with affected exporters or manufacturers or not?
Even if it is considered that release of liquidity or relaxation in tax in general without discriminating the real victim of said sub prime crisis of USA was justified, the matter of vital concern is whether government has ensured that affected units have actually benefited in any way from the said stimulus package.
Has government ensured that domestic demand of exportable goods has been created to compensate loss caused due to stoppage of exports?
If domestic demand has not increased, how the said affects units have utilized the stimulus package and how they could maintain the same turnover as they used to exhibit through export proceeds?
Has government tried to ascertain the proportion of stimulus package released for banks used for growth of manufacturing or export sector and what proportion invested in MF or parked in RBI at Repo rate to earn interest or dividend?
Is it not true that excess of fund provided to business units, traders, manufacturers and exporters resulted in huge hoarding, black-marketing and abnormal profit making?
If it is true, government should admit that the current price rise is nothing but the making of the government.
Income of poor people did not rise but prices showed relentless rise and this resulted in considerable erosion in purchasing capacity of poor and middleclass families. As a result demand of the consumer goods at grass root level has sharply come down.
Had the government avoided stimulus package, the exportable goods could have come in the domestic price at reasonable price and demand could have gone up to a considerable height and the end result could have given a boost to manufacturers and traders.
Further the government could have used the fund released through stimulus package in carrying out additional public investment to create additional demand and additional employment opportunities.
If there is a little bit relevance in points raised by me I think government should not hesitate in withdrawing stimulus package in gradual and comfortable manner. This will help in combating inflation and ease the burden of poor to a good extent.
If liquidity from banks is withdrawn, banks will not invest in MF, will not park surplus fund in RBI to earn interest at repo rate and at least not opt for sub-PLR lending to corporate or to real estate sector which benefits none other than upper class of the society.
Banks will be forced to mobilize deposit at some higher rate which will benefit poor and middle class families and pensioners to a greater extent. If lending rate to corporate goes a little bit higher, if rate for housing loan or loan for car goes higher I am very much confident and the experience of pre-reformation era reaffirms my belief that sale of these luxurious goods will not come down and neither nay corporate sector will stop their activities on account of little rise in borrowing rates.
Can I conclude now that the fear of global recession in India was artificial and maintenance of growth rate achieved by dint of the said stimulus package is also imaginary, unreal and willful exaggerated to hide the faulty policy and faulty execution of government’s good policies?
Danendra Jain
Ganaraj Choumuhani
Agartala 799001
18th Feb 2009
Is it true that export proceeds of goods exported to USA or any other countries were stopped by importing countries?
If not how did it result in liquidity crisis? When foreign countries stops import , real problem may arise in selling exportable goods in domestic market.
If export proceeds were really stopped by importing nations like USA, government could have been justified in sanctioning financial package for such affected exporters or manufacturers, but not justified in allowing benefit to all.
CRR and SLR were reduced to release liquidity for banks. Is it justified to provide such liquidity (interest free fund) to all banks whether they were associated with affected exporters or manufacturers or not?
Even if it is considered that release of liquidity or relaxation in tax in general without discriminating the real victim of said sub prime crisis of USA was justified, the matter of vital concern is whether government has ensured that affected units have actually benefited in any way from the said stimulus package.
Has government ensured that domestic demand of exportable goods has been created to compensate loss caused due to stoppage of exports?
If domestic demand has not increased, how the said affects units have utilized the stimulus package and how they could maintain the same turnover as they used to exhibit through export proceeds?
Has government tried to ascertain the proportion of stimulus package released for banks used for growth of manufacturing or export sector and what proportion invested in MF or parked in RBI at Repo rate to earn interest or dividend?
Is it not true that excess of fund provided to business units, traders, manufacturers and exporters resulted in huge hoarding, black-marketing and abnormal profit making?
If it is true, government should admit that the current price rise is nothing but the making of the government.
Income of poor people did not rise but prices showed relentless rise and this resulted in considerable erosion in purchasing capacity of poor and middleclass families. As a result demand of the consumer goods at grass root level has sharply come down.
Had the government avoided stimulus package, the exportable goods could have come in the domestic price at reasonable price and demand could have gone up to a considerable height and the end result could have given a boost to manufacturers and traders.
Further the government could have used the fund released through stimulus package in carrying out additional public investment to create additional demand and additional employment opportunities.
If there is a little bit relevance in points raised by me I think government should not hesitate in withdrawing stimulus package in gradual and comfortable manner. This will help in combating inflation and ease the burden of poor to a good extent.
If liquidity from banks is withdrawn, banks will not invest in MF, will not park surplus fund in RBI to earn interest at repo rate and at least not opt for sub-PLR lending to corporate or to real estate sector which benefits none other than upper class of the society.
Banks will be forced to mobilize deposit at some higher rate which will benefit poor and middle class families and pensioners to a greater extent. If lending rate to corporate goes a little bit higher, if rate for housing loan or loan for car goes higher I am very much confident and the experience of pre-reformation era reaffirms my belief that sale of these luxurious goods will not come down and neither nay corporate sector will stop their activities on account of little rise in borrowing rates.
Can I conclude now that the fear of global recession in India was artificial and maintenance of growth rate achieved by dint of the said stimulus package is also imaginary, unreal and willful exaggerated to hide the faulty policy and faulty execution of government’s good policies?
Danendra Jain
Ganaraj Choumuhani
Agartala 799001
18th Feb 2009
Friday, February 12, 2010
Will RBI look into
Number of officers serving in a bank are working in Metro area since joining and on the other hand hundreds of others are forced to work in rural areas since joining?
Will RBI conduct sincere audit of at least ten big and old branches of top five banks in the state of Jharkhand and conduct of executives of that bank to know and understand how much deep rooted corruption is prevailing in banks not only in the term of money but human values
Will RBI conduct sincere audit of at least ten big and old branches of top five banks in the state of Jharkhand and conduct of executives of that bank to know and understand how much deep rooted corruption is prevailing in banks not only in the term of money but human values
Wednesday, February 10, 2010
Economic Growth
EVERYDAY ONE VIP OR THE OTHER, EITHER FORM GOVERNMENT OF INDIA OR RBI OR CONGRESS PARTY WILL TALK OF GDP GROWTH AND Financial Newspaper PUBLISH THE SAME in their NEWSPAPER.
Fact is that ninety nine point nine percent of Indian population do not read or do not understand newspaper and they at least do not understand what GDP is, whether it is Gross domestic Product of economists or Garibi Development Project of ruling government or Gross Domestic Poverty of the country which is rising at 6 to 9%. Common men know and understand easily that Poor are growing poorer, number of poor persons is increasing year after year and rich people are growing riche and richer. Basket of goods bought b majority of Indians is shrinking day by day due to decreasing earning and increasing prices
Where from GDP growth claimed by Government after all comes from?
How GDP growth is calculated and how does it reflect the true picture of people living below poverty line?
Even poverty line is based on all criteria. If poverty line is redefined keeping in view current price rise and change in nature of essential goods or based on actual need of calorie intake I hope astonishing and astronomical rise in poverty will expose the hollowness of GDP growth hyped by economists, media persons and ruling echelons.
Fact is that ninety nine point nine percent of Indian population do not read or do not understand newspaper and they at least do not understand what GDP is, whether it is Gross domestic Product of economists or Garibi Development Project of ruling government or Gross Domestic Poverty of the country which is rising at 6 to 9%. Common men know and understand easily that Poor are growing poorer, number of poor persons is increasing year after year and rich people are growing riche and richer. Basket of goods bought b majority of Indians is shrinking day by day due to decreasing earning and increasing prices
Where from GDP growth claimed by Government after all comes from?
How GDP growth is calculated and how does it reflect the true picture of people living below poverty line?
Even poverty line is based on all criteria. If poverty line is redefined keeping in view current price rise and change in nature of essential goods or based on actual need of calorie intake I hope astonishing and astronomical rise in poverty will expose the hollowness of GDP growth hyped by economists, media persons and ruling echelons.
Monday, February 1, 2010
RBI role is limited on Price Rise
Airfare seems to be reasonable if you book your ticket one month in advance. But it goes on increasing if you delay in booking the ticket. The more you reach to nearer to date of your travel by air, the more you will be charged by private ailines. It means your urgency of travel will cost you higher fare. It is remarkable to point out here that for journey from Agartala to Delhi varies from Rs. 3000 to Rs. 23000 depending upon the date of travel and the private airlines you choose. It differs from one private airline to other. Rate are decided in completely whimsical manner and government is silent spectator of all these arbitrary charging of fares by private airlines. Even Government sponsored Air India and Indian Airline does not hesitate to charge higher fare though they book loss even after recovering maximum rate.
There is complete freedom to airline to exploit the passenger whenever there is increase in number of passenger on any particular date due to festival or marriage season or due to strike by any of private airline. Government has for all practical purposes turned blind eyes towards arbitrary rule of flight owners.
You may imagine the fate of passenger who travels by train or by bus or by taxi, if they also start exploiting the passengers in the same way. You will be frightened to think of a situation if traders in other essential goods also start charging higher rate depending upon the demand in the market of a particular goods or service. It is therefore not astonishing that traders first hoard lacs of tons of sugar in their hidden godowns, create artificial crisis and then raise sugar price in the market. Similar is the fate of wheat, rice, pulses, potatoes, onions and many other essential goods.
Government has no right to regulate the bus fare or train fare (if privatized as airlines) or the prices of essential goods in an era when government has given freedom to traders and manufacturers. This is perhaps the root cause of unprecedented price rise in all sphere of life and increase in inflation number.
It is interesting to point out here that prices of TV, freeze, washing machines, CD players, Computers, have not increased in last few years, rather decreased because of the fact that demand of these goods is confined to microscopically small portion of population. More than 95% of population has faced severe erosion in their buying capacity due to rise in price of essential goods disproportionate to their rise in salary or income from their business.
RBI or government of India shedding crocodile tears on price rise and in fact they do not have moral to advise traders to fix reasonable rate of any goods or service or to have a reasonable profit margin and there is no doubt in it that the government willfully have taken no steps to stop profit making and hoarding activities undertaken by traders to give an artificial boost to prices of essential goods.
After all we are living an era of privatization, liberalization and globalization and our policies are traders friendly. We are no more protagonists of socialistic policies; we are in fact marching towards capitalistic pattern. Even voters preferred voting Manmohan Singh Government who advocates complete freedom to traders in the name of global competition. The more you are rich, the more favour you will get from Government. Reliance, Tata, Mittal etc will get discount in tax, reduction in interest rate, preference in land acquisition and what not. But when milk produces and farmers talk of tax rebate government will talk of financial deficit and resource crunch. Government can provide cheap land or even free land to those people who establish engineering or medical college. But the same government cannot advise college owners to charge reasonable fees from students.
Gone are the days when cigarette, wine, freeze, cars etc were taxed more, gones are the days when home loan and car loans were given by banks at higher rate of interest. Now a days banks are asking for freedom in interest rate for charging higher rates to farmers because they are of the view that farmers should be given credit at rate higher than BPLR and they advise farmers to depend on local money lenders or local banks contemplated by RBI .On the other hand banks are ready to give Sub PLR credit to corporate, home loan seekers, real estate developers, luxury goods manufacturers. Students are given loan so that they become capable in paying exorbitant college fees to college owners and take admission in private colleges. But the same government does not think it morally prudent and wise to ensure that students are charged reasonable fees. After all it is an era of freedom and freedom only for those people who hail from affluent class of society.
This is why poor are growing poorer and riches are growing richer. Gap between the have and have –not is widening day by day. It will not be an exaggeration to say that poor are leading a life of slave though they are given freedom of speech and freedom of occupation and though education has been made mandatory upto secondary level. Politicians are therefore deviating the minds of poor, middle class and downtrodden class from their poverty, their unemployment, their incapacitance and incompetence to their caste, religion, region or language. Leaders like Bal Thakre, Raj Thakre, Ashok Chauhan therefore think it wise to talk of Marathi Manush and Marathi language. Lalu Yadav, Mulayam Yadav, Mayawati like VIPs do not feel shame in talking of Yadavs, Dalits, OBCs and Muslims. Politicians in general therefore do not feel shame in talking of reservation or quota because they expect to get support from many voters. Leaders try to avoid talk on hardships of common men and try their best to arouse emotions of common men and enrich their vote bank so that their castle of power remain intact even under acute economic crisis and severest recession or draught or fraud or any other natural calamity. Leaders do not hesitate in supporting or getting support from Naxalites or terrorists or anti national elements if their survival in powerful post is at stake.
Let us therefore not cry, weep for beg for alms from our political leaders, better to starve and accept painful death. It is not out of place to point out there that poor people cannot even dream of proper medical treatment if they fall sick in lack of nutritious food or water or due to polluted climate. Global warming also do not affect rich people and it is poor who become victim of pollution in the environment.
It is However God, and God alone who come to rescue of common men in all bad days. Government is after all of the rich people, for the rich people and by the rich people.
Danendra jain ganarah choumuhani Agartala 799001
1st Fab 2010
There is complete freedom to airline to exploit the passenger whenever there is increase in number of passenger on any particular date due to festival or marriage season or due to strike by any of private airline. Government has for all practical purposes turned blind eyes towards arbitrary rule of flight owners.
You may imagine the fate of passenger who travels by train or by bus or by taxi, if they also start exploiting the passengers in the same way. You will be frightened to think of a situation if traders in other essential goods also start charging higher rate depending upon the demand in the market of a particular goods or service. It is therefore not astonishing that traders first hoard lacs of tons of sugar in their hidden godowns, create artificial crisis and then raise sugar price in the market. Similar is the fate of wheat, rice, pulses, potatoes, onions and many other essential goods.
Government has no right to regulate the bus fare or train fare (if privatized as airlines) or the prices of essential goods in an era when government has given freedom to traders and manufacturers. This is perhaps the root cause of unprecedented price rise in all sphere of life and increase in inflation number.
It is interesting to point out here that prices of TV, freeze, washing machines, CD players, Computers, have not increased in last few years, rather decreased because of the fact that demand of these goods is confined to microscopically small portion of population. More than 95% of population has faced severe erosion in their buying capacity due to rise in price of essential goods disproportionate to their rise in salary or income from their business.
RBI or government of India shedding crocodile tears on price rise and in fact they do not have moral to advise traders to fix reasonable rate of any goods or service or to have a reasonable profit margin and there is no doubt in it that the government willfully have taken no steps to stop profit making and hoarding activities undertaken by traders to give an artificial boost to prices of essential goods.
After all we are living an era of privatization, liberalization and globalization and our policies are traders friendly. We are no more protagonists of socialistic policies; we are in fact marching towards capitalistic pattern. Even voters preferred voting Manmohan Singh Government who advocates complete freedom to traders in the name of global competition. The more you are rich, the more favour you will get from Government. Reliance, Tata, Mittal etc will get discount in tax, reduction in interest rate, preference in land acquisition and what not. But when milk produces and farmers talk of tax rebate government will talk of financial deficit and resource crunch. Government can provide cheap land or even free land to those people who establish engineering or medical college. But the same government cannot advise college owners to charge reasonable fees from students.
Gone are the days when cigarette, wine, freeze, cars etc were taxed more, gones are the days when home loan and car loans were given by banks at higher rate of interest. Now a days banks are asking for freedom in interest rate for charging higher rates to farmers because they are of the view that farmers should be given credit at rate higher than BPLR and they advise farmers to depend on local money lenders or local banks contemplated by RBI .On the other hand banks are ready to give Sub PLR credit to corporate, home loan seekers, real estate developers, luxury goods manufacturers. Students are given loan so that they become capable in paying exorbitant college fees to college owners and take admission in private colleges. But the same government does not think it morally prudent and wise to ensure that students are charged reasonable fees. After all it is an era of freedom and freedom only for those people who hail from affluent class of society.
This is why poor are growing poorer and riches are growing richer. Gap between the have and have –not is widening day by day. It will not be an exaggeration to say that poor are leading a life of slave though they are given freedom of speech and freedom of occupation and though education has been made mandatory upto secondary level. Politicians are therefore deviating the minds of poor, middle class and downtrodden class from their poverty, their unemployment, their incapacitance and incompetence to their caste, religion, region or language. Leaders like Bal Thakre, Raj Thakre, Ashok Chauhan therefore think it wise to talk of Marathi Manush and Marathi language. Lalu Yadav, Mulayam Yadav, Mayawati like VIPs do not feel shame in talking of Yadavs, Dalits, OBCs and Muslims. Politicians in general therefore do not feel shame in talking of reservation or quota because they expect to get support from many voters. Leaders try to avoid talk on hardships of common men and try their best to arouse emotions of common men and enrich their vote bank so that their castle of power remain intact even under acute economic crisis and severest recession or draught or fraud or any other natural calamity. Leaders do not hesitate in supporting or getting support from Naxalites or terrorists or anti national elements if their survival in powerful post is at stake.
Let us therefore not cry, weep for beg for alms from our political leaders, better to starve and accept painful death. It is not out of place to point out there that poor people cannot even dream of proper medical treatment if they fall sick in lack of nutritious food or water or due to polluted climate. Global warming also do not affect rich people and it is poor who become victim of pollution in the environment.
It is However God, and God alone who come to rescue of common men in all bad days. Government is after all of the rich people, for the rich people and by the rich people.
Danendra jain ganarah choumuhani Agartala 799001
1st Fab 2010
Friday, January 22, 2010
Pakistan should restrain from bakwas on IPL
How would India have reacted if Indians players were given the same treatment in Pakistan? Many similar questions arise in the mind of Indians and one must ponder over it to find out the true reason. I however like to submit as under:
There is no question of any reaction. There are many goods which are favoured by one country but rejected by others. Buyers have the liberty to choose commodity of their own choice. Seller (players are selling their game) have got no choice and the country has got no role to play where the deal is between buyer and seller.
So far as rejection of Pakistani players is concerned, it is to be kept in mind that even players from Australia, Zimbabwe or some other countries have also not been bought by IPL participants. Pakistan is for no reason unhappy and irritated and showing unwarranted anger and crying for retort like street mongers. Still singer and musician, hockey players and other skilled persons from Pakistan are coming in India from time to time and they are extended warm welcome in India when they earn good image,.
Unfortunately image of Pakistani players has suffered great erosion all over the world during last decade and more. Any businessman does not want disturbance in his business. Bad employees are kept away from valuable discussion and policy framing policy in all fields of life and business including IPL. Even in family bad guys are isolated and kept away from important discussions. Choosing the best employees, best workers, best plaers, best singers for doing any type of business is nothing new but a natural phenomenon in all business activities.
Cricket play IPL is not a national activity. There is negligible role of the government in such ventures In fact Pakistan is trying to divert the attention of Pakistani citizens from the assault of Talibani militants and trying to hide its faulty policies of supporting terrorism. Pakistan is trying to bring back Kashmir in focus and keep animosity with India alive by hook or by crook. “Khisyayi Billi Khamba Noche.”
This is the reason that Pakistan is threatening of stopping Hockey matches, Indian films or threatening to teach a lesson to India .It is sad that Pakistan executes its threat spontaneously whereas India sends paper bullet threatening or dream of dialogue process or removing armed forces from Kashmir border.
Saturday, January 2, 2010
Who will save Banks from flatterers
• Why officers and employees are not transferred out from the Mumbai, Kolkata, Delhi, Bangalore, Chennai etc. and on the contrary employees of states like Orrisa, Bihar, and Jharkhand are frequently transferred out of their states even violating transfer policies?
• Why some officers are always given rural posting whereas some other officers are even promoted without rural posting violating government guidelines in this regard?
• Why some officers are allowed to work in their Metro towns for decades whereas officers of other small towns and villages are to change their place of working every year or alternate year without any incentive or compensation?
• Is there no punishment for those executives who indulge in corrupt practices and resort to whimsical transfers to keep away all employees who may prove hurdle in their money making process?
• Why RBI remains silent spectator of ill-motivated CEOs of banks and allows the malady in banks to accumulate?
• It is worthwhile to mention here that unhappy lot of employees cannot think for and make efforts to keep bank healthy?
• Is human resource not capital in real sense in Banking Industry and for some VIP CEOs of Bank?
• Why some officers are always given rural posting whereas some other officers are even promoted without rural posting violating government guidelines in this regard?
• Why some officers are allowed to work in their Metro towns for decades whereas officers of other small towns and villages are to change their place of working every year or alternate year without any incentive or compensation?
• Is there no punishment for those executives who indulge in corrupt practices and resort to whimsical transfers to keep away all employees who may prove hurdle in their money making process?
• Why RBI remains silent spectator of ill-motivated CEOs of banks and allows the malady in banks to accumulate?
• It is worthwhile to mention here that unhappy lot of employees cannot think for and make efforts to keep bank healthy?
• Is human resource not capital in real sense in Banking Industry and for some VIP CEOs of Bank?
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