Crores and crores of rupees are spent by government as also by contesting candidates in various types of elections conducted in our country. The money for these elections comes from business community and rich government officers who have earned money generally from illegal means. Hence it is natural that the elected candidates will always try to satisfy the hungry businessmen and servicemen who support him in the election. It is therefore not astonishing that politicians all the time cry for election funding from government.
Extraordinary expenses are in fact to be incurred everywhere to acquire valuable post and position in the society. Even in service sector one has to offer valuable gifts to his bosses, ministers and others to move up in career path and to remain posted at cream places all the time. Crores of rupees are spent in welcoming a big boss, a minister or a leader and money for these are collected from businessmen. Crores of rupees are spent by service class people in showing excellent hospitality to their higher ranked officers who visit their area of operation so that they may get better treatment in promotion and posting. Precious gifts are offered to all dignitaries who visit their area. Wherefrom money for such costly hospitality does come? Naturally it is businessmen who cater to such demands and in return they expect favour from corrupt team of officers .Money for all these unwarranted expenses come from only businessmen who take advantage from powerful persons.
This is fully a money game and hence the key of the government always lies in the hands of rich people. Democracy is for the rich, by the rich and for the rich people. Economists always talk of liberalization, privatization, globalization and reformation. In this new era started from 1991 businessmen have been given undue and unregulated freedom and hence they are extorting extraordinarily high profit and this is why prices of all essential commodities have gone beyond the reach of common men.
Prime Minister Mr. Manmohan Singh the great economists and learned Finance Minister Mr. P Mukherjee have failed to stop price rise and failed to get any success in poverty alleviation programme.During the entire year 2008, 2009 and 2010 veteran leaders of ruling party made one after other excuses for price rise but did nothing to stop its upward trend. This is because politicians of ruling party are specially obliged to business community .It is by support of the rich people of their area that an MP or MLA is elected in general election. Hence no real action is taken against profit makers, market movers, crisis creators, extorters, hoarders, black marketers. Government has completely failed to stop corrupt Ministers and corrupt officers from doing mischievous and scandalous activities.
No doubt corruption is the root cause of all maladies. Sooner of the later government has to stop these expensive elections and stop dirty political game being played by politicians, government officers and businessmen for exploiting poor people of the country. Democracy has become killer in disguise for common men. People of India do not want election, they want bread &butter, and they need proper education, proper justice, respectable living, peaceful society and proper infrastructure and so on.
Heaven is not going to fall if elections are not conducted for coming ten years provided one assures that there will not be any place for corrupt practice in the system. It is to be ensured that for coming ten years at least government servants as also politicians together serve the country honestly and devotedly for the welfare of common men and also for the overall safety and security of the country.
People do not want mutual blame game between politicians and administrative officers for all lapses; they want action against all evil doers in shortest period which can have demonstrative effect in the minds of all evil doers.
People of India cannot be happy only by hue and cry made by media men on TV channels; they want effective follow up on all exposures and quickest action against all type of criminals.
It is hoped that people of India will get some relief in the year 2011
31.12.2010
Thursday, December 30, 2010
Tuesday, August 3, 2010
Debate in Parliament
Voting or not voting is politically motivated exercise. Common men wants fall in prices of essential commodities and nothing else. Entire discussion in Parliament which took place yesterday i.e. on 2nd of August 2010 on he issue of price rise in disguise of inflationary pressure and is adverse impact on common men was nothing but a well planned mutual blame game to show voters that they are actively thinking for common men.
Opposition parties accused congress of unabated price rise whereas Congress led UPA spokesmen justified the price rise saying that price rise was more during the regime of BJP led NDA government. Congress leaders told that it is the duty of state government to control price rise. They further told that prices of fuels are still lower than rates prevailing in many other countries.
Obviously ruling party has made it clear directly or indirectly that either price rise propaganda created by opposition parties is false and ill motivated or it is the duty of state government to check rise in prices. Ruling party further submitted that NDA government made changes in essential commodities act, launched commodity trading and made the laws traders friendly. During last six years of rule Congress party willfully perhaps did not change the rule only to prove the mistake of NDA government on the floor of the house.
UPA obviously did not take any step to remove hurdles from the path which obstructed and came in way leading to control on rising prices. Of course they will take some corrective steps on the eve of election to please voters at that time. If prices of sugar rises from Rs.15 to Rs 75 per kg during this period and on the eve of next election if price of sugar is brought down to Rs.70/ per kg voters will feel more pleasure and elevated, This diplomacy is nothing new under Congress rule. Even late Indira Gandhi used this tact to ensure success in election keeping business community happy and at the same time to ensure uninterrupted flow of money in party’s account..
Let common men die, starve or face mal nutrition due to rise in adulteration. Congress government nowhere expressed its pain and sympathy for common men. If there is no problem in the eye of ruling party, no solution can be expected from them. Now it is the duty of opposition parties to chalk out their new strategy or to keep calm.
Common men has to remain satisfied by news of discussion on their problem in Parliament or by watching the diplomatic debate on TV which took place in Parliament and which was undertaken to please the common men. A few more bazar bund or gherao of Parliament or arsoning at some place in protest against price rise may perhaps give pleasure to voters. After all What a poor voter can do . he has to bear with the system.media will also make hue and cry but nothing will happen till next election comes closer.
Danendra JainDkjain49709@rediffmail.com04.08.2010
Opposition parties accused congress of unabated price rise whereas Congress led UPA spokesmen justified the price rise saying that price rise was more during the regime of BJP led NDA government. Congress leaders told that it is the duty of state government to control price rise. They further told that prices of fuels are still lower than rates prevailing in many other countries.
Obviously ruling party has made it clear directly or indirectly that either price rise propaganda created by opposition parties is false and ill motivated or it is the duty of state government to check rise in prices. Ruling party further submitted that NDA government made changes in essential commodities act, launched commodity trading and made the laws traders friendly. During last six years of rule Congress party willfully perhaps did not change the rule only to prove the mistake of NDA government on the floor of the house.
UPA obviously did not take any step to remove hurdles from the path which obstructed and came in way leading to control on rising prices. Of course they will take some corrective steps on the eve of election to please voters at that time. If prices of sugar rises from Rs.15 to Rs 75 per kg during this period and on the eve of next election if price of sugar is brought down to Rs.70/ per kg voters will feel more pleasure and elevated, This diplomacy is nothing new under Congress rule. Even late Indira Gandhi used this tact to ensure success in election keeping business community happy and at the same time to ensure uninterrupted flow of money in party’s account..
Let common men die, starve or face mal nutrition due to rise in adulteration. Congress government nowhere expressed its pain and sympathy for common men. If there is no problem in the eye of ruling party, no solution can be expected from them. Now it is the duty of opposition parties to chalk out their new strategy or to keep calm.
Common men has to remain satisfied by news of discussion on their problem in Parliament or by watching the diplomatic debate on TV which took place in Parliament and which was undertaken to please the common men. A few more bazar bund or gherao of Parliament or arsoning at some place in protest against price rise may perhaps give pleasure to voters. After all What a poor voter can do . he has to bear with the system.media will also make hue and cry but nothing will happen till next election comes closer.
Danendra JainDkjain49709@rediffmail.com04.08.2010
Tuesday, July 27, 2010
Common Men and Price Rise
Prices cannot be controlled by politicians like Pranab Mukherjee or Manmohan Singh or UPA as a whole because their survival depends on donation received from traders and industrialists. They cannot put restriction on traders, industrialists and exporters and hence they have given them full freedom to earn more and more profit. Farmers cannot remain behind in this mad race for profit and that for making money in the shortest time and this is why even prices of vegetables are rising and touching sky. All essential goods are more or less beyond the reach of common men.
Even Public Sector undertakings and public sector banks (PSUs and PSBs) are in mad race for showing higher profits. CEOs of PSUs are busy in registering their name in the list of yes-man of ministers so that they may get cream posting and quickest promotions. We are living in an era of flattery where quality of flattery is more significant than service to common men or that of human resources or the real service to the mankind in general. Politicians are made for traders and industrialists and vice versa. Common men are providing shoulders to these politicians and traders for firing in air apparently at each other. Real jerk of these useless firing is borne by none other than common men. In fact both traders and politicians are playing drama and befooling common men for their vested interest.
Every time finance minister assures to take steps to control price rise, market exhibits more and more rise in prices. On the eve of last Parliamentary election they took some harsh steps against traders, hoarders, profit escalators, black marketers and the resultant effect was positive. Prices did come down to some extent. Voters thought that after the grand victory in election Congress led UPA government will do better but their all hopes shattered. I am however fully confident that UPA government will become active once again only when they reach closer to next election. They will start again talking of common men again without any sense or realization of shame. In mad race of reformation and liberalization or in an effort o keep allies happy UPA government at centre is inviting another violent revolution and strengthening the hands of communists, socialist and naxalists and terrorists indirectly.
It is worthwhile to express here that the same government and the ruling party spend crores of rupees in welcoming some or the minister or some VIP every day in some town or the other. Party and the government spends hundred of crores of rupees in conducting parliamentary election or assembly election, crores of rupees are rupees are spent on inaugural functions, in making preparation for commonwealth games, IPLs and so many other avoidable ventures to teach a lesson to opposition parties, or to tease opposition parties or for their own vested interest. But unfortunately they do no have sufficient fund to build adequate godowns and warehouses to store lifesaving food grains produced by poor farmers. It is therefore not painful for them that food grains worth hundred of crores rupees are wasted and damaged every year. Yes it is also true that Mr. Sharad Pawar Agriculture Minister knows this bitter truth of food grain worth hundred of crores of rupees getting damaged every year , But he is helpless. He does not get time to think over methods, means and ways to stop loss of food grain.
Government proudly talks of GDP growth but ignore the bitter truth that production of food grain is not growing in unison with growing need. They talk of corporate finance and least bothered of reduction in farm lending through PSU banks. As such neither production is increasing , nor produced food grains are properly and safely stored and neither public distribution system is made leak proof nor prices are regulated to make the same affordable for common men.
I simply know a proverb “If there is a will there is a way”
Flatterers however always say “all is well sir”
Finance Minister, Prime Minister, RBI Governor advises common men to wait till government stabilizes, till recovery from global recession ,till monsoon comes, till Kharif crop yield comes in the market, till the year end and finally till next general election approaches near. Congress Party spokesman Mr. Manish Tiwari told yesterday on TV while participating in a debate on Times Now that NDA government in 2002 dismantled administered price system or changed this law or other. I am unable to understand why UPA government did not alter the law, amend the law when they found a hurdle in the law passed by BJP led NDA government. Common man are dieing of hunger, but the government is engaged in blame game.
God know whether anything is in control of the government or everything including Common Men are willfully, diplomatically and strategically fully left Bhawan Bharose till next election.
Danendra Jain
28.07.2010
Even Public Sector undertakings and public sector banks (PSUs and PSBs) are in mad race for showing higher profits. CEOs of PSUs are busy in registering their name in the list of yes-man of ministers so that they may get cream posting and quickest promotions. We are living in an era of flattery where quality of flattery is more significant than service to common men or that of human resources or the real service to the mankind in general. Politicians are made for traders and industrialists and vice versa. Common men are providing shoulders to these politicians and traders for firing in air apparently at each other. Real jerk of these useless firing is borne by none other than common men. In fact both traders and politicians are playing drama and befooling common men for their vested interest.
Every time finance minister assures to take steps to control price rise, market exhibits more and more rise in prices. On the eve of last Parliamentary election they took some harsh steps against traders, hoarders, profit escalators, black marketers and the resultant effect was positive. Prices did come down to some extent. Voters thought that after the grand victory in election Congress led UPA government will do better but their all hopes shattered. I am however fully confident that UPA government will become active once again only when they reach closer to next election. They will start again talking of common men again without any sense or realization of shame. In mad race of reformation and liberalization or in an effort o keep allies happy UPA government at centre is inviting another violent revolution and strengthening the hands of communists, socialist and naxalists and terrorists indirectly.
It is worthwhile to express here that the same government and the ruling party spend crores of rupees in welcoming some or the minister or some VIP every day in some town or the other. Party and the government spends hundred of crores of rupees in conducting parliamentary election or assembly election, crores of rupees are rupees are spent on inaugural functions, in making preparation for commonwealth games, IPLs and so many other avoidable ventures to teach a lesson to opposition parties, or to tease opposition parties or for their own vested interest. But unfortunately they do no have sufficient fund to build adequate godowns and warehouses to store lifesaving food grains produced by poor farmers. It is therefore not painful for them that food grains worth hundred of crores rupees are wasted and damaged every year. Yes it is also true that Mr. Sharad Pawar Agriculture Minister knows this bitter truth of food grain worth hundred of crores of rupees getting damaged every year , But he is helpless. He does not get time to think over methods, means and ways to stop loss of food grain.
Government proudly talks of GDP growth but ignore the bitter truth that production of food grain is not growing in unison with growing need. They talk of corporate finance and least bothered of reduction in farm lending through PSU banks. As such neither production is increasing , nor produced food grains are properly and safely stored and neither public distribution system is made leak proof nor prices are regulated to make the same affordable for common men.
I simply know a proverb “If there is a will there is a way”
Flatterers however always say “all is well sir”
Finance Minister, Prime Minister, RBI Governor advises common men to wait till government stabilizes, till recovery from global recession ,till monsoon comes, till Kharif crop yield comes in the market, till the year end and finally till next general election approaches near. Congress Party spokesman Mr. Manish Tiwari told yesterday on TV while participating in a debate on Times Now that NDA government in 2002 dismantled administered price system or changed this law or other. I am unable to understand why UPA government did not alter the law, amend the law when they found a hurdle in the law passed by BJP led NDA government. Common man are dieing of hunger, but the government is engaged in blame game.
God know whether anything is in control of the government or everything including Common Men are willfully, diplomatically and strategically fully left Bhawan Bharose till next election.
Danendra Jain
28.07.2010
Sunday, July 25, 2010
All is well sir
Prices cannot be controlled by politicians like Pranab Mukherjee or Manmohan Singh or UPA as a whole because their survival depends on donation received from traders and industrialists. They cannot put restriction on traders, industrialists and exporters and hence they have given them full freedom to earn more and more profit. Farmers cannot remain behind in this mad race for profit and that for making money in the shortest time and this is why even prices of vegetables are rising and touching sky. All essential goods are more or less beyond the reach of common men.
Even Public Sector undertakings and public sector banks (PSUs and PSBs) are in mad race for showing higher profits. CEOs of PSUs are busy in registering their name in the list of yes-man of ministers so that they may get cream posting and quickest promotions. We are living in an era of flattery where quality of flattery is more significant than service to common men or that of human resources or the real service to the mankind in general. Politicians are made for traders and industrialists and vice versa. Common men are providing shoulders to these politicians and traders for firing in air apparently at each other. Real jerk of these useless firing is borne by none other than common men. In fact both traders and politicians are playing drama and befooling common men for their vested interest.
Every time finance minister assures to take steps to control price rise, market exhibits more and more rise in prices. On the eve of last Parliamentary election they took some harsh steps against traders, hoarders, profit escalators, black marketers and the resultant effect was positive. Prices did come down to some extent. Voters thought that after the grand victory in election Congress led UPA government will do better but their all hopes shattered. I am however fully confident that UPA government will become active once again only when they reach closer to next election. They will start again talking of common men again without any sense or realization of shame. In mad race of reformation and liberalization our government is inviting another violent revolution and strengthening the hands of communists, socialist and naxalists and terrorists indirectly.
It is worthwhile to express here that the same government and the ruling party spend crores of rupees in welcoming some or the minister or some VIP every day in some town or the other. Party and the government spends hundred of crores of rupees in conducting parliamentary election or assembly election, crores of rupees are rupees are spent on inaugural functions, in making preparation for commonwealth games, IPLs and so many other avoidable ventures to teach a lesson to opposition parties, or to tease opposition parties but unfortunately they do no have sufficient fund to build godowns and warehouses to store lifesaving food grains produced by poor farmers. It is therefore not painful for them that food grains worth hundred of crores rupees are wasted and damaged every year.
Government proudly talks of GDP growth but ignore the bitter truth that production of food grain is not growing in unison with growing need. They talk of corporate finance and least bothered of reduction in farm lending through PSU banks. As such neither production is increasing , nor produced food grains are properly and safely stored and neither public distribution system is made leak proof nor prices are regulated to make the same affordable for common men.
God know whether anything is in control of the government or everything including Common Men are willfully, diplomatically and strategically fully left Bhawan Bharose till next election.
I simply know a proverb “If there is a will there is a way”
Flatterers however always say “all is well sir”
Danendra Jain
25.07.2010
Even Public Sector undertakings and public sector banks (PSUs and PSBs) are in mad race for showing higher profits. CEOs of PSUs are busy in registering their name in the list of yes-man of ministers so that they may get cream posting and quickest promotions. We are living in an era of flattery where quality of flattery is more significant than service to common men or that of human resources or the real service to the mankind in general. Politicians are made for traders and industrialists and vice versa. Common men are providing shoulders to these politicians and traders for firing in air apparently at each other. Real jerk of these useless firing is borne by none other than common men. In fact both traders and politicians are playing drama and befooling common men for their vested interest.
Every time finance minister assures to take steps to control price rise, market exhibits more and more rise in prices. On the eve of last Parliamentary election they took some harsh steps against traders, hoarders, profit escalators, black marketers and the resultant effect was positive. Prices did come down to some extent. Voters thought that after the grand victory in election Congress led UPA government will do better but their all hopes shattered. I am however fully confident that UPA government will become active once again only when they reach closer to next election. They will start again talking of common men again without any sense or realization of shame. In mad race of reformation and liberalization our government is inviting another violent revolution and strengthening the hands of communists, socialist and naxalists and terrorists indirectly.
It is worthwhile to express here that the same government and the ruling party spend crores of rupees in welcoming some or the minister or some VIP every day in some town or the other. Party and the government spends hundred of crores of rupees in conducting parliamentary election or assembly election, crores of rupees are rupees are spent on inaugural functions, in making preparation for commonwealth games, IPLs and so many other avoidable ventures to teach a lesson to opposition parties, or to tease opposition parties but unfortunately they do no have sufficient fund to build godowns and warehouses to store lifesaving food grains produced by poor farmers. It is therefore not painful for them that food grains worth hundred of crores rupees are wasted and damaged every year.
Government proudly talks of GDP growth but ignore the bitter truth that production of food grain is not growing in unison with growing need. They talk of corporate finance and least bothered of reduction in farm lending through PSU banks. As such neither production is increasing , nor produced food grains are properly and safely stored and neither public distribution system is made leak proof nor prices are regulated to make the same affordable for common men.
God know whether anything is in control of the government or everything including Common Men are willfully, diplomatically and strategically fully left Bhawan Bharose till next election.
I simply know a proverb “If there is a will there is a way”
Flatterers however always say “all is well sir”
Danendra Jain
25.07.2010
Saturday, July 17, 2010
Bank Officers
http://danendrajain.ibibo.com/Blogs/archive/183759/2010/07/18/376107~Talk-of-social-security-is-a-cruel-joke
Division created by 9th bipartite settlement among bank employees are mostly due to paucity of proper knowledge. Pension optees or PF optees should understand it well that payment of pension is not a third terminal benefit as prevalent in RBI or SBI or other Public Sector Undertaking. Every bank or every public organization or private sector entity which is under obligation to deduct Provident Fund from the salary of their employee is also obliged to contribute equal amount from their expenditure or revenue account. This is called Bank’s contribution to PF in banking industry. Bank is making pension payment out of this fund and not from their pocket or their expenditure account.
I do not agree if banks say that there was actual need of sharing the burden during 7th or 8th or 9th Bipartite Settlement. Since union leaders did not make proper calculation and analysis of the facts about the use of funds, they might have agreed to share the burden of pension out of proposed hike in salary during 7th, 8th or 9th Bipartite Settlement. Even if it is assumed that there was shortage of fund or even if banks apprehended that crisis of fund will emerge in future in making payment of pension, it is legal obligation of employer to arrange sufficient fund from their resources, from their expenditure account. Central government provide enough amount in Budget for payment of pension to employees and there was never any hue and cry for the same.Banks were nationalized to serve the society , to fulfill the social obligation ant not to merely earn profit in thousands of crores of rupees every year by exploitation of staff, by curtaining manpower, by stopping increment of employees or by imposing hidden charges on customers or by stopping social welfare lending and indulging in bulk financing to corporate sector.
It is known to all that as soon as one employee opts for pension, Bank’s entire contribution made in PF account during entire tenure of one’s service is taken away by bank. Not only this bank is obliged to contribute towards pension fund every month on behalf of every pension optees the amount equal to what an employee contribute towards his PF account. .This accumulated fund from any mathematical angle will be more than enough to make payment of pension to all retirees as per prevalent rate of pension provided banks are honest enough to deposit their equal share regularly for all employees and use the accumulated fund for gain in profitable investment ventures and not loss the money by investing in share market or by keeping the fund idle. It is bitter truth that from any angle of consideration other than social security pension option for an employee was never and never an economically profitable venture and this is why there used to be prolonged debate on this issue in nineties and there was vertical split among employees on this issue. Employees had to resort to strike many times to protest imposition of pension and stopping of bank’s contribution towards PF fund as also return of accumulated PF to bank.
Unfortunately Government of India adopted the policy of reformation, liberalization and globalization in the year 1991 and the basic purpose of nationalization of banks changed. Banks became a commercial entity and the element of profit became more important than that of social security. Banks started lending to rich person at low rate of interest and became hesitant to lend poor people even at their PLR or BPLR. They started reducing interest rates on deposits and hence PF optees started feeling or apprehending the pain when they retired. Not only this ,there are crores of senior citizens in our country who are sufferer of this policy of liberalization and due to low interest rate regime because their livelihood were dependent on interest income during their old age.
Banks are no more inclined to lend to needy poor people but concentrating entire energy on corporate sector and bulk financing. Banks are no more interested to create employment opportunities. This is why actual number of employees during last twenty years has not gone up inspite of hundred times growth in business and equal growth in branch expansion and addition of non banking services in banks .Exploitation of labour has become a common feature in banking industry as it was prevalent before nationalization of banks. This is why United Forum of Bank Unions treats the 9th Bipartite Settlement as historic that they have won the second offer of pension from bank which has discarded its entire social obligation and adopted policy of looting the money as other private entrepreneurs are doing. It does not astonish to me that prices of all commodities are rising every day and government is finding it difficult to control it. The one and only one reason behind it is that they have given unlimited freedom to private sector and do not want to regulate price, profit makers, hoarders, and adulterators and even erring banks. Regulators of banks are least bothered of bank employees or social security, they also now a days fix profit target and attach much importance on profit and on Return on Assets. Government of India or for that matter, Finance Minister or RBI are least bothered of Quality of assets in banks or health of bank or health of bank employees. Administrators need flattery and gift in return of what they offer to banks and bank officials (including CEOs). We are living in Gift Raj.
Banks are undoubtedly gainer only when all are pension optees.After completing 60 years of age in banks and after facing so much work load, so much stress and so much pains caused by corrupt system and corrupt team of officers, one officer will be hardly fit to survive for even five years after retirement. Bitter truth is that death before retirement is increasing year after year. Officers are finding it difficult to keep body fit even after 40 years of age. Officers in general at the age of 40 and above wait for VRS to get rid of tension they face in bank’s job. Even newly recruited employees in banks leave the job in a year of two and go for other job. There is love and dignity left in bank’s job as it earned during seventies and eighties. Union leaders are not that much devoted and not ready to sacrifice any thing for the sake of employees as they used to be before reformation era. Now leaders are always talking of LEVY or threatening members of expulsion from Association or Union if they do not pay levy out of arrear. God knows how union leaders will consume hundreds of crores of rupees collected through this LEVY in addition to normal union fees
Time has changed completely. This is why learned advocate Sri Pradeep Yadav of Supreme Court has suggested employees to accept the agreement in present form and be ready for accepting pension and sacrificing what banks are bent upon making recovery from their arrears in lieu of offer of pension to PF optees. There is none to support the cause of PF optees or pension optees in real sense, not even union leaders, not to speak of government of India who won the public vote by making promise of social security.
Only recourse to frustrated section of employees is court of law. Unfortunately this judicial course is also so prolonged, cumbersome and costly that one dies before getting justice, not to imagine of justice during service period. Union Fund is therefore growing, pension fund is growing, tax collection is increasing year after but the capacity of bank employees to buy goods is deceasing day by day, year after year.Union is becoming more and more powerful, management is gaining power but the position of employees of bank is becoming pitiable year after after.
There is a proverb in Hindi “ Sanp (snake) ke muhan (mouth) me chhuchunder, na ugalte banta hai aur na nigalte banta hai.”
Division created by 9th bipartite settlement among bank employees are mostly due to paucity of proper knowledge. Pension optees or PF optees should understand it well that payment of pension is not a third terminal benefit as prevalent in RBI or SBI or other Public Sector Undertaking. Every bank or every public organization or private sector entity which is under obligation to deduct Provident Fund from the salary of their employee is also obliged to contribute equal amount from their expenditure or revenue account. This is called Bank’s contribution to PF in banking industry. Bank is making pension payment out of this fund and not from their pocket or their expenditure account.
I do not agree if banks say that there was actual need of sharing the burden during 7th or 8th or 9th Bipartite Settlement. Since union leaders did not make proper calculation and analysis of the facts about the use of funds, they might have agreed to share the burden of pension out of proposed hike in salary during 7th, 8th or 9th Bipartite Settlement. Even if it is assumed that there was shortage of fund or even if banks apprehended that crisis of fund will emerge in future in making payment of pension, it is legal obligation of employer to arrange sufficient fund from their resources, from their expenditure account. Central government provide enough amount in Budget for payment of pension to employees and there was never any hue and cry for the same.Banks were nationalized to serve the society , to fulfill the social obligation ant not to merely earn profit in thousands of crores of rupees every year by exploitation of staff, by curtaining manpower, by stopping increment of employees or by imposing hidden charges on customers or by stopping social welfare lending and indulging in bulk financing to corporate sector.
It is known to all that as soon as one employee opts for pension, Bank’s entire contribution made in PF account during entire tenure of one’s service is taken away by bank. Not only this bank is obliged to contribute towards pension fund every month on behalf of every pension optees the amount equal to what an employee contribute towards his PF account. .This accumulated fund from any mathematical angle will be more than enough to make payment of pension to all retirees as per prevalent rate of pension provided banks are honest enough to deposit their equal share regularly for all employees and use the accumulated fund for gain in profitable investment ventures and not loss the money by investing in share market or by keeping the fund idle. It is bitter truth that from any angle of consideration other than social security pension option for an employee was never and never an economically profitable venture and this is why there used to be prolonged debate on this issue in nineties and there was vertical split among employees on this issue. Employees had to resort to strike many times to protest imposition of pension and stopping of bank’s contribution towards PF fund as also return of accumulated PF to bank.
Unfortunately Government of India adopted the policy of reformation, liberalization and globalization in the year 1991 and the basic purpose of nationalization of banks changed. Banks became a commercial entity and the element of profit became more important than that of social security. Banks started lending to rich person at low rate of interest and became hesitant to lend poor people even at their PLR or BPLR. They started reducing interest rates on deposits and hence PF optees started feeling or apprehending the pain when they retired. Not only this ,there are crores of senior citizens in our country who are sufferer of this policy of liberalization and due to low interest rate regime because their livelihood were dependent on interest income during their old age.
Banks are no more inclined to lend to needy poor people but concentrating entire energy on corporate sector and bulk financing. Banks are no more interested to create employment opportunities. This is why actual number of employees during last twenty years has not gone up inspite of hundred times growth in business and equal growth in branch expansion and addition of non banking services in banks .Exploitation of labour has become a common feature in banking industry as it was prevalent before nationalization of banks. This is why United Forum of Bank Unions treats the 9th Bipartite Settlement as historic that they have won the second offer of pension from bank which has discarded its entire social obligation and adopted policy of looting the money as other private entrepreneurs are doing. It does not astonish to me that prices of all commodities are rising every day and government is finding it difficult to control it. The one and only one reason behind it is that they have given unlimited freedom to private sector and do not want to regulate price, profit makers, hoarders, and adulterators and even erring banks. Regulators of banks are least bothered of bank employees or social security, they also now a days fix profit target and attach much importance on profit and on Return on Assets. Government of India or for that matter, Finance Minister or RBI are least bothered of Quality of assets in banks or health of bank or health of bank employees. Administrators need flattery and gift in return of what they offer to banks and bank officials (including CEOs). We are living in Gift Raj.
Banks are undoubtedly gainer only when all are pension optees.After completing 60 years of age in banks and after facing so much work load, so much stress and so much pains caused by corrupt system and corrupt team of officers, one officer will be hardly fit to survive for even five years after retirement. Bitter truth is that death before retirement is increasing year after year. Officers are finding it difficult to keep body fit even after 40 years of age. Officers in general at the age of 40 and above wait for VRS to get rid of tension they face in bank’s job. Even newly recruited employees in banks leave the job in a year of two and go for other job. There is love and dignity left in bank’s job as it earned during seventies and eighties. Union leaders are not that much devoted and not ready to sacrifice any thing for the sake of employees as they used to be before reformation era. Now leaders are always talking of LEVY or threatening members of expulsion from Association or Union if they do not pay levy out of arrear. God knows how union leaders will consume hundreds of crores of rupees collected through this LEVY in addition to normal union fees
Time has changed completely. This is why learned advocate Sri Pradeep Yadav of Supreme Court has suggested employees to accept the agreement in present form and be ready for accepting pension and sacrificing what banks are bent upon making recovery from their arrears in lieu of offer of pension to PF optees. There is none to support the cause of PF optees or pension optees in real sense, not even union leaders, not to speak of government of India who won the public vote by making promise of social security.
Only recourse to frustrated section of employees is court of law. Unfortunately this judicial course is also so prolonged, cumbersome and costly that one dies before getting justice, not to imagine of justice during service period. Union Fund is therefore growing, pension fund is growing, tax collection is increasing year after but the capacity of bank employees to buy goods is deceasing day by day, year after year.Union is becoming more and more powerful, management is gaining power but the position of employees of bank is becoming pitiable year after after.
There is a proverb in Hindi “ Sanp (snake) ke muhan (mouth) me chhuchunder, na ugalte banta hai aur na nigalte banta hai.”
Monday, July 12, 2010
Bhartiya Janta Party
Some political parties are busy in ridiculing foreign origin of Sonia, some are asking why Mamta is not attending meeting called by UPA, Some questions the loyalty of Sharad Pawar to Sonia Gandhi or UPA, some raises eye brows why Afzal Guru is not hanged and so on.... Afzal guru may be treated as Jamai by UPA. But before throwing stone on other’s glass house one should remember that BJP’s minister took one such hard core terrorist on plane to Kandhar.There may be good reason behind such act. People of India are least concerned whether Afzal Guru is hanged or not. People are worried of relentless rise in prices of essential commodities. People are worried of rampant corruption in all offices and delay in all works. People are worried due to delayed justice delivered by Indian courts. People are irritated on inhumane treatment of police department with innocent citizens and friendly treatment with evil doers and criminals.
Common man is least bothered of issues raised by opposition parties until such issues concerns their survival, their Rozi , Roti and Makan. . They need cheap potato, onion, vegetables, wheat, rice, pulses etc. There is a proverb “Dal roti khayenge Prabhu ke gun gayenge” .
Common men need regular water and electricity. They need medical care, education, and transport at reasonable rate. They need punctuality and cleanliness on road, buses, offices railways and other public places.
Common men do not understand GDP growth loudly claimed by Manmohan Ji and Pranab da; they do not under stand IPL games or share market upheavals.
I want BJP to identify and assess the pain of common men and ask at least CMs of BJP to address these issues on priority and instruct and advice leaders, members and speakers of Bhartiya Janta Party to stop commenting only on the black spots on the dress of UPA government.
People like positive attitude and dislike people who do nothing but criticize others only, People are pleased to see the performance of government run by Narendra Modi , Raman and Mr.Nitish Kumar. BJP should focus on the achievements made by successful ministers of the party and desist from insignificant issues pertaining to UPA and its members.
Common man is least bothered of issues raised by opposition parties until such issues concerns their survival, their Rozi , Roti and Makan. . They need cheap potato, onion, vegetables, wheat, rice, pulses etc. There is a proverb “Dal roti khayenge Prabhu ke gun gayenge” .
Common men need regular water and electricity. They need medical care, education, and transport at reasonable rate. They need punctuality and cleanliness on road, buses, offices railways and other public places.
Common men do not understand GDP growth loudly claimed by Manmohan Ji and Pranab da; they do not under stand IPL games or share market upheavals.
I want BJP to identify and assess the pain of common men and ask at least CMs of BJP to address these issues on priority and instruct and advice leaders, members and speakers of Bhartiya Janta Party to stop commenting only on the black spots on the dress of UPA government.
People like positive attitude and dislike people who do nothing but criticize others only, People are pleased to see the performance of government run by Narendra Modi , Raman and Mr.Nitish Kumar. BJP should focus on the achievements made by successful ministers of the party and desist from insignificant issues pertaining to UPA and its members.
Saturday, July 3, 2010
union bank of india
"Asli Chehra" - TRUE FACE OF BANK UNIONS
Immediately after the settlement, most of the unions patted their back for the so called "historic settlement". Slowly as they started facing volley of questions from the members, they came out with various theories to justify their action, which included the so called legal opinion and IBA's stiff attitude which forced them to agree to recovery from only PF optees to the tune of 2.8 times of the November 2007 pay. An impression was being created by them as if they were not in favour the same till 26th April, 2010, but somehow they were cornered so much that they had to agree to the terms set by IBA. If that would have been the case, then they would not now oppose the petition pending in Madras High Court. That shows the double standards.
But soon the bankers will be able to see the "Asli Chehra" (i.e. True Face) of these union leaders. These union leaders will now not be able to beat around the bush and befool the members by shedding crocodile tears. They have to take a stand in the Madras High Court, as to whether they are in favour of payment by all employees / officers @ 1.6 times or they favour 2.8 times only from PF optees. Some of these unions have already been exposed. Let us see what does the market reports say as at the end of June, 2010.
It is reported that during the course of hearing of the case at Madras High Court, while opposing the interim stay granted by Madras High Court, advocates of IBA, and AIBEA and NCBE, requested for vacation of the stay. AIBEA and NCBE were represented by one of the top most firm namely M/s Aiyar & Dolia and wanted vacation of the interim stay on recovery of 2.8 times only from PF optees to be vacated. So the stands of these two unions are very clear now. They will be using the members’ funds (including PF optees) for payment to the law firms and fighting case against them. However, the Hon’ble Judge advised them to file their counter affidavits and Ordered continuation of the Stay Order. Next hearing has been fixed for 6th July 2010.
Vide circular No. 98 dated 29th June, 2010. AIBOC has declared "We are in constant touch with the IBA and the Convenor of UFBU, to initiate appropriate steps to vacate the stay, at the earliest, to enable IBA to issue necessary instructions to member Banks on the Pension offer". Thus, AIBOC is also likely to oppose the move and appears to be in favour of payment by only PF optees".
(Remember, the stay is not against the Pension offer or issuing circular by IBA, it is only against immediate recovery of 2.8 times of pay of November, 2007 from PF optees. )
The stand of other unions will also be clear within a week, as court in its orders says ""Notice to respondents returnable by 06.07.2010. There shall be an interim order of stay". (all major unions are respondents in this case). The reports indicate that NOBW may support the petition filed by Canara Bank Workers Unions. Similarly, BEFI may not oppose the petition of Canara Bank Workers union. The protest by INBEF has already been incorporated in the affidavit filed in the Court.
If the above reports are true, then 29th June 2010 would be regarded as a sad day in the history of trade union movement of Banking Industry. Souls of great leaders like Parawana Ji would be feeling really sad and dejected.
Till now they have been propagating that they have been forced by the circumstances and situation to accept contributory pension scheme in banking industry. They are giving so many logics and have been pleading as to why they could not make IBA agree to the Pension Scheme in its original form of 1993. We are unable to find any logical reason from Unions wherein it joined hands with the union of the Management i.e. IBA to defeat the efforts of bank employees.
Duniya ke Mazdooron ek ho - Duniya ke mehanatkashon ek ho ka naara laagene waale aaj majdooron ke khilaf hi Court main jaa pahunche.
TESTING TIME IS NOT FAR WAY NOW. NOW THESE UNION LEADERS WILL NOT BE ABLE TO SAY THAT IBA DID NOT LET THEM SUFFICIENT TIME AND CORNERED THEM SO SUCH THAT THEY SIGNED THE SETTLEMENT ON 27TH APRIL, 2010. THEY HAVE SUFFICIENT TIME OF OVER A WEEK TO DECIDE WHETHER THEY WANT TO PROTECT THE INTERESTS OF PF OPTEES OR WANT TO DO WHAT IBA IS SAYING.
It has also been reported that some Banks have issued strict instructions for payment of arrears to all the employees / officers by 30th June, 2010 or so, after keeping 2.8 times of the pay of November, 2007 in suspense account. This clearly gives an indication that banks are in a hurry to pay arrears so that they can deduct 2.8 times from the arrears of PF optees before orders of Madras High Court are delivered to them through IBA. In court they will take the plea that notice of stay was not received by them and arrears have already been paid. As Canara Bank has also rushed to pay the arrears today after keeping the 2.8 recovery in suspense, Canara Bank Workers Union is likely to give a strong protest letter on 1st July, 2010 at their Head Office. Canara Bank Workers Union has informed that they are proceeding to Bangalore to personally handover the letter along with a copy of the court order and get the acknowledgement.
Now all the bankers have to take a final call as to whether these union leaders are with the workers or are working against them. We know it is a difficult task as they have to eat their own words. They have issued number of circulars justifying as to why and how they were cornered to agree this changed stand on the night of 26th and 27th April, 2010. However, this is the time when they can correct the mistakes as PF optees have shared the burden of pension even in the last two Bipartite settlements (7th and 8th). This information is now shared by almost everybody (which was not known earlier to 99% of the PF optees).
The unions opposing the petition will be spending lacs of rupees in the legal battle. All this money can be saved if they simple say that we do not oppose the petition and are in favour of the same.
LET PF OPTEES DECLARE THAT THEY WILL QUITE THEIR UNION (WHICHEVER IT MAY BE) IF THEIR UNION OPPOSES THE PETITION FILED BY CANARA BANK WORKERS UNION AT MADRAS HIGH COURT. LET COURT DECIDE THE CASE ON MERITS.
(Inputs also by kamlesh.chaturvedi@yahoo.com; canara bank workers unions etc )
UPDATE ON THE ORDERS ISSUED BY VARIOUS HIGH COURTS AGAINST RECOVERY OF 2.8 TIMES OF NOVEMBER 2007 PAY
In order to ventilate the grievances of the employees, Writ Petitions have been filed in various Hon’ble High Courts.
(A)The First Writ Petition was filed before the Hon’ble Andhra High Court bearing number Writ Petition No. 8237 of 2010 where in Hon’ble Court has passed following orders:
“ORDER: Interim order dated 13-04-2010, to continue, subject to final orders to be passed in this WPMP. Any settlement also, shall be subject to final orders in this WPMP.
Post after Summer Vacation, 2010.”
(B) Writ Petition No. (C) No.3729/2010 has been filed before Hon’ble Delhi High Court, where Hon’ble Court has passed following Orders on 28.05.2010:
“Issue notice to the respondents to show cause as to why rule nisi
be not issued, returnable on 30.07.2010. Necessary steps be taken within seven
days.”
(C) Subsequently, Division Bench of Hon’ble Allahabad High Court while disposing Special Appeal No. 947 of 2010 passed following orders Orders:
“Issue notice.
Respondents are allowed three weeks time to file counter
Affidavit.
List thereafter”
(D) And now recently a Writ Petition bearing no. WP 12269/2010 has been filed before Hon’ble High Court of Judicature at Madras, in the matter of Clause No. 32 of the industry level Wage Revision Settlement dated 27.04.2010 and also clause (1) of the Pension Settlement of even date, seeking a direction from the Hon’ble Court to quash the above clauses only in so far as the said clauses require the provident fund optees now in service to contribute 2.8 times of the Nov 2007 revised pay, if they want to opt for the pension scheme.
Hon’ble Justice K Venkataraman, who heard the matter has ordered an interim stay and the next date of hearing, has been fixed on 06 July 2010. A copy of this order is enclosed.
From what is stated here in above, it is evidently clear that Clause 32 of Settlement dated 27.04.2010 and Clause (1) of Pension Settlement dated 27.04.2010 has become subject matter of judicial scrutiny by the Hon’ble Courts and Hon’ble Madras High Court has passed orders to stay the operation of these clauses.
Immediately after the settlement, most of the unions patted their back for the so called "historic settlement". Slowly as they started facing volley of questions from the members, they came out with various theories to justify their action, which included the so called legal opinion and IBA's stiff attitude which forced them to agree to recovery from only PF optees to the tune of 2.8 times of the November 2007 pay. An impression was being created by them as if they were not in favour the same till 26th April, 2010, but somehow they were cornered so much that they had to agree to the terms set by IBA. If that would have been the case, then they would not now oppose the petition pending in Madras High Court. That shows the double standards.
But soon the bankers will be able to see the "Asli Chehra" (i.e. True Face) of these union leaders. These union leaders will now not be able to beat around the bush and befool the members by shedding crocodile tears. They have to take a stand in the Madras High Court, as to whether they are in favour of payment by all employees / officers @ 1.6 times or they favour 2.8 times only from PF optees. Some of these unions have already been exposed. Let us see what does the market reports say as at the end of June, 2010.
It is reported that during the course of hearing of the case at Madras High Court, while opposing the interim stay granted by Madras High Court, advocates of IBA, and AIBEA and NCBE, requested for vacation of the stay. AIBEA and NCBE were represented by one of the top most firm namely M/s Aiyar & Dolia and wanted vacation of the interim stay on recovery of 2.8 times only from PF optees to be vacated. So the stands of these two unions are very clear now. They will be using the members’ funds (including PF optees) for payment to the law firms and fighting case against them. However, the Hon’ble Judge advised them to file their counter affidavits and Ordered continuation of the Stay Order. Next hearing has been fixed for 6th July 2010.
Vide circular No. 98 dated 29th June, 2010. AIBOC has declared "We are in constant touch with the IBA and the Convenor of UFBU, to initiate appropriate steps to vacate the stay, at the earliest, to enable IBA to issue necessary instructions to member Banks on the Pension offer". Thus, AIBOC is also likely to oppose the move and appears to be in favour of payment by only PF optees".
(Remember, the stay is not against the Pension offer or issuing circular by IBA, it is only against immediate recovery of 2.8 times of pay of November, 2007 from PF optees. )
The stand of other unions will also be clear within a week, as court in its orders says ""Notice to respondents returnable by 06.07.2010. There shall be an interim order of stay". (all major unions are respondents in this case). The reports indicate that NOBW may support the petition filed by Canara Bank Workers Unions. Similarly, BEFI may not oppose the petition of Canara Bank Workers union. The protest by INBEF has already been incorporated in the affidavit filed in the Court.
If the above reports are true, then 29th June 2010 would be regarded as a sad day in the history of trade union movement of Banking Industry. Souls of great leaders like Parawana Ji would be feeling really sad and dejected.
Till now they have been propagating that they have been forced by the circumstances and situation to accept contributory pension scheme in banking industry. They are giving so many logics and have been pleading as to why they could not make IBA agree to the Pension Scheme in its original form of 1993. We are unable to find any logical reason from Unions wherein it joined hands with the union of the Management i.e. IBA to defeat the efforts of bank employees.
Duniya ke Mazdooron ek ho - Duniya ke mehanatkashon ek ho ka naara laagene waale aaj majdooron ke khilaf hi Court main jaa pahunche.
TESTING TIME IS NOT FAR WAY NOW. NOW THESE UNION LEADERS WILL NOT BE ABLE TO SAY THAT IBA DID NOT LET THEM SUFFICIENT TIME AND CORNERED THEM SO SUCH THAT THEY SIGNED THE SETTLEMENT ON 27TH APRIL, 2010. THEY HAVE SUFFICIENT TIME OF OVER A WEEK TO DECIDE WHETHER THEY WANT TO PROTECT THE INTERESTS OF PF OPTEES OR WANT TO DO WHAT IBA IS SAYING.
It has also been reported that some Banks have issued strict instructions for payment of arrears to all the employees / officers by 30th June, 2010 or so, after keeping 2.8 times of the pay of November, 2007 in suspense account. This clearly gives an indication that banks are in a hurry to pay arrears so that they can deduct 2.8 times from the arrears of PF optees before orders of Madras High Court are delivered to them through IBA. In court they will take the plea that notice of stay was not received by them and arrears have already been paid. As Canara Bank has also rushed to pay the arrears today after keeping the 2.8 recovery in suspense, Canara Bank Workers Union is likely to give a strong protest letter on 1st July, 2010 at their Head Office. Canara Bank Workers Union has informed that they are proceeding to Bangalore to personally handover the letter along with a copy of the court order and get the acknowledgement.
Now all the bankers have to take a final call as to whether these union leaders are with the workers or are working against them. We know it is a difficult task as they have to eat their own words. They have issued number of circulars justifying as to why and how they were cornered to agree this changed stand on the night of 26th and 27th April, 2010. However, this is the time when they can correct the mistakes as PF optees have shared the burden of pension even in the last two Bipartite settlements (7th and 8th). This information is now shared by almost everybody (which was not known earlier to 99% of the PF optees).
The unions opposing the petition will be spending lacs of rupees in the legal battle. All this money can be saved if they simple say that we do not oppose the petition and are in favour of the same.
LET PF OPTEES DECLARE THAT THEY WILL QUITE THEIR UNION (WHICHEVER IT MAY BE) IF THEIR UNION OPPOSES THE PETITION FILED BY CANARA BANK WORKERS UNION AT MADRAS HIGH COURT. LET COURT DECIDE THE CASE ON MERITS.
(Inputs also by kamlesh.chaturvedi@yahoo.com; canara bank workers unions etc )
UPDATE ON THE ORDERS ISSUED BY VARIOUS HIGH COURTS AGAINST RECOVERY OF 2.8 TIMES OF NOVEMBER 2007 PAY
In order to ventilate the grievances of the employees, Writ Petitions have been filed in various Hon’ble High Courts.
(A)The First Writ Petition was filed before the Hon’ble Andhra High Court bearing number Writ Petition No. 8237 of 2010 where in Hon’ble Court has passed following orders:
“ORDER: Interim order dated 13-04-2010, to continue, subject to final orders to be passed in this WPMP. Any settlement also, shall be subject to final orders in this WPMP.
Post after Summer Vacation, 2010.”
(B) Writ Petition No. (C) No.3729/2010 has been filed before Hon’ble Delhi High Court, where Hon’ble Court has passed following Orders on 28.05.2010:
“Issue notice to the respondents to show cause as to why rule nisi
be not issued, returnable on 30.07.2010. Necessary steps be taken within seven
days.”
(C) Subsequently, Division Bench of Hon’ble Allahabad High Court while disposing Special Appeal No. 947 of 2010 passed following orders Orders:
“Issue notice.
Respondents are allowed three weeks time to file counter
Affidavit.
List thereafter”
(D) And now recently a Writ Petition bearing no. WP 12269/2010 has been filed before Hon’ble High Court of Judicature at Madras, in the matter of Clause No. 32 of the industry level Wage Revision Settlement dated 27.04.2010 and also clause (1) of the Pension Settlement of even date, seeking a direction from the Hon’ble Court to quash the above clauses only in so far as the said clauses require the provident fund optees now in service to contribute 2.8 times of the Nov 2007 revised pay, if they want to opt for the pension scheme.
Hon’ble Justice K Venkataraman, who heard the matter has ordered an interim stay and the next date of hearing, has been fixed on 06 July 2010. A copy of this order is enclosed.
From what is stated here in above, it is evidently clear that Clause 32 of Settlement dated 27.04.2010 and Clause (1) of Pension Settlement dated 27.04.2010 has become subject matter of judicial scrutiny by the Hon’ble Courts and Hon’ble Madras High Court has passed orders to stay the operation of these clauses.
Wednesday, June 23, 2010
health of Bank
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 5, 2010
banks Officers Association
Bank officers Association are getting monthly subscription of Rs.100 to Rs.200 from each member every month. In addition they will get levy of Rs.3000/ from each member in lieu of bipartite settlement signed on 27th April 2010. Members are happy or not, that is immaterial.
I think total accumulated fund of Officers Association in various banks will grow to hundreds of crores of rupees. This fund is not only enough to meet the usual traveling and staying expenses incurred by union leaders for various issues but also more than enough to meet even entire salaries of all union leaders.
As a matter of fact union leaders are more often than not, busy in union matters and hence they hardly do any work for the branch or office they are posted. It is pity that even officer community in general is not happy with their performance as union leaders. On the contrary their actual energy is lost in saving bad officers and seldom used for any gain for honest workers or for any relief to those honest officers who have been arbitrarily posted in critical areas or rejected in promotion processes due to ill motive of executives. They have failed in giving relief to officers who have been made scapegoat for fraud and irregular credit committed by corrupt officers.
In such position I am of the opinion that these union leaders should be removed from muster roll of the bank and bank should stop paying salary to these leaders. Instead such leaders should be professionally trained to serve the interest of officers who are associated with the union and they should be paid by their parent Union itself. In this way bank will save crores of rupees which are paid as salaries and perquisites to these non performing officers. Bank can use this saved money in creation of new jobs for hundreds and thousands of young unemployed persons. Besides, removing from bank’s duty, union leaders will have full time to think about their members. Since these leaders do only union activities, it will be right from all angle of consideration that their salary should be paid by union fund only.
In case officers do not agree to this proposal or they apprehend that their interest by outsiders will be jeopardized ,they should solemnly declare and take oath that they would not nominate any retired officer as their union leader in future and make best efforts to replace retired officers serving as union leaders with officers who are in service. Because leaders who are no more in service cannot fight seriously and devotedly for better interest of serving employees, rather they look into avenues to cheat serving employees and give maximum benefit to those who have either retired or resigned or removed from the bank. Latest settlement is the ideal example for such sorry state of affairs prevailing in Bank and pitiable position of officers compared to other employees working in Central Government offices or PSUs.
In addition to this they should be made accountable and punishable for any lapse on union activities and their performance should be judged by a group of hundred officers who are actively working in the bank. Expenses incurred by union leaders should be fully scrutinized by a team of at least ten Chartered Accountants and the certified balance sheet of union fund should be circulated among all members. Officer should also appoint some legal experts in each district or at least in state capitals to stop injustice perpetuated by bank management only because they know judicial proceedings in India is too costly and too much cumbersome and time consuming that one is constrained to bear with injustice.
Leaders will then learn a lesson, understand the importance of their role and at least not repeat the history of committing blunder of signing a agreement of wage revision which has instead of solving problems of their poorly paid members has created so many anomalies and tried its best to divide officers community by accepting various discriminatory rules like recovery from PF optees (leaving pension optees), causing loss to VRS optees, resignees, family pension takers, fitment of officers at the state of Rs23520 in scale III and that in scale IV at the same stage and so on. Not only this, many clerks will get better arrear due to this latest settlement compared to officers in junior or middle management. There is no Stagnation in any increment of Central Government employees in ay cadre as per latest Pay Commission Report, but it continues to deprive senior office of annual increment for none of their fault.
If we talk of other issues, it is worthwhile to mention here that management in collusion with violating even their transfer policies, misusing policy meant for rural posting framed by Government of India, misusing policy for posting in North East region, giving promotion to corrupt and flatter officers taking advantage of Interview marks (which an interviewer can give whimsically to make or mar the career of an officer of his choice) Union leaders is silent spectator of torturous treatment given to good officers who are real performers but who do not have time to flatter executives and provide costly gifts to their bosses.
There are thousands of officers who have been continuously working in villages, officers in Non Metros are transferred frequently form one region to other, one state to other and even one zone to other whereas officers posted in Metros are seldom transferred out of their parent state. There is a policy that upto scale III officers will not be transferred out of region but this policy is violated frequently and union leaders remain silent spectators.
There is a policy that an officer cannot work in a region for ten years continuously, management allows many to continue or adjust them back in the same place after giving a formal break of one month outside the state. Is this not enough to prove that there is reign of injustice under the umbrella of union leaders?
Banks are performing better and better despite man power constraints but the real fruits of this growth are hardly shared with junior officers who work hard day and night for the growth.
Danendra Jain
Agartala
05.06.2010
I think total accumulated fund of Officers Association in various banks will grow to hundreds of crores of rupees. This fund is not only enough to meet the usual traveling and staying expenses incurred by union leaders for various issues but also more than enough to meet even entire salaries of all union leaders.
As a matter of fact union leaders are more often than not, busy in union matters and hence they hardly do any work for the branch or office they are posted. It is pity that even officer community in general is not happy with their performance as union leaders. On the contrary their actual energy is lost in saving bad officers and seldom used for any gain for honest workers or for any relief to those honest officers who have been arbitrarily posted in critical areas or rejected in promotion processes due to ill motive of executives. They have failed in giving relief to officers who have been made scapegoat for fraud and irregular credit committed by corrupt officers.
In such position I am of the opinion that these union leaders should be removed from muster roll of the bank and bank should stop paying salary to these leaders. Instead such leaders should be professionally trained to serve the interest of officers who are associated with the union and they should be paid by their parent Union itself. In this way bank will save crores of rupees which are paid as salaries and perquisites to these non performing officers. Bank can use this saved money in creation of new jobs for hundreds and thousands of young unemployed persons. Besides, removing from bank’s duty, union leaders will have full time to think about their members. Since these leaders do only union activities, it will be right from all angle of consideration that their salary should be paid by union fund only.
In case officers do not agree to this proposal or they apprehend that their interest by outsiders will be jeopardized ,they should solemnly declare and take oath that they would not nominate any retired officer as their union leader in future and make best efforts to replace retired officers serving as union leaders with officers who are in service. Because leaders who are no more in service cannot fight seriously and devotedly for better interest of serving employees, rather they look into avenues to cheat serving employees and give maximum benefit to those who have either retired or resigned or removed from the bank. Latest settlement is the ideal example for such sorry state of affairs prevailing in Bank and pitiable position of officers compared to other employees working in Central Government offices or PSUs.
In addition to this they should be made accountable and punishable for any lapse on union activities and their performance should be judged by a group of hundred officers who are actively working in the bank. Expenses incurred by union leaders should be fully scrutinized by a team of at least ten Chartered Accountants and the certified balance sheet of union fund should be circulated among all members. Officer should also appoint some legal experts in each district or at least in state capitals to stop injustice perpetuated by bank management only because they know judicial proceedings in India is too costly and too much cumbersome and time consuming that one is constrained to bear with injustice.
Leaders will then learn a lesson, understand the importance of their role and at least not repeat the history of committing blunder of signing a agreement of wage revision which has instead of solving problems of their poorly paid members has created so many anomalies and tried its best to divide officers community by accepting various discriminatory rules like recovery from PF optees (leaving pension optees), causing loss to VRS optees, resignees, family pension takers, fitment of officers at the state of Rs23520 in scale III and that in scale IV at the same stage and so on. Not only this, many clerks will get better arrear due to this latest settlement compared to officers in junior or middle management. There is no Stagnation in any increment of Central Government employees in ay cadre as per latest Pay Commission Report, but it continues to deprive senior office of annual increment for none of their fault.
If we talk of other issues, it is worthwhile to mention here that management in collusion with violating even their transfer policies, misusing policy meant for rural posting framed by Government of India, misusing policy for posting in North East region, giving promotion to corrupt and flatter officers taking advantage of Interview marks (which an interviewer can give whimsically to make or mar the career of an officer of his choice) Union leaders is silent spectator of torturous treatment given to good officers who are real performers but who do not have time to flatter executives and provide costly gifts to their bosses.
There are thousands of officers who have been continuously working in villages, officers in Non Metros are transferred frequently form one region to other, one state to other and even one zone to other whereas officers posted in Metros are seldom transferred out of their parent state. There is a policy that upto scale III officers will not be transferred out of region but this policy is violated frequently and union leaders remain silent spectators.
There is a policy that an officer cannot work in a region for ten years continuously, management allows many to continue or adjust them back in the same place after giving a formal break of one month outside the state. Is this not enough to prove that there is reign of injustice under the umbrella of union leaders?
Banks are performing better and better despite man power constraints but the real fruits of this growth are hardly shared with junior officers who work hard day and night for the growth.
Danendra Jain
Agartala
05.06.2010
Thursday, May 20, 2010
CMD State Bank of India
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.
Wednesday, March 31, 2010
P Chidambram
Is Female dominated by male in Indian society?
The society is dominated by money power and muscle power and not by male, might is right. Everyone worship who is powerful, gender is irrelevant. In the state of Tamilnadu Jayalalitha is worshipped like goddess. Mayawati is treated as Devi in UP. Indira was treated as India. Even Sonia is followed like Devi. Many Congress leaders are ready to touch her feet to get some good post, respectable birth in cabinet, get a ticket for election etc. Every male member loves his sister, wife, and mother more than his brother, father or anyone else. In many offices lady worker has played effective role. Bank like ICICI is headed by lady Kochar. Indian bank was headed by lady chairman who changed the fate of Indian bank. I therefore do not agree with the saying that lady in India is dominated by male member. There are several males who do not work, who are addict of bad habits, and who are totally incompetent try to dominate forcefully on female .they are few. It will not be an exaggeration if one say that in practice and in real life of a good family, male are dominated by female, not due to any pressure but due to mutual love and respect.
Why Indian depends on USA for all matters related to Pakistan? Can Indian alone not tackle Pakistan?.
This is the great weakness of Indian diplomacy. In the past India used to blindly support USSR and now blindly follow USA. Inspite of all India's image is good in International arena. Even USA considers India as a probable threat in future. USA uses Pakistan as a tool to weaken India to maintain dominance of USA. However India has built the capacity to teach Pakistan lesson and damage it if needed. But in war, loss occurs to both parties. Even Pakistan has developed substantial energy to spoil many parts of India. As such war is enemy of human being, causes loss to warring countries, more or less it may be, loss is loss. All efforts are therefore by peace loving country India to resolve the issue with dialogue or with pressure from super powers of the world as we all peace loving people in India use to do to resolve family or social disputes through dialogue and through intervention of some effective person of the area. . Indian people always condemn terrorism and naxalism. All religions advise for love and mutual respect.
Why people do not revolt against corruption?
There is no revolt against corrupt system because most of the people are corrupt. All are sitting in glass house. Who can dare throwing stone on others? Number of person not accepting or giving illegal money, gifts and favour of any kind are very limited and hence not powerful and not that much effective which can produce a wave of revolt against rampant corruption in the system. India needs person like Gandhi who shook the castle of British rule and gave India freedom. Jai Prakash Narayan tried to punish the corrupt public representative but failed to stop greedy followers who punctured his movement to serve their vested self interest. India needs person like Netaji Subhash Bose or Sardar Ballabh Bhai Patel. We have Manmohan and microscopically few other simple people full of honesty who follows Lady Sonia to safeguard his post or who prefer remaining a silent spectator of rape of democracy and prevalent corruption in Indian system. As such people have more or less accepted corrupt practices as normal practices. .
What should an employee do when he or she is harassed by his boss or CEO?
Days are gone when labour laws were respected by government. Now-a-days even labour offices, government departments, banks, insurance companies and all private companies are indulged in labour exploitation of labour. There is none to raise voice against it in the name of reformation. In near future we will reincarnation of socialism in some other name. Capitalism cannot last long. Gap between rich and poor is widening and as a result crime graph is going up and up, riches are indulged in profit making and hence price are going up and up. Ministers and officers, babus and even peons are indulged in earning illegal money. There is none to raise a voice against boss or CEO of any company who are forcing employees to work more than twelve hours a day and who have almost made the family life of employees miserable. Even if some voices are raised here and there, such people are isolated and shunted in critical and remote areas or removed from service. As such most of good workers have to lead a life in rejection, dejection, depression, frustration etc.
The society is dominated by money power and muscle power and not by male, might is right. Everyone worship who is powerful, gender is irrelevant. In the state of Tamilnadu Jayalalitha is worshipped like goddess. Mayawati is treated as Devi in UP. Indira was treated as India. Even Sonia is followed like Devi. Many Congress leaders are ready to touch her feet to get some good post, respectable birth in cabinet, get a ticket for election etc. Every male member loves his sister, wife, and mother more than his brother, father or anyone else. In many offices lady worker has played effective role. Bank like ICICI is headed by lady Kochar. Indian bank was headed by lady chairman who changed the fate of Indian bank. I therefore do not agree with the saying that lady in India is dominated by male member. There are several males who do not work, who are addict of bad habits, and who are totally incompetent try to dominate forcefully on female .they are few. It will not be an exaggeration if one say that in practice and in real life of a good family, male are dominated by female, not due to any pressure but due to mutual love and respect.
Why Indian depends on USA for all matters related to Pakistan? Can Indian alone not tackle Pakistan?.
This is the great weakness of Indian diplomacy. In the past India used to blindly support USSR and now blindly follow USA. Inspite of all India's image is good in International arena. Even USA considers India as a probable threat in future. USA uses Pakistan as a tool to weaken India to maintain dominance of USA. However India has built the capacity to teach Pakistan lesson and damage it if needed. But in war, loss occurs to both parties. Even Pakistan has developed substantial energy to spoil many parts of India. As such war is enemy of human being, causes loss to warring countries, more or less it may be, loss is loss. All efforts are therefore by peace loving country India to resolve the issue with dialogue or with pressure from super powers of the world as we all peace loving people in India use to do to resolve family or social disputes through dialogue and through intervention of some effective person of the area. . Indian people always condemn terrorism and naxalism. All religions advise for love and mutual respect.
Why people do not revolt against corruption?
There is no revolt against corrupt system because most of the people are corrupt. All are sitting in glass house. Who can dare throwing stone on others? Number of person not accepting or giving illegal money, gifts and favour of any kind are very limited and hence not powerful and not that much effective which can produce a wave of revolt against rampant corruption in the system. India needs person like Gandhi who shook the castle of British rule and gave India freedom. Jai Prakash Narayan tried to punish the corrupt public representative but failed to stop greedy followers who punctured his movement to serve their vested self interest. India needs person like Netaji Subhash Bose or Sardar Ballabh Bhai Patel. We have Manmohan and microscopically few other simple people full of honesty who follows Lady Sonia to safeguard his post or who prefer remaining a silent spectator of rape of democracy and prevalent corruption in Indian system. As such people have more or less accepted corrupt practices as normal practices. .
What should an employee do when he or she is harassed by his boss or CEO?
Days are gone when labour laws were respected by government. Now-a-days even labour offices, government departments, banks, insurance companies and all private companies are indulged in labour exploitation of labour. There is none to raise voice against it in the name of reformation. In near future we will reincarnation of socialism in some other name. Capitalism cannot last long. Gap between rich and poor is widening and as a result crime graph is going up and up, riches are indulged in profit making and hence price are going up and up. Ministers and officers, babus and even peons are indulged in earning illegal money. There is none to raise a voice against boss or CEO of any company who are forcing employees to work more than twelve hours a day and who have almost made the family life of employees miserable. Even if some voices are raised here and there, such people are isolated and shunted in critical and remote areas or removed from service. As such most of good workers have to lead a life in rejection, dejection, depression, frustration etc.
Saturday, March 6, 2010
Common man is odd man out
How the new budget will affect the purchasing power of the common man?
Common men who are earning even upto four or five lacs per year will face great erosion in their purchasing capacity due to relentless price rise in all commodities and essential services. Current rise in fuel prices will add fuel to fire. If we calculate the cost of all essential goods and services required by a common men family at cost price on 01.01.2009 and compare the same with that of today we will find that there is at least 100 percent rise in living cost of same standard for the same family.
There are some employees who are partly compensated by increase in Dearness allowance by their employer. But most others who are not compensated by increase in DA or increase in salary in private sector are the worst sufferer. Since there is no rise in annual income of most of employees, farmers, labours, daily wage earners (minimum wage not increased), barbers, cobblers, tailors, hawkers, small traders, professionals and so on, even NREGA beneficiaries, they are to cut their living cost by curtailing their needs.
It is but obvious such families will have to curtail the expenses on study of their children, expenses on travel, dresses, medical expenses, entertainment and many other expenses at the cost of comfort, which his or her family used to enjoy just a year ago. But it becomes very much painful when the same family is constrained to compromise with quality and quantity of food items. And there is no doubt that such families will curse FM and the present government because he or she does not understand GDP growth or fiscal deficit management. Rebate on Income Tax or cut in service tax on some goods or lending by banks at low rates of interest or allocation of fund for rural development does not at all benefit common men. Our beloved FM says that every pie of budget reaches common men, but this philosophy is beyond the comprehension of common men.
And it is none other than Mr. Pranab Mukherjee Finance Minister who can explain how such common men will not bear the brunt of additional load created by his budget. I say this only because our FM has been repeatedly telling through press conference that every pie of budget reaches common men and even Sonia Gandhi, Manmohan Singh and other dignitaries of Congress Party do not hesitate to justify price rise in Parliament despite anguish shown by opposition parties.
It is worthwhile to mention here that rich businessmen, politicians, government officers, media people and few high wage earners in private sectors who belong to high income group and who constitutes hardly 5% of Indian population cannot understand where the shoe pinches in common men‘s family. Entire debate on TV or in state assemblies or in Parliament or on road rallies get punctured and deviated from actual issues because none of the participants in such debates actually suffer the pain which common man of our country suffers. Everyone will see how the debate on Woman reservation issue will hijack the issue of price rise.
Danendra Jain
Ganaraj Choumuhani
Agartala
06 March 2010
Common men who are earning even upto four or five lacs per year will face great erosion in their purchasing capacity due to relentless price rise in all commodities and essential services. Current rise in fuel prices will add fuel to fire. If we calculate the cost of all essential goods and services required by a common men family at cost price on 01.01.2009 and compare the same with that of today we will find that there is at least 100 percent rise in living cost of same standard for the same family.
There are some employees who are partly compensated by increase in Dearness allowance by their employer. But most others who are not compensated by increase in DA or increase in salary in private sector are the worst sufferer. Since there is no rise in annual income of most of employees, farmers, labours, daily wage earners (minimum wage not increased), barbers, cobblers, tailors, hawkers, small traders, professionals and so on, even NREGA beneficiaries, they are to cut their living cost by curtailing their needs.
It is but obvious such families will have to curtail the expenses on study of their children, expenses on travel, dresses, medical expenses, entertainment and many other expenses at the cost of comfort, which his or her family used to enjoy just a year ago. But it becomes very much painful when the same family is constrained to compromise with quality and quantity of food items. And there is no doubt that such families will curse FM and the present government because he or she does not understand GDP growth or fiscal deficit management. Rebate on Income Tax or cut in service tax on some goods or lending by banks at low rates of interest or allocation of fund for rural development does not at all benefit common men. Our beloved FM says that every pie of budget reaches common men, but this philosophy is beyond the comprehension of common men.
And it is none other than Mr. Pranab Mukherjee Finance Minister who can explain how such common men will not bear the brunt of additional load created by his budget. I say this only because our FM has been repeatedly telling through press conference that every pie of budget reaches common men and even Sonia Gandhi, Manmohan Singh and other dignitaries of Congress Party do not hesitate to justify price rise in Parliament despite anguish shown by opposition parties.
It is worthwhile to mention here that rich businessmen, politicians, government officers, media people and few high wage earners in private sectors who belong to high income group and who constitutes hardly 5% of Indian population cannot understand where the shoe pinches in common men‘s family. Entire debate on TV or in state assemblies or in Parliament or on road rallies get punctured and deviated from actual issues because none of the participants in such debates actually suffer the pain which common man of our country suffers. Everyone will see how the debate on Woman reservation issue will hijack the issue of price rise.
Danendra Jain
Ganaraj Choumuhani
Agartala
06 March 2010
Wednesday, February 10, 2010
GDP mania
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 8, 2010
RBI under prressure from banks as well as Government
Since long I have been pointing out that banks cannot remain in good health by concealing its bad assets. Restructuring of bad loans was allowed by RBI in the year 2008 to give so called relief to developers of real estate after collapse of Lehman Brothers in USA. In fact at that time also there was no any linkage of weakness of Indian developers with that of crisis erupted by dint of Lehman Brother. Rather Real estate developers were in the best health they could ever imagine, earning highest profit by selling their flats and commercial places at exorbitant high prices and by starting new projects beyond their financial capacity.
In fact real estate developer had enlarged their area of work beyond their financial capacity by availing disproportionate huge loans from banks. As soon as crisis of liquidity in USA erupted, Indians government and Indian banks apprehended delay in receipt of export proceeds and consequently fear of liquidity crisis started haunting their mind. When banks were tightened by RBI, the developers started feeling pain in their abdomen and it is they who could not pay their dues to banks as per scheduled time, rather expressed more hunger for more loans to complete their incomplete projects .Such demand triggered so called liquidity crisis.
It was consumers who had to pay the price. Prices of all landed properties went on increasing and government of Manmohan Singh remained silent spectator because there was a clear nexus between profit-maker developers and the government. It is not astonishing that prices of all essential commodities have been going up and up despite all hue and cries by consumers and opposition parties.
So far as banks are concerned RBI knows very well that banks are falsely being portrayed as healthy by management of PSU banks in collusion with RBI and Finance Minister. In fact each PSU banks have thousands of accounts as bad but shown as standard. Real Non Performing Assets (NPA) in each PSU banks is in alarming position and it existed in the month of September 2008 also.
Collapse of Lehman Brother or Sub Prime Crisis in USA gave an excuse to RBI and Government of India to hide bad assets in the name of restructuring of loan .Government of India got an opportunity to hide adverse affects of its bad policies formulated at the instance of dirty politicians of the country. Waiver of agricultural or small loans to the tune of Rs.75000/ crores had already damaged the health of the banks.
But hiding of cancerous disease cannot keep the body healthy for long and eventual death of the system in unavoidable and again the looser will be retail customer for none of their fault. Banks have been demanding therefore one more occasion to conceal bad loans in the name of restructuring. A few months ago banks had raised demand of relaxing in prudential norms which RBI accepted to some extent by allowing lesser provision for housing loan and lesser capital requirements.
Bankers know the bitter truth of the system and each CMD somehow or the other aspires to pass his tenure by hiding the malady .None of CMDs and hence none of his subordinate in the banks have the courage to accept the reality and declare all bad assets as bad assets. But how long this vicious circle of concealment will continue and how long banks will be able to cook balance sheets, only God knows. Banks are however clever enough to show bad loans as lesser or negligible percentage of bad loans compared to overall loans of the banks. This is made possible by extending bulk loans to corporate or selling bad loans to AMC. In this way they are simply trying to pass on time and trying their best to appear as if they are genuinely growing, as if there is no inherent weakness.
I therefore praise RBI that they have taken a bold step to deny the demand of banks to allow them one more occasion to restructure the loan. If RBI does not bow down under pressure built by CMDs of banks or under pressure of government of India to maintain concocted but positive image, I hope reality of some CMD will precipitate on the floor and government will be able to distinguish flatterers from performers. People of India will be able to distinguish between really strong banks and factual weak bank.
Not only this, prices of all landed properties will start coming down and ultimately become affordable for common men. Prices of flats will also come down and come within the rich of common men again. There will be not fall in demand but abnormal rise in demand for landed property and constructed flats. As such the current step of RBI may appear to be curse for developers and bankers but ultimately it will prove to be boon for consumers, bankers and developers also.
Danendra jain Ganaraj Choumuhani Agartala 79001
9th Feb 2010
In fact real estate developer had enlarged their area of work beyond their financial capacity by availing disproportionate huge loans from banks. As soon as crisis of liquidity in USA erupted, Indians government and Indian banks apprehended delay in receipt of export proceeds and consequently fear of liquidity crisis started haunting their mind. When banks were tightened by RBI, the developers started feeling pain in their abdomen and it is they who could not pay their dues to banks as per scheduled time, rather expressed more hunger for more loans to complete their incomplete projects .Such demand triggered so called liquidity crisis.
It was consumers who had to pay the price. Prices of all landed properties went on increasing and government of Manmohan Singh remained silent spectator because there was a clear nexus between profit-maker developers and the government. It is not astonishing that prices of all essential commodities have been going up and up despite all hue and cries by consumers and opposition parties.
So far as banks are concerned RBI knows very well that banks are falsely being portrayed as healthy by management of PSU banks in collusion with RBI and Finance Minister. In fact each PSU banks have thousands of accounts as bad but shown as standard. Real Non Performing Assets (NPA) in each PSU banks is in alarming position and it existed in the month of September 2008 also.
Collapse of Lehman Brother or Sub Prime Crisis in USA gave an excuse to RBI and Government of India to hide bad assets in the name of restructuring of loan .Government of India got an opportunity to hide adverse affects of its bad policies formulated at the instance of dirty politicians of the country. Waiver of agricultural or small loans to the tune of Rs.75000/ crores had already damaged the health of the banks.
But hiding of cancerous disease cannot keep the body healthy for long and eventual death of the system in unavoidable and again the looser will be retail customer for none of their fault. Banks have been demanding therefore one more occasion to conceal bad loans in the name of restructuring. A few months ago banks had raised demand of relaxing in prudential norms which RBI accepted to some extent by allowing lesser provision for housing loan and lesser capital requirements.
Bankers know the bitter truth of the system and each CMD somehow or the other aspires to pass his tenure by hiding the malady .None of CMDs and hence none of his subordinate in the banks have the courage to accept the reality and declare all bad assets as bad assets. But how long this vicious circle of concealment will continue and how long banks will be able to cook balance sheets, only God knows. Banks are however clever enough to show bad loans as lesser or negligible percentage of bad loans compared to overall loans of the banks. This is made possible by extending bulk loans to corporate or selling bad loans to AMC. In this way they are simply trying to pass on time and trying their best to appear as if they are genuinely growing, as if there is no inherent weakness.
I therefore praise RBI that they have taken a bold step to deny the demand of banks to allow them one more occasion to restructure the loan. If RBI does not bow down under pressure built by CMDs of banks or under pressure of government of India to maintain concocted but positive image, I hope reality of some CMD will precipitate on the floor and government will be able to distinguish flatterers from performers. People of India will be able to distinguish between really strong banks and factual weak bank.
Not only this, prices of all landed properties will start coming down and ultimately become affordable for common men. Prices of flats will also come down and come within the rich of common men again. There will be not fall in demand but abnormal rise in demand for landed property and constructed flats. As such the current step of RBI may appear to be curse for developers and bankers but ultimately it will prove to be boon for consumers, bankers and developers also.
Danendra jain Ganaraj Choumuhani Agartala 79001
9th Feb 2010
Monday, February 1, 2010
Government has no moral right to stop price risie
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
Saturday, January 2, 2010
Bank unions should protest whimsical transfers
• 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?
Danendra Jain
3rd Jan 2010
• 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?
Danendra Jain
3rd Jan 2010
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