tag:blogger.com,1999:blog-40444024033561217932024-03-15T18:09:48.026-07:00Important Banking NewsThis Blog contains important news and views pertaining to specially banking activities.
You may use Posters of Amazon, Flipcart and Snapdeal pasted on this Blog for comfortable and cheapest Online Safe purchasing . You may download APPs for This Blog On Your Mobile and Tablet and for this use Google Play----Danendra Jain. Latest banking News are also found on www. importantbankingnews2.blogspot.com
You may send your valued suggestion/ feedback/ objection to me at dkjain49709@gmail.comDanendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.comBlogger1952125tag:blogger.com,1999:blog-4044402403356121793.post-57793818824627228372017-06-09T22:19:00.003-07:002017-06-09T22:19:43.082-07:00An Appeal To Readers<div class="" data-block="true" data-editor="8n1mk" data-offset-key="diijj-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
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<span data-offset-key="diijj-0-0" style="font-family: inherit;">Good lesson for Modi Haters, </span></div>
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<span data-offset-key="diijj-0-0" style="font-family: inherit;">I am not saying for opponents of Modi, because opposition of a ruling leader is the beauty of democracy and opponents keep leaders specifically rulers in control, stop leader becoming autocrat and dictator. </span></div>
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<span data-offset-key="diijj-0-0" style="font-family: inherit;">In India every citizen has right to criticise Government and demand for change and improvement in the system. Every policy framed by a government must be fully read, understood , analysed and assessed to find out its merits and demerits and an intelligent person must put forward his suggestion for modification to proper forum.</span></div>
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<span data-offset-key="diijj-0-0" style="font-family: inherit;">But blindly blaming and hating a good leader for all accident or evil acts of others taking place in india give rise to loyalty, nationalism, honesty and integrity of such haters. If some anti-social elements resort to hooliganism and arsoning public properties in the name of farmers or poor, one become doubtful on the honesty of such strikers and agitationists. In democracy , it is our right to use tools of strike, agitation and public rally to keep our valid points in public domain and to build pressure of ruling party to change its wrong policy. But in the name of social welfare, if destroys public property , kills poor persons and burn assets of common men , I will not term it as a healthy act or beneficial for poor or farmers. </span></div>
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<span data-offset-key="eda4g-0-0" style="font-family: inherit;">Please read following message which I have received on WhatsApp. I simply say , you read it and honestly admit and appreciate what is right and condemn and reject what is wrong. Please give respect to your own conscience and do not forward all messages as a forwarding agent of a group or a party. If Modi or any leader of BJP is bad , he or she must be exposed. But to abuse and always trying to malign Mr. Modi, who is Prime Minister of our country is not only harmful for us but it tarnishes the image of our country in international forums too. We have seen Manmohan Singh leading this country for 10 years because people voted Congress Party to power. Now we have to see the performance of Mr. Modi because he has been voted to power by same Indian voters by same electoral process.</span></div>
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<span data-offset-key="8ijqc-0-0" style="font-family: inherit;">Please, Do not be misguided by misinformation campaign of certain anti-nationals. There are many fake IDs on Facebook, many fake websites on internet and many active anti-nationals who are making us and you fool in disguise of our and your friends. If you find any news on social sites or Whatsapp against any leader, please verify its correctness and truth from other reliable sources. </span></div>
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<span data-offset-key="8ijqc-0-0" style="font-family: inherit;">Please for God sake do not spread fake news by forwarding it in your Whatsapp or Facebook group. Because forwarding a wrong message may create confusion and chaos in the society. Ultimately we all are lovers of peace and social harmony , and for this purpose it is necessary to filter all messages and informations before sharing it with others. A wrong information may destroy us and may take the life of a lot of innocents.</span></div>
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<span data-offset-key="1lkm5-0-0" style="font-family: inherit;"><b>Please for God sake, keep your country above, then use your freedom to do what is in the best interest of our country not for a person or a party. Individuals come and go and similarly a political party wins or gets defeated, it is immaterial , but Nation is always alive and always supreme, it is always our asset and it is our duty to protect it from our enemies sitting elsewhere or in our own home.</b></span></div>
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<span data-offset-key="1lkm5-0-0" style="font-family: inherit;">You do not like Mr. Narendra Modi , you may like any other person to lead this country, it is your choice and it becomes others choice also it you share the qualities of your choice leaders with others and others agree to it. We all have an opportunity to remove a leader in the election . Please give opportunity to all who work until there is great threat to safety and security of the nation.</span></div>
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<span data-offset-key="3pfoq-0-0" style="font-family: inherit;">आराम से इत्मिनान से पढिये </span></div>
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<span data-offset-key="dihdm-0-0" style="font-family: inherit;">अगर आप जल्दी में हैं तो</span></div>
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<span data-offset-key="d0vm6-0-0" style="font-family: inherit;">बाद में पढ लीजीयेगा ...</span></div>
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<span class="_3gl1 _5zz4" data-offset-key="dva7o-0-0" size="16" style="background-image: url("https://www.facebook.com/images/emoji.php/v9/f4f/1/16/1f447.png"); background-position: center center; background-repeat: no-repeat; background-size: 16px 16px; display: inline-block; font-family: inherit; height: 16px; margin: 0px 1px; text-align: center; vertical-align: middle; width: 16px;"><span class="_ncl" style="font-family: inherit; opacity: 0;">👇</span></span><span class="_3gl1 _5zz4" data-offset-key="dva7o-1-0" size="16" style="background-image: url("https://www.facebook.com/images/emoji.php/v9/f4f/1/16/1f447.png"); background-position: center center; background-repeat: no-repeat; background-size: 16px 16px; display: inline-block; font-family: inherit; height: 16px; margin: 0px 1px; text-align: center; vertical-align: middle; width: 16px;"><span class="_ncl" style="font-family: inherit; opacity: 0;">👇</span></span><span class="_3gl1 _5zz4" data-offset-key="dva7o-2-0" size="16" style="background-image: url("https://www.facebook.com/images/emoji.php/v9/f4f/1/16/1f447.png"); 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<span data-offset-key="csan0-0-0" style="font-family: inherit;">भारत में बहुत से लोग है,</span></div>
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<span data-offset-key="7c9qj-0-0" style="font-family: inherit;">जो भ्रष्ट नेताओं की बातों में आकर नरेन्द्र मोदी का विरोध करते है</span></div>
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<span data-offset-key="a3ncd-0-0" style="font-family: inherit;">अच्छा है,</span></div>
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<span data-offset-key="7bg6o-0-0" style="font-family: inherit;"> लोकतंत्र है विरोध करें या समर्थन ये तो आपका अपना हक है</span></div>
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<span data-offset-key="b6l57-0-0" style="font-family: inherit;">पर मोदी का विरोध करके आप समर्थन किसका कर रहे हो ?</span></div>
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<span data-offset-key="dhae4-0-0" style="font-family: inherit;">क्या मुलायम, लालू, मायावती, सोनिया, पप्पू, केजरीवाल, ममता बनर्जी, वामपंथी</span></div>
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<span data-offset-key="5muh8-0-0" style="font-family: inherit;">ये सब नरेन्द्र मोदी से बेहतर है ??</span></div>
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<span data-offset-key="3jqt6-0-0" style="font-family: inherit;">या इनका रिकॉर्ड बेहतर है ??</span></div>
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<div class="" data-block="true" data-editor="8n1mk" data-offset-key="f6uiq-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="f6uiq-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="f6uiq-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="7j8rs-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="7j8rs-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="7j8rs-0-0" style="font-family: inherit;">* क्या नरेन्द्र मोदी से बेहतर मुख्यमंत्री है ममता बनर्जी, बेहतर दिखती है तो कोल्काता में और गुजरात के किसी छोटे शहर भी जाकर 1 नजर मार लीजिये</span></div>
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<div class="" data-block="true" data-editor="8n1mk" data-offset-key="fnr9v-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="fnr9v-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="fnr9v-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="69at2-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="69at2-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="69at2-0-0" style="font-family: inherit;">* लालू और मुलायम,</span></div>
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<div class="" data-block="true" data-editor="8n1mk" data-offset-key="6ef61-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="6ef61-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="6ef61-0-0" style="font-family: inherit;"> दोनों के घर की ऐसी स्तिथि थी की, 1 के घर पर साइकिल और एक के घर पर लालटेन खरीदने तक के पैसे नहीं थे, </span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="84uus-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="84uus-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="84uus-0-0" style="font-family: inherit;">जाति के नाम पर चलने वाले नेता, आज अरबपति है,</span></div>
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<div class="" data-block="true" data-editor="8n1mk" data-offset-key="3402v-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="3402v-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="3402v-0-0" style="font-family: inherit;">रामगोपाल चार्टर्ड प्लेन में घूमता है, तो शिवपाल महँगी ऑडी, ये लोग नरेन्द्र मोदी से</span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="9mnq-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="9mnq-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="9mnq-0-0" style="font-family: inherit;">बेहतर है ?</span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="5dn46-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="5dn46-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="5dn46-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="5kmi7-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="5kmi7-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="5kmi7-0-0" style="font-family: inherit;">* बेटा-बेटी और दामाद आज सभी अरबपति है, 10 साल तो इनका हाल में ही राज बीता है, क्या ये नरेन्द्र मोदी से बेहतर है ??</span></div>
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<div class="" data-block="true" data-editor="8n1mk" data-offset-key="et1av-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="et1av-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="et1av-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="1gpqo-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="1gpqo-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="1gpqo-0-0" style="font-family: inherit;">* 35 साल बंगाल में राज करने वाले वामपंथी, नरेन्द्र मोदी से बेहतर है ?</span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="d0teu-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="d0teu-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="d0teu-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="5p6iv-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="5p6iv-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="5p6iv-0-0" style="font-family: inherit;">* 5 साल केजरीवाल, 5 साल केजरीवाल, का विज्ञापन चलाकर दिल्ली के लोगों को चुना लगाने वाला, 5 दिन भी दिल्ली में नहीं रहता, WIFI, CCTV, 150 कॉलेज, 500 स्कुल क्या ये कुकुरमुत्ता नरेंद्र मोदी से बेहतर है ?</span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="5tlau-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="5tlau-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="5tlau-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="61nlq-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="61nlq-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="61nlq-0-0" style="font-family: inherit;">* जब मायावती राजनीती करने निकली थी, और कांशीराम की साथी थी, तब उसके घर में दिया जलने का धन नहीं था, आज उसका सैंडल भी प्लेन से आता है, उसके भाई के पास 497 कंपनिया है, क्या मायावती नरेंद्र मोदी से बेहतर है ???</span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="a7h10-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="a7h10-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="a7h10-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="2s6qi-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="2s6qi-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="2s6qi-0-0" style="font-family: inherit;">अरे मोदी का विरोध करने वालो, विरोध करो, पर समर्थन किनका करते हो ?</span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="6bes2-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="6bes2-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="6bes2-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="euph4-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="euph4-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="euph4-0-0" style="font-family: inherit;">थोड़ा सोचो, देश को और कितने टुकड़े में देखना है, कितना बर्बाद करवाना है ? कितना लूटना है ?</span></div>
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<div class="" data-block="true" data-editor="8n1mk" data-offset-key="dfq8q-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="dfq8q-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="dfq8q-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="43ibk-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="43ibk-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="43ibk-0-0" style="font-family: inherit;"> मान लो की मैं मूर्ख हूँ और ....</span></div>
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<div class="" data-block="true" data-editor="8n1mk" data-offset-key="3ntto-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="3ntto-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="3ntto-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="bmfba-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="bmfba-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="bmfba-0-0" style="font-family: inherit;">● मुझे नहीं मालूम कि मैं मोदी जी को क्यों पसंद करता हु । लेकिन मेरे पास कांग्रेस , सपा ,बसपा , आप को नापसंद करने के बहुत कारण है । </span></div>
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<div class="" data-block="true" data-editor="8n1mk" data-offset-key="3qbuv-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="3qbuv-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="3qbuv-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="1iods-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="1iods-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="1iods-0-0" style="font-family: inherit;">● मुझे नहीं मालूम कि अच्छे दिन आएंगे कि नहीं,</span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="9ng0u-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="9ng0u-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="9ng0u-0-0" style="font-family: inherit;"> पर मोदी जी के अतिरिक्त और कोई राजनेता दूर दूर तक दिखाई नहीं देता जो भारत के अच्छे दिनों के लिए तन और मन से प्रयत्न करता हो</span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="454u2-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="454u2-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="454u2-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="9kdck-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="9kdck-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="9kdck-0-0" style="font-family: inherit;">● मुझे ये भी नहीं मालूम कि मोदी जी भारत को हिन्दू राष्ट्र बना पायेगे या नहीं । लेकिन, इसका पूरा यकीन हैं, उनके खून का एक एक कतरा भारत माता को पुनः विस्वगुरु का दर्जा दिलवाने हेतु प्रयासरत है ।</span></div>
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<div class="" data-block="true" data-editor="8n1mk" data-offset-key="6ni0f-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="6ni0f-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="6ni0f-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="684ns-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="684ns-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="684ns-0-0" style="font-family: inherit;">● मुझे कोई फर्क नहीं पड़ता कि मोदी के पास 56 इंच का सीना हैं या नहीं। लेकिन ये पता हैं कि उनके सीने में 'दम' हैं 'दमा '(कुकुरखॉसी) नहीं।</span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="f7lv-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="f7lv-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="f7lv-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="b955l-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="b955l-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="b955l-0-0" style="font-family: inherit;">● मुझे कोई फर्क नहीं पड़ता अगर मोदी से देश के कुछ बुद्धि जीवी नाराज है क्यूंकि मुझे यकीन है, उनके आने के बाद युवा पीढ़ी बहुत खुश है</span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="bbpf8-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="bbpf8-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="bbpf8-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
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<div class="" data-block="true" data-editor="8n1mk" data-offset-key="chn5a-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="chn5a-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="chn5a-0-0" style="font-family: inherit;">● मुझे ज्ञात नहीं कि मोदी देश का कितना विकास कर पाएंगे, लेकिन मुझे यकीं है वो अपनी जिम्मेवारियां उठाने में कोई कसर बाकि नहीं रखेंगे।</span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="ft6df-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
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<span data-offset-key="ft6df-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
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<div class="" data-block="true" data-editor="8n1mk" data-offset-key="6gdrl-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="6gdrl-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="6gdrl-0-0" style="font-family: inherit;">● मुझे फर्क नहीं पड़ता कि मोदी जी के पास इतिहास की जानकारी हैं या नहीं। मुझे पक्का यकीन हैं उनके पास भविष्य की पूरी तैयारी है ।</span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="6cve4-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="6cve4-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span class="_3gl1 _5zz4" data-offset-key="6cve4-0-0" size="16" style="background-image: url("https://www.facebook.com/images/emoji.php/v9/f4c/1/16/25aa.png"); background-position: center center; background-repeat: no-repeat; background-size: 16px 16px; display: inline-block; font-family: inherit; height: 16px; margin: 0px 1px; text-align: center; vertical-align: middle; width: 16px;"><span class="_ncl" style="font-family: inherit; opacity: 0;">▪</span></span><span data-offset-key="6cve4-1-0" style="font-family: inherit;">अपने मुख्यमन्त्री काल में गुजरात मे मोदी ने</span></div>
</div>
<div class="" data-block="true" data-editor="8n1mk" data-offset-key="1l3eu-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="1l3eu-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="1l3eu-0-0" style="font-family: inherit;">कोई भृष्टाचार घपला परिवार के किसी भी सदस्य के लिए कुछ भी गलत जमा या पक्षपात किया है ??</span></div>
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<div class="" data-block="true" data-editor="8n1mk" data-offset-key="ate21-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
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<span data-offset-key="ate21-0-0" style="font-family: inherit;"><br data-text="true" /></span></div>
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<div class="" data-block="true" data-editor="8n1mk" data-offset-key="peqm-0-0" style="background-color: white; color: #1d2129; font-family: "San Francisco", -apple-system, system-ui, ".SFNSText-Regular", sans-serif; letter-spacing: -0.24px; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="peqm-0-0" style="direction: ltr; font-family: inherit; position: relative;">
<span data-offset-key="peqm-0-0" style="font-family: inherit;">● हां वाकई मुझे नहीं पता कि नोटबंदी कारण भविष्य में बीजेपी हारेगी या जीतेगी पर देश का सजग नागरिक विश्वास के साथ कह सकता है कि मेरा देश जीत गया ।</span></div>
</div>
Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com13tag:blogger.com,1999:blog-4044402403356121793.post-27125436249961292242017-06-09T01:18:00.000-07:002017-06-09T01:18:11.452-07:00Are YouHappy With Service Quality?<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Utility Of Customer Help Centre or Public Grievance Redressal mechanism or Public Grievance online portal or call centre.</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Though there is provision of </i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>“Customer Grievance Redressal Cell” or </i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>‘Customer Help Center’ or </i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Toll free Number for help or </i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Online Public Grievance Redressal portals associated with each departments and ministries, but hey are hardly of any use to consumers in real sense </i></span></div>
<div class="p1">
</div>
<div style="text-align: justify;">
<span style="font-family: Georgia, "Times New Roman", serif; font-size: large; font-style: italic;"><br /></span></div>
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><div style="text-align: justify;">
<i>‘ Submit Feedback’ or boards displaying the attractive quotations on customers services and on satisfaction of customers are found everywhere , in every nook and corner of all offices .Such banners or boards containing attractive slogans are invariably found in all offices of not only in LIC but also in other departments and Ministry associated with all services.</i></div>
</span><br />
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>But the bitter truth is that these so called help centres in general are either ineffective or non-functional or useless. They exist only for existence, to complete the formalities required under government guidelines issued from time to time. In brief, it will not an exaggeration to say that they are in some cases cheating people of India.<br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Hundreds and thousands of young staff work at such call centres. Still consumer has to press from 1 to 9 time and again without any real gain. Concerned staff do not even lift the phone. They keep it busy by putting off wire or by applying some other mechanism. They inject and impose so many ads before customer can talk of officer. Even if they lift the phone their response is totally casual and ineffective.</i></span></div>
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</div>
<div style="text-align: justify;">
<span style="font-family: Georgia, "Times New Roman", serif; font-size: large; font-style: italic;"><br /></span></div>
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><div style="text-align: justify;">
<i>A good number of staff are posted in all offices who are supposed to look after customer grievances and are meant for quick resolution of problems. They exist even in Public Grievance Cell under PMO or CMO or IRDAo rMember of Parliament or MLAs. But the persons who are posted there are more often than incompetent, inefficient, failure in other departments , unwilled & unskilled, poor in knowledge , sometimes dishonest too and ineffective and they enjoy their job without taking any care of customer grievance. </i></div>
</span><br />
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<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Most of employees or officers who man Help centres and who are supposed to look into customer’s problems blame consumers or speak some rotten stereo type words. They advise to refer other persons or offices. or they express some lame excuses . Or else they will write a few formal line so that number of complaints attended by him rise and pending remains zero.<br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>In most of the offices, complaints are attended a casual and formal manner , just to complete the formality of response. Unfortunately higher officers in many cases are also birds of same feather and they also sleep on issues for days and months. </i></span></div>
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</div>
<div style="text-align: justify;">
<span style="font-family: Georgia, "Times New Roman", serif; font-size: large; font-style: italic;"><br /></span></div>
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><div style="text-align: justify;">
<i>There are only a few centres where if a complaint is not resolved in specified time or repeated complaints are booked by same client, the matter escalates to higher offices for quicker resolution of the issue and their efforts results in real customer satisfaction.</i></div>
<i><div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<i>Sometimes, problems are solved easily in some offices if one is ready to pay costly gifts and tips in cash or in kind. I do not need to explain it , every Indian knows it very well.</i></div>
</i></span><br />
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>In USA, all complaints are attended as if customers are jewel for the organisation. They twist the rule to suit the comfort of consumers. Even goods sold by a merchant can be returned in a span of 30 days and seller will not raise his eyebrows , not put any question and refund the money forthwith. </i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>In India there is no return policy till date. It is at the mercy of sellers. Hardly one in thousand sellers readily accept return of goods sold and refund the price without any discomfort feeling.</i></span></div>
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</div>
<div style="text-align: justify;">
<span style="font-family: Georgia, "Times New Roman", serif; font-size: large; font-style: italic;"><br /></span></div>
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><div style="text-align: justify;">
<i>In India, Employees in government sector enjoy such post ( customer help ) comfortably whereas in private sectors , complaints are attended sincerely and seriously , keeping mind in flexible position .People make complain after complain and finally leave the attachment with government services and prefer getting services from private service providers like Airtel or Reliance.</i></div>
</span><br />
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>If you talk of bank , same culture persists in majority of banks and this is why people are seeking services from private banks even if their service charges are more in some cases. Bad debts are on rise in government banks but not in private banks. Public sector companies like BSNL, Indian Airlines or PSBs are incurring loss or facing capital erosion quarter after quarter whereas Bharti Airtel or Reliance Telecom or ICICI and HDFC banks are earning profit in thousands of crores of rupees under similar circumstances. </i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Because Private sector promoters treat Customers as Real God whereas public sector staff treat customers as headache and wish to shine their image by attractive quotes, banners, hoardings, slogans on customer service and satisfaction.<br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Even if a customer writes to higher offices, to CEOs or to Prime Minister’s office or to President of India, there is none to listen customer’s problems, there is none to solve the problems faced by common men and there is none to award real justice to them who are using and who have to depend on services of government departments.</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Most of higher offices act as “Forwarding Agents”. This is why ,Wherever alternatives are available, people discard government departments.<br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Culture of bribery and flattery is at root of such disservice . People expect change in this system when government changes. But fact is that, as long as people do not change, there is no chance of change in the system . Habits die hard, culture do not change overnight .<br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Politicians at the time of election considers voters as God , but as soon as they win it , they in general start treating the same common men worse than beggars. Common men in general are facing problems from offices run by government directly or indirectly and there is none to listen their voice. </i></span></div>
<div class="p2" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br /></i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Under UPA rule, there was no hope for change or improvement. Inactive PM MMS damaged the work culture and added fuel to fire existing in all government offices. Culture of flattery and bribery flourished for years together under the leadership of MMS.<br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>And this is why number of court cases are rising continuously . Unfortunately position of judiciary is also not different from civil departments. Crores of cases are pending in various courts for years and decades. And the most painful is that majority of cases are filed against government offices or government controlled offices. As such there is no scope of justice even from courts of laws. One will spend all money and die in contesting a court case but will not get justice.</i></span></div>
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<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Last but not the least, </i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>It is very much painful that in our country important posts and important departments like that of inspection, audit , public grievance redressal , anti-corruption bureau and vigilance like offices are filled with either with staff of the same office or who have soft corner with the culprits or who are incompetent, corrupt and inefficient . </i></span></div>
<div class="p2" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br /></i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>And to add fuel to fire, such departments are provided minimum number of manpower and worst type of infrastructure. They have to handle more work with less staff of inferior quality and integrity.<br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>I have great hope that some improvement will take place under Modi Sarkar. </i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>I would like to reproduce here the famous quote of famous writer Muni Prem Chand </i></span></div>
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<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>“ Jab Raksha kHi Bhakshak Ban Jaye to Vinas Nishit hai” It means to say that when protectors become destructors, then ruin is certain. </i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>IN present context, staff sitting on post handling customers grievances and who are supposed to resolve problems of aggrieved customers are in the role of protectors. And if these protectors are bad in any form, then damage is unavoidable , not only to consumers but also to the organisation.</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br />
</i></span></div>
<div class="p1">
</div>
<div style="text-align: justify;">
<i style="font-family: Georgia, "Times New Roman", serif; font-size: x-large;">God bless all.</i></div>
<div style="font-family: Georgia, "Times New Roman", serif; font-size: x-large; font-style: italic; text-align: justify;">
<br /></div>
<br />
<div class="p2" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br /></i></span></div>
<div class="p3" style="text-align: justify;">
<span class="s1"><span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Example: </i></span></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>A client of LIC has deposited money in LIC for 20 to 30 years and now for getting maturity payment , same client have to depend on mercy of LIC staff who they dictate age old rules from the top of the tower. At the time of getting a business, customers are called God but at the time of return, they are considered as beggar. This culture has to be changed. </i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>When LIC has to get business, their highly paid agents complete all formalities and take signature of the client on dotted lines . But when the time of payment comes, agent vanishes form picture and reluctant staff will dictate so may rules, require so many forms to be filled up and complete several formalities. </i></span></div>
<div class="p2" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br /></i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>There is no one at Head Office of LIC or Zonal office to respond to public complaint and for resolving it. They sit in AC rooms and their junior staff dispose all complaints without solving them in real sense.</i></span></div>
<div class="p2" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br /></i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>I put before you some quotes on customer service </i></span></div>
<div class="p2" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br /></i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Famous Quote on Customer Service" </i></span></div>
<div class="p2" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br /></i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Customer is God</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Customer makes organisation prosper or see downfall.</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>Quality of Service is key to Success etc.</i></span></div>
<div class="p2" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br /></i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>----Customer service is the experience we deliver to our customer. It's the promise we keep to the customer. It's how we follow through for the customer. It's how we make them feel when they do business with us.</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br />
</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>----Customer service is an opportunity to exceed your customer's expectations.</i></span></div>
<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br />
</i></span></div>
<div class="p2" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i><br /></i></span></div>
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<div class="p1" style="text-align: justify;">
<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><i>---Customer Service is everything and anything that touches a customer – directly or indirectly. Customer service means servicing customers and it's so much more than just solving problems or addressing complaints. Customer service is part of a holistic customer experience that is capable of providing a critical competitive advantage in today's increasingly cluttered and commoditized marketplace.</i></span></div>
Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com5tag:blogger.com,1999:blog-4044402403356121793.post-4033272051535568642017-05-31T02:49:00.002-07:002017-05-31T02:49:54.508-07:00Take Care Of Your Parents Minimum 35 Ways to Respect Our Parents. Must read<br />
<br />
1. Put away your phone in their<br />
presence.<br />
<br />
2. Pay attention to what they<br />
are saying.<br />
<br />
3. Accept their opinions.<br />
<br />
4. Engage in their conversations.<br />
<br />
5. Look at them with respect.<br />
<br />
6. Always praise them.<br />
<br />
7. Share good news with them.<br />
<br />
8. Avoid sharing bad news with<br />
them.<br />
<br />
9. Speak well of their friends<br />
and loved ones to them.<br />
<br />
10. Keep in remembrance the <br />
good things they did.<br />
<br />
11. If they repeat a story, listen<br />
like it's the first time they<br />
tell it.<br />
<br />
12. Don't bring up painful<br />
memories from the past.<br />
<br />
13. Avoid side conversations in<br />
their presence.<br />
<br />
14. Sit respectfully around<br />
them.<br />
<br />
15. Don't belittle/criticize their<br />
opinions and thoughts.<br />
<br />
16. Avoid cutting them off when they speak.<br />
<br />
17. Respect their age.<br />
<br />
18. Avoid hitting/disciplining<br />
their grandchildren around<br />
them.<br />
<br />
19. Accept their advice and<br />
direction.<br />
<br />
20. Give them the power of <br />
leadership when they are<br />
present.<br />
<br />
21. Avoid raising your voice at<br />
them.<br />
<br />
22. Avoid walking in front or<br />
ahead of them.<br />
<br />
23. Avoid eating before them.<br />
<br />
24. Avoid glaring at them.<br />
<br />
25. Fill them with ur<br />
appreciation even when<br />
they don't think they<br />
deserve it.<br />
<br />
26. Avoid putting your feet up in front of them or sitting with your back to them.<br />
<br />
27. Don't speak ill of them to<br />
the point where others<br />
speak ill of them too.<br />
<br />
28. Keep them in your prayers<br />
always possible.<br />
<br />
29. Avoid seeming bored or<br />
tired of them in their<br />
presence.<br />
<br />
30. Avoid laughing at their<br />
faults/mistakes.<br />
<br />
31. Do a task before they ask<br />
you to.<br />
<br />
32. Continuously visit them.<br />
<br />
33. Choose your words carefully when speaking with them.<br />
<br />
34. Call them by names they<br />
like.<br />
<br />
35. Make them your priority<br />
above anything.<br />
<br />
Always remember one day we will also become old parents, grand parents and you will expect all these and many more.<br />
<br />
Parents are treasure on this land and sooner than you think, that treasure will be buried. Appreciate your parents while you still can.<br />
Today lets make loads of duas for our beloved parents, alive or deceased.<br />
🙏🙏🙏<br />
If U love UR parents please forward to allDanendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com5tag:blogger.com,1999:blog-4044402403356121793.post-87108894470645351042017-05-30T00:37:00.001-07:002017-05-30T00:37:09.613-07:00Collection Of News By AIBEA<div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
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<span style="background-color: transparent; color: #c00000; font-family: Verdana; font-size: 20pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Banks write off Rs 2.2 lakh crore in five years, said to be highest ever</span></h1>
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<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: right;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">BY SATYANARAYAN IYER, TNN | MAY 27, 2017, PUNE: </span></div>
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<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">All scheduled commercial banks (SCBs) wrote off Rs 2,25,180 crore cumulatively in the five year period ended March 2016, the Reserve Bank of India (RBI) said in an RTI reply filed by TOI. </span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">SCBs represent all public sector banks, private sector banks, foreign banks, regional rural banks and some cooperative banks. These represent over 95% of the formal credit given out by all financial institutions in the country. </span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">"This could be the highest ever write off in a five year period in absolute terms as are the total stressed assets in the banking system," said Abhishek Bhattacharya, director and co-head for financial institution India Ratings. </span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Banks and the RBI have often stated that these write offs are just technical in nature and an exercise to clean up the balance sheets. They have further argued that banks continue to retain the right to recovery from these written off accounts. </span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">"Writing off of nonperforming assets (NPAs) is a regular exercise conducted by banks to clean up their balance sheets. A substantial portion of this write off is, however, technical in nature. It is primarily aimed at cleansing the balance sheet and achieving taxation efficiency. In 'technically written off' accounts, loans are written off from the books at the head office, without foregoing the right to recovery. Further, write offs are 'generally' carried out against accumulated provisions made for such loans. Once recovered, the provisions made for those loans flow back into the profit and loss account of banks," the RBI said in a clarification to a media report, based on an RTI reply in February 2016. </span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Be that as it may, the recovery from written off accounts constitute only a tiny fraction of the overall written off accounts, available data shows. In the financial year 201415, banks could recover only 11.85% (Rs 6,968 crore) of the written off accounts in that year and 13.8% (Rs 9,717 crore) of the written off accounts in FY 201516. The data for previous three years is not available with the RBI, it said. </span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">"The information on recovery from written off accounts from FY 201112 to 201314 is not available with us," the RBI said in its RTI reply. Though the amount from recovered loans in FY15 and FY16 might not pertain to that financial year alone, the numbers show the actual recovery to be only a tiny fraction of the total amount written off and also to be a long protracted process. </span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">In each of these five years, loans written off showed an increasing trend — at an average addition of over Rs 12,000 crore each year. The worst year was FY15, when banks cumulatively wrote off Rs 16,550 crore more than the previous year. Banks reduce written off loan accounts from their overall nonperforming assets. </span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Adding the same back, the actual gross NPAs at banks could look a lot worse every subsequent year than it already does. Written off loans accounted for 1116% of overall bad loans of the bank in each of those years (see table). Since 2011, banks started lending heavily to large corporates and, according to analysts, the problem suddenly became a lot bigger as "corporate leveraged built up". </span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The traditional tools of recovery like debt recovery tribunals, and Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, have become blunt in the face of such huge bad loans from large corporate accounts. </span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">"Newer mechanisms are needed to deal with these big loans and they have to be dealt with on a goingconcern basis. The usual recovery mechanism will not work," according to Bhattacharya. He added, "Recovery will take time and won't happen in a hurry."</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The RBI said in its RTI reply that it did not have the required data on the "number" of loans written off by banks and the "sectoral breakup of reduction in NPAs due to writeoffs," by SCBs for the years FY12 16. However, most analysts believe that the bulk of the writeoffs were primarily in the large corporate accounts. Also, though the percentage of writtenoff accounts as a share of NPAs is lower in FY 201516, it is primarily because the NPAs grew a massive Rs 2,56, 848 crore in the year.</span></div>
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<span style="background-color: transparent; color: #c00000; font-family: Verdana; font-size: 20pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Government to step up mergers in PSU banks: Arun Jaitley</span></h1>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">TNN | Updated: May 28, 2017, </span></div>
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<span style="background-color: whitesmoke; color: black; font-family: Arial; font-size: 13pt; font-style: normal; font-variant: small-caps; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">HIGHLIGHTS</span></h4>
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<li dir="ltr" style="background-color: transparent; color: black; font-family: Arial; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: disc; text-decoration: none; vertical-align: baseline;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The government has expressed its intention of consolidation in the public sector banking space against the backdrop of the mountain of bad loans.</span></div>
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<li dir="ltr" style="background-color: transparent; color: black; font-family: Arial; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; list-style-type: disc; text-decoration: none; vertical-align: baseline;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Finance minister Arun Jaitley said that govt's aim is to have a handful of strong and bigger banks of international level.</span></div>
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<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">NEW DELHI: The Centre will pursue more mergers in the state-run banking space as the aim is to have a handful of strong and bigger banks of international level, finance minister Arun </span><a href="http://timesofindia.indiatimes.com/topic/Jaitley" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Jaitley</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> has said. "Today banking is not what it used to be 10-20 years ago... Is it necessary to have 30-32 public sector banks, some of them weak? Obviously not. What will you do with weak banks," he said on DD News.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">"We have merged five subsidiaries of SBI and the Bharatiya Mahila Bank with SBI. I have announced that we want fewer banks but bigger and stronger banks which can be of international level. In the coming days most probably we will move faster in this direction," Jaitley said. The government has expressed its intention of consolidation in the public sector banking space against the backdrop of the mountain of bad loans.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The Bharatiya Mahila Bank and five associates lender merged with the </span><a href="http://economictimes.indiatimes.com/state-bank-of-india/stocks/companyid-11984.cms" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">State Bank of India</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> (SBI) on April 1, pushing the country's largest lender among the top 50 banks globally.</span></div>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT), besides Bharatiya Mahila Bank (BMB), merged with SBI.</span></div>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The total customer base of the bank will reach 37 crore with a branch network of around 24,000 and nearly 59,000 ATMs across the country. The new entity will have deposits of over Rs 26 lakh crore and advances level of Rs 18.50 lakh crore.</span></div>
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<br /></div>
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<span style="background-color: transparent; color: red; font-family: Verdana; font-size: 20pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">ICICI Bank hikes CEO Chanda Kochhar's salary by 64% ; She now earns Rs 2.1 lakh a day</span></div>
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<h2 dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; color: #282828; font-family: Calibri; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">In FY17, Kocchar's remuneration included a bonus of Rs 2.2 crore, according to ICICI Bank's annual report.</span></h2>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: right;">
<span style="background-color: transparent; color: #282828; font-family: Calibri; font-size: 13.5pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Beena Parmar, Moneycontrol News</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">A performance bonus of Rs 2.20 crore spikes </span><a href="http://www.moneycontrol.com/india/stockpricequote/banks-private-sector/icicibank/ICI02" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">ICICI Bank</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> chief Chanda Kochhar’s total remuneration by 63.8 percent for the fiscal year ending March 2017 at Rs 7.85 crore. In other words, Kochhar now draws Rs 65 lakh a month, or Rs 2.1 lakh per day.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Apart from the basic salary, the remuneration includes allowances and perquisites and contribution to provident, superannuation and gratuity funds. This, however, excludes employee stock options which stood at Rs 13.75 lakh subject to Reserve Bank of India (RBI) approval.</span></div>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">In FY16, Kochhar was the third-highest paid banking chief after </span><a href="http://www.moneycontrol.com/india/stockpricequote/banks-private-sector/hdfcbank/HDF01" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">HDFC Bank's</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> head Aditya Puri and </span><a href="http://www.moneycontrol.com/india/stockpricequote/banks-private-sector/axisbank/AB16" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Axis Bank's</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> captain Shikha Sharma. Puri earned a remuneration of Rs 9.7 crore for FY16 while Sharma earned Rs 5.5 crore during the year. Kochhar's pay was significantly lower at Rs 4.79 crore in FY16, according to the bank's annual report.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Without the bonus and other variables, Kochhar’s basic salary increased by 15 percent to Rs 2.67 crore in FY17 as against Rs 2.32 crore for FY16.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The hike in the total remuneration in FY17 was primarily driven by the performance bonus which the ICICI Bank CEO and the entire senior management had forgone a year ago owing to the bank’s weak financial results.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">ICICI Bank had posted ones of its worst quarterly performance in the decade with a net profit drop of 87 percent for the March quarter in FY16. After forgoing the bonus in FY16, the senior management got a total performance bonus of Rs 7.55 crore in FY17.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The percentage increase in the median remuneration of all employees in the FY17 was around 12 percent.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The </span><a href="https://www.icicibank.com/managed-assets/docs/investor/annual-reports/2017/annual-report-fy2017.pdf" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">annual report</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> highlighted that the average percentage increase made in the salaries of total employees other than the Key Managerial Personnel (senior management) for fiscal 2017 was around 10 percent, while the average increase in the remuneration of the Key Managerial Personnel was in the range of 12-15 percent.</span></div>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Senior management salaries</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The bank's Chief Financial Officer N S Kannan got a remuneration of Rs 5.39 crore, a hike of 62 percent from Rs 3.32 crore a year ago. His basic salary increase was 15 percent at Rs 1.76 crore.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Executive Director Vishakha Mulye’s total salary was at Rs 5.29 crore. She had joined the bank in December 2015 and hence her hike is not comparable.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Former executive director heading the retail portfolio Rajiv Sabharwal, who left ICICI Bank on January 31, 2017, earned a salary of Rs 3.48 crore as against Rs 3.26 crore a year ago. He did not get performance bonus for both the years.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Sabharwal's successor Anup Bagchi, who joined the bank on November 1, 2016, and assumed office as Executive Director from February 1, 2017, was paid Rs 2.02 crore, earning a bonus of Rs 56 lakh.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Former Human Resources head and Executive Director K Ramkumar, who took an early retirement, was paid a total of Rs 3.88 crore, with a bonus of Rs 48.5 lakh.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="background-color: transparent; color: red; font-family: Verdana; font-size: 20pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Banking ordinance, a better plumber for ICICI Bank’s bad loans</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The government’s ordinance amending banking regulations—presumably to give the RBI greater powers to fix the NPA problem—will help ICICI’s bad loans</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: right;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> </span><a href="http://www.livemint.com/Search/Link/Author/Andy%20Mukherjee" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Andy Mukherjee</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">, LIVEMINT</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The plumber who’ll sort out India’s bad-loan mess is about to get powerful new tools, and an overflowing toilet will soon be clean. Or that’s how investors are reacting to weaker-than-expected quarterly earnings from the country’s largest private-sector bank by assets.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">How sentiment changes. At the end of 2015, when concerns over Indian lenders’ balance sheets reigned supreme, ICICI Bank Ltd had around Rs21,400 crore in gross non-performing assets. The bank announced a 78% jump in NPAs for just the first three months of 2016, and shell-shocked investors pushed the stock down almost 10% in three days.</span></div>
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<a href="http://www.livemint.com/r/LiveMint/Period2/2017/05/05/Photos/Processed/g_icici_web.jpg" style="text-decoration: none;"><span style="background-color: transparent; color: #e30613; font-family: Calibri; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><img height="1037" src="https://lh5.googleusercontent.com/OgR68umDRnIC_TdAtihbA815m3p-9ke7xrG4UDCXU8yZP8pLZ7_TJic167xkx0CEY4Fp1FABwK6WT5TVKWKiBWFKRMTTO3iEKXWGBLzoOv717WscqnI1SZ7x0t8755Bk0ce8_rH_6WN2Sqsdvg" style="-webkit-transform: rotate(0.00rad); border: none; transform: rotate(0.00rad);" width="548" /></span></a></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">That was last May. Fast-forward a year, and investors rewarded ICICI Bank’s freshly revealed bad-loan pile of Rs42,500 crore—twice as large as the end-2015 stock—by pushing the shares up as much as 9% Thursday.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The Indian government’s decision late Wednesday to rush through an ordinance amending banking regulations—presumably to give the Reserve Bank of India (RBI) greater powers to fix the $180 billion stressed-asset problem—has made all the difference.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">In the absence of details, though, it may be unwise to get too optimistic.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">When he launched a special review of lenders’ asset quality in 2015, then RBI governor Raghuram Rajan promised “clean and fully provisioned” bank balance sheets by March 2017. That deadline, like Rajan, has come and gone, and the toilet is getting dirtier. Nothing that Rajan or his successor Urjit Patel have done to stanch the overflow, including letting the banks exchange soured loans for controlling equity stakes, has worked.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">What difference will another new wrench make?</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">To put this in perspective, ICICI’s soured credit is now $500 million greater than the $6.1 billion heap of dud loans at Standard Chartered Plc, which operates worldwide and has almost three times as large a balance sheet as the Indian lender. Worse, the loan-loss cover for ICICI’s $6.6 billion in bad loans is less than $2.7 billion; StanChart’s cushion is almost $700 million thicker.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">ICICI and its smaller rivals like Axis Bank Ltd, IndusInd Bank Ltd and Yes Bank Ltd have blamed their lousy March quarter results on one large account. Once Jaiprakash Associates Ltd concludes the sale of its cement assets to billionaire Kumar Mangalam Birla, the builder of India’s sole Formula One track will be able to repay creditors.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Setting that aside, the banks say, the correct gauge is this: With each passing quarter, fewer new loans are turning bad. And let a bad bank take care of the stress that’s already accumulated.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Gadfly has previously argued that a state-sponsored bad bank would be a mistake. As for giving the central bank more powers, the only stick it needs to be able to wield is one that would force lenders to dispose of their soured assets at prices that make sense to asset-reconstruction companies. Those deals are simply not happening.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Last quarter, ICICI managed to offload less than $4 million of bad debt, and another $90 million of special-mention loans. And this at a private-sector lender, which has more latitude for commercial decisions than state-run banks. The latter, which dominate the industry, would be faulted for taxpayer losses if they sold a loan at 30 cents to a private-equity investor who could then get 60 cents out of it.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Besides, with insufficient profits on good loans to offset losses on the sale of bad ones, India’s state-run banks could need more money from taxpayers. That’s a big ask: The government has been stingy on recapitalization, and may be even more so in the last two years of its term as it pumps cash into voter-friendly programs.</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">It’s up to the central bank now. If those new tools turn out to be inadequate to fix the leak, the overflow of bad assets will start to look like a deluge</span><span style="background-color: transparent; color: black; font-family: Calibri; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">. </span></div>
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<br /></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: red; font-family: Verdana; font-size: 20pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Employees seek to stop Barclays Bank Zimbabwe sale</span></div>
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<span style="background-color: white; color: #868686; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">May 25, 2017</span></div>
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<span style="background-color: transparent; color: #555555; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">by XOLISANI NCUBE</span></div>
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<span style="background-color: transparent; color: black; font-family: Calibri; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><img height="49" src="https://lh3.googleusercontent.com/1xtq3M5xkIfm-Nxydhv6b32S1xY7derHOMFhwRoVElkNsxi7Q3bkyyXbMWc0U5ZIJL1Pu8hIOfIS2ciTjfYtPPth0LMNUWataLUktByfFDNoxuWmxa_H37O7aWApwJBpFqGNScp9lJf9-m2ODg" style="-webkit-transform: rotate(0.00rad); border: none; transform: rotate(0.00rad);" width="238" /></span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: #555555; font-family: Verdana; font-size: 12pt; font-style: italic; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Barclays Bank Zimbabwe employees have approached the High Court seeking to stop the sale of the financial institution to a Malawian investor or any other buyer, demanding to be given the right of first refusal.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: #555555; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">In an urgent chamber application filed by their lawyers, Matsikidze and Mucheche Labour Law Chambers, the 63 workers, led by Sydney Mwalo, pleaded with the court to stop the sale of a stake in Barclays Bank Plc to Malawi-based First Merchant Bank (FMB) until they have shown that they cannot buy the shares.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: #555555; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">FMB has been in talks to buy Barclays International’s 68% stake in Barclays Bank Zimbabwe, which has $60 million capitalisation on the Zimbabwe Stock Exchange.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: #555555; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">“The respondent (Barclays Bank Zimbabwe) is and, hereby, interdicted from disposing its shares or business to the Malawi investors or any other investors without, firstly, consulting the applicants (workers), as required in terms of the Labour Act,” part of the court papers filed on Tuesday read.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: #555555; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">“The respondent (Barclays Bank Zimbabwe) is and, hereby, interdicted from disposing its shares or business to the Malawi investors or any other investors without giving the applicants the right of first refusal or the right of pre-emption and/or complying with the indigenisation and empowerment laws, which mandate that the applicants and other lower level employees to be empowered by forming share-ownership schemes, which allow them to be shareholders before other suitors are considered.”</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: #555555; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Barclays Bank plc last year said it was looking to sell-off its African assets and focus on the British and American markets.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: #555555; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">According to the affidavit filed by Mwalo, Barclays, in 2016, indicated that it was disposing of part of the shares. The workers claim the matter was concealed from them until they started to enquire but with no success.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: #555555; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Mwalo stated that according to the Labour Act, the issue of change of ownership or disposal of shares was a matter which the law requires the respondents to consult the applicants first.</span></div>
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<span style="background-color: transparent; color: #555555; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">“In this matter, at all material times the respondents rejected the applicants’ request for a works council meeting in terms of section 25A of the Labour Act to discuss the issue of the sale or disposal of its shares or business to third parties,” part of the affidavit reads.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: #555555; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">“The decision to dispose the shares or business to Malawi investors is irrational and will cause customer flight, as most customers are international organisations, who need security of their funds. Thus, the disposal to investors without consulting those customers (will result in) customer and capital flight and subsequently, the bank will collapse and applicants will be jobless.”</span></div>
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<span style="background-color: transparent; color: #555555; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The bank was given 10 days to respond to the application or the matter will proceed as unopposed.</span></div>
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<span style="background-color: transparent; color: red; font-family: Verdana; font-size: 20pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Failure of debt-laden telecom operators can trigger defaults, bankers tell government</span></h1>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: #333333; font-family: Verdana; font-size: 12pt; font-style: italic; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">In a recent presentation to the cabinet secretary, banks said using spectrum as a collateral and extension of spectrum repayment schedule may be needed to salvage this sector.</span></div>
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<a href="http://telecom.economictimes.indiatimes.com/author/479219003/deepali-gupta" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Deepali Gupta</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> | May 26, 2017 </span></div>
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<span style="background-color: transparent; color: black; font-family: Calibri; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><img alt="The Economic Times" height="26" src="https://lh6.googleusercontent.com/cijOvlpbR7uLsQ2-vRnyoJrQznnrJ2GRz8egMcOcaEmZHdDNigekd4CFvgpBxcnhT7-50-w7Lw6fj5rbr--VhS-Pt_f0OckjfpOnFFP-fs7sucLLg-DzJaDBm3_pfHPqpX0QKbZYkJZVErUj8A" style="-webkit-transform: rotate(0.00rad); border: none; transform: rotate(0.00rad);" width="286" /></span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">MUMBAI: India’s top bankers have warned the government that failure in the debt-bruised </span><a href="http://telecom.economictimes.indiatimes.com/tag/telecom" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">telecom</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> sector could result in defaults in the industry whose total borrowings amount to a Rs 8 lakh crore. This happens to be more than double the direct exposure banks have made to this sector as disclosed in the </span><a href="http://telecom.economictimes.indiatimes.com/tag/reserve+bank+of+india" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Reserve Bank of India</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">’s data.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">In a recent presentation to the cabinet secretary that came days before the RBI imposed higher provisioning by banks even on regular telecom loans, banks said using </span><a href="http://telecom.economictimes.indiatimes.com/tag/spectrum" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">spectrum</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> as a collateral and extension of spectrum repayment schedule may be needed to salvage this sector.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">In addition to direct lending by banks to the sector which amounted to Rs 2.63 lakh crore, there is also deferred spectrum payments to the tune of Rs 3.09 crore and third party loans dependent on operators’ contracts of around Rs 1.8 lakh crore, the banks said in their presentation. This would only be further compounded by the expected annual capital expenditure by telecom operators estimated to be Rs 35,000 crore.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Banks estimate that overall annual revenue for the sector will drop by 25% to Rs 1,31,000 crore by March 2019. Banks also argued that with a 20% operating margin, telecom companies would be unable to generate enough funds to service the Rs 5.72 lakh crore debt riddling the sector.</span></div>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">“Certain companies have already started defaulting on payments to banks,” the presentation showed, a copy of which was seen by ET. A query sent by ET to the government remained unanswered. Banks did not comment either.</span></div>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">BANKS’ RECOMMENDATIONS</span></div>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Banks have recommended some measures that will help telecom companies tackle their debt and have sought tax relief for the sector.</span></div>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">If companies could use spectrum as security, banks could offer more debt and therefore smoothen payouts towards the government-deferred spectrum scheme. At the moment, while companies can offer their licence as a lever to borrow, spectrum, for which bulk of the payments are made, cannot be collateralised under the department of telecommunication rules.</span></div>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Banks have also urged the government to ease the merger and acquisition norms and hasten permissions to prevent lingering and therefore devaluation of fringe players. A part of this also includes speedy resolution of disputes and permissions.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">To help operators who lack ability to raise more funds, banks said a permission to trade their spectrum must be given even if the spectrum was allocated prior to auctions since 2010. For now, companies must pay the price difference between auction price and the allocated price for airwaves, before it can share or trade. Reliance Communications had paid around Rs 5,500 crore before signing a sharing an agreement with Jio.</span></div>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Banks have urged the government to lower spectrum usage charges, licence fees, and taxes. They have tallied it with telecom taxes prevalent in other Asian countries to demonstrate how Indian companies were paying more.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">This can be resolved by restructuring the way adjusted gross revenue was calculated for licence fees, banks proposed. Subscriber statistics show that lucrative customers were concentrating on the top three operators –– </span><a href="http://telecom.economictimes.indiatimes.com/tag/bharti+airtel" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Bharti Airtel</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">, </span><a href="http://telecom.economictimes.indiatimes.com/tag/vodafone+india" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Vodafone India</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">, </span><a href="http://telecom.economictimes.indiatimes.com/tag/idea+cellular" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Idea Cellular</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> –– and bargain buyers were focusing on </span><a href="http://telecom.economictimes.indiatimes.com/tag/reliance+jio" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Reliance Jio</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The Reliance Industries company that launched telecom service at an initial investment of Rs 1,50,000 crore in March mopped up most subscribers from tail-ending operators, led by Reliance Communications, as per data released by the Telecom Regulatory Authority of India.“Disruptive and predatory pricing by new operators have resulted in decrease of overall industry revenue over the last quarter along with a drop in government’s revenue share collection,” the presentation showed.</span></div>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">To add to the bankers’ woes, the Reserve Bank of India recently issued a notification to provide for default on some telecom loans even if the accounts were regular at the moment. The government has had its sights set on the over-indebtedness of corporates and has been pushing for measures to write off irrecoverable debt.</span></div>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">INADEQUATE OPERATING PROFIT</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Since September, Reliance Jio launched free 4G service for customers to ramp up users. In April, the service became a paid one but at a fraction of the industry pricing. Bankers and telecom officials were moved to action when a recent spectrum payment by a tail-ending operator was missed, and the question of invoking a bank guarantee was raised.</span></div>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Subsequently, the company paid its dues to the government with interest for the entire month, confirmed an official at the department of telecom. Yet, the question on the validity of some of the bank guarantees was raised as the business case based on which these guarantees were issued has changed.</span></div>
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<span style="background-color: transparent; color: #333333; font-family: inherit; font-size: 13pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><img alt="Failure of debt-laden telecom operators can trigger defaults, bankers tell government" height="529" src="https://lh5.googleusercontent.com/HynkBRzw1Rstpuh8EfJPF2BaEMFNbZy4MeWrBsPzc_ewm_kiDYAU0PKp5NJxc1Hg0OPPOXiRcKjcVx8O6cpnHXEjdp0Tt9r1tbTEtQ8w2jk9dLfhMrbGTs-hfI9c1IZO5JqeE0XBTMwinPJTiw" style="-webkit-transform: rotate(0.00rad); border: none; transform: rotate(0.00rad);" width="294" /></span></div>
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<span style="background-color: transparent; color: red; font-family: Verdana; font-size: 20pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The World's Largest Banks in 2017: The American Bull Market Strengthens</span></h1>
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<span style="background-color: transparent; color: #888888; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">MAY 24, 2017</span></div>
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<span style="background-color: transparent; color: black; font-family: Calibri; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><img alt="Image result for Forbes logo" height="29" src="https://lh5.googleusercontent.com/6IWyxiGXtx6uiT3fGxP6s79i2nUTPihe1cTuafVQ9oxDh-xMQl-TG89O139IdbgFYdlgp6wgJGXOKrGirJCVhIo7Ijsghuz8mmwy-P37Pzh95IjZBKtNKnEC0lFfLVZcP4ohoXJgAeNDB5RRzg" style="-webkit-transform: rotate(0.00rad); border: none; transform: rotate(0.00rad);" width="102" /></span><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> </span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Chinese banks remain the largest corporations on earth, but a resurgent Wall Street means competition is increasing in the global banking industry.</span></div>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Industrial and Commercial </span><a href="http://www.forbes.com/companies/bank-of-china/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Bank of China</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> and </span><a href="http://www.forbes.com/companies/china-construction-bank/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">China Construction Bank</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> remain the two biggest corporations in the world, according to the 2017 Forbes Global 2000, but U.S.-based competitors are gaining major ground. </span><a href="http://www.forbes.com/companies/jpmorgan-chase/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">JPMorgan Chase</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> has eclipsed </span><a href="http://www.forbes.com/companies/agricultural-bank-of-china/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Agricultural Bank of China</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> as the world’s third largest bank and it is </span><a href="http://www.forbes.com/companies/wells-fargo/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Wells Fargo</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> that now rounds out the top four in banking. In fact, all of America’s big six banks gained ground in the industry.</span></div>
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<a href="http://www.forbes.com/companies/bank-of-america/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Bank of America</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> and </span><a href="http://www.forbes.com/companies/citigroup/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Citigroup</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> are both firmly among the global top-10 in banking. In 2016, Goldman Sachs and </span><a href="http://www.forbes.com/companies/morgan-stanley/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Morgan Stanley</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> were among the industry’s fastest risers, supplanting Asian and European banking giants including </span><a href="http://www.forbes.com/companies/industrial-bank/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Industrial Bank</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> and </span><a href="http://www.forbes.com/companies/ubs/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">UBS</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> . Driving the American banking bull is resilient top line growth, led by a strengthening U.S. dollar, stable gross domestic product growth and the Federal Reserve’s increase of short-term interest rates. And it won’t slow anytime soon, U.S. banks have been among the best performers on global markets since the fall, as President </span><a href="http://www.forbes.com/profile/donald-trump/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Donald Trump</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> vows to roll back regulations and increase lending.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Profits at America’s big six banks are expected by analysts to hit post-crisis highs in 2017 as a combination of rising rates and business friendly policy drive their bottom lines. Trouble spots in the U.S. economy, whether it is rising auto and student loan defaults, are not expected to outweigh positive fundamentals such as rising wages, falling unemployment and near-record low mortgage and credit card default rates.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Chinese banks, which dominated last year’s Forbes Global 2000, face a murkier outlook. Global investors continue to worry about credit losses inside the Chinese banking system. A growth scare in early 2016 caused wild market swings around the world as the country’s economic growth fell below 7% on an annualized basis. This slowing economy means profits at China’s biggest ten banks fell in 2016, allowing U.S. lenders to pick up market share.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">In 2017, investors will be closely watching pressures inside the Chinese banking system, from rising leverage to weakening asset quality and even write-downs. Politics may prove to be tricky as well. The Trump administration’s focus on renegotiating trade deals and its close watch of exchange rates between the U.S. dollar and the Chinese yuan could lead to added volatility. Amid this backdrop, the banking ‘big four’ is now balanced between U.S. and Chinese lenders.</span></div>
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<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">In Europe, banks continue to wrestle with the scars of the 2008 crisis and troubled times for the currency union. French lender </span><a href="http://www.forbes.com/companies/bnp-paribas/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">BNP Paribas</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> is the only EU-based bank to make the global top-10. Powerhouse lenders in the region such as HSBC, UBS, </span><a href="http://www.forbes.com/companies/intesa-sanpaolo/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Intesa Sanpaolo</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> and </span><a href="http://www.forbes.com/companies/credit-agricole/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Credit Agricole</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> were some of the industry’s biggest fallers. With Great Britain negotiating an exit from the European Union and firms from </span><a href="http://www.forbes.com/companies/barclays/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Barclays</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> to </span><a href="http://www.forbes.com/companies/deutsche-bank/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Deutsche Bank</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> and Credit Suisse still raising capital, global investors are yet to rush back into regional lenders.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Brazil, having recently exited one of the worst recessions in the country’s history, is beginning to attract investor attention and lenders such as Itau Unibanco and </span><a href="http://www.forbes.com/companies/banco-bradesco/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Banco Bradesco</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> are back on the rise. Plagued by plunging oil prices in 2016, Russia is also on the rise. No bank in the top-25 gained more than Moscow-based </span><a href="http://www.forbes.com/companies/sberbank/" style="text-decoration: none;"><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Sberbank</span></a><span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> .</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Among the world’s 25 largest banks, China houses the most with eight firms, while the U.S. places second with seven spots. Canada and Brazil each had two spots while Spain, France, Japan, Russia, the Netherlands and the United Kingdom had a spot apiece.</span></div>
<div dir="ltr" style="background-color: white; line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Germany and Italy, the industrial engine of the Eurozone, did not have a bank ranked in the top 25 globally, nor did Switzerland. Volatile emerging markets like China, Brazil and India continue to drive global growth expectations over the long-run, but right now it is the U.S. banking industry which is resurgent, proving the stability of U.S. lenders remains formidable competition.</span></div>
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<span style="background-color: transparent; color: white; font-family: Verdana; font-size: 22pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Move & Mobilise from now on</span></div>
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<span style="background-color: transparent; color: #c00000; font-family: Verdana; font-size: 36pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">AIBEA – AIBOA’s</span></div>
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<span style="background-color: transparent; color: #c00000; font-family: Verdana; font-size: 18pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">MASSIVE MORCHA TO PARLIAMENT</span></div>
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<span style="background-color: transparent; color: white; font-family: Verdana; font-size: 18pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">On 15</span><span style="background-color: transparent; color: white; font-family: Verdana; font-size: 10.799999999999999pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: super; white-space: pre-wrap;">th</span><span style="background-color: transparent; color: white; font-family: Verdana; font-size: 18pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> SEPTEMBER, 2017</span></div>
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<span style="background-color: transparent; color: #c00000; font-family: Verdana; font-size: 18pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Stop Banking Reforms</span></div>
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<span style="background-color: transparent; color: #c00000; font-family: Verdana; font-size: 18pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Save Banks from Defaulters</span></div>
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<span style="background-color: transparent; color: #c00000; font-family: Verdana; font-size: 18pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Strengthen Public Sector Banks</span></div>
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<span style="background-color: transparent; color: white; font-family: Verdana; font-size: 21pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">VIBRANT BANKING – VIBRANT INDIA</span></div>
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<table style="border-collapse: collapse; border: none;"><colgroup><col width="52"></col><col width="574"></col></colgroup><tbody>
<tr style="height: 15pt;"><td colspan="2" style="background-color: #943634; border-bottom: solid #000000 0.5pt; border-left: solid #000000 0.5pt; border-right: solid #000000 0.5pt; border-top: solid #000000 0.5pt; padding: 0pt 5.4pt 0pt 5.4pt; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: center;">
<span style="background-color: transparent; color: black; font-family: Verdana; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="background-color: transparent; color: white; font-family: Calibri; font-size: 14pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">AIBEA THIS DAY – 29 MAY </span></div>
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<tr style="height: 15pt;"><td style="border-bottom: solid #000000 0.5pt; border-left: solid #000000 0.5pt; border-right: solid #000000 0.5pt; border-top: solid #000000 0.5pt; padding: 0pt 5.4pt 0pt 5.4pt; vertical-align: middle;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Calibri; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">1986</span></div>
</td><td style="border-bottom: solid #000000 0.5pt; border-left: solid #000000 0.5pt; border-right: solid #000000 0.5pt; border-top: solid #000000 0.5pt; padding: 0pt 5.4pt 0pt 5.4pt; vertical-align: middle;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Calibri; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">AIBEA General Council meets at Calcutta.</span></div>
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<tr style="height: 15pt;"><td style="border-bottom: solid #000000 0.5pt; border-left: solid #000000 0.5pt; border-right: solid #000000 0.5pt; border-top: solid #000000 0.5pt; padding: 0pt 5.4pt 0pt 5.4pt; vertical-align: middle;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Calibri; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">1989</span></div>
</td><td style="border-bottom: solid #000000 0.5pt; border-left: solid #000000 0.5pt; border-right: solid #000000 0.5pt; border-top: solid #000000 0.5pt; padding: 0pt 5.4pt 0pt 5.4pt; vertical-align: middle;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 6pt; margin-top: 6pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: Calibri; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Allahabad Bank employees observe one day strike in U.P.</span></div>
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<span id="docs-internal-guid-fdf99f4c-5848-da0b-fd16-be1025bce946"></span><br />
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<img height="151" src="https://docs.google.com/drawings/u/0/d/shq38D6LSmtQza5r86-Brig/image?w=877&h=151&rev=1&ac=1" style="-webkit-transform: rotate(0.00rad); border: none; transform: rotate(0.00rad);" width="877" /><img height="94" src="https://lh4.googleusercontent.com/txKlRD001jZ1GnNrOZVZxzHfxyEHtZBzHYZ6fBA29QmZ2IujpJM9W_ze02EnudubeoYzQcA7xQ57nw0dj8PpJKiq5E0bVcZxo1LHVI45cCBUzcg-JlF-0V9nIjqZvlht4mGHfLRsbVAq6ph4ug" style="-webkit-transform: rotate(0.00rad); border: none; transform: rotate(0.00rad);" width="85" /></div>
Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com4tag:blogger.com,1999:blog-4044402403356121793.post-1155741841529107572017-05-30T00:31:00.002-07:002017-05-30T00:31:22.776-07:00Why Buying Insurance Policy Is Bad<div class="p1">
<i><b>A person buys a LIC policy with insurance of Rs.200000/ (Rs.two lakhs ) from a LIC agents for say 20 years . He has to pay on an average Rs.10000 per annum as annual premium for 20 years .</b></i></div>
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<i><b><br /></b></i></div>
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<i><b>Suppose if he deposits the same Rs.10000 per years in a Bank every year for 20 years and earn 8% as annual interest. His first year premium of Rs.10000/ will be fixed for 20 years in a bank , he will get Rs.48754 after 20 years from the bank. </b></i><br />
<i><b><br /></b></i><i><b>Similarly Rs.10000 deposited next year will remain in bank as FD for 19 years , next Rs.10000 for 18 years and so on. Following Table reflects how he gets a total return of Rs.508891.17 from bank on the date policy matures. His total investment in 20 years comes to Rs 2 lakh.</b></i></div>
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<i><b><br /></b></i></div>
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<i><b> (interest compounded quarterly @ 8% per annum- added at the end of each quarter)</b></i></div>
<div class="p1">
<i><b><br /></b></i></div>
<div class="p1">
<i><b><span style="font-size: small;"><span style="color: red;">It is to be noted that rate of interest on bank FD varies from 7 to 11 % p.a.. For convenience purpose , I have calculated all returns on FD made by agent and the policy buyer @ minimum rate of 8%</span></span></b></i></div>
<div class="p1">
<i><b><span style="font-size: small;"><span style="color: red;"><br /></span></span></b></i></div>
<div class="p1" style="text-align: center;">
<i><b><span style="color: red; font-size: x-large;"><u>Table 1 How much Policy Buyers Earns</u></span></b></i></div>
<div class="p2">
<i><b><br /></b></i></div>
<div class="p1">
<i><b><span style="font-size: small;"><u>Year<span class="Apple-tab-span"> </span> Year Interest<span class="Apple-tab-span"> </span> Total Interest Balance</u></span></b></i></div>
<div class="p2">
<i><b><br /></b></i></div>
<div class="p1">
<i><b>1<span class="Apple-tab-span"> </span> 824.32<span class="Apple-tab-span"> </span> 824.32<span class="Apple-tab-span"> </span> 10,824.32</b></i></div>
<div class="p1">
<i><b>2<span class="Apple-tab-span"> </span> 892.27<span class="Apple-tab-span"> </span> 1,716.59<span class="Apple-tab-span"> </span> 11,716.59</b></i></div>
<div class="p1">
<i><b>3<span class="Apple-tab-span"> </span> 965.82<span class="Apple-tab-span"> </span> 2,682.42<span class="Apple-tab-span"> </span> 12,682.42</b></i></div>
<div class="p1">
<i><b>4<span class="Apple-tab-span"> </span> 1,045.44<span class="Apple-tab-span"> </span> 3,727.86<span class="Apple-tab-span"> </span> 13,727.86</b></i></div>
<div class="p1">
<i><b>5<span class="Apple-tab-span"> </span> 1,131.62<span class="Apple-tab-span"> </span> 4,859.47<span class="Apple-tab-span"> </span> 14,859.47</b></i></div>
<div class="p1">
<i><b>6<span class="Apple-tab-span"> </span> 1,224.90<span class="Apple-tab-span"> </span> 6,084.37<span class="Apple-tab-span"> </span> 16,084.37</b></i></div>
<div class="p1">
<i><b>7<span class="Apple-tab-span"> </span> 1,325.87<span class="Apple-tab-span"> </span> 7,410.24<span class="Apple-tab-span"> </span> 17,410.24</b></i></div>
<div class="p1">
<i><b>8<span class="Apple-tab-span"> </span> 1,435.16<span class="Apple-tab-span"> </span> 8,845.41 18,845.41</b></i></div>
<div class="p1">
<i><b>9<span class="Apple-tab-span"> </span> 1,553.47<span class="Apple-tab-span"> </span> 10,398.87<span class="Apple-tab-span"> </span> 20,398.87</b></i></div>
<div class="p1">
<i><b>10<span class="Apple-tab-span"> </span> 1,681.52<span class="Apple-tab-span"> </span> 12,080.40<span class="Apple-tab-span"> </span> 22,080.40</b></i></div>
<div class="p1">
<i><b>11<span class="Apple-tab-span"> </span> 1,820.13<span class="Apple-tab-span"> </span> 13,900.53<span class="Apple-tab-span"> </span> 23,900.53</b></i></div>
<div class="p1">
<i><b>12<span class="Apple-tab-span"> </span> 1,970.17<span class="Apple-tab-span"> </span> 15,870.70<span class="Apple-tab-span"> </span> 25,870.70</b></i></div>
<div class="p1">
<i><b>13<span class="Apple-tab-span"> </span> 2,132.58<span class="Apple-tab-span"> </span> 18,003.28<span class="Apple-tab-span"> </span> 28,003.28</b></i></div>
<div class="p1">
<i><b>14<span class="Apple-tab-span"> </span> 2,308.37<span class="Apple-tab-span"> </span> 20,311.65<span class="Apple-tab-span"> </span> 30,311.65</b></i></div>
<div class="p1">
<i><b>15<span class="Apple-tab-span"> </span> 2,498.66<span class="Apple-tab-span"> </span> 22,810.31<span class="Apple-tab-span"> </span> 32,810.31</b></i></div>
<div class="p1">
<i><b>16<span class="Apple-tab-span"> </span> 2,704.62<span class="Apple-tab-span"> </span> 25,514.93<span class="Apple-tab-span"> </span> 35,514.93</b></i></div>
<div class="p1">
<i><b>17<span class="Apple-tab-span"> </span> 2,927.57<span class="Apple-tab-span"> </span> 28,442.51<span class="Apple-tab-span"> </span> 38,442.51</b></i></div>
<div class="p1">
<i><b>18<span class="Apple-tab-span"> </span> 3,168.90<span class="Apple-tab-span"> </span> 31,611.40<span class="Apple-tab-span"> </span> 41,611.40</b></i></div>
<div class="p1">
<i><b>19<span class="Apple-tab-span"> </span> 3,430.12<span class="Apple-tab-span"> </span> 35,041.52<span class="Apple-tab-span"> </span> 45,041.52</b></i></div>
<div class="p1">
<b><i>20<span class="Apple-tab-span"> </span> 3,712.87<span class="Apple-tab-span"> </span> 38,754.39<span class="Apple-tab-span"> </span> 48,754.39</i></b></div>
<div class="p2">
<i><b><br /></b></i></div>
<div class="p1">
<i><b>Total Amount Received on Maturity from Bank Rs. 508891.17 </b></i></div>
<div class="p2">
<i><b><br /></b></i></div>
<div class="p2">
<i><b><br /></b></i></div>
<div class="p2">
<i><b><br /></b></i></div>
<div class="p1">
<b><span style="font-size: large;"><u>How Much Agent of LIC earns after mobilising a policy of annual premium of Rs.10000/</u></span></b></div>
<div class="p2">
<i><b><br /></b></i></div>
<div class="p2">
<i><b><br /></b></i></div>
<div class="p1">
<i><b>An Agent gets commission @35% in first year on regular policy , 10% in second year and 6% on residual years. As such if a person ( who buys a LIC policy ) pays Rs.10000 as annual premium for 20 years to buy an insurance policy of Rs.2.00 lac , the agent will get Rs.3500/ as commission in first year and keep it in bank for 20 years as Fixed Deposit and he will get Rs.17064/ on date of maturity of policy . Similarly he will get commission @ 10% in second year and thus make FD of Rs.1000 for 19 years in a bank and get Rs.4504.15 .</b></i></div>
<div class="p2">
<i><b><br /></b></i></div>
<div class="p1">
<i><b>From third year onwards, the agent earns a commission @6% every year for 18 years . In this way he will make this Rs.600 as FD each year in a bank for 18 years, 17 years , 16 years and so on. </b></i></div>
<div class="p2">
<i><b><br /></b></i></div>
<div class="p1">
<i><b>Following is the table which reflects how he gets payment on the date when policy gets matured </b></i></div>
<div class="p2">
<i><b><br /></b></i></div>
<div class="p1">
<i><b>(interest compounded quarterly at the rate of 8% p.a.- added at the end of each quarter)</b></i></div>
<div class="p1">
<i><b><br /></b></i></div>
<div class="p1" style="text-align: center;">
<i><b><u><span style="font-size: x-large;">Table 2 How Much An Agent Earns</span></u></b></i></div>
<div class="p2">
<i><b><br /></b></i></div>
<div class="p1">
<i><b>Year<span class="Apple-tab-span"> </span>Year Interest<span class="Apple-tab-span"> </span>Total Interest<span class="Apple-tab-span"> </span>Balance</b></i></div>
<div class="p2">
<i><b><br /></b></i></div>
<div class="p1">
<i><b>1<span class="Apple-tab-span"> </span>49.46<span class="Apple-tab-span"> </span> 49.46<span class="Apple-tab-span"> </span> 649.46</b></i></div>
<div class="p1">
<i><b>2<span class="Apple-tab-span"> </span>53.54<span class="Apple-tab-span"> </span> 103.00<span class="Apple-tab-span"> </span> 703.00</b></i></div>
<div class="p1">
<i><b>3<span class="Apple-tab-span"> </span>57.95<span class="Apple-tab-span"> </span> 160.95<span class="Apple-tab-span"> </span> 760.95</b></i></div>
<div class="p1">
<i><b>4<span class="Apple-tab-span"> </span>62.73<span class="Apple-tab-span"> </span> 223.67<span class="Apple-tab-span"> </span> 823.67</b></i></div>
<div class="p1">
<i><b>5<span class="Apple-tab-span"> </span>67.90<span class="Apple-tab-span"> </span> 291.57<span class="Apple-tab-span"> </span> 891.57</b></i></div>
<div class="p1">
<i><b>6<span class="Apple-tab-span"> </span>73.49<span class="Apple-tab-span"> </span> 365.06<span class="Apple-tab-span"> </span> 965.06</b></i></div>
<div class="p1">
<i><b>7<span class="Apple-tab-span"> </span>79.55<span class="Apple-tab-span"> </span> 444.61<span class="Apple-tab-span"> </span> 1,044.61</b></i></div>
<div class="p1">
<i><b>8<span class="Apple-tab-span"> </span>86.11<span class="Apple-tab-span"> </span> 530.72<span class="Apple-tab-span"> </span> 1,130.72</b></i></div>
<div class="p1">
<i><b>9<span class="Apple-tab-span"> </span>93.21<span class="Apple-tab-span"> </span> 623.93<span class="Apple-tab-span"> </span> 1,223.93</b></i></div>
<div class="p1">
<i><b>10<span class="Apple-tab-span"> </span>100.89<span class="Apple-tab-span"> </span> 724.82<span class="Apple-tab-span"> </span> 1,324.82</b></i></div>
<div class="p1">
<i><b>11<span class="Apple-tab-span"> </span>109.21<span class="Apple-tab-span"> </span> 834.03<span class="Apple-tab-span"> </span> 1,434.03</b></i></div>
<div class="p1">
<i><b>12<span class="Apple-tab-span"> </span>118.21<span class="Apple-tab-span"> </span> 952.24<span class="Apple-tab-span"> </span> 1,552.24</b></i></div>
<div class="p1">
<i><b>13<span class="Apple-tab-span"> </span>127.95<span class="Apple-tab-span"> </span> 1,080.20<span class="Apple-tab-span"> </span> 1,680.20</b></i></div>
<div class="p1">
<i><b>14<span class="Apple-tab-span"> </span>138.50<span class="Apple-tab-span"> </span> 1,218.70<span class="Apple-tab-span"> </span> 1,818.70</b></i></div>
<div class="p1">
<i><b>15<span class="Apple-tab-span"> </span>149.92<span class="Apple-tab-span"> </span> 1,368.62<span class="Apple-tab-span"> </span> 1,968.62</b></i></div>
<div class="p1">
<i><b>16<span class="Apple-tab-span"> </span>162.28<span class="Apple-tab-span"> </span> 1,530.90<span class="Apple-tab-span"> </span> 2,130.90</b></i></div>
<div class="p1">
<i><b>17<span class="Apple-tab-span"> </span>175.65<span class="Apple-tab-span"> </span> 1,706.55<span class="Apple-tab-span"> </span> 2,306.55</b></i></div>
<div class="p1">
<b><i>18<span class="Apple-tab-span"> </span>190.13<span class="Apple-tab-span"> </span> 1,896.68<span class="Apple-tab-span"> </span> 2,496.68</i></b></div>
<div class="p1">
<i><b>19 3504.15 4504.15 ( For second year LIC agent earn Com @10%)</b></i></div>
<div class="p1">
<i><b>20 13564 17064.00 ( for 1st Year LIC agent earn com. @ 35%)</b></i></div>
<div class="p2">
<i><b><br /></b></i></div>
<br />
<div class="p3">
<b><i><span style="color: red; font-size: large;">Total an Agents gets from Bank Rs.46473.86</span></i></b></div>
<div class="p3">
<b><i><br /></i></b></div>
<div class="p3">
<b><i><br /></i></b></div>
<div class="p3">
<b><i>If agent commission is calculated at 6% for entire 20 years, his return will be as follows at same rate of bank rate of interest and for same amount of annual premium. Here it is assumed that the agents gets higher commission of 29% (35-6) in the first year to compensate his labour made in the first year and @4% in (10-6) second year. Thereafter payment of premium becomes normal and policy holder pays annual premium online. </i></b></div>
<div class="p3">
<b><i><br /></i></b></div>
<div class="p3">
<b><i>But commission @ 6% is absolutely and clearly without making extra pain and hence unjustified.</i></b></div>
<div class="p3">
<b><i><br /></i></b></div>
<div class="p3">
<i><b>(interest compounded quarterly - added at the end of each quarter)</b></i></div>
<div class="p2">
<i><b><br /></b></i></div>
<div class="p1">
<i><b>Year<span class="Apple-tab-span"> </span> Year Interest<span class="Apple-tab-span"> </span>Total Interest<span class="Apple-tab-span"> </span> Balance</b></i></div>
<div class="p2">
<i><b><br /></b></i></div>
<div class="p1">
<i><b>1<span class="Apple-tab-span"> </span>49.46<span class="Apple-tab-span"> </span> 49.46<span class="Apple-tab-span"> </span> 649.46</b></i></div>
<div class="p1">
<i><b>2<span class="Apple-tab-span"> </span>53.54<span class="Apple-tab-span"> </span> 103.00<span class="Apple-tab-span"> </span> 703.00</b></i></div>
<div class="p1">
<i><b>3<span class="Apple-tab-span"> </span>57.95<span class="Apple-tab-span"> </span> 160.95<span class="Apple-tab-span"> </span> 760.95</b></i></div>
<div class="p1">
<i><b>4<span class="Apple-tab-span"> </span>62.73<span class="Apple-tab-span"> </span> 223.67<span class="Apple-tab-span"> </span> 823.67</b></i></div>
<div class="p1">
<i><b>5<span class="Apple-tab-span"> </span>67.90<span class="Apple-tab-span"> </span> 291.57<span class="Apple-tab-span"> </span> 891.57</b></i></div>
<div class="p1">
<i><b>6<span class="Apple-tab-span"> </span>73.49<span class="Apple-tab-span"> </span> 365.06<span class="Apple-tab-span"> </span> 965.06</b></i></div>
<div class="p1">
<i><b>7<span class="Apple-tab-span"> </span>79.55<span class="Apple-tab-span"> </span> 444.61<span class="Apple-tab-span"> </span> 1,044.61</b></i></div>
<div class="p1">
<i><b>8<span class="Apple-tab-span"> </span>86.11<span class="Apple-tab-span"> </span> 530.72<span class="Apple-tab-span"> </span> 1,130.72</b></i></div>
<div class="p1">
<i><b>9<span class="Apple-tab-span"> </span>93.21<span class="Apple-tab-span"> </span> 623.93<span class="Apple-tab-span"> </span> 1,223.93</b></i></div>
<div class="p1">
<i><b>10<span class="Apple-tab-span"> </span>100.89<span class="Apple-tab-span"> </span> 724.82<span class="Apple-tab-span"> </span> 1,324.82</b></i></div>
<div class="p1">
<i><b>11<span class="Apple-tab-span"> </span>109.21<span class="Apple-tab-span"> </span> 834.03<span class="Apple-tab-span"> </span> 1,434.03</b></i></div>
<div class="p1">
<i><b>12<span class="Apple-tab-span"> </span>118.21<span class="Apple-tab-span"> </span> 952.24<span class="Apple-tab-span"> </span> 1,552.24</b></i></div>
<div class="p1">
<i><b>13<span class="Apple-tab-span"> </span>127.95<span class="Apple-tab-span"> </span> 1,080.20<span class="Apple-tab-span"> </span> 1,680.20</b></i></div>
<div class="p1">
<i><b>14<span class="Apple-tab-span"> </span>138.50<span class="Apple-tab-span"> </span> 1,218.70<span class="Apple-tab-span"> </span> 1,818.70</b></i></div>
<div class="p1">
<i><b>15<span class="Apple-tab-span"> </span>149.92<span class="Apple-tab-span"> </span> 1,368.62<span class="Apple-tab-span"> </span> 1,968.62</b></i></div>
<div class="p1">
<i><b>16<span class="Apple-tab-span"> </span>162.28<span class="Apple-tab-span"> </span> 1,530.90<span class="Apple-tab-span"> </span> 2,130.90</b></i></div>
<div class="p1">
<i><b>17<span class="Apple-tab-span"> </span>175.65<span class="Apple-tab-span"> </span> 1,706.55<span class="Apple-tab-span"> </span> 2,306.55</b></i></div>
<div class="p1">
<i><b>18<span class="Apple-tab-span"> </span>190.13<span class="Apple-tab-span"> </span> 1,896.68<span class="Apple-tab-span"> </span> 2,496.68</b></i></div>
<div class="p1">
<i><b>19<span class="Apple-tab-span"> </span>205.81<span class="Apple-tab-span"> </span> 2,102.49<span class="Apple-tab-span"> </span> 2,702.49</b></i></div>
<div class="p1">
<b><i>20<span class="Apple-tab-span"> </span>222.77<span class="Apple-tab-span"> </span> 2,325.26<span class="Apple-tab-span"> </span> 2,925.26</i></b><br />
<b><i><span style="color: red; font-size: small;">Total Rs.30533.46</span></i></b><br />
<b><i><span style="color: red; font-size: small;">This amount an agent get without making any extra effort . It is direct gain for agent of LIC. On the contrary person who buys policy and pay Rs.10000/ every year does not get this much profit .</span></i></b><br />
<b><i><br /></i></b><b><i><br /></i></b><br />
<div class="p3">
<b><i>LIC has been following rules and policies framed five decades ago when every thing was manual and every agents had to personally visit policy holder frequently to collect and deposit periodical premiums. Now when the technology has advanced to such a great extent, when there are several other digital tools to pay premiums and now when LIC has opened office in all areas in adequate number, there is no justification in payment of such a high commission to agents for entire period of policy , that too at the cost of insured who invest his hard earned money for better gain.</i></b></div>
<div class="p3">
<b><i><br /></i></b></div>
<div class="p3">
<b><i>Management of LIC and Government of India along with IRDA , regulating body for all insurers overlook this reign of injustice just to avoid disturbance in their mental peace. They think that agents will create revolt all over the country and LIC will lose business. They wilfully ignore all public complaints pertaining to claims and that to full and final payment at the time of maturity.</i></b></div>
<br />
<div class="p1">
</div>
<br />
<div class="p3" style="font-family: times;">
<div style="margin: 0px;">
<b><i><br /></i></b></div>
</div>
</div>
<div class="p1">
<b><i><br /></i></b></div>
<div class="p1">
<b><i>Table 1 shows that if a person deposits Rs.10000 annual premium to a bank he will get a return of more than 5 lakhs after 20 years even at a minimum rate of interest of 8% from a bank whereas LIC pays much less than it. Obviously rate of return on his investment in a regular policy bought from LIC , the policy holders gets annual return far far less than a rate of 8%</i></b></div>
<div class="p1">
<b><i><br /></i></b></div>
<div class="p1">
<b><i><span style="color: red; font-size: large;">In brief you may conclude that rate of return for policy buyer is much less than 8% whereas an agents earns more commission by not investing any amount. He at most spend an hour or two in mobilising a policy and continue to earn for 20 years without making any extra pain.</span></i></b></div>
<div class="p1">
<b><i><br /></i></b></div>
<div class="p1">
<b><i>If some intelligent persons raise questions on less bonus paid to insured or high commission paid to agents, LIC agents will make a stereo type excuse and say that the person is getting benefit of insurance and tax exemption in addition to return on his investment.</i></b></div>
<div class="p1">
<b><i><br /></i></b><b><i>But the fact is that even if one pays Income tax and term insurance premium out of total premium paid to LIC for a particular amount of insurance, it is certain that he or she will get better return from bank on the date of maturity of LIC policy even by making a FDR of residual amount every year.</i></b><br />
<b><i><br /></i></b></div>
<div class="p1">
<i><b><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><span style="font-size: x-small;">Here I would like to refer </span>Pradhan Mantri Jeevan Jyoti Bima Yojana (Life Insurance), Pradhan Mantri Suraksha Bima Yojana (Accidental Death & Disability Insurance) . By using these schemes, the same person gets adequate insurance by paying a sum of Rs.365 or even Rs. 12/ per year. To make it crystal clear , I would like to </span></b></i><span style="font-size: x-small;"><i><b><span style="color: blue; font-family: "georgia" , "times new roman" , serif;">say that if the person pays Rs.12 / per year he will get an insurance of Rs.2 lakh under the said schems.</span></b></i><i style="font-size: medium; font-weight: bold;"> </i></span><br />
<span style="font-size: x-small;"><i style="font-size: medium; font-weight: bold;"><br /></i></span><span style="color: blue; font-family: "georgia" , "times new roman" , serif; font-size: x-small;"><i style="font-size: medium;"><b>And if for some reason or the other the person is not interested to opt for aforesaid schemes , he may opt for Term Insurance plan of Rs.2.00 lac or three lakhs by paying less than hundred rupees per year from any insurance organisation and deposit entire premium in a bank to get maximum return.</b></i></span><br />
<span style="color: blue; font-family: "georgia" , "times new roman" , serif; font-size: x-small;"><i style="font-size: medium;"><b><br /></b></i></span>
<div style="text-align: center;">
<span style="color: blue; font-family: "georgia" , "times new roman" , serif; font-size: x-large;"><i><b><u>How Much LIC Earns</u></b></i></span></div>
</div>
<div class="p1">
<b><i><br /></i></b></div>
<div class="p1">
<b><i><span style="color: red; font-size: small;">Now if we come to LIC, they earn profit every year but they earn much less than what they are supposed to earn. They spend lavishly on commission , on advertisement and office expenses. They incur huge losses in investing in weak companies to oblige some VIP or the other. They keep great chunk of their fund idle and thus lose interest thereon. In this way they earn a meagre amount of profit , profit for name sake only.</span></i></b><br />
<b><i><span style="color: red; font-size: small;"><br /></span></i></b><b><i><span style="color: red; font-size: small;">They get floating fund at much cheaper rate from those lakhs and crores of policy holders who buy policy from LIC .Unfortunately the most sufferer are those who buys insurance policy from LIC whereas on the contrary employees of LIC and Agents of LIC earn too much. </span></i></b></div>
<div class="p1">
<b><i><span style="color: red; font-size: small;"><br /></span></i></b></div>
<div class="p1">
<span style="color: red; font-size: small;"><b><i>Actual profit will be arrived at only when we calculate actual rate of return on total corpus they have received from policy buyers.</i></b></span></div>
<div class="p1">
<span style="color: red; font-size: small;"><b><i><br /></i></b></span></div>
<div class="p1">
<span style="color: red; font-size: small;"><b><i>If they have an corpus of Rs.100,00,000(one crore ) and they earn Rs.1000 per year , it is not sign of successful business . Normally if a business earns a net profit of 1% per month ( slightly more than bank rate ) , it means 12% per year , then the business will be called a successful venture . LIC should earn at least this much keeping in view various social obligations. </i></b></span></div>
<div class="p1">
<span style="color: red; font-size: small;"><b><i><br /></i></b></span></div>
<div class="p1">
<span style="color: red; font-size: small;"><b><i>WE assume that LIC cannot opt for 3 to 5 percent monthly return as other private business man can aspire for.</i></b></span></div>
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<span style="color: red; font-size: small;"><b><i>It means LIC must earn at least Rs.12,00,000 ( Rs. twelve lac per year ) per year on a corpus of Rs.10000000 / ( one crore ). </i></b></span><br />
<span style="color: red; font-size: small;"><b><i><br /></i></b></span><span style="color: red; font-size: small;"><b><i>If LIC simply keep entire floating fund in government bonds and securities , it may earn at least a return of 6% ( it means Rs.6.00 lac on a fund of Rs.1 crore ) per annum.</i></b></span></div>
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<span style="color: red; font-size: small;"><b><i>Now if one looks into total fund LIC has and total profit it earns in a year , it will become crystal clear to all that LIC do not earn as much as it should earn. One should even find out how much LIC earns less and what are the leakages.</i></b></span><br />
<span style="color: red; font-size: small;"><b><i><br /></i></b></span><span style="color: red; font-size: small;"><b><i>In brief I submit below some interesting dats on financials of LIC pertaining to the year ended 31.03.2015 and 31.03.2016</i></b></span><br />
<span style="color: red; font-size: small;"><b><i><br /></i></b></span><span style="color: red; font-size: small;"><b><i>LIC had total source of fund as under as on 31.03.2015 31.03.2016</i></b></span><br />
<span style="color: red; font-size: small;"><b><i><br /></i></b></span><span style="color: red; font-size: small;"><b><i>Shareholders fund Rs.562.54 crore Rs.582.94 crore </i></b></span><br />
<span style="color: red; font-size: small;"><b><i>Policy Holders Fund Rs.1991515.97 crores Rs.2170224.86 crores</i></b></span><br />
<span style="color: red; font-size: small;"><b><i><br /></i></b></span><span style="color: red; font-size: small;"><b><i>Total source of Fund Rs.1992078.51 crores Rs.2170807.80 crore</i></b></span><br />
<span style="color: red; font-size: small;"><b><i><br /></i></b></span><span style="color: red;"><b><i>Annual Return @ 1% p.a. Rs.20000 crore approx Rs.21700 crore </i></b></span><br />
<span style="color: red;"><b><i>Annual Return @ 6% p.a. </i></b></span><b style="color: red;"><i> Rs.120000 crore approx Rs.130200 crore </i></b><br />
<b style="color: red;"><i><br /></i></b><b style="color: red;"><i>Annual return @12% p.a. Rs.240000 crore Rs.260400 crore</i></b><br />
<b style="color: red;"><i><br /></i></b><span style="color: red;"><b><i>Now I will not make any comment on how much LIC earns in reality and how much it causes loss to people of India. </i></b></span><br />
<span style="color: red;"><b><i><br /></i></b></span><span style="color: red;"><b><i>I will simply say that Annual profit as shown in annual report of LIC as at 31.03.2016 shows a profit of Rs2500 crore only ( this may be after payment of dividend and bonus to policy holders ).</i></b></span><br />
<span style="color: red;"><b><i><br /></i></b></span><span style="color: red;"><b><i><br /></i></b></span><span style="color: red;"><b><i>Now I invite intelligent auditors , inspectors and officials of LIC and GOI to analyse the annual report of LIC to assess and ascertain whether there is leakage of income anywhere , whether there is mismanagement at the level of LIC or whether there is exploitation of various government behind such meagre profit.</i></b></span><br />
<span style="color: red;"><b><i><br /></i></b></span><span style="color: red;"><b><i>You will find a lot of eye-catching headlines in newspaper in appreciation of LIC and its managers . But once you peep into real picture , you will find stinking smell of inefficiency , corruption and mismanagement.</i></b></span><br />
<span style="color: red;"><b><i><br /></i></b></span><span style="color: red;"><b><i><br /></i></b></span></div>
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<span style="font-size: small;"><b><i>I will enlighten on it elaborately in my next blog. Let people of India and top officials sitting in LIC, IRDA and Ministry decide what is correct , what is right and what is wrong.</i></b></span><br />
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<b><i><span style="color: red; font-size: x-large;"><u>Truth OF LIC </u></span></i></b></div>
<b><i><br /></i></b><b><i>A client of LIC has deposited money in LIC for 20 to 30 years and now for getting maturity payment , same client have to depend on mercy of LIC staff who they dictate age old rules from the top of the tower. At the time of getting a business, customers are called God but at the time of return, they are considered as beggar. This culture has to be changed. </i></b></div>
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<b><i>When LIC has to get business, their highly paid agents complete all formalities and take signature of the client on dotted lines . But when the time of payment comes, agent vanishes form picture and reluctant staff will dictate so may rules, require so many forms to be filled up and complete several formalities. </i></b></div>
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<span style="font-size: small;"><b><i><br /></i></b></span></div>
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<span style="font-size: small;"><b><i>Agents and staff of LIC behave with policy holders at the time of payment or settlement of claims as if policy holders are criminals and they have to follow the lines dictated by them as if they are Chief Justice of their court.</i></b></span><br />
<span style="font-size: small;"><b><i><br /></i></b></span><span style="font-size: small;"><b><i>It is hard nut to crack for a policy holder to get full and final payment from LIC because LIC is manned by most agents or officers elevated from agent stream. They do not understand what their client say , they understand the language dictated by their gang of agents sitting in all offices.</i></b></span><br />
<span style="font-size: small;"><b><i><br /></i></b></span><span style="font-size: small;"><b><i><br /></i></b></span><b><i><span style="color: red; font-size: x-large;">10 TYPES OF SHUDDHIS/PURIFICATIONS :</span></i></b><br />
<b><i><br /></i></b><b><i>1. Body gets purified... </i></b><br />
<b><i> by WATER & EXERCISE</i></b><br />
<b><i><br /></i></b><b><i>2. Breath gets purified... </i></b><br />
<b><i> by PRAANAAYAM</i></b><br />
<b><i><br /></i></b><b><i>3. Mind gets purified... </i></b><br />
<b><i> by MEDITATION</i></b><br />
<b><i><br /></i></b><b><i>4. Intellect gets purified...</i></b><br />
<b><i> by KNOWLEDGE</i></b><br />
<b><i><br /></i></b><b><i>5. Memory gets purified... </i></b><br />
<b><i> by MANAN & CHINTAN</i></b><br />
<b><i><br /></i></b><b><i>6. Ego gets purified... </i></b><br />
<b><i> by SEVA(SERVICE)</i></b><br />
<b><i><br /></i></b><b><i>7. Self gets purified...</i></b><br />
<b><i> by SILENCE (MAUN)</i></b><br />
<b><i><br /></i></b><b><i>8. Food gets purified... </i></b><br />
<b><i> by POSITIVE THOUGHTS</i></b><br />
<b><i> WHILE COOKING & EATING</i></b><br />
<b><i><br /></i></b><b><i>9. Wealth gets purified... </i></b><br />
<b><i> by GIVING/DONATING</i></b><br />
<b><i><br /></i></b><b><i>10. Feelings gets purified...</i></b><br />
<b><i> by LOVE</i></b><br />
<b><i><br /></i></b><span style="font-size: small;"><b><i></i></b></span>
<b><i>Share with friends and spread goodness all around.</i></b><br />
<span style="background-color: orange;"><span style="color: red;"><b><i><br /></i></b></span></span>
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<span data-offset-key="7ns7n-0-0" style="background-color: white; font-family: inherit;"><span style="color: red; font-size: large;"><b><u>Copy following message along with given link and paste it in your whatsapp group and facebook group</u></b></span></span></div>
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<span data-offset-key="7ns7n-0-0" style="background-color: white; font-family: inherit;"><span style="color: red;"><b>Normally you receive jokes, unwanted photos and videos and quotes on your WhatsApp account.</b></span></span></div>
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<b style="background-color: white; color: red; font-family: inherit; letter-spacing: -0.24px;">Mostly you read it and forward it. Sometimes it looks boring and become burden on person to whom you forward.</b><br />
<b style="background-color: white; color: red; font-family: inherit; letter-spacing: -0.24px;">Today I am posting a useful message which is useful for all who buys insurance policy in his name for the benefit of his family. Purpose behind buying a policy is either safety or tax savings or better return or all of them.</b><br />
<b style="background-color: white; color: red; font-family: inherit; letter-spacing: -0.24px;">I have made comparative analysis of insurance premium paid to LIC or to a bank.</b><br />
<b style="background-color: white; color: red; font-family: inherit; letter-spacing: -0.24px;">You will find that keeping money in a bank is always and invariably more beneficial than giving it to LIC. </b><br />
<b style="background-color: white; color: red; font-family: inherit; letter-spacing: -0.24px;">You make an inquiry from LIC agent how much LIC will pay to you if you pay annual premium of Rs10000/ for 20 years to buy a regular insurance policy.</b><br />
<b style="background-color: white; color: red; font-family: inherit; letter-spacing: -0.24px;">Then you ask a bank how much they will pay you if Same amount of Rs.10000 is kept as FD every year for 20 years, then 19 years , 18 years and so on. You ask aggregate of maturity value of all 20 FDs and then compare the same with Maturity value(approx.) LIC will give you after 20 years.</b><br />
<b style="background-color: white; color: red; font-family: inherit; letter-spacing: -0.24px;">Agent will say you that you get insurance benefit and tax benefit. Then you calculate how much amount you save and for how much value your life is insured..</b><br />
<b style="background-color: white; color: red; font-family: inherit; letter-spacing: -0.24px;">Then you buy a term policy for same amount to cover insurance and family safety. You pay income tax instead of saving it and then keep only residual amount in bank. </b><br />
<b style="background-color: white; color: red; font-family: inherit; letter-spacing: -0.24px;">You will still get better return from bank than that by LIC even after paying tax liability and getting insurance coverage for same value.</b><br />
<b style="background-color: white; color: red; font-family: inherit; letter-spacing: -0.24px;">But an agent who motivate you for a policy will earn more than you earn in the same period..You spare your hard earned money every year whereas the agent do nothing.</b><br />
<b style="background-color: white; color: red; font-family: inherit; letter-spacing: -0.24px;">If You want to know more, click on following link. And if you find it good, please share it with your friends. Copy entire message along with link and Forward the same in your WhatsApp groups for benefit of all. </b><br />
<b style="background-color: white; color: red; font-family: inherit; letter-spacing: -0.24px;">Pl give suggestion if any. I am submitting LINK below so that you may read more in detail . Click on following link</b><br />
<b style="background-color: white; color: red; font-family: inherit; letter-spacing: -0.24px;">http://importantbankingnews2.blogspot.in/2017/05/lic-loot-policy-buyers.html</b></div>
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<span data-offset-key="fmlvg-0-0" style="background-color: white; font-family: inherit;"><span style="color: red;"><b>22:45</b></span></span></div>
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Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com1tag:blogger.com,1999:blog-4044402403356121793.post-36810692087103437582017-05-30T00:26:00.001-07:002017-05-30T00:26:24.347-07:00Collection Of News Related To Banks<h1 dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: red; font-family: Verdana; font-size: 20pt; vertical-align: baseline; white-space: pre-wrap;">Private NPAs</span></h1>
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<span style="font-family: Verdana; font-size: 12pt; font-style: italic; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Even new generation private sector banks are showing asset quality deterioration in stressed sectors</span></div>
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<span style="color: blue; font-family: Verdana; font-size: 12pt; font-weight: 700; text-decoration-line: underline; vertical-align: baseline; white-space: pre-wrap;">Anand Adhikari</span><span style="font-family: Verdana; font-size: 12pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> </span></div>
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<span style="background-color: transparent; color: #3d4239; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">In April last year, Axis Bank came out with a 'watch list' of Rs 22,000 crore-plus stressed corporate loans, accounting for 15 per cent advances to companies. The bank, headed by Shikha Sharma, a former ICICI banker, admitted that 60 per cent of these loans would become non-performing assets, or NPAs, in the next two years. To the bank's surprise, half turned into full-blown NPAs by the end of the first year itself, that is, by March 2017. The bank is now staring at further slippages as a bulk (almost 60 per cent) of the remaining loans in the list have been given to the battered power sector. Exposure to other troubled sectors such as steel, oil & gas and cement could create further problems.</span></div>
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<span style="background-color: transparent; color: #3d4239; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Things have turned so bad at the new-generation private sector bank that it now has one of the highest gross NPAs among private sector banks (5.04 per cent). The bank's gross NPAs, at Rs 21,280 crore, are half its revenues for the year. It is not alone. Other private banks, such as ICICI Bank, have also seen a spurt in NPAs in the last few years. The culprit, in most cases, is these banks' lending to core sectors, which have been in deep depression for the past few years. "Anybody (public or private sector bank) who has lent to the infrastructure sector has suffered," says Abizer Diwanji, National Head (Financial Services), EY India.</span></div>
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<span style="background-color: transparent; color: #3d4239; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">What is worrying private banks now is the Reserve Bank of India's, or RBI's, move to ensure higher provisioning for even standard assets, or good companies, if they are in stressed sectors. "This will have a direct impact on banks' profitability as they will have to make higher provisioning (from 0.40 per cent to 4 per cent) for even well-paying assets," says a consultant. Diwanji, however, says that the RBI is trying to make banks more resilient. "There is enough (stress) in the system that needs to come out," he says.</span></div>
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<span style="background-color: transparent; color: #3d4239; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">The trend of rising NPAs in private sector banks is surprising, as this was conventionally considered an intractable problem only for public sector banks or PSBs - which were solely blamed for having a disproportionate share of total banking sector NPAs. Though, for most PSBs, the gross NPA figure is still more than 8-10 per cent, much higher than that for their private sector counterparts.</span></div>
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<span style="background-color: transparent; color: #3d4239; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Experts say it is not right to say that private sector banks have been lax in lending. They add that it is the global environment that has turned topsy turvy due to excess capacity and over-leveraging. Apart from this, there has been a slowdown in the domestic economy. All this is creating stress on corporate balance sheets and affecting companies' ability to pay banks. "Jaipraksh was a standard asset till a few months ago. The deal (with UltraTech) will be completed soon and the provisioning will be written back in profits," says a private sector banker whose bank had to make NPA provisioning for the company because of the non-completion of the deal.</span></div>
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<span style="background-color: transparent; color: #3d4239; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">The bad asset resolution mechanism is also not working as expected. In many cases, the call has to be taken by public sector bank consortium members, and decisions such as haircut and one-time settlement get stuck for months.</span></div>
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<span style="background-color: transparent; color: #3d4239; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">For private sector banks, another and more immediate worry is exposure to the telecom sector. The RBI has asked banks to make higher provisioning than the regulatory minimum for standard assets in stressed sectors by June this year. Some private banks have telecom exposure , which is a standard asset. So, even when the asset is good, the banks will be forced to ensure higher provisioning for it, though some private sector banks are already proactive in dealing with loans to such sectors. IDFC Bank, for example, has been ensuring higher provisioning for telecom much before the RBI circular. In 2015/16, ICICI Bank built a contingency fund of `3,600 crore for slippages in sectors such as steel, mining, power and cement. The bank had to utilise the fund in 2016/17.</span></div>
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<span style="background-color: transparent; color: #3d4239; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">While private sector banks are proactive, they are also better capitalised than the PSBs and so in a better position to absorb provisioning shocks. RBI Deputy Governor Viral Acharya recently summed it up well when he said that the doubling of stressed assets is a cause of worry for private sector banks, but their ratio of stressed assets to gross advances is far lower and capitalisation levels far higher.</span></div>
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<span style="background-color: transparent; color: #3d4239; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">The private sector banks also have a more diversified book than the PSBs. Their retail advances are showing robust growth that can compensate for lower credit offtake in the corporate sector. Axis Bank's corporate book, for example, was stagnant in 2016/17, while retail advances grew 21 per cent. Unlike PSBs, which face constraints while raising capital, private sector banks have been raising huge amounts of capital.</span></div>
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<span style="background-color: transparent; color: #3d4239; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Many say the current experience will stand private banks in good stead as exposure to corporate loans increases in future. </span></div>
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<span style="background-color: transparent; color: #c00000; font-family: Verdana; font-size: 20pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">In FY17, banks went easier on defaulters</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">RADHIKA MERWIN BL RESEARCH BUREAU May 28, 2017</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Bad-loan suits drop after rising sharply in the preceding 2 years</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">While the RBI has been pushing for an action plan to implement the NPA (non-performing asset) ordinance, banks have been somewhat lax in taking legal recourse to recover bad loans.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">According to data published by Credit Information Bureau of (India), of the 9,500-odd cases filed by banks and financial institutions, in the case of loans above ₹1 crore, defaulters owed banks about ₹1.5 lakh crore as of March 2017, which is 9 per cent lower than the amount in the previous year.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">As of March 2016, banks had filed around 11,500 cases on ₹1.7 lakh crore worth of outstanding loans. The decline follows the sharp increase in suits filed in the preceding two years.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Banks that normally file a suit as a last resort for recovery took this route more often between 2014 and 2016. As of March 2015, bad-loan suits had shot up 68 per cent (in value) over the previous year, followed by a further 47 per cent in March 2016. Banks and financial institutions submit the list of suit-filed accounts of ₹1 crore and above, and quarterly updates to CIBIL as well as the RBI. According to a few bankers, there are three key reasons for the drop in suits filed: one, banks have been increasingly selling their bad loans to asset reconstruction companies (ARCs). As such sales immediately take the bad loan off the banks’ books, these cases may not appear in CIBIL records. In 2016-17 banks sold bad loans worth ₹40,000 crore to ARCs, against ₹20,000 crore sold in 2015-16.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">A few bankers also believe that in some cases filed in the past, banks might have reached a one-time settlement with borrowers.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Also, with the RBI rolling out new tools for restructuring loans and dealing with NPAs — Strategic Debt Restructuring and Scheme for Sustainable Structuring of Stressed Assets — it is likely that banks did not file as many fresh cases as in the past. “Banks have been awaiting clarification on various guidelines from the RBI regarding NPAs over the past year. Also, expectations ran high on some relief from the Centre and the RBI on the bad loans front. This could have kept banks from taking legal recourse to recover bad loans,” says Nirmal Gangwal, Managing Director, Brescon Corporate Advisors, a corporate debt restructuring advisory firm.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Also, he believes that given the uncertainty in the banking system, decision-making has slowed.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">“Weak finances of banks could be another reason. Filing cases to recover bad loans would require banks to make higher provisioning, depending on the assessment of the underlying collateral,” adds Gangwal.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Top borrowers</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">As of March 2017, the top 20 borrowers owed banks about ₹13,600 crore.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Hukumchand Mills tops the list, owing around ₹1,700 crore to largest lender SBI. This is followed by Etisalat DB Telecom, Kingfisher Airlines, KS Oils, JC Mills and VMC Systems, among others.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Many of the defaulters in the CIBIL list have been featuring time and again over the last two to three years. Kingfisher Airlines, Etisalat DB Telecom and Deccan Chronicle are a few names that have been in the list since March 2014. In many cases, borrowers have defaulted across lenders. SBI, Kotak Mahindra Bank and IFCI are lenders that have filed cases against Hukumchand Mills, for total dues of about ₹1,750 crore.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Etisalat DB Telecom (₹2,273 crore), Kingfisher Airlines (₹1,633 crore), Deccan Chronicle Holdings (₹760 crore), and REI Agro (₹2,725 crore) are among other big-ticket listed names against whom multiple lenders have filed suits.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">LIC too</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Aside from banks, a few financial institutions have also filed cases. The Specified Undertaking of Unit Trust of India (SUUTI), for instance, has filed 90-odd cases against defaulters, who owed it about ₹1,280 crore as of March 2017.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">As of December 2016, LIC, too, had filed 30-odd cases against defaulters, who owed the insurer about ₹3,340 crore. Deccan Chronicle, Hamco Mining and Smelting, Punjab Wireless, Tulip Telecom and REI Agro were some of its top defaulters.</span></div>
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<span style="background-color: transparent; color: #c00000; font-family: Verdana; font-size: 20pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">FinMin starts process to find new SBI chief</span></div>
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<span style="color: #7f7f7f; font-family: Georgia; font-size: 13.5pt; font-variant-caps: small-caps; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">PTI </span><span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">NEW DELHI, MAY 28: BUSINESSLINE</span></div>
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<span style="background-color: transparent; font-family: Georgia; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Arundhati Bhattacharya’s term ends on October 6</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">The finance ministry has initiated the process for finding new chief of the country’s largest lender State Bank of India (SBI) as Arundhati Bhattacharya’s extended term comes to an end on October 6.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">“Department of Financial Services has communicated to Banks Board Bureau the emerging vacancies at the top level of PSU banks which will have to be filled during course of the year,” a senior finance ministry official said.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">This also includes chairman and one managing director of the SBI, which alone has market share of more than 20 per cent.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Bhattacharya will complete her four—year term as chairperson of SBI on October 6.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Besides chairman, SBI has four managing directors looking after different departments.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">The post assumes significance as the bank has recently merged five associates and the Bharatiya Mahila Bank (BMB) pushing SBI into the league of top 50 banks globally in terms of assets.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT), besides BMB, merged with SBI with effect from April 1. The process of integration would at least take a year.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">The government had in February approved the merger of these five associate banks with SBI. Later in March, the Cabinet approved merger of BMB as well.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">SBI first merged State Bank of Saurashtra with itself in 2008. Two years later, State Bank of Indore was merged with it.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">For the fourth quarter ended March 2017, the bank reported more than doubling of its net profit on the back of increased lending and reduction in provisioning for bad loans.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Net profit of the bank on standalone basis rose to</span><span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;"> Rs. </span><span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">2,814.82 crore for the March quarter as against</span><span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;"> Rs. </span><span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">1,263.81 crore in the same period of previous fiscal 2015—16.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">For the entire fiscal ended March 2017, the net profit of the bank improved by 5.36 per cent to</span><span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;"> Rs. </span><span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">10,484 crore as against</span><span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;"> Rs. </span><span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">9,951 crore in the previous fiscal.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">With stock prices inching up, SBI has lined up share sale through which it intends to raise</span><span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;"> Rs. </span><span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">15,000 crore during the current fiscal.</span></div>
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<span style="background-color: transparent; color: #3b3a39; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">It is in the process of appointing six merchant bankers for managing its proposed share sale. The central government holds 62.22 per cent stake in the bank as of March 2017.</span></div>
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<span style="color: red; font-family: Verdana; font-size: 20pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Banks Recovered Only Rs. 47kcr of Loans in FY17</span></div>
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<span style="font-family: Verdana; font-size: 12pt; font-style: italic; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Gross NPAs of 37 listed banks were at 7.1 lakh crore at March-end, 2017</span></div>
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<span style="font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Mumbai: Banks with ambitious targets for loan recoveries last fiscal have floundered. An ET analysis of the top 10 state-run and private banks has revealed that these banks managed to recover only Rs. 47,240 crore in the financial year gone by out of which Rs. 16,000 crore came in Q4 alone.</span></div>
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<span style="font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Gross non-performing assets of 37 listed banks were at Rs. 7.1 lakh crore at the end of March 2017 against Rs. 5.71 lakhcrorethesametimein2016.Lack of capital at the asset reconstruction companies and the fear of witchhunts by investigative agencies put a freeze on loan recovery.</span></div>
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<span style="font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">“The underlying asset to which banks have lent is not performing, so recovery and upgradation will take some more time,” said. Siddharth Purohit, senior research analyst, Angel Broking. “Bigger recovery numbers will be difficult to achieve in FY18 as well, though some recovery may happen on a case-to-case basis.”</span></div>
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<span style="font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Among the PSU sector pack, only Punjab National Bank and Canara Bank managed to deliver on their thrust on bad loans and recovered Rs. 10,677 crore and Rs. 10,017 crore for the full year FY17, respectively.</span></div>
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<span style="font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">The country’s largest lender, State Bank of India, recovered Rs. 5,197 crore inFY17.ForthequarterendedMarch 2017 its recovery from bad assets stood at Rs. 1,203 crore, which was a little higher than the December 2017 figure of Rs. 1,003 crore. The bank had recovered Rs. 1,627 crore in the quarter ended March 2016. Bank of Baroda, the third largest state-run lender, recovered Rs. 4,088 crore, Bank of India Rs. 4,598 crore, Central Bank of India Rs. 2,378 crore and Union Bank Rs. 1,388 crore in the financial year 2017.</span></div>
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<span style="font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">“Post the recent government and RBI action, expectations of progress on stress asset resolutions have gone up,” said Ashish Gupta, analyst, Credit Suisse. “However, given the low 30% provision cover on these loans, progress will necessitate additional provisioning and capital. Provisions needed on recognised stressed assets are equivalent to 3-9 years of operating profits.” Among the private banks, Axis Bank performedmuchbetterthanICICIBank.</span></div>
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<span style="font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">While for the full year Axis Bank’s recoveries and upgradation stood at Rs. 4,367 crore, ICICI did Rs. 2,538 crore.</span></div>
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<span style="color: red; font-family: Verdana; font-size: 20pt; vertical-align: baseline; white-space: pre-wrap;">Hope to see consolidation among government-owned banks in 2-3 years</span></h1>
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<span style="background-color: whitesmoke; color: #282828; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">If there are fewer players with deep pockets, they dominate and the sector does well</span></h1>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Larger banks have better market access and should be able to merge with smaller banks</span></h2>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Moelis & Company, which started its India operations in 2012, works with a team of 14 bankers headed by veteran investment bankerManisha Girotra. Prior to Moelis, Ms. Girotra was the chief executive of Swiss bank UBS’s India operations. Moelis, which advised several high profile deals like the sale of Japyee’s cement assets to Aditya Birla Group, is upbeat on the opportunities to resolve stressed assets in India and wants to play an active role in the sector.</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">The Centre has recently amended the Banking Regulation Act that gives more power to the RBI in resolving stressed assets. Does this present an opportunity for you?</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">I believe the part of the NPA problem will be resolved with economic growth reviving. Growth should be robust in the next two-three years which will resolve the NPA problem. Having said that some of them will need restructuring, some of them may need a change in ownership. There is a political will to see our banks healthy again.</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">There is a strong opportunity for Moelis in the restructuring space. We had participated in some of the deals like selling of Jaypee’s cement asset to Aditya Birla. We were also involved in the restructuring of Essar’s coal assets in the U.S., to name a few. I see more such opportunities for us. Restructuring is a large part of Moelis’s global business. I think the opportunity exists here too because of the stressed situation in banks.</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">It is heartening to see that there is a political will. The whole joint lender’s forum could not come to a consensus because there were multiple players — what was really needed was someone to drive it. So I am very positive on what has happened. With the Act amended, we are hopeful to see all of this debt recast implemented properly and we expect in the next 12-18 months a lot of these problems unwinding.</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Many private equity funds were awaiting regulator’s clarity for participating in the stressed assets sector. Will the change in Act help?</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">The conversations are all alive with the banks. The new ordinance will help. You will see a lot of private equity funds coming into India to acquire stressed companies in the next 12-18 months.</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">RBI has recently revised the norms for prompt corrective action (PCA) and imposed restrictions on some banks. Do you see this as a prelude to consolidation among public sector banks?</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">I don’t know, but I hope they are. I think in the state-owned bank’s space there is a lot of scope for consolidation.</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">The larger banks which are better capitalised, have better market access and should be able to merge with the smaller banks. There should be fewer banks but stronger banks. Whichever sector it is, if there are fewer players with deep pockets, they dominate and the sector does very well. We have seen it in the telecom sector. I really hope to see consolidation among public sector banks in the next 2-3 years as the sector needs to consolidate.</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">But bigger banks are also facing asset quality headwinds…</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">The financial sector is getting a lot of flows from the public market. At the moment, state-owned banks aren’t getting the share of these capital flows. As it is able to walk through some of the NPA problems, we will see funds flowing into these banks again.</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">So then they can raise funds through FPO, QIP etc., and get capitalised. So it is a bit of a two-pronged strategy… as you see some of the NPA problems get resolved, the market will have confidence on them, and then they can get capital and then drive growth and consolidation.</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">The merger of public sector banks is a political hot potato. Do you think the government will push consolidation?</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">The government is really serious about the business, they are serious about solving the NPA problem. We have seen the political will they have demonstrated in the last 18 months…it is unprecedented…I have not seen anything like this in my career. So they want to strengthen their banks. So, I hope the next step will be consolidation among state-owned banks.</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">How do you see mergers and acquisition activity panning out in the banking and financial sector?</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">The sector will remain active, there is a lot of capital coming into the sector. Rather than bank-to-bank, there is a lot of consolidation activity in bank to NBFC, bank to MFI which provide you certain geography, certain product … and I think you will see more of those happening. Also, a lot of capital is chasing the fintech players. The whole demonetisation exercise and drive to digitisation gave these companies a huge push. That space also realises that there is merit in scale. So, you will see consolidation for the reason of scale. I think the fintech sector will remain active in the 12-18 months with regard to consolidation.</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Last year we have seen healthy M&A deals. How do you see the demonetisation exercise impacting such deals?</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Demonetisation has no consequence on M&A activity. Last year we had $60 billion of M&A. A refreshing trend that I have seen is that a lot of domestic M&As are happening… earlier you have not seen Indian entrepreneur selling to an Indian entrepreneur or an Indian entrepreneur paying a higher multiple for an Indian company. There is always this build versus buy argument.</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">But today, they are willing to pay the multiple. In my career, M&As were always inbound or outbound. This is the first time I am seeing domestic M&A outnumbering inbound plus outbound. Out of the $60 billion of M&A last year, $30 billion would be domestic, $20 billion was inbound and $10 billion would be outbound.</span></div>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Do you see this trend continuing?</span></div>
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<span style="font-family: Verdana; font-size: 11pt; vertical-align: baseline; white-space: pre-wrap;">Domestic consolidation will remain an important theme because people are realising India is too big a country and to play in this country you need to have a scale. The scale provides you cost reduction opportunities, market access etc. Also, there are some companies where the second generation does not want to involve in business. So they are happy to monetise, earlier this never used to happen! The other trend we are seeing is that the private equity players have actually been able to monetise stake. They are not only exiting through IPOs but they have been able to sell companies. That is a very important trend because they are able to demonstrate that if they are able to put capital in India, they are also able to exit capital out of India</span></div>
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<span style="background-color: transparent; color: red; font-family: Verdana; font-size: 20pt; vertical-align: baseline; white-space: pre-wrap;">Rs. 3,045 cr. in rural scheme wages yet to </span></h1>
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<span style="background-color: transparent; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Kerala, Uttarakhand worst hit as pay orders are pending</span></h2>
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<span style="background-color: transparent; color: #282828; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">Delays in the payment of Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) wages have mounted drastically in April-May 2017, as Fund Transfer Orders (FTOs) worth Rs. 3,045 crore are yet to be processed by the central government’s National Electronic Fund Management System (NEFMS).</span></div>
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<span style="background-color: transparent; color: #282828; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">According to data collated from the MGNREGA website by the MGNREGA Sangharsh Morcha, a platform that tracks the implementation of the workfare programme, 63% of the unprocessed FTOs were generated in April-May. The processing delay was highest in the cases of Kerala and Uttarakhand, where no FTOs have been processed since April 15. This follows another period of 20 days in March-April 2017 when no FTOs were processed by the Centre.</span></div>
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<span style="background-color: transparent; color: #282828; font-family: Verdana; font-size: 12pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Eligible for compensation</span></div>
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<span style="background-color: transparent; color: #282828; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">As per Schedule II of the Act, an MGNREGA worker must be paid within 15 days of completing his allocated tasks. A delay in payment, for which the worker must be compensated, has to be calculated from the 16th day after task completion, till the time the money is credited in the worker’s account.</span></div>
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<span style="background-color: transparent; color: #282828; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">A note released by the MGNREGA Sangharsh Manch pointed out that the MGNREGA Management Information System (MIS) has been programmed to calculate the compensation in a flawed manner.</span></div>
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<span style="background-color: transparent; color: #282828; font-family: Verdana; font-size: 12pt; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Systemic failure</span></div>
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<span style="background-color: transparent; color: #282828; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">It calculates the delay only till the second signature on the FTO from the state government, after which the pay order goes to the central government for processing.</span></div>
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<span style="background-color: transparent; color: #282828; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">“According to a recent study, it takes, on an average, up to 25 days for the payment to reach the worker even after the FTO has been signed,” said Ankita Aggarwal of the MGNREGA Sangharsh Manch. “But this delay and unexplained delays such as the one caused by the current non-processing of the FTOs, is not accounted for in the system.”</span></div>
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<span style="background-color: transparent; color: #282828; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">The Ministry of Rural Development has so far not provided any explanation for the irregularities in the FTO processing nor the flawed calculation of the payment delays.</span></div>
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<span style="background-color: transparent; color: #282828; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">The FTOs haven’t been processed since May 2 in the case of Karnataka, since May 8 for Bihar, Jharkhand and Rajasthan, and May 5 for Himachal Pradesh.</span></div>
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<span style="background-color: transparent; color: #282828; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">This has resulted in workers in these States not having been paid more than 15 days after completion of work. However, the MGNREGA MIS (management information system) does not capture this delay denying them compensation.</span></div>
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<span style="background-color: transparent; color: #282828; font-family: Verdana; font-size: 12pt; vertical-align: baseline; white-space: pre-wrap;">“The government must adopt a system for MGNREGA payments that is reliable and not vulnerable to gross irregularities such as repeated delays in the processing of FTOs,” Ms. Aggarwal said.</span></div>
Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com0tag:blogger.com,1999:blog-4044402403356121793.post-14902080026218937092017-05-05T00:32:00.002-07:002017-05-05T00:32:47.520-07:00Buying A LIC PolicyI had written to your office on indifferent attitude of LIC branch and controlling offices on issue of maturity payment to policy holder. LIC without reading contents of my letter, simply wrote a few lines to me in formality and you closed the complaint lodged with you. There is no use of writing such letter and closure of the case. It is a simple formality . I expect something extraordinary positive from your office which will not only help me but prove to be a boon for all police holders.<br />
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Please refer my complaint registered with you a few days ago and take up the matter once again in true spirit. There are some issues which needs drastic change in rules as well as that in attitude of LIC staff.<br />
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Highly paid agents of LIC work devotedly at the time of getting new business because they get considerably high amount of commission on premium amount LIC receives. But process of payment on maturiry or on surrender of policy at premature stage is completely left on the mercy of inefficient, unwilled, recalcitrant and indifferent staff.<br />
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I bring this matter once again to your attention and hope you will verify the facts and arrange for final payment to me without insisting for visit to issuing Branch. Here it is important to state that when policyholder can deposit premium online by registering all details on LIC portal for so many years without any objection from LIC, why final payment cannot be given online.<br />
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Further LIC management should be advised to<br />
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A. allow policy holder to apply for payment at place where he lives at the time of maturity.<br />
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B. Copy of Necessary annextures and option letter should be made available to policy holder well in advance.<br />
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C. Agent or LIC staff should be entrusted the duty to help policy holder in getting payment at their locations as they do at the time of selling a policy.<br />
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D. Ever branch must have one or more counter to help policy holders with soft words and due respect which they extend at the time of selling a policy.<br />
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E. In the month of March and April when there is big crowd in their branches, number of staff or agent in adequate number should be made available to help policy holders.<br />
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F. It is the time that government forms a team of officers to assess and ascertain the standard of services they extend.<br />
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G. It should be looked into what market share of LIC us falling year after year and more specifically what LIC is going to do or doing on unclaimed policies and matured policies for convenience of policy holders. Here it is important to say that after 20 or 30 years , great change takes place in physical appearance, signature,location and other inputs of policy holders.<br />
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H When banks can allow payment at any branch using CBS tools , why LIC continues to stick to traditional methods for release of payment. And if they cannot serve policy holder to a place other than at issuing Branch , then they should not be permitted to sell a policy to a public servant whole service are subject to transfers. They should be allowed to sell policy to local residents in the command area of branch, say in area of two to five KM radius of branch.<br />
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I. Lastly why LIC staff at their branches and particularly in administrative offices are not client friendly?<br />
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LIC staff and specially officers who are assigned the duty related yo payment and servicing of various policies should be trained how to serve their clients. As of now, these officers listen to only their agents who give them financial benefits. You may send any person to any branch of LIC to know the ground reality.<br />
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I hope you will look into it and arrange for full and final payment of said LI policy not only to me only but make required changes in LIC rules and act to ensure hassle free payment to policy holders.<br />
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If LIC does not change in attitude , it will fail as PSU banks are failing slowly, gradually and consistently. LIC is gradually growing weakness due to politically motivated or biased investments .<br />
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Achieving target by sacrificing huge amount in form of commission is easy but to earn respectable position in the market is entirely different.<br />
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PSU banks became sick only because government of the past during last three decades gave more value to quantity of business than quality of business and this is why they are critically sick now compared to private banks. Infusion of fresh capital by government year after year to ensure survival of PSU banks has become a fashion for eacg government.<br />
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Until drastic changes take place from grass root level, periodical surgical operations cannot cure the cancer of LIC or that of PSU banks.<br />
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Yours<br />
Danendra<br />
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<br />
I am reproducing my letters sent in the past<br />
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Policy no is<br />
POLICY NO.283453384<br />
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Here I would like to state that I bought the said policy in the year 2004 on motivational logics in favour of policy given by an LIC agent Govind Mishra during my posting at Shaktinagar branch in Sonebhadra district in UP. This policy matures on 28.03.2017 and it is said that it is pension policy under which policy holder can either opt for encashed on maturity or opt for periodical pension.Since my services was subject to transfers, It was told to me that policy can be serviced online from anywhere in the country. I therefore bought the policy and I used to remit premium amount every year online irrespective of my new place of posting. After 13 years police is to mature on 28.03.2017<br />
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I wrote nine month ago( 23.05.2016} to LIC shaktinagar to transfer policy documents to Giridih office, but no response came. After much follow up they said that transfer request is accepted only one year before maturity date ( copy of their email of May 2016 is in my record.).<br />
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Terms of the policy says that policy holder can demand transfer of policy record at least six month before maturity date. Obviously officer who respinded my letter did not take efoort to know the rule incorporated in police bond .<br />
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During last 13 years the said agent left services to LIC and I after facing so many transfers got retired from services and settled at my home town .<br />
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I wrote to LIC to surrender the policy at Giridih or Gurgaon office for final payment. I wrote to Zonal office Lucknow and Varanasi too.<br />
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Officer from Lucknow office refused to accede to my request and advised to send policy papers with necessary annexture , declaration and ID proofs to issuing office at Shaktinagar either in person for by post. When I talked to them on phone, response was humiliating and disheartening. Mobile number of two officers are with me.<br />
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LIC has not sent any information to me during last 13 years, did not send copy of annexture and did not inform list of documents required for payment. Then how policy holder can submit the required documents and option letters.<br />
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I approached Giridih branch of LIC but unfortunately none of staff entertained my request. They simply ignored me.<br />
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Lastly I with the help of a local friend asked to two staff for copy of annexture , option letter and discharge vouchers etc which are needed for final payment. He informed that the policy is now outdated and they do not have specimen copy of required papers and advised me to go to Shaktinagar Branch.<br />
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They further added that none of LIC staff will give you time in the month of March for processing of maturity value or surrender value and after maturity date you cannot ask for full payment and only pension is to be paid to me and that too if I furnish required option letter and other papers. Policy bond does not mention this fact and therefore my demand for full and final payment is justified and their (LIC) denial is arbitrary and whimsical.<br />
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Obviously I could not get payment despite all efforts and I will be forced to opt for pension if I visit LIC shaktinagar preferably in the month of May when work of closing is over. Here i would like to add that for medicsl treatment I want full and final payment of policy and not pension as insisted by LIS staff.<br />
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It is crystal clear after reading aforesaid story that none of LIC office is ready to listen to request of policy holder when payment is due.<br />
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At the time of buying a policy, agent of LIC may give as much time as required for selling a policy and as soon as it is sold, none of the agent will come to rescue of policy holders.<br />
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LIC officer from even Zonal office has sent a hard line reply leaving no place for flexibility.<br />
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It appears to me that those people who are buying long term policy from LIC for availing tax concessions are actually inviting problem for their old age .<br />
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<span style="background-color: orange; color: red; font-size: large;">Everyone who desire to buy a LIC policy should stop for a while, consider pros and cons of the policy, honesty and integrity of Agents who show rosy picture of the policy and run away at the time of payment and lastly whether there will be anyone to help you in old age when your policy matures. Or you like to surrender it to meet your financial need or when a death claim arises unfortunately.</span><br />
<span style="font-size: large;"><span style="background-color: orange; color: red;"><br /></span><span style="background-color: orange; color: red;">My experience says that when you face any problem, none of your known agents will come to your rescue. None of staff working in offices of LIC will give you a patient listening and none of higher officials will help you in any respect. Officers sitting at top posts in fact are same agents and development officers who misguided you in the beginning for getting business from you.. Hundreds of agents will come to you when you intend to buy a policy, but not a single agent will solve your problem if at all it arises in future.</span></span><br />
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<span style="font-size: large;"><span style="background-color: orange; color: red;"><br /></span></span></div>
Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com1tag:blogger.com,1999:blog-4044402403356121793.post-22715157033735994922016-11-18T20:37:00.002-08:002016-11-18T20:37:48.398-08:00Changes Updates On Demonetisation<div style="color: #333333; font-weight: bold; text-align: center;">
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Strict Action against Tax Evaders using other persons’ Bank Accounts to convert their Black Money into New Denomination Notes;<br />
Person(s) who allows His Or Her Bank Account to be misused for this purpose can be Prosecuted for Abetment under Income Tax Act; Government appeals to people NOT to come in the Lure of Black Money Converters and be a Partner in this Crime of Converting Black Money into White through this method and help join the Government in eradicating it.</div>
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It was announced by the Government earlier that small deposits made in the banks by artisans, workers, housewives, etc. would not be questioned by the Income Tax Department in view of the fact that present exemption limit for income tax is Rs. 2.5 lakh. There are some reports received that some people are using other persons’ bank accounts to convert their black money into new denomination notes for which reward is also being given to the account holders who agree to allow their accounts to be used. This activity is reported in case of <b>Jandhan Accounts</b>also.<br />
It is hereby clarified that such tax evasion activities can be made subject to income tax and penalty if it is established that the amount deposited in the account was not of the account holder but of somebody else. Also the person who allows his or her account to be misused for this purpose can be prosecuted for abetment under Income Tax Act.<br />
However, the genuine persons having their own household savings in cash and depositing the same in the bank would not be questioned.<br />
The people are requested NOT to come in the lure of black money converters and be a partner in this crime of converting black money into white through this method. Unless all citizens of the country help the Government in curbing black money, this mission of black money will not succeed. Also the people who are against the black money should give information of such illegal activities going on to the Income Tax department so that immediate action can be taken and such illegal transfer of cash can be stopped and seized.<br />
Black money is a crime against humanity. We urge every conscientious citizen to help join the Government in eradicating it.<br />
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*****</center>
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Comments / inputs / suggestions on the Draft Bill on Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2016 invited up to 17th December 2016.</div>
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<span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 12pt;">The revised Draft “Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2016” (Version 2.0), has been uploaded on the website of the Department of Financial Services (</span><span lang="EN-IN"><a href="mailto:feedback-banningbill@gov.in" style="color: purple;" target="_blank"><span style="font-family: "times new roman" , serif; font-size: 12pt;">financialservices.gov.in</span></a></span><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 12pt;">) on 17<sup>th</sup>November, 2016 for public comments. Comments / inputs / suggestions on the Draft Bill, have been invited up to 17<sup>th</sup>December 2016.</span></div>
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<span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 12pt;"> Earlier, a copy of the “Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2015”, along with the Report of the Inter-Ministerial Group (IMG) for identifying gaps in the existing regulatory framework for deposit-taking activities and to suggest administrative/ legislative measures including formulation of a new law to cover all relevant aspects of ‘deposit-taking’, was placed on the website of the Department of Financial Services (DFS) in March, 2016 for eliciting public comments.</span></div>
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<span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 12pt;">Based on the comments received and further consultations with the stakeholders, the Draft Bill has been modified which now again has been uploaded on Department of Financial Services website for public comments.</span></div>
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<span style="float: right; font-size: 14.08px; font-weight: lighter;">17-November-2016 20:14 IST</span></div>
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<span style="color: #333333;"><b>If Modi fails in his fight againt corruption and black money, no PM of India will have the courage to take this issue again on his agenda for next 100 years and corrupt politicians, beaurocrates, police, criminals and businessman will keep looting this country as their birth right. </b></span><br />
<span style="color: #333333;"><b><br /></b></span><span style="color: #333333;"><b>So it is the duty of every resposible citizen to stand in support of PM Modi and fail the evil design of corrupt people to incite violence and create anarchy. </b></span><br />
<span style="color: #333333;"><b><br /></b></span><span style="color: #333333;"><b>If we fail to do our duty today, our children and grandchildren will never forgive us and will hold us responsible for not giving them a clean India. Please send this message to all your contacts if you also agree with this.🙏</b></span><br />
<span style="color: #333333;"><b><br /></b></span><span style="color: #333333;"><b><br /></b></span><span style="color: #333333;"><b>MIND BLOWING RESPONSE FROM INTERNATIONAL MEDIA TO DEMONETIZATION! </b></span><br />
<span style="color: #333333;"><b><br /></b></span><span style="color: #333333;"><b>This is how international media responded to india’s currency ban which shows the impact of this historic decision over world economy and how it is going to stop corruption and black money in india! IMF, European Union, World Bank and every reputed international organisations supported this move, World bank president even said, I am a big fan of Modi!</b></span><br />
<span style="color: #333333;"><b><br /></b></span><span style="color: #333333;"><b>Forbes: Five days after the decision, Forbes has published an article titled “India’s Great Bank Note Switch Appears To Be Working – $30 Billion In Rs Deposited In Banks.” The article notes that a move of this magnitude would result in “obvious chaos”, but points that “so far at least it looks as if it is working.” The article goes on to call the scheme “rather well done, a clever plan.”</b></span><br />
<span style="color: #333333;"><b><br /></b></span><span style="color: #333333;"><b>New York Times: A New York Times quoted an expert saying it was a wise move. “The plan, top secret until Mr. Modi’s announcement, was hailed by financial analysts as bold and potentially transformational for India. It is also a high-stakes experiment,” the article said.</b></span><br />
<span style="color: #333333;"><b><br /></b></span><span style="color: #333333;"><b>Washington Post: It called PM Narendra Modi’s initiative as ‘ambitious’ and in keeping with his election time vow to initiate a crackdown against black money. The Post said black money in India ‘is estimated to total from $400 billion to more than $1 trillion’.</b></span><br />
<span style="color: #333333;"><b><br /></b></span><span style="color: #333333;"><b>The Independent: This Singapore-based paper published a glowing article on the move titled “Modi does a Lee Kuan Yew to stamp out corruption in India.” Lee Kuan Yew was the Singaporean Prime Minister for several decades and is considered the architect of modern Singapore. “Government leaders feel that the sudden move by the Indian Prime Minister has brought new respect for him.</b></span><br />
<span style="color: #333333;"><b><br /></b></span><span style="color: #333333;"><b>Bloomberg: In an article published in leading American financial journal Bloomberg, Swiss global financial services company UBS Group AG said that Australia should follow India’s lead and scrap its biggest bank notes.</b></span><br />
<span style="color: #333333;"><b><br /></b></span><span style="color: #333333;"><b>“Removing large denomination notes in Australia would be good for the economy and good for the banks,” UBS analysts led by Jonathan Mott said in a note to clients on Monday. Benefits would include reduced crime and welfare fraud, increased tax revenue and a “spike” in bank deposits.</b></span><br />
<span style="color: #333333;"><b><br /></b></span><span style="color: #333333;"><b>A senior Indian government official even equated Mr Modi to Singapore’s first Prime Minister Lee Kuan Yew. From making up his mind to rolling it out on 8 Nov, a new Lee Kuan Yew is born in India. It will be reflected in the legacy of this Prime Minister,”.</b></span><br />
<b style="color: #333333;"><br /></b><b style="color: #333333;"><br /></b><b style="color: #333333;">Hear it this ... !!</b><br />
<span style="color: #333333;"><b>If Modi fails in his fight againt corruption and black money, no PM of India of India will have the courage to take this issue again on his agenda for next 100 years ..... and corrupt politicians, beaurocrates, police, criminals and businessman will keep looting this country as it it is their birth right.</b></span><br />
<span style="color: #333333;"><b>So, it is the duty of every sensible citizen to stand in support of PM Modi and fail the evil design of corrupt people to incite violence and create anarchy. </b></span><br />
<span style="color: #333333;"><b>If we fail to do our duty today, our children and grandchildren will never forgive us and will forever, hold us responsible for not giving them a clean India.</b></span><br />
<span style="color: #333333;"><b><br /></b></span><span style="color: #333333;"><b>Jai Hind 🇮🇳🇮🇳🇮🇳👍</b></span><br />
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Demonetisation is a decision of the century: Dr Jitendra Singh</div>
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Describing demonetisation as a decision of the century, Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh said here today that this would not only streamline the economy of India, but would also revolutionize the nation’s mindset and approach towards clean economic management. At the same time, he hastened to add that, to be precise, demonetization is a misnomer for the decision taken by the Union Government, because actually, it is the withdrawal of legal tender with reference to Rs. 500 and Rs. 1000 notes and not “demonetization” as such.</div>
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Addressing the inaugural function of the 22nd Conference of Central Bureau of Investigation (CBI), State Anti-Corruption Bureaus (ACBs), Vigilance Bureaus and Economic Offence Wings (EOWs) here today, Dr Jitendra Singh said that the decision announced by the Prime Minister Shri Narendra Modi on November 8, 2016 is motivated by his honesty and courage of conviction while those who oppose it are motivated by an attempt to sabotage it because they have less to show and more to hide. He said, in the long term, withdrawal of Rs.500 and Rs.1000 notes and the resulting fallout will not only enrich the bank deposits, but it will also bring about a change in our social behavior by helping to overcome the habit of hoarding black money and draining away the legitimate national exchequer.</div>
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Lauding the role of CBI, Dr Jitendra Singh said, in the last two years, the Union Government has ensured full independence to the functioning of CBI so that it can perform its professional work without any intimidation or political pressure. The rise in credibility of CBI, he said, is evident from the fact that even in small towns, for a petty crime also, people start demanding that the case should be handed over to none less than the CBI.</div>
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Referring to Prime Minister’s announcement to set up an International Centre for Excellence in Investigation, Dr Jitendra Singh said, the country’s Investigation Agencies and Police Forces have very appreciably upgraded themselves to the new requirements and added that “Centralized Technology Vertical” (CTV) worth Rs. 100 crore will be set up for real-time access to CBI.</div>
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In the times to come, Dr Jitendra Singh said, lot of time and expertise of CBI and other related agencies will be taken up in dealing with economic offences and cyber crime. For this, he said, what would be required is a multi-agency cooperation at the professional level and citizen -centric approach at the social level. Meanwhile, CBI’s drive against corruption will continue in order to achieve the Union Government’s goal of ‘zero tolerance’ on corruption, he added.</div>
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On the occasion, Dr Jitendra Singh handed over Indian Police Medals to distinguished Police officials for their outstanding performance. Director, CBI Shri Anil Sinha delivered the welcome address while Special Director CBI Shri R.K. Dutta proposed the vote of thanks. Also present were the Chief Vigilance Commissioner Shri K.V. Chowdary, Additional Director CBI Shri Y.C. Modi and senior officers from different Police services and States.</div>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">New currency and the Common man</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">Many people say that this move by Modi government is affecting the common man more than the one who has hoarded black money. They say, this should have been done without affecting the common man.</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">But the common man is part of the system that created black money.</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">1. Common man is the one who goes and gets his groceries from a retail shop for cheaper price, knowing that the retail shop hardly pays any tax at all.</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">2. Common man is the one who prepares fake rental agreements and shows it as proof for HRA.</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">3. Common man is the one who pays bribe (through black money) to a government official, just to make out work easier.</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">4. Common man is the one who accepted Rs. 500/1000 (Black money) from both political parties that are contesting elections.</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">5. Common man is the one who purchases a product without bill, to save money (thereby creating black money)</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">6. Common man is the one gives maamool (black money) to the police for keeping their illegal shops</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">7. Common man is the one who offers bribe (black money) to the police for drunk and drive, not wearing a helmet, etc. instead of paying heavy fines at the court. Same way police collects cash "Hafta" from all hawkers traders etc. Municipal staff, rail staff and many others collect bribes all cash. </span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">8. Common man is the one who saves money little by little and purchases property and registers for under market value to save money (thereby creating black money)</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">9. Common man is the one who gives donation (Black money) to a private school who won't give a bill</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">10. Common man is the one who doesn't even understand that he is entitled to far more privileges than he/she is currently receiving, which is drastically reduced to corruption/black money</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">11. Common man is the one who complains about the corrupt system but doesn't take any steps to correct the system, but instead keeps on playing the blame game.</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">12. Common man is the one who is complaining now that this Bold step is causing inconvenience to them.</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">13. Common man is the one who justifies all these acts saying politicians are corrupt, so we can be corrupt too.</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">So I am asking how can one cleanup a system that you and me (Common Man) are an integral part of?</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">So to the common man of India, my message is "Bear the pain now and reap the gain in the future!"</span></span></center>
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<span style="color: #333333;"><span style="font-size: 31.878px; line-height: 51.0047px;">Jai Hind</span></span></center>
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<span style="float: right; font-weight: lighter;"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">17-November-2016 15:52 IST</span></i></span></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;">The Central Government takes several decisions to facilitate farmers, small traders, Group ‘C’ Employees of Central Government including equivalent levels in the Defence and Para Military Forces, Railways and Central Public Sector Enterprises in the aftermath of the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes; </span></i></div>
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<b><i><span style="font-family: "georgia" , "times new roman" , serif;">Also decides to reduce the limit of exchange of old Rs. 500/- and Rs. 1000/- notes across the counter in banks from Rs. 4500/- to Rs. 2000/-with effect from 18th November, 2016.</span></i></b></center>
<i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">In the aftermath of the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes, the Government of India has been receiving several suggestions including those from the State Governments. The Government has considered various suggestions and the following decisions relating to certain operational aspects of this scheme have been taken:<br /><br />i. We are now at the beginning of the Rabi season. The farmers need various inputs for their agricultural activities. While the Government is keen on promoting payment through the banking or digital system, it is felt necessary to make some quantum of cash available with farmers to meet various expenses in connection with agricultural operations. It has, therefore, been decided that farmers would be permitted to draw upto Rs. 25000/- per week in cash from their KYC compliant accounts only. These cash withdrawals would be subject to the normal loan limits and conditions. This facility will also apply to the Kisan Credit Cards (KCC).<br /><br />ii. Farmers are currently selling their produce from the Kharif season in the APMC markets/mandis. The farmers who receive such payments in their bank accounts through cheque/ RTGS will be permitted to draw up to Rs. 25000/- per week in cash. These accounts will have to be KYC compliant. This facility will enable the farmers to meet their various expenses connected with agriculture. This will also infuse lot of liquidity into the rural sector.<br /><br />iii. Traders registered with APMC markets/mandis will be permitted to draw up to Rs. 50,000/- per week in cash from their KYC compliant accounts as in the case of business entities. This will enable these traders to pay wages and facilitate easy loading, unloading and other activities at the mandis.<br /><br />iv. For payment of crop insurance premium, States fix time limits depending on their local requirements and conditions. Consequently, the last date for payment expires on different dates. It has now been decided to extend the last date for payment of crop insurance premium by 15 days.<br /><br />v. While encouraging families to incur wedding expenses through cheques or digital means, it has been decided to permit families celebrating weddings to draw up to Rs. 2,50,000/- in cash from their own bank accounts. These accounts have to be necessarily KYC compliant. The amounts can be drawn only by either of the parents or the person getting married. Only one of them will be permitted to draw this amount. This limit of Rs. 2,50,000/- will apply separately to the girl’s family and the boy’s family. The person drawing such amount has to furnish the PAN details. Further, a self-declaration will have to be submitted by the person to the effect that only one person from his/her family is drawing the amount. It is expected that members of the public will fully cooperate to ensure that the above guidelines are adhered to. Any misuse of this facility will invite appropriate action based on the self-declaration and other details.<br /><br />vi. At present, over the counter exchange of old Rs. 500/- and Rs. 1000/- notes is limited up to maximum of Rs. 4500/- per person. Reports have been received that the same persons are going back to the counter again and again, thereby cornering the facility and depriving many other people from exchanging old notes. There are also reports of organized groups indulging in such practices to convert their black money into white. It is now expected and desirable that people put their old notes into their bank accounts. However, for convenience of the people who may be on temporary visit either for work or otherwise, it has been decided to reduce this limit of exchange of old Rs. 500/- and Rs. 1000/- notes across the counter in banks from Rs. 4500/- to Rs. 2000/-. This facility will be available only once per person. The reduced limit of Rs. 2000/- will take effect from 18th November, 2016.<br /><br />vii. Central Government employees up to Group `C’ including equivalent levels in the Defence and Para Military Forces, Railways and Central Public Sector Enterprises will be given an option to draw salary advance up to Rs. 10,000/- in cash. This amount will be adjusted in their salary for November, 2016. It is expected that this decision will ease the pressure on the banks. </span></i><br />
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<span style="font-size: x-large;">Relief To Central Government Employees are shown in the following Link</span></center>
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<a href="http://www.finmin.nic.in/the_ministry/dept_expenditure/notification/misc/SalaryAdvanceOM17112016.pdf">http://www.finmin.nic.in/the_ministry/dept_expenditure/notification/misc/SalaryAdvanceOM17112016.pdf</a></center>
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Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com9tag:blogger.com,1999:blog-4044402403356121793.post-9095114088430363492016-10-21T01:06:00.002-07:002016-10-21T01:06:52.469-07:00One More CMD Of Bank Dismissed<div style="background-color: #f9f9f9; font-family: sans-serif; line-height: 1.5em; padding: 0px 6px;">
<b><span style="font-size: x-large;"><br class="Apple-interchange-newline" />In an unprecedented move, the Centre on</span></b><br />
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<b><span style="font-size: x-large;"> Monday removed Sushil Muhnot from the</span></b><br />
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<b><span style="font-size: x-large;">This action comes four days before </span></b><br />
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<a href="http://m.thehindubusinessline.com/money-and-banking/centre-sacks-bank-of-maharashtra-cmd/article9150727.ece">Link to News Published in newspaper Hindu Business Line</a></div>
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<span style="font-family: "georgia" , serif; font-size: 13pt;"><strong><span style="color: red;"><br /></span></strong></span><span style="font-family: "georgia" , serif; font-size: 13pt;"><strong><span style="color: red;">UNION BANK RETIRED EMPLOYEES' ASSOCIATION</span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="color: blue; font-size: 10pt;">(Registered under Trade Union Act, 1926 : Registration No.G-6201)<br />(Affiliated to All India Bank Retirees' Federation<br />through All India Union Bank Retirees' Federation)<br />403, Sadhana Down Town, Near Punjab National Bank,<br />Jubilee Chowk, Rajkot - 360 001 (Gujarat). </span><span style="color: blue; font-size: 10pt;"> </span><span style="color: blue; font-size: 10pt;"><span style="color: blue; display: inline; float: none; font-family: "georgia" , serif; font-size: 13.3333px; line-height: normal;">Phone</span>: 0-94272-07021</span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="color: blue; font-size: 10pt;"> E-mail < <a href="mailto:ubiretirees@gmail.com" style="color: #1155cc;" target="_blank">ubiretirees@gmail.com</a> > < </span></strong><span style="color: blue; font-size: 10pt;"><a href="mailto:ubiretirees@gmail.com" style="color: #1155cc;" target="_blank"><strong>rajkot@ubiretirees.in</strong></a></span><strong><span style="color: blue; font-size: 10pt;"> > </span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">==============================<wbr></wbr>========================</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">Date: 18th October,'16</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span><br /></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">To</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">All the regular recipients of our Association's e-mails,</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span><br /></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">Friends,</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"><br /></span></strong></span></div>
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<span style="text-decoration: underline;"><span style="color: purple; font-family: "georgia" , serif; text-decoration: underline;"><strong><span style="font-size: 10pt;">Power of RTI -</span></strong></span></span></div>
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<span style="text-decoration: underline;"><span style="color: purple; font-family: "georgia" , serif; text-decoration: underline;"><strong><span style="font-size: 10pt;">Chairman & Managing Director of Bank of</span></strong></span></span></div>
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<span style="text-decoration: underline;"><span style="color: purple; font-family: "georgia" , serif; text-decoration: underline;"><strong><span style="font-size: 10pt;">Maharashtra removed from the service</span></strong></span></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span><br /></div>
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<span style="color: blue; font-family: "georgia" , serif;"><span style="font-size: 13.3333px;"><b>Please see the e-mail forwarded here under and its attachment</b></span></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span><br /></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">Yours sincerely,</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">B.G.Raithatha,</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">General Secretary</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span>==============================<wbr></wbr>==============================<wbr></wbr>==============================<wbr></wbr>===================</div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span><br /></div>
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<strong>From: "BMS RTICELLPUNE" <<a href="mailto:bmsrtipune@gmail.com" style="color: #1155cc;" target="_blank">bmsrtipune@gmail.com</a>></strong><br />
<strong>To: "Jain S C" <<a href="mailto:sharbat_123@rediffmail.com" style="color: #1155cc;" target="_blank">sharbat_123@rediffmail.com</a>>, "Shah J. P. Junagadh" <<a href="mailto:jpshah50@yahoo.co.in" style="color: #1155cc;" target="_blank">jpshah50@yahoo.co.in</a>>, "Union Bank Retired Employees' Association Gujarat" <<a href="mailto:ubiretirees@gmail.com" style="color: #1155cc;" target="_blank">ubiretirees@gmail.com</a>>, "Union Bank Retired Employees' Association Imail" <<a href="mailto:rajkot@ubiretirees.in" style="color: #1155cc;" target="_blank">rajkot@ubiretirees.in</a>></strong><br />
<strong>Sent: Tuesday, 18 October, 2016 19:47:07</strong><br />
<strong>Subject: Great Victory in Banking of RTI activities.</strong></div>
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<strong>Dear Sir,</strong></div>
<strong>I am happy to inform you that RTI activity has made history by Removal of a Chairman & Managing Director of Bank of Maharashtra a PSB. This is first case where in CMD of a PSB is removed due to complaint made by use of documents got under RTI act. Complaint was for misuse of power and position for personal gains.</strong></div>
<strong>Details of which are in the circular attached. </strong></div>
<strong>Please circulate to all present and ex-staff members of Public sector banks. so that common staff member can rest assured that with use of RTI Act and proper followup even a chairman can be brought to books, and nobody is above law.</strong></div>
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<strong>My contact number is 0945873725 and name Suhas B Vaidya. I am conveyor of BMSRTICELL PUNE. We have been working on RTI since 2011.</strong></div>
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<strong>Thanking you </strong></div>
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<strong>Yours Brotherly</strong><br />
<strong>Suhas Vaidya</strong><br />
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<br />Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com1tag:blogger.com,1999:blog-4044402403356121793.post-36212060075401010332016-10-21T01:01:00.001-07:002016-10-21T01:01:23.188-07:00Know About Developments In Medical Insurance Scheme<h2 dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;">
<span style="color: #222222; font-family: inherit; vertical-align: baseline; white-space: pre-wrap;">CLRIFICATIONS FROM UIIC TO ONE OF THE BANKS ON RETIREES MEDICAL INSURANCE</span></h2>
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<span style="background-color: transparent; color: #666666; font-family: "arial"; font-size: 11.3333px; vertical-align: baseline; white-space: pre-wrap;">Inbox</span></div>
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<span style="color: #222222; font-family: "arial"; font-size: 12.6667px; vertical-align: baseline; white-space: pre-wrap;">C H VENKATACHALAM</span></h3>
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<span style="color: #222222; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">11:44 PM (12 hours ago)</span></div>
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<span style="color: #222222; font-family: "arial"; font-size: 12.6667px; vertical-align: baseline; white-space: pre-wrap;">CLARIFICATION SENT BY UIIC TO ONE OF THE BANKS</span></div>
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<span style="color: #222222; font-family: "arial"; font-size: 12.6667px; vertical-align: baseline; white-space: pre-wrap;">FOR YOUR INFORMATION</span></div>
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<span style="color: black; font-family: "arial"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Issue</span></div>
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<span style="color: black; font-family: "arial"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Our query</span></div>
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<span style="color: black; font-family: "arial"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">UIIC clarification</span></div>
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<span style="color: black; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Modalities of domiciliary expenses .</span></div>
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<span style="color: black; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">What will be the modalities of reimbursing the claim under domiciliary expenses to retirees ?</span></div>
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<span style="color: blue; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">It can be send to TPA directly or to the nearest Bank office from where it has to be forwarded to zonal office enabling the TPA officer to collect it.</span></div>
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<span style="color: black; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Format for claiming domiciliary expenses.</span></div>
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<span style="color: black; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Whether you have introduced any prescribed format for claiming domiciliary expenses for retirees ? If yes, please provide us a copy of the same.</span></div>
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<span style="color: blue; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> Same claim form as being used for hospitalization. Please advise the retiree to write on the top "For domiciliary treatment".</span></div>
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<span style="color: black; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Nature of expenses admissible.</span></div>
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<span style="color: black; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Please clarify what type/nature of expenses are covered for the treatment of identified 59 ailments.</span></div>
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<span style="color: blue; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> Same as applicable to employee policy.</span></div>
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<span style="color: black; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Extension of domiciliary treatment to such retirees, who are not the member at present.</span></div>
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<span style="color: black; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Since the UIICL has introduced option for domiciliary expenses now, whether such retirees who have not become member of the Scheme so far, can join the Medical Insurance Scheme now ?</span></div>
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<span style="color: blue; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> Only present retirees who are covered in the current policy are allowed to join the renewal policy.</span></div>
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<span style="color: black; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Switching over from domiciliary expenses benefit to normal renewal (without domiciliary cover) or vice versa.</span></div>
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<span style="color: black; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Please clarify whether a retiree who opts for domiciliary expenses benefit (Option II) now, be allowed to switch over to normal renewal next year or Vice-versa</span></div>
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<span style="color: blue; font-family: "arial"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">The final decision would be taken at the time of r</span></div>
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<span style="color: #222222; font-family: "arial"; font-size: 12.6667px; vertical-align: baseline; white-space: pre-wrap;">C H VENKATACHALAM</span></div>
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<span style="color: #222222; font-family: "arial"; font-size: 12.6667px; vertical-align: baseline; white-space: pre-wrap;">GENERAL SECRETARY AIBEA</span></div>
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<span style="color: #222222; font-family: "arial"; font-size: 12.6667px; vertical-align: baseline; white-space: pre-wrap;">98400 89920</span><br />
<span style="color: #222222; font-family: "arial"; vertical-align: baseline; white-space: pre-wrap;"><span style="background-color: white; font-family: "arial" , sans-serif; white-space: normal;"><span style="font-size: x-large;">Subject: Clarifications - Reply received from TPA of UIIC</span></span><br style="background-color: white; font-family: arial, sans-serif; font-size: 12.8px; white-space: normal;" /><span style="background-color: white; font-family: "arial" , sans-serif; font-size: 12.8px; white-space: normal;"> </span></span><br />
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Dear members,<br />
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We attach the document incorporating the replies of the Paramount Health Services P Ltd., on <span style="color: black; font-family: "trebuchet ms" , sans-serif;">rules and procedure for reimbursement of domiciliary treatment/expenses and other issues of our concern for information of members.</span></div>
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<span style="color: black; font-family: "trebuchet ms" , sans-serif; text-align: justify;">Regards,</span></div>
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<div class="m_-4129291617795789384m_-7854242859671795237gmail_signature">
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R.K. Powar, GS, AIUBRF,<br />
<span style="font-size: 12.8px;">Asst. General Manager(Retired)</span><br />
<span style="font-size: 12.8px;">Union Bank Of India</span><br />
<span style="font-size: 12.8px;">Tel: (M) 7710030963</span><br />
<span style="font-size: 12.8px;">email: </span><a href="mailto:rkpowar@gmail.com" style="color: #1155cc; font-size: 12.8px;" target="_blank">rkpowar@gmail.com</a></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 21.3333px; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">ALL INDIA UNION BANK RETIREES’ FEDERATION </span></div>
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<span style="color: #111111; font-family: "trebuchet ms"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">(Affiliated to All India Bank Retirees’ Federation)</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">A/12, Girdhar Apt., Kastur Park, Shimpoli Road, Borivali (W), Mumbai 400 092</span></div>
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<span style="color: #111111; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> Chairman</span><span style="color: red; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: #111111; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">President</span><span style="color: red; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: #111111; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">General Secretary</span></div>
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<span style="color: black; font-family: "domine"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">D. A. Masdekar B. G. Raithatha R. K. Powar</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> 9970899393 9427207021 7710030963</span></div>
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<a href="mailto:damasdekar@gmail.com#_blank" style="text-decoration: none;"><span style="color: navy; font-family: "calibri"; font-size: 14.6667px; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">damasdekar@gmail.com</span></a><span style="color: navy; font-family: "trebuchet ms"; font-size: 14.6667px; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: navy; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: #111111; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">ubiretirees@gmail.com</span><span style="color: #196ad4; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: #111111; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">rkpowar@gmail.com</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">No.106/2016-17 19</span><span style="color: black; font-family: "trebuchet ms"; font-size: 9.6px; vertical-align: super; white-space: pre-wrap;">th</span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> September 2016</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Dear Members,</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Group Insurance Medical Policy: Reply of T.P.A.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">DOMICILIARY TREATMENT – CLARIFICATIONS</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">We have in our earlier communication informed the members that the Federation has requested The Paramount Health Services Pvt. Ltd, the Third Party Administrator (TPA) of UIIC to clarify the rules and procedure for reimbursement of domiciliary treatment expenses to remove uncertainty.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">We have received the reply from TPA which is appended here below for the information. </span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">No.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">AIUBRF’s query</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Reply of T.P.A.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">1</span></div>
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<span style="background-color: white; color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Why is the procedure for reimbursement of domiciliary treatment not clearly outlined? It is being confused with the domiciliary conditional clause of individuals unable to be hospitalized or lack of space in hospitals? </span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">It is a Domiciliary Treatment and not a Domiciliary Hospitalization. </span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">2</span></div>
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<span style="background-color: white; color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Whether the rules and procedure followed/adopted in respect of in-service employees for sanction of reimbursement of domiciliary treatment is the same for retirees? </span></div>
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<span style="background-color: white; color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">YES</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">3</span></div>
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<span style="background-color: white; color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">How frequently can the retired employee be permitted to claim the reimbursement for domiciliary treatment i.e. weekly, monthly, or quarterly?</span></div>
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<span style="background-color: white; color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Monthly</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">4</span></div>
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<span style="background-color: white; color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Whether the retired employees would be sanctioned reimbursement for domiciliary treatment as per the list of 59 diseases circulated by the Bank, such as Diabetes, hypertension etc., on self certification or based on prescription of the general / family doctor or is it compulsory to obtain prescription from the hospital? </span></div>
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<span style="background-color: white; color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">To Claim Domiciliary will need Doctor Consultation, prescription, Medicine bills/Investigation reports all in original.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">5</span></div>
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<span style="background-color: white; color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">How often must the retiree get fresh certification from the doctor/hospital? </span></div>
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<span style="background-color: white; color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Valid upto 90 days i.e. 3 months and if the prescription says LIFE LONG TREATMENT the same will be valid for 180 days.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">6</span></div>
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<span style="background-color: white; color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Are those who retired from the Bank in the last year, entitled to Opt under this new Scheme? </span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Only who were covered in last year policy. </span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">7</span></div>
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<span style="background-color: white; color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">An important advantage of the Scheme is the Cashless facility available for treatment in hospitals. But </span><span style="background-color: white; color: black; font-family: "trebuchet ms"; font-size: 16px; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">many hospitals are not covered by tie-up and hence employees are asked to pay </span><span style="background-color: white; color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">for the treatment and then seek reimbursement. How can retires avoid such difficulties to avail cashless treatment facility? </span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">We would request those retirees to check on the portal </span><a href="http://www.paramounttpa.com/iba" style="text-decoration: none;"><span style="color: navy; font-family: "trebuchet ms"; font-size: 16px; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">www.paramounttpa.com/iba</span></a><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> the Network list before getting hospitalized.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">8</span></div>
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<span style="background-color: white; color: #212121; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">The Settlement and the Scheme clearly provide that retirees would </span><span style="background-color: white; color: #212121; font-family: "trebuchet ms"; font-size: 16px; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">submit the Bills to the Banks</span><span style="background-color: white; color: #212121; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> and in turn the Banks to</span><span style="background-color: white; color: #212121; font-family: "trebuchet ms"; font-size: 16px; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"> submit the Bills to the TPA </span><span style="background-color: white; color: #212121; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">to get the reimbursement. But in many some of the managements are asking the employees to submit the Bills directly to the TPA.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Should be submitted at your branch office from where you collect your pension.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">9</span></div>
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<span style="background-color: white; color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">There are instances of death occurring during treatment in hospital and if it happens to be Sunday or holiday, the hospital/TPA does not come to the rescue and the family is facing problems in getting the body of the patient in time. </span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 8px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">We are processing the Cashless on week days and on national holidays also so there is no question that TPA doesn’t help during crisis; only issue is there when the Sum Insured is exhausted.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">10</span></div>
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<span style="background-color: white; color: #212121; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Treatments like </span><span style="background-color: white; color: #212121; font-family: "trebuchet ms"; font-size: 16px; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Dialysis, etc. are disallowed</span><span style="background-color: white; color: #212121; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> by the TPA though covered by the Scheme and the employees are </span><span style="background-color: white; color: #212121; font-family: "trebuchet ms"; font-size: 16px; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">forced to pay the cost to the hospital</span><span style="background-color: white; color: #212121; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">. How can the scheme be implemented by the TPAs so that employees are not put into such hardship.</span></div>
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<span style="background-color: white; color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Day care list is already shared to all by Union Bank of India - Day Care List, and we have settled lot of Dialysis cases so where is the question of disallowing the same.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">11</span></div>
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<span style="background-color: white; color: #212121; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">In the case of Bills submitted to the Banks for </span><span style="background-color: white; color: #212121; font-family: "trebuchet ms"; font-size: 16px; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">domiciliary treatment,</span><span style="background-color: white; color: #212121; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> there are many complaints of undue </span><span style="background-color: white; color: #212121; font-family: "trebuchet ms"; font-size: 16px; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">delay</span><span style="background-color: white; color: #212121; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> by the TPAs and managements are not taking steps to liaise with them to expedite the claims. Special attention is required in this regard. </span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 8px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Last year there was no Domiciliary treatment so where the question of delay and delay is only happens when the documents are not proper or there is a deficiency. So we would request all to submit proper documents and in the given time frame.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">We have also requested the Department of Personnel, Central Office and UIIC to clarify on other issues of our concern. No sooner we receive the same; we will inform all the members.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">With warm regards,</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> Yours truly, </span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><img height="47" src="https://lh5.googleusercontent.com/mSr4WHIVwZjMrL2ehv59a_9N88Ie2UQTCsi8o4AVzbj3cdz4BvhiVpqzugqSTaTq77SX7PYsn1R_b91f2O45VSAgMje5ryccvJXugps05RnI4kUG5SudG42hWNqnTYuKWb3uw8EgOI1na8AeBA" style="border: none; transform: rotate(0rad);" width="125" /></span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> (R. K. Powar)</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> General Secretary</span></div>
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<span style="font-family: "georgia" , serif; font-size: 13pt;"><strong><span style="color: red;"><br /></span></strong></span></div>
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<span style="font-family: "georgia" , serif; font-size: 13pt;"><strong><span style="color: red;">UNION BANK RETIRED EMPLOYEES' ASSOCIATION</span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="color: blue; font-size: 10pt;">(Registered under Trade Union Act, 1926 : Registration No.G-6201)<br />(Affiliated to All India Bank Retirees' Federation<br />through All India Union Bank Retirees' Federation)<br />403, Sadhana Down Town, Near Punjab National Bank,<br />Jubilee Chowk, Rajkot - 360 001 (Gujarat). </span><span style="color: blue; font-size: 10pt;"> </span><span style="color: blue; font-size: 10pt;"><span style="color: blue; display: inline; float: none; font-family: "georgia" , serif; font-size: 13.3333px; line-height: normal;">Phone</span>: 0-94272-07021</span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="color: blue; font-size: 10pt;"> E-mail < <a href="mailto:ubiretirees@gmail.com" style="color: #1155cc;" target="_blank">ubiretirees@<span class="il">gmail.com</span></a> > < </span></strong><span style="color: blue; font-size: 10pt;"><a href="mailto:ubiretirees@gmail.com" style="color: #1155cc;" target="_blank"><strong>rajkot@ubiretirees.in</strong></a></span><strong><span style="color: blue; font-size: 10pt;"> > </span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">==============================<wbr></wbr>========================</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span><br /></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">Date: 10th October,'16</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span><br /></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">To</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">All the regular recipients of our Association's e-mails,</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span><br /></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">Friends,</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"><br /></span></strong></span></div>
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<span style="color: purple; text-decoration: underline;"><span style="font-family: "georgia" , serif; text-decoration: underline;"><strong><span style="font-size: 10pt;">59 diseases for which bank retirees will be covered in Group</span></strong></span></span></div>
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<span style="color: purple; text-decoration: underline;"><span style="font-family: "georgia" , serif; text-decoration: underline;"><strong><span style="font-size: 10pt;">II for reimbursement of domiciliary treatment expenses</span></strong></span></span></div>
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<span style="color: blue;"><span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"> Please see another e-mail and its attachment forwarded herewith (received from Shri R.K.Powar, General Secretary, All India Union Bank Retirees' Federation). </span></strong></span></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span><br /></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span><br /></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">Yours sincerely,</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">B.G.Raithatha,</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">General Secretary</span></strong></span></div>
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<span style="color: black; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span><br /></div>
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<strong>From: "Powar R K" <<a href="mailto:rkpowar@gmail.com" style="color: #1155cc;" target="_blank">rkpowar@<span class="il">gmail.com</span></a>></strong><br />
<strong>To: </strong><br />
<strong>Sent: Monday, 10 October, 2016 16:22:06</strong><br />
<strong>Subject: Renewal of Insurance Premium - clarification</strong></div>
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<span style="font-size: 12pt;">Dear all,</span><br />
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<strong>We have informed you that the insurance company has sent the communication for the renewal premium for 2016-2017 with two options. (1) Normal Renewal on as is basis (Without Domiciliary cover) and (2) with Domiciliary Expenses Benefits Option (59 diseases as per Employee Policy).</strong></div>
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<strong>We attach the list of 59 diseases as per Employee Policy for the information of the members which will be covered under Option No. 2.</strong></div>
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<span style="font-size: 12pt;">Regards,</span><br />
<div class="m_-3349774170532093164m_-8401388292474653468gmail_signature">
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<strong>R.K. Powar, GS, UBRA</strong></div>
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<strong>Asst. General Manager(Retired)</strong><br />
<strong>Union Bank Of India</strong><br />
<strong>Tel: (M) 7710030963</strong><br />
<strong>email: <a href="mailto:rkpowar@gmail.com" style="color: #1155cc;" target="_blank"><span style="color: #1155cc;">rkpowar@</span><span class="il" style="color: #1155cc;">gmail.com</span></a></strong></div>
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<a href="https://drive.google.com/drive/my-drive"><b><span style="font-size: x-large;">Click Here To Know Nams of Diceases Covered Under Domiciliary Treatment Scheme</span></b></a></div>
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Sr. No. Treatments 1 Cancer 2 Leukemia 3 Thalassemia 4 Tuberculosis 5 Paralysis 6 Cardiac Ailments 7 Pleurisy 8 Leprosy 9 Kidney Ailment 10 All Seizure disorders 11 Parkinson’s diseases 12 Psychiatric disorder including schizophrenia and psychotherapy 13 Diabetes and its complications 14 Hypertension 15 Hepatitis –B 16 Hepatitis - C 17 Hemophilia 18 Myasthenia gravis 19 Wilson’s disease 20 Ulcerative Colitis 21 Epidermolysis bullosa 22 Venous Thrombosis(not caused by smoking) Aplastic Anaemia 23 Psoriasis 24 Third Degree burns 25 Arthritis 26 Hypothyroidism 27 Hyperthyroidism expenses incurred on radiotherapy and chemotherapy in the treatment of cancer and leukemia 28 Glaucoma 29 Tumor 30 Diptheria 31 Malaria 32 Non-Alcoholic Cirrhosis of Liver 33 Purpura 34 Typhoid 35 Accidents of Serious Nature 36 Cerebral Palsy 37 Polio 38 All Strokes Leading to Paralysis 39 Haemorrhages caused by accidents 40 All animal/reptile/insect bite or sting 41 Chronic pancreatitis 42 Immuno suppressants Domiciliary Hospitalization / Domiciliary Treatment Sr. No. Treatments Domiciliary Hospitalization / Domiciliary Treatment 43 Multiple sclerosis / motorneuron disease 44 Status asthamaticus 45 Sequalea of meningitis 46 Osteoporosis 47 Muscular dystrophies 48 Sleep apnea syndrome(not related to obesity) 49 Any organ related (chronic) condition 50 Sickle cell disease 51 Systemic lupus erythematous (SLE) 52 Any connective tissue disorder 53 Varicose veins 54 Thrombo embolism venous thrombosis/venous thrombo embolism (VTE)] 55 Growth disorders 56 Graves’ disease 57 Chronic Pulmonary Disease 58 Chronic Bronchitis 59 Physiotherapy and swine flu shall be considered for reimbursement under domiciliary treatment.<br />
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<b><span style="font-size: x-large;">Clarification on whether reimbursement is possible for Dental treatment</span></b><br />
<b>dkj</b><br />
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<span style="color: black; font-family: "comic sans ms"; font-size: 21.3333px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">UNION BANK RETIRED EMPLOYEES’ ASSOCIATION</span></div>
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<span style="color: black; font-family: "comic sans ms"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">(Registered under Trade Union Act,, 1926 : Registration No.G-6201)</span></div>
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<span style="color: black; font-family: "comic sans ms"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">(Affiliated to All India Union Bank Retirees’ Federation)</span></div>
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<span style="color: black; font-family: "comic sans ms"; font-size: 14.6667px; font-weight: 400; vertical-align: baseline; white-space: pre-wrap;">-: </span><span style="color: black; font-family: "comic sans ms"; font-size: 14.6667px; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Office</span><span style="color: black; font-family: "comic sans ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> :-</span></h1>
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<span style="color: black; font-family: "comic sans ms"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">403(A), Sadhna Down Town, Near Punjab National Bank, </span></div>
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<span style="color: black; font-family: "comic sans ms"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Opp. Alfred High School, Jubilee Chowk, RAJKOT – 360 001 (Gujarat).</span></div>
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<span style="color: black; font-family: "comic sans ms"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">‘E’ mail : < </span><a href="mailto:ubiretirees@gmail.com" style="text-decoration: none;"><span style="color: blue; font-family: "comic sans ms"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">ubiretirees@gmail.com</span></a><span style="color: black; font-family: "comic sans ms"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> > Cell : 0-94272-07021</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Ref:Insurance:2016:129</span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Date : 15</span><span style="color: black; font-family: "verdana"; font-size: 8.8px; font-weight: 700; vertical-align: super; white-space: pre-wrap;">th</span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> October,’16</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">To </span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Only by e-mail</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">All the members of our Association,</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Friends,</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Group Medical Insurance scheme</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">(A) </span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Domiciliary treatment expenses</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">From several messages being received through WhatsApp and other media, it is understood that there is some confusion among the retirees as to whether by paying higher premium the retirees will really get reimbursement of medical expenses incurred for domiciliary treatments (without hospitalization). Hence our Association thinks it proper to express its views as under. </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">If we refer Schedule IV of the 10</span><span style="color: black; font-family: "verdana"; font-size: 8.8px; vertical-align: super; white-space: pre-wrap;">th</span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> Bipartite Settlement, it contains following particulars for reimbursement of medical expenses. </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Day Care Treatment</span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> undertaken in a hospital for less than a day</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Domiciliary Hospitalization</span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> means medical treatment taken at home when condition of the patient is such that he / she is not in a position to be moved to a hospital or the patient takes treatment at home because of non-availability of room in a hospital</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">Domiciliary Treatment</span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">: treatment taken for specified diseases which may or may not require hospitalization. (59 diseases are identified for this purpose)</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Though apparently all the three i.e. (a), (b) & (c) mentioned above look identical, in reality terms those are different. For (c) i.e. domiciliary treatment hospitalization is not essential. </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">In the 10</span><span style="color: black; font-family: "verdana"; font-size: 8.8px; text-decoration: none; vertical-align: super; white-space: pre-wrap;">th</span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> BP Settlement, the Indian Banks’ Association had agreed with the United Forum of Bank Unions to take insurance cover for serving and retired employees for hospitalization and also for the treatments specified in 2(a) (b) & (c) above. But the Insurance Company had not agreed to grant reimbursement to the retired employees for the domiciliary treatment (i.e. mentioned in Para 2 (c) with an apprehension that the claims of the elderly people would be much more. The Insurance Company had offered refund of the premium to those who were not willing to continue in the Insurance Scheme because of exclusion of the domiciliary treatment. The stand taken by the Insurance Company was consistent with the law, as any proposal can be accepted partially also and in that case the other party has right to cancel the deal. </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Now, when our Insurance Policy is due for renewal, the Insurance Company is agreeing to grant reimbursement of domiciliary treatment expenses even to the retirees provided they pay more premiums. </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The reimbursement of domiciliary treatment expenses is already being granted to –</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Employees in service of all the Banks (including their spouses, dependent children and parents or parents in law)</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Pensioners of State Bank of India</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">On our casual inquires with the (i) Leaders of the serving employees’ / officers’ organizations as well Office Bearers of State Bank of India Pensioners’ Association, it is understood that the system of granting reimbursement of domiciliary expenses is working well. Their claims are being settled. Therefore, there is no reason of any apprehension in our mimfd that our claims would not be settled. </span></div>
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<span style="color: black; font-family: "times new roman"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">(B)</span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"> Reimbursement of expenses incurred for dental treatment</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">A similar confusion is persisting for reimbursement of expenses incurred for dental treatment. </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">Please refer the Master Insurance Policy No. 500100 /48 /15/41 /00000522 dated 6</span><span style="color: black; font-family: "verdana"; font-size: 8.8px; vertical-align: super; white-space: pre-wrap;">th</span><span style="color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> November,’15 issued by the United India Insurance Company for retired employees of our Bank. In Clause No.3.3 thereof certain diseases are specified for which day care treatment is reimbursable provided the treatment is undertaken under General or Local Anesthesia in a hospital / day care centre. Certain diseases include Dental Surgery also. </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">However, in terms of Clause No.4.4 of the same Insurance Policy, expenses incurred for dental treatment / surgery is not reimbursable in the following circumstances.</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Treatment is taken in a Dental Clinic or</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">The treatment is cosmetic in nature</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">In view of these, the expense incurred merely for clearing the teeth is nor reimbursable, because it is cosmetic in nature. However, if we undergo root canal or tooth implant treatment / surgery, it is reimbursable. </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">To cite specific examples – </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">When I had given an intimation to TPA for my own root canal treatment in a dental clinic, the permission was denied to me.</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Shri J.P.Shah, a member of our Association – now settled at Baroda had sought permission of TPA for root canal treatment of his two / three teeth in a Multi Specialty Hospital (which had more than 15 beds). The permission was accorded and expenses of around Rs.30,000/- was reimbursed.</span></div>
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<li dir="ltr" style="font-family: verdana; font-size: 14.6667px; font-weight: 700; list-style-type: decimal; margin-left: -24px; vertical-align: baseline;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"><span style="color: red;">Therefore, if you want reimbursement of dental surgery from the Insurance Company, please choose any Multi Specialty ora Corporate Hospital, wherein there are minimum 15 beds; though in fact actual hospitalization is not required for dental treatment.</span></span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">If we go for purchasing any direct Insurance Policy or if we join any other Group Medical Insurance Scheme, dental surgery even in a Hospital having more than 15 beds is not reimbursable. But the IBA’s group medical insurance policy applicable to us is granting this benefit. </span></div>
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<li dir="ltr" style="font-family: verdana; font-size: 14.6667px; font-weight: 700; list-style-type: decimal; margin-left: -24px; text-decoration: underline; vertical-align: baseline;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: black; font-family: "verdana"; font-size: 14.6667px; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">It is a subjective matter of an individual whether to continue in the renewed insurance policy and that too with or without domiciliary treatment. But the basic idea for issuing this e-circular is to remove misconception, if any, as regards (i) domiciliary treatments and (ii) dental surgeries. </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">This circular is being sent by e-mail to those members whose e-mail IDs. are available with our Association with a request to pass on this message to the members who have no e-mail facility. </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> Yours sincerely,</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> (B.G.Raithatha),</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">General Secretary</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 21.3333px; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">ALL INDIA UNION BANK RETIREES’ FEDERATION </span></div>
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<span style="color: #111111; font-family: "trebuchet ms"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">(Affiliated to All India Bank Retirees’ Federation)</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">A/12, Girdhar Apt., Kastur Park, Shimpoli Road, Borivali (W), Mumbai 400 092</span></div>
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<span style="color: #111111; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> ChairmanPresidentGeneral Secretary</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">D. A. Masdekar B. G. Raithatha R. K. Powar</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> 9970899393 9427207021 7710030963</span></div>
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<a href="mailto:damasdekar@gmail.com#_blank" style="text-decoration: none;"><span style="color: navy; font-family: "calibri"; font-size: 14.6667px; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">damasdekar@gmail.com</span></a><span style="color: black; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">ubiretirees@gmail.com</span><span style="color: #111111; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">rkpowar@gmail.com</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">No.</span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">105/2016-17 18</span><span style="color: black; font-family: "trebuchet ms"; font-size: 9.6px; vertical-align: super; white-space: pre-wrap;">th</span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> September 2016</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Dear Members,</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Group Insurance Medical Policy: Perceptions and Suggestions:</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">In September 2016 Union Bank had sent emailsto retired employees informing them that the premium renewal amount of the Medical Insurance Scheme of Insurance Policy for 2016-2017 was likely to be increased to Rs. 16,026.00 for retired Officers and Rs. 12020/- for retired Award staff.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Many retired employees were shocked at the unjustified and unilateral hike in the premium amount. Our All-India Federation had taken up the matter on 10/10/2016 with the Chairman & Managing Director of our Bank conveying the feelings of the retirees at this steep hike, &requesting Bank to understand the financial difficulty which a retiree is undergoing or likely to undergo because of this unjustified hike in the premium and also the short period within which the amount is required to be paid.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">We understand that the Union Bank management is in the process of clarifying the issues taken up by our All-India Federation, more particularly the introduction of reimbursement of domiciliary treatment, under the new option by paying additional premium to the extent of Rs. 40,000/- and Rs. 30,000/- within the overall ceiling/insurance cover of Rs. 4.00 lacs and Rs. 3.00 lacs for officers and award staff respectively.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Many of the retired employees are constantly contacting the leaders of our All-India Federation stating that they are unable to take a decision whetherto continue to subscribe to the insurance policy or not, pending clarifications on the issues raised by Federation. Considering this, we are making the following clarificationsfor the consideration of our members.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">PRESENT RULES OF MEDICLAIM POLICY OF OTHER INSURANCE COMPANIES:</span></div>
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<span style="color: black; font-family: "trebuchet ms"; vertical-align: baseline; white-space: pre-wrap;">Present individual medi-claim policies, for the person in age group of 51-65 and age group of 66 and above, require individuals to undergo pre-acceptance medical tests such as Medical Examination Report, Treadmill Test, Complete Blood Count, Lipid Profile, HBA1C, Serum Creatinine, Urinalysis, SGOT, SGPT and GGT, before accepting them as policy holders.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; vertical-align: baseline; white-space: pre-wrap;">All pre-existing diseases/illness/injury/conditions as defined in the Insurance Policy would be eligible for reimbursement of hospitalization only after 36/48 months of continuous coverage have elapsed from joining the Policy.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; vertical-align: baseline; white-space: pre-wrap;">The CO PAY policy - ranging from 15% to 25% is required to be contributed by the insurer out of the amount of claim.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; vertical-align: baseline; white-space: pre-wrap;">Certain diseases such as cardiac, kidney and bone related major surgeries the claim is restricted to Rs. 2.00 to Rs. 2.50 lacs irrespective of higher coverage.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; vertical-align: baseline; white-space: pre-wrap;">The premium amount of private insurance companies for an insurance cover of Rs. 3.00 lacs ranges from Rs. 26,593.00 to Rs. 36,802/-p.a.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; vertical-align: baseline; white-space: pre-wrap;">Other Nationalized Assurance companies such as National Insurance Co Ltd., New India Assurance Co. Ltd., Oriental Insurance Co. Ltd. and SBI General Insurance Co. Ltd., will not be allowed to quote the premium for Group Insurance scheme because these companies are the co-insurers of the UIIC under Group Insurance Scheme for retired employees of banks to extent of 2.5% to 15% coverage.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">WHAT SHOULD BE THE APPROACH OF THE RETIRED EMPLOYEES TO THE EXISTING INSURANCE POLICY:</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">In view of the above mentioned negative features of individual medi-claim policies, Banks should not opt out of the IBA Scheme, which could be calamitous for retirees.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; vertical-align: baseline; white-space: pre-wrap;">Non continuity will spell disaster, as re-entry into medi-claim policies of any other insurance company will be difficult for retirees at such advanced age and may also become ineffective as pre-existing diseases will not be covered.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">Subscribing to alternative insurance policy of other insurance company is not practical </span><span style="color: black; font-family: "trebuchet ms"; vertical-align: baseline; white-space: pre-wrap;">as criteria of loading premium will be the same in all cases, depending upon claim ratio, vis-à-vis premium paid.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">The coverage under the existing group insurance policy is beneficial because of 100% coverage </span><span style="color: black; font-family: "trebuchet ms"; vertical-align: baseline; white-space: pre-wrap;">without any sub-limit riders as in other policies, and beneficial despite the higher cost of premium.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; vertical-align: baseline; white-space: pre-wrap;">NO CO-PAY stipulation in the existing group insurance policy.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; vertical-align: baseline; white-space: pre-wrap;">All pre-existing illness/diseases are allowed for reimbursement of hospitalization.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; vertical-align: baseline; white-space: pre-wrap;">Coverage from the date of policy without waiting period i.e. cooling period.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">No medical tests/examination was conducted as in case of individual medi-claim policy.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">STEPS INITIATED BY AIUBRF:</span></div>
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<span style="color: black; font-family: "trebuchet ms"; vertical-align: baseline; white-space: pre-wrap;">A delegation of the AIUBRF met the GM & other Personnel Officials in the HO&conveyed members’ apprehensions, &proposed some suggestions to the authorities.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; vertical-align: baseline; white-space: pre-wrap;">AIUBRF has written a letter dated 10/10/2016 to CMD of the Bank placing on record the feelings of the members, and making suggestions for financial assistance for the retiree such as:</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">The bank has decided to recover the premium amount from 24/10/2016. Many of the retirees may not have maintained sufficient balance to meet the increased amount of premium on 24/10/2016; hence Federation requested the Bank to release the pension earlier coinciding the recovery of premium amount, so that most of the retirees can continue to get cover of the Insurance Policy.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">The AIUBRF leadership is now informed that the Bank is agreeable to credit pension on 25/10/2016, & will continue to debit pension a/cs thereafter till the last date possible for retirees to be covered under the Ins Scheme. </span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">The Bank has also agreed to extend the date to accept Options upto 24</span><span style="color: black; font-family: "trebuchet ms"; font-size: 9.6px; vertical-align: super; white-space: pre-wrap;">th</span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> October, 5 p.m. received at CO by email or passed on by branches or handed over by our retirees themselves or through leaders.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">The Bank has agreed to seek clarifications of the points raised by AIUBRF from UIIC on the rules and procedure for reimbursement of domiciliary treatment for retired employees, and to communicate the same to the Federation.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">AIUBRF has requested the Bank to consider subsidizing the premium amount from UBIREMAS for retirees, as has been done by several Banks.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">AIUBRF has also asked the Bank to increase the diagnostic charges in REMAS, to meet the increased cost of the same by hospitals/Clinics.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">AIUBRF has requested the Bank for specific exemption in the case of family pensioners, since only single life is covered.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; vertical-align: baseline; white-space: pre-wrap;">Federation has also written a letter to TPA to clarify the procedure adopted by them for scrutiny and sanction of domiciliary treatment. Other clarifications on the increase of premium such as notice period, quantum of increase etc. have also been raised.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Replies & Information adduced from these letters will be circulated to all members as soon as they are given to us.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">WHAT SHOULD BE THE DECISION OF THE RETIRED EMPLOYEE?</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; font-style: italic; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">The retired employees should introspect on all the above aspects dispassionately and should take informed decisions to ensure medical cover for self and spouse for any unforeseen medical exigencies.</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Any information on further improvements or mitigation of financial difficulties by the Bank will be conveyed to all immediately,</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">With Greetings,</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> Yours faithfully</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><img height="44" src="https://lh3.googleusercontent.com/3rw8cOxncC3NhbRNCPHFp_tvYgiU_7iJvd96wJNOUQSTycoBXlxS_4LTbO6N4BYDhogMYe-ReNBb2yGtqScl1zdKKL1CcX3soUhUmiD8c0zb9eaGT7wTFtTPROrCFAwe3taaHvIuewA37m61Cg" style="border: none; transform: rotate(0rad);" width="105" /></span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> (R. K. Powar)</span></div>
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<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; text-indent: 36pt; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; text-indent: 36pt; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; text-indent: 36pt; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; text-indent: 36pt; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; text-indent: 36pt; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; text-indent: 36pt; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "trebuchet ms"; font-size: 16px; text-indent: 36pt; vertical-align: baseline; white-space: pre-wrap;">General Secretary</span></div>
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<span style="color: blue; font-family: "calibri"; font-size: 26.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> I submit below the copy of letters issued by AIBEA in protest against abnormal rise in Insurance premium. My comments are given at the foot of this letter.</span><br />
<span style="color: red; font-family: "calibri"; font-size: 26.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><br /></span><span style="color: red; font-family: "calibri"; font-size: 26.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><br /></span><span style="color: red; font-family: "calibri"; font-size: 26.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">ALL INDIA BANK EMPLOYEES' ASSOCIATION</span><span style="color: red; font-family: "calibri"; font-size: 22.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> </span></div>
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<span style="color: #000099; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">Singapore Plaza, 164, Linghi Chetty Street, Chennai-600001</span></div>
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<span style="color: red; font-family: "calibri"; font-size: 26.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">ALL INDIA BANK OFFICERS’ ASSOCIATION</span></div>
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<span style="color: #000099; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">AK Nayak Bhavan, 14, 2nd Line Beach, Chennai-600001</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span></div>
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<span style="color: #000099; font-family: "verdana"; font-size: 12px; vertical-align: baseline; white-space: pre-wrap;">chv.aibea@gmail.com/ aiboa.hq@gmail.com 98400 89920 / 98406 45081 </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">16.10.2016</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">THE CHAIRMAN </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">INDIAN BANKS’ ASSOCIATION</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">MUMBAI</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Sir</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Reg: ABNORMAL INCREASE IN THE MEDICLAIM INSURANCE PREMIUM BY UIIC – REVISTING THE ISSUE</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Our attention has been drawn to the information to the member banks in the matter of payment of Insurance Premium by in-service employees/officers and elders for renewal of the Policy from the year 2016-17. </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">We observe that the huge increase in premium by the UIIC Ltd. is unfair and not in conformity with the understandings with our Unions while the Scheme was formulated. </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Even as per the Matrix given by them last year, the increase is unjustified and abnormal. Further, it is learnt that the Contract between IBA/Banks and UIIC stipulates that any revision or change in the terms has to be intimated atleast 3 months in advance. We also find that even though the Scheme was introduced in the Banks after discussion and signing of the Settlement/Joint Note with the Unions, IBA has not taken the unions into confidence while such major revision in premium has been accepted by the IBA.</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">In terms of the existing policy, the premium stipulated as well as the proposed enhancement are as under.</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">FOR SERVING AWARDSTAFF EMPLOYEES:</span></div>
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<table style="border-collapse: collapse; border: none;"><colgroup><col width="234"></col><col width="265"></col><col width="133"></col></colgroup><tbody>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">EXISTING PREMIUM FOR 2015-16</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">REVISED PREMIUM FOR 2016-17</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">% OF INCREASE</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Rs. 4,930 + 690 = Rs. 5620</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Rs. 10,462 + 1,568 = Rs. 14,950</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><br />
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">112 %</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">FOR SERVING OFFICERS: </span></div>
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<span style="font-weight: normal;"><br /></span></div>
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<table style="border-collapse: collapse; border: none;"><colgroup><col width="234"></col><col width="265"></col><col width="133"></col></colgroup><tbody>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">EXISTING PREMIUM FOR 2015-16</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">REVISED PREMIUM FOR 2016-17</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">% OF INCREASE</span></div>
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<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> RS.6,573 + 920 = Rs. 7,513</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> Rs. 1,3935 + 2090 </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> = Rs. 16,025</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">112 %</span></div>
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<span style="font-weight: normal;"><br /></span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">FOR RETIRED EMPLOYEES / OFFICERS :</span></div>
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<table style="border-collapse: collapse; border: none;"><colgroup><col width="234"></col><col width="265"></col><col width="133"></col></colgroup><tbody>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">EXISTING PREMIUM FOR 2015-16</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">PROPOSED PREMIUM FOR 2016-17 ( </span><span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">WITHOUT</span><span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">DOMICILARY TREATMENT COVERAGE)</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><br />
<div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">% OF INCREASE</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">AWARD STAFF-</span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> Rs. 4930+ 690 = 5620</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">10,452 + 1,568 = 12,020</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><br />
<div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">112 %</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">OFFICERS -</span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> Rs. 6573+920 = 7513</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">13,935 + 2,090 = 16,025 </span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><br />
<div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">112 %</span></div>
</td></tr>
</tbody></table>
</div>
<div style="text-align: start; text-indent: 0px;">
<span style="font-weight: normal;"><br /></span></div>
<div dir="ltr" style="margin-left: -5.4pt; text-align: start; text-indent: 0px;">
<table style="border-collapse: collapse; border: none;"><colgroup><col width="234"></col><col width="265"></col><col width="133"></col></colgroup><tbody>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">EXISTING PREMIUM FOR 2015-16</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">PROPOSED PREMIUM FOR 2016-17 ( </span><span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">WITH </span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">DOMICILARY TREATMENT COVERAGE)</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><br />
<div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">% OF INCREASE</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">AWARD STAFF-</span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> Rs. 4930 + 690 Rs. 5620</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">13,000+ 1,950=14,950</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">165%</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">OFFICERS - </span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Rs. 6573 +920 = 7513</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">17,400+ 2,610= 20,010</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">165%</span></div>
</td></tr>
</tbody></table>
</div>
<div style="text-align: start; text-indent: 0px;">
<span style="font-weight: normal;"><br /></span></div>
<div dir="ltr" style="line-height: 1.8; margin-bottom: 14pt; margin-top: 0pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Thus, it can be observed that the premium has been unilaterally enhanced by 112% for in service employees and by 112 % / 165 % for retirees without any reference to the IBA/ Banks/ Unions/ employees/ officers/ retirees.</span></div>
<div dir="ltr" style="line-height: 1.8; margin-bottom: 14pt; margin-top: 0pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">The Policy/Agreement also provides for revision of premium based on a given matrix which provides as under:</span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Claim ratio of: loading in premium</span></div>
<div style="text-align: start; text-indent: 0px;">
<span style="font-weight: normal;"><br /></span></div>
<div dir="ltr" style="margin-left: -5.4pt; text-align: start; text-indent: 0px;">
<table style="border-collapse: collapse; border: none;"><colgroup><col width="260"></col><col width="233"></col></colgroup><tbody>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Claim ratio of</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Loading in premium</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">111 – 115%</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">5%</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">116-120 %</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">7%</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">121-125 %</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">10%</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">126 – 130 %</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">13%</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">131 – 135 %</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">15%</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">136 – 140 %</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">18%</span></div>
</td></tr>
</tbody></table>
</div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 6pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Now when the reported claim ratio is around 182% and around 200% for in service staff and retired staff respectively, the revision in premium also has to be in that proportion and cannot be disproportionately and unilaterally fixed by UIIC to the detriment of the Banks or the employees/officers/retirees. But UIIC has increased the premium and doubled the rates as shown above and that too at short notice without any discussions.</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 6pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">You will appreciate that the elders’ group consist of Pre 1986 retirees, family pensioners, subordinate cadre employees, part time employees and retirees prior to November 2002 for whom the quantum of pension is quite insufficient, when compared to the retirees after the settlements inked on 25.4.2010 and 25.5.2015.</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 6pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Further, IBA vide its letter HR /2015-16/XBPS/J/1644 dated 27</span><span style="color: black; font-family: "verdana"; font-size: 9.6px; vertical-align: super; white-space: pre-wrap;">th</span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> November 2015 had taken up with UIIC authorities based on their direct communication (which they should not have) to member banks that the domiciliary treatment coverage is not applicable to elders and requested them to extend with the facility. But UIIC Ltd. has chosen to violate our Agreement and denied this important benefit to the elders’ claims. </span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 6pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">We would like to draw your pointed attention to the understanding arrived at between the 9 constituents and IBA on 25 5 2015 that the revised medical scheme would also be extended to the elders subject to the payment of the same premium by them. The coverage for the serving employees has the domiciliary treatment and also the Corporate Buffer for the over and above the limits specified (ie Rs. 4,00,000 & Rs. 3,00,000) and denial of the same by UIIC is not acceptable and IBA is also bound to honour the agreement with the unions in this regard.</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 6pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Lacs of employees/officers and retirees and their family members are covered by the scheme and such unilateral and high-handed decisions of the UIIC have raised lot of apprehensions in the minds of the workforce and retirees.</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 6pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Already employees/officers/retirees are facing many problems at the hands of TPAs, and the unilateral and unfair decisions of the UIIC have added fuel to fire. We strongly feel that a public sector institution like UIIC cannot afford to behave in this manner.</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 6pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">There are breach of the contract committed by UIIC viz.,</span></div>
<ol style="margin-bottom: 0pt; margin-top: 0pt; text-align: start; text-indent: 0px;">
<li dir="ltr" style="font-family: verdana; font-size: 16px; list-style-type: lower-alpha; vertical-align: baseline;"><div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 6pt; text-align: justify;">
<span style="color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;">Denial of domiciliary treatment reimbursement for elders</span></div>
</li>
<li dir="ltr" style="font-family: verdana; font-size: 16px; list-style-type: lower-alpha; vertical-align: baseline;"><div dir="ltr" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 0pt; text-align: justify;">
<span style="color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;">For change of terms and conditions three months’ notice period not adhered too.</span></div>
</li>
</ol>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 6pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">It would be appropriate on the part of IBA to arrange for a tri-partite meeting with the Insurance Company authorities along with Unions and IBA at the earliest</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 6pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Already elders are handicapped on account of non-resolution of demands like 100% DA for pre-Nov. 2002 retirees, improvement in Family Pension formula, periodical updation of pension, etc., and this heavy dose of increase in premium is creating lot of problems and there is possibility that many of them would be unable to renew the policy in the above circumstances . Hence the steep increase in premium amount needs to be revised downwards.</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 6pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">We also feel that IBA should strongly pursue the matter with the IRDA about the manner in which the UIIC Ltd. Is handling the whole matter of revising the premium at their sweet will,</span></div>
<div dir="ltr" style="line-height: 1.38; margin-bottom: 6pt; margin-top: 6pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Awaiting the response from the IBA.</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> </span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center; text-indent: 0px;">
<span style="color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Yours faithfully, </span></div>
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<span style="color: black; font-family: "calibri"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; font-family: "calibri"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"><img height="85" src="https://lh5.googleusercontent.com/9uAJGMDZJjaERIZkIzWmRhup14Qrq9NSK1fTT2KVayH1k4Cepu-2Ub8Kf7PrfNDvQITlrU6JHvF3LPYnTgGAl500bZmQM1ixWzWWRx6L6Uuk13kvUrwcfAMRorHny0lQrI5vR6NErtOZV2Kjzw" style="border: none; transform: rotate(0rad);" width="204" /></span><span style="color: black; font-family: "calibri"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; font-family: "calibri"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"><img height="65" src="https://lh5.googleusercontent.com/LpeF4BCRjyg7lBVIZe5TBaUhZC3_ZSSrG0mh87P1RNL8sZzuO-c_vf3JtThebg7O3FueANLKty815N9Ra0ylmBwmOx2C1q2yKKTibmHg2MAJzfrYXKk8bZ2gr3JXbEY5tjvX6oVMsFefLkmbrQ" style="border: none; transform: rotate(0rad);" width="196" /></span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">S. NAGARAJAN C.H. VENKATACHALAM </span></div>
<div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: start; text-indent: 0px;">
<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> GENERAL SECRETARY GENERAL SECRETARY</span></div>
<div style="text-align: start; text-indent: 0px;">
<br /></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> AIBOA AIBEA</span></div>
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<span style="color: red; font-family: "calibri"; font-size: 26.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">ALL INDIA BANK EMPLOYEES' ASSOCIATION</span><span style="color: red; font-family: "calibri"; font-size: 22.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> </span><img height="79" src="https://lh4.googleusercontent.com/WXYEKK7PPFkEeYrS1tfzS9_f4XYdJDViIdudpoAh7dXPVke7C20dwRMqaHDq7-I6DQFenaox-Nvzd4joUWK7Kt0SZZVINw_YizD0oTpnHQeFE8iRs6eOZ_ydUyMR7QzzjpO920rgClEEqunYIg" style="border: none; transform: rotate(0rad);" width="63" /><img height="103" src="https://lh5.googleusercontent.com/f0V6uSor3_VLf1FmhUmKEHBbj1jq8Kqt_lmEHAPxwH3qFKwc6oy---sCjn_qKTyTnDn14o-uKhiyXbyvF2BZH09BaJysIiWbIvlzQgjhMtD3bbtTKKqcmt3RlfFLHPok1MaI2XQgTvxJl25ueg" style="border: none; transform: rotate(0rad);" width="91" /></div>
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<span style="color: #000099; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">Singapore Plaza, 164, Linghi Chetty Street, Chennai-600001</span></div>
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<span style="color: red; font-family: "calibri"; font-size: 26.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">ALL INDIA BANK OFFICERS’ ASSOCIATION</span></div>
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<span style="color: #000099; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">AK Nayak Bhavan, 14, 2nd Line Beach, Chennai-600001</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span></div>
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<span style="color: #000099; font-family: "verdana"; font-size: 12px; vertical-align: baseline; white-space: pre-wrap;">chv.aibea@gmail.com/ aiboahq@gmail.com 98400 89920 / 98406 45081 </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">16.10.2016</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">To</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Consumer Affairs Department </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Insurance Regulatory & Development Authority</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">3</span><span style="color: black; font-family: "verdana"; font-size: 9.6px; font-weight: 700; vertical-align: super; white-space: pre-wrap;">rd</span><span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> Floor, Parishram Bhavan</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Basheer Bagh,</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Hyderabad.</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Sir</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Reg: Insurance Linked Hospitalisation/Medical Expenses Reimbursement Scheme in Banks - Unilateral and abnormal increase in premium and non-adherence to clauses of contract by United India Insurance Company Ltd. (UIIC Ltd.) – Intervention of IRDA requested</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">All India Bank Employees Association and All India Bank Officers Association</span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> ( AIBEA and AIBOA ) are Industry level negotiating Unions with Indian Banks’ Association (IBA) in the matter of service conditions more particularly periodical wage revision and other related matter for the entire workforce of employees and officers.</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">We have entered into an understanding/settlement with IBA for introduction of Insurance linked Hospitalisation/Medical expenses Reimbursement Scheme for the serving and retired employees/officers and the Settlement/Joint Note was signed on 25.5.2015. By virtue of the same, IBA/all banks entered into an Agreement with M/s United India Insurance Co Ltd for extending the benefits under Health Coverage Policy.</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">The premium for the period from 1.10.2015 to 30.9.2016 was fixed for the in-service employees/officers ( Officers Rs. 6,573 + Service Tax and Workmen Staff Rs.4,930+ Service Tax). The same quantum of premium was also agreed to be made applicable to the retired officers and employees but the Policy was made effective from 1.11.2015 to 31.10.2106.</span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="font-weight: normal;"><br /></span></span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">It was clearly stipulated that the retirees would also be reimbursed expenses incurred for the domiciliary treatment as that of the serving employees. On this basis, the retired employees and officers subscribed to this Policy and paid the premium amount also. However, subsequent to issuing the Policy and unilaterally and suddenly, UIIC Ltd, had directly written to the member banks (which they should not have) that the company would not be in a position to reimburse the expenses of retirees for domiciliary treatment. There are 2.05 lacs retirees from 35 banks who have subscribed for the scheme. It was a bolt from the blue and totally an unfair action on the part of UIIC.</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Further, it is learnt that there is also a contract clause in the agreement that 3 months’ notice period will be given for any change of terms & conditions including the quantum of premium amount. Deviating from this condition in the Agreement, UIIC Ltd has failed to honour the terms of contract and has now unilaterally and abnormally increased the premium for the next year both for in-service employees/officers as well as for the retirees.</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">The unilateral change in the premium is as under: </span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="font-weight: normal;"><br /></span></span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">FOR SERVING AWARDSTAFF EMPLOYEES:</span></div>
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<table style="border-collapse: collapse; border: none;"><colgroup><col width="234"></col><col width="265"></col><col width="133"></col></colgroup><tbody>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">EXISTING PREMIUM FOR 2015-16</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">REVISED PREMIUM FOR 2016-17</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">% OF INCREASE</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Rs. 4,930 + 690 = Rs. 5620</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Rs. 10,462 + 1,568 = Rs. 14,950</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">112 %</span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="font-weight: normal;"><br /></span></span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">FOR SERVING OFFICERS: </span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="font-weight: normal;"><br /></span></span></div>
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<table style="border-collapse: collapse; border: none;"><colgroup><col width="234"></col><col width="265"></col><col width="133"></col></colgroup><tbody>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">EXISTING PREMIUM FOR 2015-16</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">REVISED PREMIUM FOR 2016-17</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">% OF INCREASE</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> RS.6,573 + 920 = Rs. 7,513</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> Rs. 1,3935 + 2090 </span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> = Rs. 16,025</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">112 %</span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="font-weight: normal;"><br /></span></span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">FOR RETIRED EMPLOYEES / OFFICERS :</span></div>
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<table style="border-collapse: collapse; border: none;"><colgroup><col width="234"></col><col width="265"></col><col width="133"></col></colgroup><tbody>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">EXISTING PREMIUM FOR 2015-16</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">PROPOSED PREMIUM FOR 2016-17 ( </span><span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">WITHOUT</span><span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">DOMICILARY TREATMENT COVERAGE)</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><br />
<div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">% OF INCREASE</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">AWARD STAFF-</span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> Rs. 4930+ 690 = 5620</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">10,452 + 1,568 = 12,020</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><br />
<div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">112 %</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">OFFICERS -</span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> Rs. 6573+920 = 7513</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">13,935 + 2,090 = 16,025 </span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><br />
<div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">112 %</span></div>
</td></tr>
</tbody></table>
</div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="font-weight: normal;"><br /></span></span></div>
<div dir="ltr" style="margin-left: -5.4pt; text-align: start; text-indent: 0px;">
<table style="border-collapse: collapse; border: none;"><colgroup><col width="234"></col><col width="265"></col><col width="133"></col></colgroup><tbody>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">EXISTING PREMIUM FOR 2015-16</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">PROPOSED PREMIUM FOR 2016-17 ( </span><span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">WITH </span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">DOMICILARY TREATMENT COVERAGE)</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><br />
<div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">% OF INCREASE</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">AWARD STAFF-</span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> Rs. 4930 + 690 Rs. 5620</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">13,000+ 1,950=14,950</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">165%</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">OFFICERS - </span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Rs. 6573 +920 = 7513</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">17,400+ 2,610= 20,010</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 0pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">165%</span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="font-weight: normal;"><br /></span></span></div>
<div dir="ltr" style="line-height: 1.8; margin-bottom: 14pt; margin-top: 0pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Thus, it can be observed that the premium has been unilaterally enhanced by 112% for in service employees and by 112 % / 165 % for retirees without any reference to the IBA/ Banks/ Unions/ employees/ officers/ retirees.</span></div>
<div dir="ltr" style="line-height: 1.8; margin-bottom: 14pt; margin-top: 0pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">The Policy/Agreement also provides for revision of premium based on a given matrix which provides as under:</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Claim ratio of: loading in premium</span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="font-weight: normal;"><br /></span></span></div>
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<table style="border-collapse: collapse; border: none;"><colgroup><col width="260"></col><col width="233"></col></colgroup><tbody>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Claim ratio of</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Loading in premium</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">111 – 115%</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">5%</span></div>
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<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">116-120 %</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">7%</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">121-125 %</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">10%</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">126 – 130 %</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">13%</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">131 – 135 %</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">15%</span></div>
</td></tr>
<tr style="height: 0px;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">136 – 140 %</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; padding: 0px 7px; vertical-align: top;"><div dir="ltr" style="line-height: 1.8; margin-bottom: 5pt; margin-top: 0pt; text-align: center;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">18%</span></div>
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</div>
<div dir="ltr" style="line-height: 1.8; margin-bottom: 14pt; margin-top: 0pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Now when the reported claim ratio is around 182% and around 200% for in service staff and retired staff respectively, the revision in premium also has to be in that proportion and cannot be disproportionately and unilaterally fixed by UIIC to the detriment of the Banks or the employees/officers/retirees. But UIIC has increased the premium and doubled the rates as shown above and that too at short notice without any discussions.</span></div>
<div dir="ltr" style="line-height: 1.8; margin-bottom: 14pt; margin-top: 0pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Lacs of employees/officers and retirees and their family members are covered by the scheme and such unilateral and high-handed decisions of the UIIC have raised lot of apprehensions in the minds of the workforce and retirees.</span></div>
<div dir="ltr" style="line-height: 1.8; margin-bottom: 14pt; margin-top: 0pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Already employees/officers/retirees are facing many problems at the hands of TPAs, and the unilateral and unfair decisions of the UIIC have added fuel to fire. We strongly feel that a public sector institution like UIIC cannot afford to behave in this manner.</span></div>
<div dir="ltr" style="line-height: 1.8; margin-bottom: 14pt; margin-top: 0pt; text-indent: 0px;">
<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">We fervently appeal to you to intervene in the matter for breach of contract by UIIC Ltd and also advise them appropriately in the matter of the steep increase in the premium amount stipulated w.e.f 1.10.2016/1.11.2016.</span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Yours faithfully, </span></div>
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<span style="color: black; font-family: "calibri"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; font-family: "calibri"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"><img height="85" src="https://lh6.googleusercontent.com/1s6yW5JeUbeHvfu82clNG7aJezWCN9gK53SWxr8nBIWvhJgYiDaD-YaQdvAJQ2PY7vTr-r4VGDvaTbFuLNvmVBS829cEREf1bT3vwJPbIrZz-ZRAp-Lvf5Ayg7kxzMMK3IYiI5c0TJsv2c5iDQ" style="border: none; transform: rotate(0rad);" width="204" /></span><span style="color: black; font-family: "calibri"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; font-family: "calibri"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"><img height="65" src="https://lh6.googleusercontent.com/rVmrIfd7pV1SN-HB_GHeW8oKGiV9MzjuSf9RpNRJ536I5CMWhmsdrBcPtr5JzjMNBTtz9xivsvanGTzS2I95gACtlcakiAdx_1HF3F1g-DekSOHRxRyAwrcahcrAL0PnRWnRhfDnNbGoO_xXag" style="border: none; transform: rotate(0rad);" width="196" /></span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">S. NAGARAJAN C.H. VENKATACHALAM </span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> GENERAL SECRETARY GENERAL SECRETARY</span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="font-weight: normal;"></span></span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> AIBOA AIBEA</span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><br /></span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><br /></span></div>
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<span style="font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>My Comments are as follows:</b></span></i></span></div>
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<span style="font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b><br /></b></span></i></span></div>
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<span style="font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>It is a matter of pleasure that at least AIBEA has taken initiative to oppose abnormal rise in premium . Decision taken by Insurance company is totally improper and unjustified.</b></span></i></span></div>
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<span style="font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b><br /></b></span></i></span></div>
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<span style="font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>I too strongly oppose the whimsical rise in premium demanded by insurance company and I expect consumer forum will realize the gravity of the matter and penalise or advise the company suitably.</b></span></i></span></div>
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<span style="font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b><br /></b></span></i></span></div>
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<span style="font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>It is really sad that IBA and banks as well as individual banks have thought it unnecessary to protest the rise or at least negotiate for reduction .</b></span></i></span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><br /></span></div>
<span style="color: black; font-family: "trebuchet ms"; font-size: 16px; text-indent: 36pt; vertical-align: baseline; white-space: pre-wrap;"></span><br />
<div style="text-align: start; text-indent: 0px;">
<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Danendra Jain</span></div>
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Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com10tag:blogger.com,1999:blog-4044402403356121793.post-40309924980159714442016-10-06T23:00:00.000-07:002016-10-06T23:00:32.274-07:00Probable DA From November 2016<table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"><tbody>
<tr><td colspan="3" style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 20px; padding: 2px; width: 626px;" valign="middle"><div align="center" style="text-align: center;">
<span style="color: #dd0806; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><i><b>Dearness Allowance for the Quarter beginning November, 2016 (Forecast)</b></i></span></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 20px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 20px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 20px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td colspan="3" style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 11px; padding: 2px; width: 626px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 11px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 11px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 11px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><div align="center" style="text-align: center;">
<span style="color: #0000d4; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>Month</b></span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div align="center" style="text-align: center;">
<span style="color: #0000d4; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>AICPI (Base 2001=100)</b></span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div align="center" style="text-align: center;">
<span style="color: #0000d4; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>AICPI (Base 1960=100)</b></span></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>July, 2016</b></span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>280</b></span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>6391.25</b></span></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>August, 2016</b></span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>278</b></span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>6345.60</b></span></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>September, 2016 <i>(Forecast)</i></b></span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>280</b></span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>6391.25</b></span></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><span style="color: #f20884; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>Average</b></span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: #f20884; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>6376.03</b></span></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><span style="color: #0000d4; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>LESS - </b></span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td colspan="2" style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 460px;" valign="middle"><span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>Points merged in 10th BPS</b></span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>4440.00</b></span></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>Residual Points</b></span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>1936.03</b></span></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><span style="color: #0000d4; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>LESS -</b></span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>Average AICPI for the previous quarter (455X4)</b></span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>1820.00</b></span></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 293px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 161px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>Difference</b></span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>116.03</b></span></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 12px; padding: 2px; width: 293px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 12px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 12px; padding: 2px; width: 161px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 12px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 12px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 12px; padding: 2px; width: 56px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>Number of Slabs change for the current quarter</b></span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>29</b></span></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 13px; padding: 2px; width: 293px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 13px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 13px; padding: 2px; width: 161px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 13px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 13px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 13px; padding: 2px; width: 56px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td colspan="2" style="background-color: #fcf305; border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 460px;" valign="middle"><span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>D.A. increase in %</b></span></td><td style="background-color: #fcf305; border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>2.90</b></span></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>ADD - Existing D.A.</b></span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>45.50</b></span></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="background-color: #fcf305; border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>Revised D.A.</b></span></td><td style="background-color: #fcf305; border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="background-color: #fcf305; border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: black; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>48.40</b></span></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="background-color: white; border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 293px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="background-color: white; border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="background-color: white; border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 161px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 293px;" valign="middle"><span style="color: #0000d4; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>Date: 02-10-2016</b></span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 162px;" valign="middle"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 161px;" valign="middle"><div align="right" style="text-align: right;">
<span style="color: #0000d4; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>pannvalan</b></span></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 16px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td colspan="3" style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 626px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 14px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td colspan="3" style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 15px; padding: 2px; width: 626px;" valign="middle"><span style="color: #0000d4; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>Note:</b></span></td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 15px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 15px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 15px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
<tr><td colspan="3" style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 13px; padding: 2px; width: 626px;" valign="middle"><span style="color: #f20884; font-family: "arial"; font-size: large; font-stretch: normal; line-height: normal;"><b>D.A. to be calculated on Basic Pay, Special Pay, Special Allowance and PQP. </b></span></td><td style="border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(0, 0, 0); border-style: solid; border-width: 1px; height: 13px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 13px; padding: 2px; width: 48px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td><td style="border-color: rgb(170, 170, 170); border-style: solid; border-width: 1px; height: 13px; padding: 2px; width: 56px;" valign="bottom"><div style="font-family: Helvetica; font-size: 12px; font-stretch: normal; font-variant-numeric: normal; line-height: normal; min-height: 14px;">
<b><span style="font-size: large;"><br /></span></b></div>
</td></tr>
</tbody></table>
<br /><div>
<br /></div>
<div>
<div style="background-color: white; text-align: center;">
<strong><span style="color: red;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>UNION BANK RETIRED EMPLOYEES' ASSOCIATION</i></span></span></strong></div>
<div style="background-color: white; text-align: center;">
<strong><span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: blue;">(Registered under Trade Union Act, 1926 : Registration No.G-6201)<br />(Affiliated to All India Bank Retirees' Federation<br />through All India Union Bank Retirees' Federation)<br />203, Navkar Commercial Complex, Near Syndicate Bank,<br />Near Para Bazar Chowk, Dhebar Road - North (one way),<br />Rajkot - 360 001 (Gujarat). </span><span style="color: blue;"> </span><span style="color: blue;"><span style="line-height: normal;">Phone</span>: 0-94272-07021</span></i></span></strong></div>
<div style="background-color: white; text-align: center;">
<span style="font-family: "georgia" , "times new roman" , serif;"><i><strong><span style="color: blue;"> E-mail < <a href="mailto:ubiretirees@gmail.com" style="color: #1155cc;" target="_blank">ubiretirees@gmail.com</a> > < </span></strong><span style="color: blue;"><a href="mailto:ubiretirees@gmail.com" style="color: #1155cc;" target="_blank"><strong>rajkot@ubiretirees.in</strong></a></span><strong><span style="color: blue;"> > </span></strong></i></span></div>
<div style="background-color: white; text-align: center;">
<strong><span style="font-family: "georgia" , "times new roman" , serif;"><i>==============================<wbr></wbr>========================</i></span></strong></div>
<div style="background-color: white; text-align: center;">
<span style="font-family: "georgia" , "times new roman" , serif;"><i><strong></strong><br /></i></span></div>
<div style="background-color: white; text-align: center;">
<strong><span style="font-family: "georgia" , "times new roman" , serif;"><i>Date: 6th October,'16</i></span></strong></div>
<div style="background-color: white; text-align: center;">
<span style="font-family: "georgia" , "times new roman" , serif;"><i><strong></strong><br /></i></span></div>
<div style="background-color: white;">
<strong><span style="font-family: "georgia" , "times new roman" , serif;"><i>To</i></span></strong></div>
<div style="background-color: white;">
<span style="font-family: georgia, serif;"><b><span style="font-family: "georgia" , "times new roman" , serif;"><i>All the members of our Association, who have facility of their e-mail IDs.,</i></span></b></span></div>
<div style="background-color: white;">
<span style="font-family: georgia, serif;"><b><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></b></span></div>
<div style="background-color: white;">
<span style="font-family: georgia, serif;"><b><span style="font-family: "georgia" , "times new roman" , serif;"><i>Friends,</i></span></b></span></div>
<div style="background-color: white; text-align: center;">
<span style="text-decoration: underline;"><span style="color: purple;"><span style="font-family: georgia, serif;"><b><span style="font-family: "georgia" , "times new roman" , serif;"><i>Increase in premium of Group Medical Insurance Scheme</i></span></b></span></span></span></div>
<div style="background-color: white;">
<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="text-decoration: underline;"><span style="color: purple;"><strong></strong></span></span><br /></i></span></div>
<div style="background-color: white;">
<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: blue;"><strong> Please see the following attachments to this e-mail.</strong></span></i></span></div>
<div style="background-color: white;">
<span style="color: blue;"><strong><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></strong></span></div>
<div style="background-color: white; padding-left: 30px;">
<span style="color: blue;"><strong><span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>(1) Letter dated 3rd October,'16 written by Shri R.K.Powar, General Secretary, All India Union Bank Retirees' Federation to the Bank (Attachment No.13)</i></span></span></strong></span></div>
<div style="background-color: white; padding-left: 30px;">
<span style="font-family: "georgia" , "times new roman" , serif;"><i><strong></strong><br /></i></span></div>
<div style="background-color: white; padding-left: 30px;">
<strong><span style="font-family: "georgia" , "times new roman" , serif;"><i>(2) Letter dated 6th October,'16 written by our Association to the Bank (The Attachment No.14)</i></span></strong></div>
<div style="background-color: white; padding-left: 30px;">
<span style="font-family: "georgia" , "times new roman" , serif;"><i><strong></strong><br /></i></span></div>
<div style="background-color: white; padding-left: 30px;">
<strong><span style="font-family: "georgia" , "times new roman" , serif;"><i>(3) Draft of Letter to be to be e-mailed by the members of our Association to the Bank (Attachment No.15)</i></span></strong></div>
<div style="background-color: white; padding-left: 30px;">
<span style="font-family: "georgia" , "times new roman" , serif;"><i><strong></strong><br /></i></span></div>
<div style="background-color: white;">
<span style="color: blue; font-family: georgia, serif;"><b><span style="font-family: "georgia" , "times new roman" , serif;"><i>Attachment Nos. 13 & 14 are for your perusal.</i></span></b></span></div>
<div style="background-color: white;">
<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: blue; font-family: georgia, serif;"><b></b></span><br /></i></span></div>
<div style="background-color: white;">
<span style="color: blue; font-family: georgia, serif;"><b><span style="font-family: "georgia" , "times new roman" , serif;"><i>Attachment No. 15 is the draft of Letters to be e-mailed by our Association's members, who have facility of internet and e-mail ID.</i></span></b></span></div>
<div style="background-color: white;">
<span style="color: blue; font-family: georgia, serif;"><b><span style="font-family: "georgia" , "times new roman" , serif;"><i>Please fill in the blanks at the top and bottom of the draft before e-mailing it. If you have facility of scanning, please sign, scan the draft and then e-mail it in PDF format.For those who have no scanner, it will be enough to e-mail the letter without signature - simply by writing Sd/- below 'Yours faithfully'. </i></span></b></span></div>
<div style="background-color: white;">
<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: blue; font-family: georgia, serif;"><b></b></span><br /></i></span></div>
<div style="background-color: white;">
<span style="color: blue; font-family: georgia, serif;"><b><span style="color: purple;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>Please do it to-night or to-morrow morning invariably. </i></span></span></b></span></div>
<div style="background-color: white;">
<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: blue; font-family: georgia, serif;"><b><span style="color: purple;"></span></b></span><br /></i></span></div>
<div style="background-color: white;">
<span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b><i>Copies of your e-mail may please be sent to our Association on or E-mail ID < <span style="color: purple;"><a href="mailto:ubiretirees@gmail.com" style="color: #1155cc;" target="_blank">ubiretirees@gmail.com</a></span> > and also to the GS of our Federation on his e-mail ID < <span style="color: purple;"><a href="mailto:rkpowar@gmail.com" style="color: #1155cc;" target="_blank">rkpowar@gmail.com</a></span> ></i></b></span></div>
<div style="background-color: white;">
<span style="color: blue; font-family: georgia, serif;"><b><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></b></span></div>
<div style="background-color: white;">
<span style="color: blue; font-family: georgia, serif;"><b><span style="font-family: "georgia" , "times new roman" , serif;"><i>The matter is delayed at our end because we were unable to open the attachments received from the GS of our Federation. </i></span></b></span></div>
<div style="background-color: white;">
<span style="color: blue; font-family: georgia, serif;"><b><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></b></span></div>
<div style="background-color: white;">
<span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></div>
<div style="background-color: white;">
<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: blue; font-family: georgia, serif;"><b></b></span><br /></i></span></div>
<div style="background-color: white; text-align: center;">
<strong><span style="font-family: "georgia" , "times new roman" , serif;"><i>Yours sincerely,</i></span></strong></div>
<div style="background-color: white; text-align: center;">
<strong><span style="font-family: "georgia" , "times new roman" , serif;"><i>B.G.Raithatha,</i></span></strong></div>
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<strong><span style="font-family: "georgia" , "times new roman" , serif;"><i>General Secretary</i></span></strong></div>
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<strong><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></strong></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">ALL INDIA UNION BANK RETIREES’ FEDERATION</span><span style="color: black; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"><img height="107" src="https://lh6.googleusercontent.com/mwYimmZ6QsmXWA1oyw9GH5epFxfkiLTJ_xXX7sE7uVTTDweIR_4Vz_OFt8bXpRThig9O1IIujbowbVQFc7_1eWyz76O-fwJlgGPkShDLSQAvbinC8NT9_YqS_1F9ykSM71skWv7YLbizoOw2Cg" style="border: none; transform: rotate(0rad);" width="146" /></span></i></span></div>
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<span style="color: #111111; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>(Affiliated to All India Bank Retirees’ Federation)</i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>A/12, Girdhar Apt., Kastur Park, Shimpoli Road, Borivali (W), Mumbai 400 092</i></span></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: #111111; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: #111111; vertical-align: baseline; white-space: pre-wrap;">Chairman</span><span style="color: red; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: #111111; vertical-align: baseline; white-space: pre-wrap;">President</span><span style="color: red; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: #111111; vertical-align: baseline; white-space: pre-wrap;">General Secretary</span></i></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;">D. A. Masdekar B. G. Raithatha R. K. Powar</span></i></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i> 9970899393 9427207021 7710030963</i></span></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: navy; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">damasdekar@gmail.com</span><span style="color: #111111; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;">ubiretirees@gmail.com</span><span style="color: #196ad4; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: #111111; vertical-align: baseline; white-space: pre-wrap;">rkpowar@gmail.com</span></i></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; vertical-align: baseline; white-space: pre-wrap;">No. 101/2016-17</span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"> 3</span><span style="color: black; vertical-align: super; white-space: pre-wrap;">rd</span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"> October 2016</span></i></span></div>
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<span style="font-weight: normal;"><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>To</i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>Shri. R. R. Mohanty,</i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>General Manager (P & HR)</i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>Union Bank of India,</i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>Central Office,</i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>Mumbai.</i></span></span></div>
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<span style="font-weight: normal;"><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>Dear Sir,</i></span></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;">Re : Proposed Medical Insurance premium for retired employees</span></i></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"> Sub: Recovery of revised insurance premium </span></i></span></div>
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<span style="color: black; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i> </i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>We request reference to the email sent out by the Pension Cell of Terminal Benefits Department informing the retired employees about the likely increase in the premium amount for the renewal of the Group Insurance Policy for the year 2016-2017. It is also communicated to the retired employees that the Bank would recover the premium amount from their designated bank accounts on any day during the month of October 2016.</i></span></span></div>
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<span style="font-weight: normal;"><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>We are shocked to know about the steep increase in the premium amounts likely to be deducted, within a period of one year of commencement of insurance policy and are receiving messages of complete dismay & displeasure by our members at the proposed increase in premium. The same is the case with in-service Unions, who have also opposed the unilateral increase by the UIIC & are insisting on discussions with IBA on the issue, on the disproportionate claim ratio, non adherence to agreed terms etc. In the similar manner, we too do not agree that any proposed premium amounts for retired employees is warranted at such high premiums, because of disparities in claim ratios of the retirees, especially despite being denied domiciliary treatment and other factors not on par with in-service employees. It would be ethical & fair if the figures are made available to us for justifying such decision of hike in premium as has been communicated by Pension Cell to the retired employees.</i></span></span></div>
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<span style="font-weight: normal;"><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>We further invite your attention to the fact that the proposed hike in the premium amount in case of award staff is almost equal to their one month pension; and in case of retired officers, particularly retired prior to 2002, the increase in premium</i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>amount is unaffordable for them. Hence, the majority retired employees have expressed helplessness to subscribe to the renewed insurance policy for the period 2016-2017.</i></span></span></div>
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<span style="font-weight: normal;"><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>We reliably learnt that only 18 banks, out of 40 banks to the party to the Insurance Policy document, have paid the insurance premium on behalf of working employees for 2016-2017. This would substantiate the concerns of Banks about the unilateral increase in premiums to be paid by them. We note our bank has also not paid the amount though the last date of renewal of policy was over i. e. 30/09/2016, which could affect in-service employees because of unjustified & illegal increase in demand for premium by UIIC & IBA. If the insurance policy is not renewed by our Bank, it is obvious that the working employees will be uncovered and will bear the brunt of the deviation of terms of UIIC/IBA. So also, in case retired employees do not pay the increased premium, they would also be without the insurance cover for the rest of their life, which is more serious; because in case of working employees the Bank will be compelled to honor the hospitalization claims by employees post 30/09/2016 but in case of retired employees they will be left in lurch.</i></span></span></div>
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<span style="font-weight: normal;"><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>In view of this critical situation in which the retired employees are faced to, we request a meeting be convened to enable us to meet with you urgently to discuss the matter.</i></span></span></div>
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<span style="font-weight: normal;"><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>We also request you to reconsider any decision to recover the premium amount during this month on the following grounds, and until after decisions with us on the following :</i></span></span></div>
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<span style="font-weight: normal;"><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>The UIIC/IBA discuss with Unions on the revised premium amount payable by inservice/retired employees;</i></span></span></div>
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<span style="font-weight: normal;"><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></span></div>
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<li dir="ltr" style="list-style-type: decimal; margin-left: -24px; vertical-align: baseline;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>The communication of the Pension Cell as referred herein have not been received by all the retired employees though the email ids were provided to the bank;</i></span></span></div>
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<span style="font-weight: normal;"><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></span></div>
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<li dir="ltr" style="list-style-type: decimal; margin-left: -24px; vertical-align: baseline;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>Most of the retired employees withdraw the monthly pension amount credited to respective accounts immediately. Hence, in the absence of official communication from Insurance company in respect of revised premium amount, the decision to debit the accounts of the retired employees on any working day of this month is not justified.</i></span></span></div>
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<span style="font-weight: normal;"><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></span></div>
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<li dir="ltr" style="list-style-type: decimal; margin-left: -24px; vertical-align: baseline;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>The Bank must give reasonable time & intimation to the retired employees to consider whether to subscribe to the renewal of insurance policy or not because the fundamental/major amendment to the insurance policy document is slated to be made without sufficient notice to the insurers.</i></span></span></div>
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<span style="font-weight: normal;"><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></span></div>
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<li dir="ltr" style="list-style-type: decimal; margin-left: -24px; vertical-align: baseline;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>Our suggestions, which may be given at the meeting to ameliorate the hardship of the retirees in paying the increased premium, such as subsidy, installments, etc.</i></span></span></div>
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<span style="font-weight: normal;"><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>We are sure the Bank will consider our request favourably, evidencing it’s concern and care for its past fellow colleagues, who have toiled during their service period in the Bank, to ensure the position in the Industry at which the Bank stands today.</i></span></span></div>
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<span style="font-weight: normal;"><span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span></span></div>
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<span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>With warm regards,</i></span></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;">Yours faithfully,</span></i></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span></i></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;">(R. K. Powar)</span></i></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"> General Secretary</span></i></span></div>
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<span style="color: #222222; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; font-weight: 700; vertical-align: baseline;"> </span><span style="color: black; vertical-align: baseline;">From:____________________</span><span style="color: black;">___,</span></i></span></span></div>
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<span style="color: black; vertical-align: baseline;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>(Name of Retired Employee of the Bank)</i></span></span></div>
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<span style="color: black; vertical-align: baseline;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>Address:________________________,</i></span></span></div>
<span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: right;">
<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;">_______________________________,</span></i></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"> </span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"> _______________________________.</span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"> </span></i></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; vertical-align: baseline;"> Date:</span><span style="color: black; text-decoration: underline; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; text-decoration: underline; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; text-decoration: underline; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; text-decoration: underline; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span></i></span></div>
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<span style="color: black; vertical-align: baseline;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>To,</i></span></span></div>
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<span style="color: black; vertical-align: baseline;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>The General Manager (P & HR)</i></span></span></div>
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<span style="color: black; vertical-align: baseline;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>Union Bank of India,</i></span></span></div>
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<span style="color: black; vertical-align: baseline;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>Department of Personnel,</i></span></span></div>
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<span style="color: black; vertical-align: baseline;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>Central Office,</i></span></span></div>
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<span style="color: black; vertical-align: baseline;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>239, Backbay Reclamation,</i></span></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; vertical-align: baseline;">Nariman Point, Mumbai 400 023. E-mail ID < </span><a href="mailto:rrmohanty@unionbankofindia.com" style="text-decoration: none;"><span style="color: blue; vertical-align: baseline;">rrmohanty@unionbankofindia.com</span></a><span style="color: black; vertical-align: baseline;"> ></span></i></span></div>
<span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;">
<span style="color: black; vertical-align: baseline;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>Dear Sir,</i></span></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; vertical-align: baseline;"> </span><span style="color: black; font-weight: 700; text-decoration: underline; vertical-align: baseline;">Re: Protesting Steep Increase in premium amount for renewal of Insurance Policy.</span></i></span></div>
<span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: black; vertical-align: baseline;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>In terms of the settlement Indian Bank Association and Bank Unions/Associations signed on 25th May 2015 wherein option was given to the retired employees to avail medi-claim insurance policy, Union Bank invited option letters from the retired award staff and officers to join the insurance scheme for the sum assured by paying the premium of policy as specified. </i></span></span></div>
<span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: black; vertical-align: baseline;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>I had exercised option to join the insurance scheme because the scheme was hassle-free with moderate rate of premium affordable to the retired employees as well as inclusion of clause of reimbursement for domiciliary treatment.</i></span></span></div>
<span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: black; vertical-align: baseline;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>However, I am shocked to learn about the steep increase in the premium amounts within a period of one year of commencement of insurance policy for employees, which will have a bearing on the increase in premium for retirees as well. I am totally dismayed that the insurance company has unilaterally increased the premium amount for the renewal of insurance policy for the year 2016-17 to the Banks on the plea of increase in percentage of claim ratio received by the company, even beyond stipulated ceilings on premiums. This increase in premium is a fundamental change in the policy document and is neither arithmetically justified nor made after giving due required notice to the insurers as required in terms of the settlement.</i></span></span></div>
<span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: black; vertical-align: baseline;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>I submit that the proposed increase in premium amount is not affordable and is an act of the insurance company that compels me to discontinue the insurance cover for the rest of my life without any health insurance. </i></span></span></div>
<span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="color: black; vertical-align: baseline;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>I record my protest for the steep hike in the premium for renewal of insurance policy as the same is unreasonable, unjustified and unethical.</i></span></span></div>
<span style="font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; vertical-align: baseline;">I, request you to inform the Indian Banks Association to immediately hold discussions with the Insurance Company on the subject matter and take corrective steps to ensure insurance company adheres to the industry wise settlement signed on 25</span><span style="color: black; vertical-align: super;">th</span><span style="color: black; vertical-align: baseline;"> May 2016 by reducing the proposed premium amount and adhering to all its provisions.</span></i></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;">Yours faithfully,</span></i></span></div>
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<span style="color: black; vertical-align: baseline;"><span style="font-family: "georgia" , "times new roman" , serif;"><i> </i></span></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;">(Name:________________)</span></i></span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; vertical-align: baseline;"> P. F. No.</span></i></span></div>
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Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com0tag:blogger.com,1999:blog-4044402403356121793.post-19004540399342384212016-10-03T05:49:00.000-07:002016-10-03T05:49:13.188-07:00Wage Revision For Bank Staff AND Medical Insurance Scheme<div style="color: #454545; line-height: normal;">
<b><i><span style="font-family: "georgia" , "times new roman" , serif;">Keen to close wage negotiations in public sector banks by November 1, 2017, this is the first time that the Finance Ministry has asked the bankers to present status report on salary hike talks with their employee unions.The chief executives of PSBs have been asked to intimate the ministry about “the present status/action taken by them so as to conclude the negotiations/next wage settlement by the effective date i.e November 1, 2017 positively”.</span></i></b></div>
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<b><i><span style="font-family: "georgia" , "times new roman" , serif;">In the past , bank unions used to make follow up with government of India to expedite finalization of wage agreement and it used to take normally more than two years to final agreement . Bank unions had to resort to strike after strike for pressurizing government as well as Indian Bank Association. </span></i></b></div>
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<b><i><span style="font-family: "georgia" , "times new roman" , serif;">As advised by Modi government , Ministry of Finance asked bank unions to submit their charter of demand and suggested bank management to sign final accord latest by November 2017, which is due date for wage revision.</span></i></b></div>
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<b><i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i></b></div>
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<b><i><span style="font-family: "georgia" , "times new roman" , serif;">So far my knowledge goes, Bank unions have not submitted their Charter of Demand for next Bipartite Settlement till date. Or else they are keeping their COD concealed and hidden. There is lack of transparency and lack of discussion which may eventually lead to Inter Union dispute or revolt from staff members.</span></i></b></div>
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<b><i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i></b></div>
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<b><i><span style="font-family: "georgia" , "times new roman" , serif;">It is the duty of leaders of trade unions to collect opinion and views of each unit , discuss it , seek final opinion from members and then submit COD immediately. They should place their demand not for working staff but also for retired staff who have been raising demand for revision in pension since long. </span></i></b></div>
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<b><i><span style="font-family: "georgia" , "times new roman" , serif;">It should be effort of all leaders to reach at an unanimous view and keep their differences confined to their mind and in closed doors only. Any message of disunity among leaders may jeopardize the interest of bank staff in general and give power to IBA and GOI to exploit banks and staffs of Banks.</span></i></b></div>
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<b><i><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: #454545;">It is the duty of staff as well as that of each unit of each bank to submit their written idea about Charter of Demand for next </span></span></i></b><b><i><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: #454545;">Bipartite Settlement to their central leaders. It is the duty of leaders associated with pensioners and retired employees to submit their demand list to central leaders in writing immediately so that there is clarity in demands </span></span></i></b><span style="color: #454545; font-family: "georgia" , "times new roman" , serif;"><b><i>raised.</i></b></span></div>
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<span style="color: #454545; font-family: "georgia" , "times new roman" , serif;"><b><i>I am submitting below the link related to news which says how Ministry of Finance is reminding for timely settlement and how past record of delayed settlement is broken.</i></b></span></div>
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<span style="color: #454545; font-family: "georgia" , "times new roman" , serif;"><b><i><br /></i></b></span></div>
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<span style="color: #454545; font-family: "georgia" , "times new roman" , serif;"><b><i><a href="http://indianexpress.com/article/business/banking-and-finance/finance-ministry-seeks-status-report-on-wage-revision-talks-from-psbs-3000467/">Ministry of Finance Reminds Bankers for Timely Settlement</a></i></b></span></div>
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<span style="color: #454545; font-family: "georgia" , "times new roman" , serif;"><b><br /></b></span></div>
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<span style="color: #454545; font-family: "georgia" , "times new roman" , serif;"><b>I submit below link to my blog related to same subject which was published in January 2016.</b></span></div>
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<span style="color: #454545; font-family: "georgia" , "times new roman" , serif;"><b><br /></b></span></div>
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<span style="color: #454545; font-family: "georgia" , "times new roman" , serif;"><b><a href="http://indianexpress.com/article/business/banking-and-finance/finance-ministry-seeks-status-report-on-wage-revision-talks-from-psbs-3000467/">Link to My Blog Dated 13.01.2016 on Wage Revision</a></b></span><br />
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<b><span style="font-size: x-large;"><u>Letter received from employer</u></span></b></div>
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<span style="font-family: sans-serif; text-align: start;">Dear Sir/Madam,</span><span style="text-align: start;"> </span></div>
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<span style="color: #222222; font-family: sans-serif; text-align: start;">It is evident that the present Medical Insurance Policy for retired employee expires on 31.10.2016. For continued benefit in the next tenure of the policy, commencing from 01.11.2016, all retired employees are required to pay the Insurance Premium well within the time, i.e. in the month of October 2016. </span></div>
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<span style="color: #222222; font-family: sans-serif; text-align: start;">As per communications received from Insurance Company, the insurance premium for existing staff has been enhanced as follows: </span></div>
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<table style="border-collapse: collapse; color: #222222; font-family: arial, sans-serif; text-align: justify; width: 259px;"><tbody>
<tr height="8"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; margin: 0px; padding: 0px;" width="63"></td><td colspan="3" style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; margin: 0px; padding: 0px;" width="193"><div style="text-align: center;">
<span style="font-family: "calibri"; font-size: small;">01.10.2016-30.09.2017</span></div>
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<tr height="8"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; margin: 0px; padding: 0px;" width="63"></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; margin: 0px; padding: 0px;" width="67"><span style="font-family: "calibri"; font-size: small;">Premium</span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; margin: 0px; padding: 0px;" width="62"><span style="font-family: "calibri"; font-size: small;">Tax</span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; margin: 0px; padding: 0px;" width="62"><span style="font-family: "calibri"; font-size: small;">Total</span></td></tr>
<tr height="8"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; margin: 0px; padding: 0px;" width="63"><span style="font-family: "calibri"; font-size: small;">Clerk/Substaff</span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; margin: 0px; padding: 0px;" width="67"><div style="text-align: right;">
<span style="font-family: "calibri"; font-size: small;">10452</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; margin: 0px; padding: 0px;" width="62"><div style="text-align: right;">
<span style="font-family: "calibri"; font-size: small;">1567.8</span></div>
</td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; margin: 0px; padding: 0px;" width="62"><div style="text-align: right;">
<span style="font-family: "calibri"; font-size: small;">12019.8</span></div>
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<tr height="8"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; margin: 0px; padding: 0px;" width="63"><span style="font-family: "calibri"; font-size: small;">Officer</span></td><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px; margin: 0px; padding: 0px;" width="67"><div style="text-align: right;">
<span style="font-family: "calibri"; font-size: small;">13935</span></div>
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<span style="font-family: "calibri"; font-size: small;">2090.25</span></div>
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<span style="font-family: "calibri"; font-size: small;">16025.3</span></div>
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<span style="color: #222222; font-family: sans-serif; text-align: start;">It is expected that the insurance premium for retired employees will also be enhanced either similar to that proposed for existing employees or even more than that. The exact premium amount will be informed as soon as the same is intimated to us by Insurance Company. </span></div>
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<span style="color: #222222; font-family: sans-serif; text-align: start;">You are therefore advised to maintain sufficient balance in your account to ensure deduction of premium and continued benefits under the Insurance Scheme. </span></div>
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<span style="color: #222222; font-family: sans-serif; text-align: start;">Those willing to opt out of the Insurance Policy may inform the same by return mail immediately. For opting out of the policy, a letter/mail is to be sent by the retiree. </span></div>
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<span style="color: #222222; font-family: sans-serif; text-align: start;"><b>My Comments: </b></span></div>
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<span style="color: #222222; font-family: sans-serif; text-align: start;"><b>It is evidently a unnatural rise in insurance premium claimed by Insurance Company in one year of adoption of policy for covering medical facilities to bank staff. I hope, management of each bank covered by the scheme and IBA should take up the matter with Insurance company and insist for continuation of the same rate of insurance premium as agreed upon during Bipartite settlement . And if insurance company do not agree to it and insist for higher premium, bank should discard the scheme immediately .</b></span></div>
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<span style="color: #222222; font-family: sans-serif; text-align: start;"><b>If insurance companies do not agree to it, bank management should devise a similar policy to cover their staff and be ready to bear the expenses if all it goes above the amount of insurance premium charged last year and received by bank under the policy. Overall burden on medical expenses incurred by a bank per year in covering hospitalization expenses of bank staff as per scheme prevalent in banks before last Bipartite settlement was definitely more than total insurance premium paid by the bank last year to insurance companies.</b></span></div>
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<span style="color: #222222; font-family: sans-serif; text-align: start;"><b><br /></b></span></div>
<span style="color: #222222; font-family: sans-serif; text-align: start;"><div style="text-align: justify;">
<b>As such officers association should demand restoration of hospitalization scheme as prevalent in banks before adoption of insurance scheme.</b></div>
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<b>Or else, there are many other insurance companies in private sector which offer similar medical insurance policy at equal or almost same premium rate .</b><br />
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<span style="font-size: 12.8px;"><a href="http://importantbankingnews2.blogspot.in/2014/09/mediclai-for-bank-staff.html">Read My Blog Dated 30th September 2014</a></span></div>
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<b><span style="font-size: large;"><u>It is however a matter of pleasure that AIBEA has taken up the matter with IBA and I hope other trade unions will also join hands with AIBEA to build pressure on bank management. In any case premium has to be paid in time to cover the medical facilities in the current insurance year.</u></span></b></div>
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<b><span style="font-size: x-large;"><u><br /></u></span></b></div>
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<b><span style="font-size: x-large;"><u>Medical Insurance Scheme</u></span></b></div>
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AIBEA in its urgent letter dated 29Sept,2016 to IBA expressed concern over not replied its earlier letters dt.25th and 28 September 2016 in regard to UICC Medical Insurance Policy which is ending on 30th September,2016.</div>
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<span style="background-color: white; font-family: "arial" , sans-serif;">The Letter further reads," </span><i><span style="background-color: yellow; font-family: "georgia" , "times new roman" , serif;">we are hearing that banks are trying not to pay the premium before 1-10-2016in which case there is a possibility that policy will not continue or will not be renewed thus disconnecting the benefits available to the employees under the policy w e f 1-10-2016. We are also hearing that some of the banks are trying to opt out of the scheme and trying to switch over separate policy with some private Insurance companies.All these are serious developments and would endanger the credibility of IBA and the Unions besides being violative of the Settlement. We are constrained to view the matter very seriously and this may lead to serious strain and stress in industrial relations in the banking sector and we may have to resort to agitational steps."</span></i><br />
<i><span style="background-color: yellow; font-family: "georgia" , "times new roman" , serif;"><br /></span></i><i><span style="background-color: yellow; font-family: "georgia" , "times new roman" , serif;"><br /></span></i><br />
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<span style="color: #c00000; font-family: "calibri"; font-size: 26.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">ALL INDIA BANK EMPLOYEES' ASSOCIATION</span><img height="103" src="https://lh3.googleusercontent.com/mpspNuCzeaqBc_UDqefzOhhOGs4oXhD8zRhr5HswzcyL31igmk1SCg9VNZ95Kufs7inZbHYgqoB3CqJddoS4_fCpPoxBfrxnVwUUsNeua77Ykp2bY1A_x4uwuWZXMwBeJLdhCAuq9yn8ObcNSA" style="border: none; transform: rotate(0rad);" width="91" /></div>
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<span style="color: #002060; font-family: "calibri"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Central Office: </span><span style="color: #002060; font-family: "calibri"; font-size: 18.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">“PRABHAT NIVAS” </span><span style="color: #002060; font-family: "calibri"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Regn. No.2037</span></div>
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<span style="color: #002060; font-family: "calibri"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Singapore Plaza, 164, Linghi Chetty Street, Chennai-600001</span></div>
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<span style="color: #002060; font-family: "calibri"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Phone: 2535 1522, Fax: 4500 2191, 2535 8853 Web: www.aibea.in</span></div>
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<span style="color: #002060; font-family: "calibri"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">e mail ~ chv.aibea@gmail.com & aibeahq@gmail.com</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">AIBEA/GS/2016/99</span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> 28</span><span style="color: black; font-family: "verdana"; font-size: 9.6px; vertical-align: super; white-space: pre-wrap;">th</span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> Sept. 2016</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">The Chairman,</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Indian Banks’ Association</span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">URGENT/IMPORTANT</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Mumbai</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Dear Sir,</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Reg: Medical Insurance Scheme</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Ref: Our letter dated 25-9-2016</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Further to our above letter on the issue, we observe that the IBA is advising Banks to take their own decision in respect of the continuation of the Scheme. The Scheme is a part of the BP Settlement and all Banks are bound by it as per the mandate given by them to IBA. There cannot be any question of discretion to any Bank to opt out. IBA has negotiated the scheme on behalf of the member Banks and now the burden of any problem cannot be put on the shoulders of the individual banks. IBA must address the problem and take a decision.</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">The insurance policy will come to an end on 30</span><span style="color: black; font-family: "verdana"; font-size: 9.6px; vertical-align: super; white-space: pre-wrap;">th</span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> September, 2016 and if it is not renewed before that, the policy may not continue and employees will be put into unimaginable hardship. When it was known that the policy will expire on 30</span><span style="color: black; font-family: "verdana"; font-size: 9.6px; vertical-align: super; white-space: pre-wrap;">th</span><span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> September, waiting till the end is unfortunate. Either UIIC is at fault or IBA is responsible. We regret to note the casual approach in this regard because the scheme covers lacs of employees and their family members.</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">While the hike in premium is no doubt disproportionate and needs to be sorted out between IBA and UICC, the policy cannot be allowed to be lapsed or discontinued. All Banks must continue to be covered by the policy by remitting the premium subject to resolving the problem later.</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">We wish to put IBA on notice that for any discontinuation of the scheme and lack of coverage for the employees, the IBA will be solely responsible and it may result in a serious and immediate industrial unrest.</span></div>
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<span style="color: red; font-family: "verdana"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">We seek your immediate attention on top priority within 24 hours.</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Thanking you,</span></div>
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<span style="color: black; font-family: "verdana"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> Yours faithfully, </span></div>
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<span style="color: black; font-family: "calibri"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"><img height="65" src="https://lh4.googleusercontent.com/I2orReXTKNDgkOB6dxTdEA5KdJZ6u-aQBzwNhIksDY3dfxTAkKTAdpD_4EX5RypsJMh7-UkAFXlhSb-ElpJmTBGyUCAIEZ3l3IUI9gRlUlcQ0-iOTyZnU1JMT-JpCfhezN4WWELpwlqWZ-9n7w" style="border: none; transform: rotate(0rad);" width="196" /></span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">C.H. VENKATACHALAM</span></div>
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<span style="color: black; font-family: "tahoma"; font-size: 16px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">GENERAL SECRETARY</span></div>
<span style="color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Cc: Chief Executive, IBA</span></div>
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<span class="upper" style="outline: 0px; text-transform: uppercase;">COIMBATORE, SEPTEMBER 29: </span></div>
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<i>The 28th national conference of the All India Bank Employees Association (AIBEA) is scheduled to be held in Chennai between January 8 and 11 next year.</i></div>
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<i>Conference host, Tamil Nadu Bank Employees’ Federation, has said the opportunity to conduct the AIBEA conference in Tamil Nadu has come after 27 years. The earlier conferences of the association took place in Chennai in 1954, 1973 and 1989.</i></div>
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<i>The Federation has begun preparatory works such as formation of task force sub-committees to take care of various arrangements and enlisted volunteers numbering over 600.</i></div>
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<strong>Subject: Insurance Premium for Policy commencing from 01.11.2016</strong></div>
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<span style="font-family: sans-serif; font-size: x-small;">==============================<wbr></wbr>==============================<wbr></wbr>==============================<wbr></wbr>==============================<wbr></wbr>=</span>- </div>
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<span style="font-family: "georgia" , serif; font-size: 13pt;"><strong><span style="color: red;">UNION BANK RETIRED EMPLOYEES' ASSOCIATION</span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="color: blue; font-size: 10pt;">(Registered under Trade Union Act, 1926 : Registration No.G-6201)<br />(Affiliated to All India Bank Retirees' Federation<br />through All India Union Bank Retirees' Federation)<br />203, Navkar Commercial Complex, Near Syndicate Bank,<br />Near Para Bazar Chowk, Dhebar Road - North (one way),<br />Rajkot - 360 001 (Gujarat). </span><span style="color: blue; font-size: 10pt;"> </span><span style="color: blue; font-size: 10pt;"><span style="font-size: 13.3333px; line-height: normal;">Phone</span>: 0-94272-07021</span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="color: blue; font-size: 10pt;"> E-mail < <a href="mailto:ubiretirees@gmail.com" style="color: #1155cc;" target="_blank">ubiretirees@gmail.com</a> > < </span></strong><span style="color: blue; font-size: 10pt;"><a href="mailto:ubiretirees@gmail.com" style="color: #1155cc;" target="_blank"><strong>rajkot@ubiretirees.in</strong></a></span><strong><span style="color: blue; font-size: 10pt;"> > </span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">==============================<wbr></wbr>========================</span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span><br /></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">Date: 29th September,'16</span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span><br /></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">To</span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">All the members of our Association,</span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"><br /></span></strong></span><span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">Friends,</span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span><br /></div>
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<span style="color: purple; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"><span style="text-decoration: underline;">Renewal of IBA's Group Medical Insurance Scheme for Retired Employees of our Bank</span></span></strong></span></div>
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<span style="text-decoration: underline;"><span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"></span></strong></span></span><br /></div>
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<span style="color: blue; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"> Please see the e-mail received from our Bank's Central Office - forwarded herewith. Please ensure to keep adequate credit balance in your Bank Accounts to debit the premium. </span></strong></span></div>
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<span style="color: blue; font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"><br /></span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">Yours sincerely,</span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">B.G.Raithatha,</span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;">General Secretary</span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"><br /></span></strong></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="font-size: x-large;">My Comments:</span></strong></span></div>
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<span style="font-family: "helvetica" , "arial" , sans-serif; white-space: pre-wrap;"><b><span style="color: blue;">It is a matter of pleasure that AIBEA has taken up the matter related to medical insurance scheme for bank staff in true spirit at right time to avoid lapse of policy and loss to bank staff in case they need medical help on or after 01.10.2016 . </span></b></span></div>
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<span data-offset-key="9rcaa-0-0"><b><span style="color: blue;">This is to be kept in mind that existing insurance policy has already lapsed on 30.09.2016 and bank has not paid renewal premium as per available information and Insurance company has unilaterally more than doubled annual premium and not ready to continue the policy at old rate even for a month as begged by banks.</span></b></span></div>
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<span data-offset-key="9rcaa-0-0"><b><span style="color: blue;"><span style="background-color: white;">If any of readers has any latest news in this regard, he or she may send the same to me by email </span><span style="background-color: yellow;">dkjain49709@gmail.com</span><span style="background-color: white;"> </span><span style="background-color: white;">so that it can be shared will all associated with this page or on Facebook. Please update the information for the benefit of all staff.</span></span></b></span></div>
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<span data-offset-key="mc4r-0-0"><a href="http://importantbankingnews2.blogspot.in/2016/10/medical-insurance-scheme-for-bank-staff.html">http://importantbankingnews2.blogspot.in/2016/10/medical-insurance-scheme-for-bank-staff.html</a></span></div>
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<span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"><br /></span></strong></span><span style="font-family: "georgia" , serif;"><strong><span style="font-size: 10pt;"><br /></span></strong></span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;">GS 2/103/16 27</span><span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 11.2px; vertical-align: super; white-space: pre-wrap;">th</span><span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;"> September 2016</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;">To, </span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;">General Secretary,</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;">AIBEA,</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;">Chennai.</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;"><br class="kix-line-break" /></span><span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;">Dear Comrade,</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;">Sub : </span><span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; font-weight: 700; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Renewal of Insurance Policy under Medical Insurance Scheme.</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;">We refer to your communication on the captioned subject along with the IBA’s communication to Banks as well as the data on premium paid and Claim Settled etc. we would like to appraise as under:</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;">The data on Premium Paid and claim settled is little misleading. The Premium paid does not include the premium paid by banks subsequent to the start of the Policy for new comers who joined the Bank. For example Union Bank has paid total premium of 24.65 cr and the same is shown as 21.31 Cr. Similarly all the pending claims will not be settled in Toto and as per data available there is likelihood of 5 to 7% of amount of claim stand rejected. Under the above circumstances the claim ratio will be lesser than 182% that is being conveyed by the UIIC. </span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;">IBA merely furnishing the data and asking individual Banks to take a call will amount to shying away from its responsibility arising out of the scheme devised by it. This should not be permitted as the same is against the legal obligations arising out of the settlement. IBA being the signatory to the settlement should have taken a call by calling for additional quotations from other companies if necessary to ascertain the position and force all the Banks to adhere to its decision. This can precipitate a situation of some Banks preferring to opt out of the scheme and the same may lead to no uniformity in service conditions. </span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;">The UIIC has decided to charge the premium in 2015 based on certain Matrix level at Claim Ratio of 140%. But the proposed premium is not in consonance with the actual increase in percentage of Claim. Hence premium has to be reduced by UIIC. </span></div>
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<li dir="ltr" style="background-color: transparent; font-family: tahoma; font-size: 18.6667px; list-style-type: decimal; vertical-align: baseline;"><div dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: justify;">
<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;"> It appears that the decision of UIIC to increase the Premium and the communication of IBA to Banks are all part of a well engineered last minute Exercise without giving any time to the Banks to assess the position. In fact the exercise of renewal of policy should have begun long Back when the UIIC was aware of the fact that the Claim ratio was on higher side compare to the estimated matrix level. This should have given sufficient time to Banks to work on it. </span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;">Cost Analysis of new revised premium payable as sought by the UIIC (that should include the interest cost around 7 to 8% due to upfront payment of the Premium) and the likely claim to be settled in next year of operation shows that Many Banks will opt out of the scheme. Further considering huge amount of outgo no Bank Management will be able to decide without taking the matter through its Board. This means that there might be a situation where employees will be without any medial coverage for such time till the Bank decides and that is fraught with great risk.</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;">In the above situations, we feel that the IBA should extend the existing scheme by paying prorate premium at existing level for a minimum period of 2 months. During the period IBA should decide firmly and direct the Banks suitably to cover all the Banks even by paying the revised premium to be decided for the extended period of 2 months also. </span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;">As regards the difficulties faced by the employees we at Bank level held tri partite discussions with the Bank TPA and Association to sort out following issues. The outcome of such discussions is under for your information. This is already circulated among our members. </span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Sr No</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Our Issues </span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Response of TPA/ Bank.</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">1</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Cashless treatment should be allowed to our employees on production of Bank’s I card at the hospital as was being done on the tie up arrangement.</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">TPA is issuing identity cards to the employees and their spouses and admission will be done on production of the same in the hospital which is in the approved list of TPA/ Insurance co. In absence of TPA’s I CARD admission is found difficult. Many Employees are yet to load the photographs due to which TPA is unable to issue cards to them. List of such employees will be given to the Association to follow up with such employees to complete the task. </span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">2</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Simplify the procedures to avail cash less treatment so as to make the scheme more user-friendly towards sub staffs.</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">As per TPA the procedures are simplified. The hospital normally admits the patient on production of ID card and starts the treatment and the approval for cash less treatment is conveyed within few hours of receipt of estimates of treatment from the hospital. The forms to be filled in require only certain vital information and not all the details. Still if Association has suggestions to further simplify the procedures it may submit for TPA’s consideration. </span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">3</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Delay in sanctioning the domiciliary treatment bills’ reimbursement. Requirement of original prescription to be submitted along with every claim is to be done away with.</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">The delay is due to non submission of details by the employees. In case of claim with all required details and documents (clean Files) the average time taken to reimburse the claim is 4.6 days and in case of deficient Claims where documents and detail are in complete the average time taken is 26 days. However TPA assured to improve the TAT and reduce the complaints. For submission of original prescription in case of claim under domiciliary treatment it was clarified that one original prescription at the time of 1</span><span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 9.6px; vertical-align: super; white-space: pre-wrap;">st</span><span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;"> claim followed by zerox copy for every subsequent claim is enough for the entire period for which it is prescribed. But in case of the prescription where no period is stipulated it is considered to be valid for 90 days after which new original prescription is required. </span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">4</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Original reports of tests undertaken and other relevant documents are to be returned to employees and only zerox copies to be held.</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">In case of treatment for bone fracture and accident cases the original x ray and reports are not returned back due to their audit requirements. For other cases of treatment the original reports will be returned to the employees after the claim is settled and on the specific request that has to be approved by personnel department.</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">5</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">In case of employees’ quantum of medical bills exceeding the ceiling of Rs 3lacs / 4 lacs during the course of treatment the buffer policy availment should be extended automatically. Bank should ensure that the employee is discharged from hospital as it was on tie up arrangement.</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Association has already submitted its suggestions to the Bank for framing the policy for availing buffer policy and the same are under consideration. For critical illness where the estimated cost of treatment exceeds the insured amount of RS 3 lacs by large amount it was agreed to grant upfront sanction of buffer policy </span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">6</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">The forms to be filled are to be simplified to make them useable PARTICULARLY BY SUB STAFF .</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">It was clarified that TPA does not require all the details to be filled in the forms. Only certain vital information required need to be provided in the form. TPA will furnish the model/ sample form with required details and the same will be circulated among units by the Association.</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">7</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">The TPA should convey the process note and sanction advice with break up of all items with amount sanctioned. </span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">For cash less treatment the Break up is given to hospital and the same can be derived from web site of the TPA after the bill is settled. For reimbursement cases the break up is given and any improvements if required can be suggested to TPA.</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">8</span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Continue the bank’s ex gratia Scheme to extend assistance to employees over and above the utilization of Buffer Policy Limit. </span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-size: 16px; vertical-align: baseline; white-space: pre-wrap;">Bank agrees to continue the scheme. </span></div>
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<span style="font-family: "georgia" , serif;"><br /></span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; vertical-align: baseline; white-space: pre-wrap;">However the above issues need emphasis at Industry Level also to bring in better TAT in settling the claims. </span></div>
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<span style="font-family: "georgia" , serif;"><br /></span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;"> Yours Comradely,</span></div>
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<span style="font-family: "georgia" , serif;"><br /></span></div>
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<span style="background-color: transparent; color: black; font-family: "times new roman"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="background-color: transparent; color: black; font-family: "times new roman"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;"><img alt="SIGN" height="48" src="https://lh4.googleusercontent.com/eAtdCzY6akVqmAUF2wbJ9Y8UU6qxDFQAZXxvitcHzu5qd3P0nN0-E5j4Pig1bxKaCyp3edE8oPKDyd8iNJwfbBawe4vBBkEXhid9eJNXIjN_XyjO5ipyXxfImXLLSrkwq1rP7H2YCUwM1-6yPQ" style="border: none; transform: rotate(0rad);" width="77" /></span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;"> (N. Shankar)</span></div>
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<span style="font-family: "georgia" , serif;"><span style="background-color: transparent; font-family: "arial"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;"> General Secretary.</span></span></div>
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<span style="font-family: "georgia" , serif;"><span style="background-color: transparent; font-family: "arial"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;"><br /></span></span><span style="font-family: "georgia" , serif;"><span style="background-color: transparent; font-family: "arial"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;"><br /></span></span></div>
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<span style="background-color: transparent; color: #c00000; font-family: "calibri"; font-size: 26.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">ALL INDIA BANK EMPLOYEES' ASSOCIATION</span><img height="103" src="https://lh4.googleusercontent.com/BBX9ttunLtrWbZsBeDkQ4TpWbin1Rjb_D6yJFJaEDNBu9lT1DoNcwO-bnyBHHsf-6bscsVIdw5DKIo2wnQTL-7KYF5DzMImmD68qU-XHsxci63NKd93hpIY_yNj9fQB72FLjvS1RlOOwGuK89Q" style="border: none; transform: rotate(0rad);" width="91" /></div>
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<span style="background-color: transparent; color: #002060; font-family: "calibri"; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Central Office: </span><span style="background-color: transparent; color: #002060; font-family: "calibri"; font-size: 18.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">“PRABHAT NIVAS” </span><span style="background-color: transparent; color: #002060; font-family: "calibri"; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Regn. No.2037</span></div>
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<span style="background-color: transparent; color: #002060; font-family: "calibri"; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Singapore Plaza, 164, Linghi Chetty Street, Chennai-600001</span></div>
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<span style="background-color: transparent; color: #002060; font-family: "calibri"; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Phone: 2535 1522, Fax: 4500 2191, 2535 8853 Web: www.aibea.in</span></div>
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<span style="background-color: transparent; color: #002060; font-family: "calibri"; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">e mail ~ chv.aibea@gmail.com & aibeahq@gmail.com</span></div>
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<span style="font-family: "georgia" , serif;"><span style="background-color: transparent; font-family: "arial"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;"><br /></span></span></div>
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<span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;">AIBEA/GS/2016/100</span><span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;"> 29</span><span style="background-color: transparent; color: black; font-family: "verdana"; font-size: 9.6px; vertical-align: super; white-space: pre-wrap;">th</span><span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;"> Sept. 2016</span></div>
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<span style="font-family: "georgia" , serif;"><span style="background-color: transparent; font-family: "arial"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;"><br /></span></span></div>
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<span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;">Chairman,</span></div>
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<span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;">Indian Banks’ Association</span><span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span></span><span style="background-color: transparent; color: black; font-family: "verdana"; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">URGENT/IMPORTANT</span></div>
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<span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;">Mumbai</span></div>
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<span style="font-family: "georgia" , serif;"><span style="background-color: transparent; font-family: "arial"; font-size: 18.6667px; vertical-align: baseline; white-space: pre-wrap;"><br /></span></span></div>
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<span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;">Dear Sir,</span></div>
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<span style="background-color: transparent; color: black; font-family: "verdana"; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Reg: Medical Insurance Scheme</span></div>
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<span style="background-color: transparent; color: black; font-family: "verdana"; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Ref: Our letters dated 25-9-2016 and 28-9-2016</span></div>
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<span style="background-color: transparent; color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">Vide our above letter we have brought to your notice our deep concern about the developments in regard to the UICC Medical insurance Policy which is ending on 30</span><span style="background-color: transparent; color: black; font-family: "verdana"; font-size: 8.8px; vertical-align: super; white-space: pre-wrap;">th</span><span style="background-color: transparent; color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> Sept. 2015. We are sorry that so far we have not received any acknowledgement of our letters nor any reply to the same.</span></div>
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<span style="background-color: transparent; color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">In the meantime, we are hearing that Banks are trying not to pay the premium before 1</span><span style="background-color: transparent; color: black; font-family: "verdana"; font-size: 8.8px; vertical-align: super; white-space: pre-wrap;">st</span><span style="background-color: transparent; color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> Oct. 2016 in which case there is a possibility that the Policy will not continue or will not be renewed thus disconnecting the benefits available to the employees under the policy w.e.f. 1-10-2016.</span></div>
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<span style="background-color: transparent; color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">We are also hearing that some of the Banks are trying to opt out of the scheme and trying to switch over separate policy with some private insurance companies. All these are serious developments and would endanger the credibility of the IBA and the Unions besides being violative of the Settlement.</span></div>
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<span style="background-color: transparent; color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">We are constrained to view the matter very seriously and this may lead to serious strain and stress in industrial relations in the banking sector and we may have to resort to agitational steps.</span></div>
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<span style="background-color: transparent; color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">Given the sensitivity of the issue involved and covering lacs of employees and family members concerning their health and treatment, we strongly feel that the policy must be continued forthwith pending discussions with UIIC to resolve the issues with them. The apprehensions raised by the unions at the time of introduction of the scheme are perhaps coming true and the assurances of the IBA in response thereto are perhaps evaporating in thin air.</span></div>
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<span style="background-color: transparent; color: black; font-family: "verdana"; font-size: 14.6667px; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">Please intervene immediately and ensure continuation of the Policy pending discussions.</span></div>
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<span style="background-color: transparent; color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;">Thanking you,</span></div>
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<span style="background-color: transparent; color: black; font-family: "verdana"; font-size: 14.6667px; vertical-align: baseline; white-space: pre-wrap;"> </span><span style="background-color: transparent; color: black; font-family: "verdana"; vertical-align: baseline; white-space: pre-wrap;">Yours faithfully, </span></div>
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<span style="background-color: transparent; color: black; font-family: "tahoma"; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">C.H. VENKATACHALAM</span></div>
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Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com1tag:blogger.com,1999:blog-4044402403356121793.post-58668563743875133912016-10-03T05:44:00.002-07:002016-10-03T05:44:44.363-07:00CBI Traps Bank Officers<table cellpadding="5" cellspacing="0" style="color: #424849; font-family: tahoma; text-align: center; width: 653px;"><tbody>
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<i><b><span style="color: blue; font-family: "georgia" , "times new roman" , serif; font-size: large;">Whatsoever Sri Arun Jaitley Finance Minister may do or or promise or claim to do to deal with bad loans of Public Sector banks but it is not easy for him to stop rising trend in bad debts of these banks as long as he is able to understand the root causes of it. He will have to change the culture of bankers and politicians from grass root level and from core of their heart and mind which is a Himalayan task for him to perform.</span></b></i></div>
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<span style="color: blue; font-family: "georgia" , "times new roman" , serif; font-size: large;"><i><b></b></i><i><b><br />Let us wish best for him, for common men ,for bank customers, for investors and for taxpayers. They will have to bear the brunt of mismanagemnt of PSU banks for decades to come . There is no way out visible to me keeping in view the attiture, approach and action taken so far.</b></i></span></div>
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<span style="color: blue; font-family: "georgia" , "times new roman" , serif; font-size: large;"><i><b></b></i><i><b><br />Only bearer knows where the shoe pinches. The person who has worked in PSU bank for decades know the ground reality of processes applied for sanction of a loan or for promoting a bank staff. At least I can visualise the dark days of banks looming large.</b></i></span></div>
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<span style="color: blue; font-family: "georgia" , "times new roman" , serif; font-size: large;"><i><b><br /></b></i><i><b>Unless and until , government is able to stop culture of flattery and bribery at all levels in bank as also in administration, judiciary and government in general, one should not imagine of any reformation in bank and any reduction in actual volume of bad debts.</b></i></span></div>
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<span style="color: blue; font-family: "georgia" , "times new roman" , serif; font-size: large;"><i><b></b></i><i><b><br />Bank Officers in general work for pleasure of their bosses and politicians in general act keeping in view vote bank. None of them are actually interested in upkeeping and health of banks. They are master is preaching sermons and deliver of good lecture to mislead and misguide common men. I am not master in speaking or writing as they are but I can understand the quality of deep rooted evil culture in banks as well as in politics.</b></i></span></div>
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<strong><span style="font-size: small;">CBI REGISTERS A CASE AGAINST THEN CMD OF UNITED BANK OF INDIA & OTHERS AND RECOVERS ASSETS WORTH CRORES DURING SEARCHES</span></strong></div>
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Press Release<br />
New Delhi, 15.09.2016</div>
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<span style="font-size: small;"> The Central Bureau of Investigation has registered a case under section 120-B of IPC r/w 13 (2) r/w 13(1) (d) of PC Act against then Chairman & Managing Director, United Bank of India; a private firm based at New Delhi; another private firm based at Kolkata and other unknown persons. It was alleged that the then public servant while posted as ED of Canara Bank in the year 2011 & as CMD of United Bank of India in the year 2013 had abused her official position & obtained certain amounts for herself or for a New Delhi based private firm (owned by her husband & her son), from the companies to whom various credit facilities were granted by the banks, where she had worked.</span></div>
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<span style="font-size: small;"> <span lang="EN-US">Searches conducted at the residential premises of accused persons in Delhi, Noida, Mumbai, Kolkata & Howrah led to the recovery of jewellery worth Rs. 2.85 Crore (approx) & Rs. 10.50 lakh (approx) cash from the bank lockers in her name & her family members; deposits of Rs. 5.42 crore (approx) in her name & family members; Rs. 2.26 Crore (approx) in her bank accounts; documents of two properties i.e. a three storey Bungalow at Noida & a flat at Vasant Kunj, New Delhi and two properties in the name of her family members in Delhi & Mumbai. </span></span></div>
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<span style="font-size: small;"> <span lang="EN-US">Further investigation is in progress.</span></span></div>
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<strong><span style="font-size: small;">CBI ARRESTS A PROMOTER OF TWO PRIVATE COMPANIES AND CONDUCTS SEARCHES AT NINE PLACES IN AN ON-GOING INVESTIGATION OF A CASE</span></strong></div>
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<span style="font-size: small;">Press Release<br />New Delhi, 20.09.2016</span></div>
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<span style="font-size: small;"> The Central Bureau of Investigation has today arrested a promoter of two private companies and conducted searches at 9 places in Mumbai, including the residence & office premises of said Promoter of Mumbai based two private companies; then Executive Director, SEBI and others in an on-going investigation of a case. Incriminating documents, including transfer of shares by private companies, FDR, purchase of assets etc., recovered during searches are being scrutinized for further investigation.</span></div>
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<span style="font-size: small;"> This case was registered U/s 120 B of IPC read with Section 420 of IPC & Section 13(2) read with 13(1)(d) of Prevention of Corruption Act, 1988 against the Promoter of Mumbai based private company; four then SEBI officials and others on the allegations of connivance of the SEBI officials with private company/stock exchange (MCX-SX) of Mumbai in fraudulently allowing renewal of recognition of said company/stock exchange to conduct trade in currency derivatives in 2009-2010. It was further alleged that the said private company/stock exchange had dishonestly entered into a buyback arrangement with some financial institutions in violation of the Securities Contract Regulation Act, 1956 and other rules & regulations and deliberately suppressed this material fact while applying for extension of its recognition to operate in currency derivative. The SEBI allegedly rejected the request of private company/stock exchange for trading in other segments in 2010, but renewed the registration granted to said company/stock exchange even though it was not compliant to SEBI MIMPS Regulations.</span></div>
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<span style="font-size: small;"> Further investigation is continuing.</span></div>
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<strong><span style="font-size: small;">CBI REGISTERS A CASE AGAINST TWO THEN DIRECTORS OF DELHI BASED PRIVATE FIRM AND OTHERS FOR CAUSING AN ALLEGED LOSS OF RS.4138 LAKH(APPROX) TO INDIAN OVERSEAS BANK</span></strong></div>
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<span style="font-size: small;">Press Release<br />New Delhi, 16.09.2016</span></div>
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<span style="font-size: small;"> <span lang="en-US">The Central Bureau of Investigation has registered a case on a complaint from Indian Overseas Bank (IOB), Regional Office, New Delhi u/s 120-B r/w 420, 467, 468, 471of IPC and Sec. 13(2) r/w 13(1) (d) of Prevention of Corruption Act, 1988 against the then two Directors of New Delhi based private Air travels firm and oth</span><span lang="en-US">er unknown public servants & private persons.</span></span></div>
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<span style="font-size: small;"> It was alleged that the accused persons in connivance /criminal conspiracy with the branch officials and with each other had siphoned-off the bank funds sanctioned under CC Limit and as Bank Guarantees to said firm. The accused persons allegedly submitted fabricated financial statement for availing credit facilities and the enhancement of the same. It was further alleged that through submission of false Book Debt statements, the accused person induced the bank to disburse funds which were siphoned off, causing a loss of Rs.4138.85 lakh(approx) to the complainant bank.</span></div>
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<span style="font-size: small;"> Searches were conducted at 04 locations in New Delhi which led to recovery of incriminating documents & certain Hard Disks.</span></div>
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<span style="font-size: small;"> Further investigation is continuing.</span></div>
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<strong><span style="font-size: small;">CBI ARRESTS THEN DIRECTOR(IA&AS OFFICER) WORKING IN THE OFFICE OF DIRECTOR GENERAL(AUDIT) AND TWO OTHERS IN AN ON-GOING INVESTIGATION OF A DISPROPORTIONATE ASSETS CASE</span></strong></div>
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<span style="font-size: small;">Press Release<br />New Delhi, 09.09.2016</span></div>
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<span style="font-size: small;"> The Central Bureau of Investigation has arrested then Director(AMG-II) working in the office of Director General of Audit (General Expenditure), AGCR Building, New Delhi and two other persons including brother-in-law of then Director(AMG-II) in an on-going investigation of a disproportionate assets case.</span></div>
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<span style="font-size: small;"> A case was registered on 09.10.2014 against then Director(AMG-II), an IA&AS Officer working in the office of Director General of Audit(Gen.Expenditure), AGCR Building, Indraprastha Estate, New Delhi and others on the allegation that the accused had amassed assets to the tune of Rs.1.67 crore (approx) which was disproportionate to the known sources of income.</span></div>
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<span style="font-size: small;"> This case was an off shoot of an earlier case registered during 2014, in which brother-in-law (a doctor) of public servant was caught by CBI for accepting Rs.5 lakh as bribe on behalf of said public servant for not harassing the officials of a Nursing College based at Manapakkam. During searches in the trap case, an amount of Rs.97, 96,000/-(approx) was recovered from the house of brother-in-law of public servant. A chargesheet was filed in this case on 31.10.2014. The case is under trial in CBI Court.</span></div>
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<span style="font-size: small;"> The arrested accused persons were produced in the Court of Special Judge, CBI Cases, Chennai and remanded to judicial custody till 21.09.2016.</span></div>
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<strong><span style="font-size: small;">FOUR YEARS RIGOROUS IMPRISONMENT TO THEN BRANCH MANAGER OF ANDHRA BANK AND THEN DIRECTOR OF PRIVATE FIRM FOR CAUSING LOSS OF RS. 1.44 CRORE (APPROX) TO BANK</span></strong></div>
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<span style="font-size: small;">Press Release<br />New Delhi , 08.09.2016</span></div>
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<span style="font-size: small;"> The Special Judge for CBI Cases, Bangalore (Karnataka) has convicted Shri A.E. Devandranath, then Branch Manager, Andhra Bank, Chamrajpet Branch, Bangalore & Mr. F. Don Bosco, then Director of M/s. J.J. Fashion Studio Pvt. Ltd., Bangalore and sentenced them to undergo four years rigorous imprisonment with a fine of Rs.50,000/- each U/s 420 of IPC. Shri A. E. Devandranath was also sentenced to undergo two years RI with fine of Rs. 25,000/- U/s 13(2) r/w 13(1)(d) of P.C. Act 1988.</span></div>
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<span style="font-size: small;"> CBI had registered a case on 27.12.1999 on complaint received from Andhra Bank against Shri A.E. Devandranath, then Branch Manager, Andhra Bank, Chamarajpet Branch, Bangalore; M/s. J.J. Fashion Studio Pvt. Ltd., represented by its Director, Shri F.D. Bosco and others u/s. 120-B r/w. 420 of IPC and Sec. 13(2) r/w. 13(1)(d) of PC Act, 1988 alleging that the Branch Manager cheated the bank by allowing various packing credit facilities to M/s J.J. Fashion Studio Pvt. Limited, Bangalore in gross violation of the Bank’s laid down procedure and guidelines. Further, the accused accepted the foreign export bills of M/s J.J. Fashion and gave credit facilities to the company without waiting for the realization of bills & obtaining required information. He did not conduct periodical inspection and accepted false & inflated stock statements and also allowed packing credit against fax copies of the order in the name of sister concerns of the borrower. An alleged loss to the tune of Rs. 1,44,72,580/- (approx) inclusive of interest was caused to Andhra Bank. After investigation, chargesheet was filed on 31.08.2001.</span></div>
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<span style="font-size: small;"> The Trial court found the accused guilty and convicted them.</span></div>
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<i><b><span style="color: red; font-size: x-large;">My Observation on Government is however different from that of media and that general public. </span></b></i><br />
<i><b><span style="color: red; font-size: small;"><br /></span></b></i><i><b><span style="color: blue; font-size: large;">Some section of media and that of Politics appear to be fully prejudiced. Bad loan creation took place due to corruption in banks and in politics. This culture is creation of Congress party which ruled over us for decades in the name of poor. Indira Gandhi nationalised banks apparently for poor. From 1991 exploitation of bank got started and slowly accelerated in the name of autonomy and freedom and it continued toll now. Culture does not change overnight.</span></b></i></div>
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<i><b><span style="color: blue; font-size: large;">It was absolutely due to wrong policies of P Chidambram, Manmohan Singh and preceding FM under rule of Congress party or UPA that bad loan rose to such an high extent. During that period bankers were forced to hide bad loans and project rosy pictures of bank to attract investment. </span></b></i></div>
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<i><b><span style="color: blue; font-size: large;">Under Modi rule ,bad loans are getting exposed. There are thousands of Mallya still hidden from public eyes . You appear to be victim of media vendetta created around Mallya to tarnish image of Modi. Sanction of loan takes place in banks and pressure comes from ruling Party. Now you can imagine who are real culprit. If an MP or a Minister or mr. Jaitley sits beside a looter in Parliament, it does not mean that looter is his product. Do you think that Jaitley should sir outside Parliament only because Mallya was sitting inside? Have you not been a witness of sanction of loan to bad borrowers by higher bosses even though existing irregularities.</span></b></i></div>
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<i><b><span style="color: blue; font-size: large;">Jaitley is no where part of story of bad loan creation. So far as misuse of power is concerned it is human nature and only a few can keep distance from it though with lot of suffering. He is making true effort from his mind and he may not get desired success or may get depends upon his ability to identify root causes of sickness and then prescribing proper medical treatment to cure it..</span></b></i></div>
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<i><b><span style="color: red; font-size: x-small;"><span style="color: blue; font-family: "arial" , sans-serif; font-size: large;">It is best management of Jaitley and his government that bankers are now actively involved in recovery of past dues. At the same time they are slowly and gradually exposing hidden bad loans. More than ten lac crores of loans are bad and it is not easy for any government to recover it with ineffective judiciary,ineffective administration and wrong culture of Politics taken roots all where.</span></span></b></i></div>
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<i><b><span style="color: blue; font-size: large;">Jaitley might have recommended for loan to few persons when he was in opposition. But Chidambram and his colleagues did during their rule is much more voluminous. It is like Khira chor and Hira Chor</span></b></i></div>
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<span style="background-color: white; color: #212121; white-space: pre-wrap;"><i><b><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">One after other cases pertaining to corruption of CMD or ED of PSU banks are now surfacing. CBI is slowly catching hold of black sheep of banks who caused banks huge losses and who themselves became wealthy and powerful. </span></b></i></span></div>
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<span style="background-color: white; color: #212121; white-space: pre-wrap;"><i><b><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">Congress government promoted culture of flattery and bribery and now slowly this trend is getting reversed and importance of flattery and bribery getting diluted.</span></b></i></span></div>
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<span style="background-color: white; color: #212121; white-space: pre-wrap;"><i><b><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">CBI has however not exposed any political leader who is usually a master mind behind a bad loan. CBI has to start booking politicians also who build pressure on bankers for finance to persons and companies of their choice. It is politicians ruling this country who have actually taught corrupt ways and means to bankers in the name of credit growth or GDP growth.</span></b></i></span></div>
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<span style="background-color: white; color: #212121; white-space: pre-wrap;"><i><b><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">Whenever any CMD or ED was found to be involved in bribe based lending, their political masters used to provide shield and finally corrupt officers used to acquitted and exonerated from all charges. This culture is gradually changing during the rule of Mr. Narendra Modi led BJP government.</span></b></i></span></div>
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<span style="background-color: white; color: #212121; white-space: pre-wrap;"><i><b><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">In old days, only junior officers used to be punished and made scapegoat for fault of senior bankers. At least , now seniors are also being caught . This change is to be appreciated.</span></b></i></span></div>
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<strong><span style="font-size: small;">BI REGISTERS A CASE AGAINST THEN EXECUTIVE DIRECTOR, CENTRAL BANK OF INDIA & OTHERS AND CONDUCTS SEARCHES</span></strong></div>
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<span style="font-size: small;">Press Release<br />New Delhi, 30.09.2016</span></div>
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<span style="font-size: small;"> The Central Bureau of Investigation has registered a case against, then Executive Director, Central Bank of India, (who retired as CMD of Canara Bank) and others on a complaint received from Central bank of India alleging therein that then Executive Director in criminal conspiracy with two Directors of private Transport company based at Delhi had allowed deviations in sanctioning credit facilities to the tune of Rs.13.5 crore (approx) to the said company in violation of the laid down rules & regulations. The firm turned defaulter in repayment of the loan to the tune of Rs.6.9 crore (approx) to the bank and corresponding wrongful gain to the said company.</span></div>
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<span style="font-size: small;"> Searches were conducted at the premises of accused in Delhi which led to recovery of incriminating documents. The documents showing investment of Rs. Two crore (approx) in the name of then ED, Central Bank of India and his family members were also recovered from his residence.</span></div>
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<span style="font-size: small;"> Further investigation is continuing.</span></div>
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<strong><span style="font-size: small;">CBI REGISTERS A CASE AGAINST THEN CMD OF UNITED BANK OF INDIA & OTHERS AND RECOVERS ASSETS WORTH CRORES DURING SEARCHES</span></strong></div>
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<span style="font-size: small;">Press Release<br />New Delhi, 15.09.2016</span></div>
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<span style="font-size: small;"> The Central Bureau of Investigation has registered a case under section 120-B of IPC r/w 13 (2) r/w 13(1) (d) of PC Act against then Chairman & Managing Director, United Bank of India; a private firm based at New Delhi; another private firm based at Kolkata and other unknown persons. It was alleged that the then public servant while posted as ED of Canara Bank in the year 2011 & as CMD of United Bank of India in the year 2013 had abused her official position & obtained certain amounts for herself or for a New Delhi based private firm (owned by her husband & her son), from the companies to whom various credit facilities were granted by the banks, where she had worked.</span></div>
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<span style="font-size: small;"> <span lang="EN-US">Searches conducted at the residential premises of accused persons in Delhi, Noid</span></span><span style="font-size: small;">a, Mumbai, Kolkata & Howrah led to the recovery of jewellery worth Rs. 2.85 Crore (approx) & Rs. 10.50 lakh (approx) cash from the bank lockers in her name & her family members; deposits of Rs. 5.42 crore (approx) in her name & family members; Rs. 2.26 Crore (approx) in her bank accounts; documents of two properties i.e. a three storey Bungalow at Noida & a flat at Vasant Kunj, New Delhi and two properties in the name of her family members in Delhi & Mumbai.</span></div>
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<span style="font-size: small;"> <span lang="EN-US">Further investigation is in progress.</span></span></div>
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<strong><span style="font-size: small;">CBI REGISTERS A CASE AGAINST THREE THEN ASSISTANT MANAGERS OF INDIAN OVERSEAS BANK AND OTHERS FOR CAUSING AN ALLEGED LOSS OF Rs. 321 CRORE (APPROX) TO GOVERNMENT EXCHEQUER</span></strong></div>
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<span style="font-size: small;">Press Release<br />New Delhi , 10.08.2016</span></div>
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<span style="font-size: small;"> The Central Bureau of Investigation has registered a case on a complaint received from Indian Overseas Bank, Zonal Office, Delhi u/s 120-B r/w 420 of IPC and Sec. 13(2) r/w 13(1) (d) of Prevention of Corruption Act, 1988 against three then Assistant Managers, Indian Overseas Bank, Chandigarh; a Proprietor of Chandigarh based private firm; Proprietor of another Chandigarh based private firm; two then Directors of another Chandigarh based private firm & also said firm; a Hong Kong based company; a Brigadier (Retd.) based at Chandigarh and other unknown public servants & private persons.</span></div>
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<span style="font-size: small;"> It was alleged that the accused persons in connivance / criminal conspiracy with the branch officials & with each other siphoned off the bank funds under the garb of Letter of Comfort in favour of Hong Kong based company purportedly issued by officials of Indian Overseas Bank, Chandigarh to Punjab National Bank (PNB), Dubai and Bank of Baroda (BoB), Bahamas. Based on these fraudulently issued Letters of Comfort, these Foreign Banks issued Buyers’ Credit to the account of accused companies abroad. An alleged loss of Rs. 321 crore (approx) was caused to the complainant bank (IOB) and the foreign branches of PNB and BoB.</span></div>
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<span style="font-size: small;"> Searches were conducted today at 14 locations at Chandigarh, Ludhiana, Panchkula, Amritsar and Zirakpur (Punjab) at the premises of accused which led to recovery of incriminating documents.</span></div>
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<span style="font-size: small;"> Further investigation is continuing.</span></div>
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Loan default case:ED attaches Rs 235 cr assets of Kolkata firm-Times of India-30.09.2016</h1>
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<b><span style="font-family: "georgia" , "times new roman" , serif;">Kolkata, Sep 29 (PTI) Enforcement Directorate (ED) today attached assets worth Rs 235 crore of a Kolkata-based firm in connection with its money laundering probe in an alleged bank loan default case of UCO bank.</span></b></div>
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<b><span style="font-family: "georgia" , "times new roman" , serif;">The agency said it has attached immovable properties worth Rs 233 crore and 19 bank accounts having deposits amounting to Rs 1.60 crore totalling about Rs 235 crore which belong to the Tayal group of companies under provisions of the Prevention of Money Laundering Act (PMLA).</span></b></div>
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<b><span style="font-family: "georgia" , "times new roman" , serif;">The ED took cognisance of the case on the basis of a CBI FIR which was registered on a complaint made by UCO bank against the group for alleged default of Rs 296 crore.</span></b></div>
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Chennai court sentences former bank official to jail term-Times of India-30.09.2016</h1>
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<span style="color: #1d2129; font-family: "helvetica" , "arial" , sans-serif; text-align: left; white-space: pre-wrap;"><i><b><span style="font-size: small;">A special CBI court in Chennai has sentenced a former manager of India Bank to five years rigorous imprisonment along with a fine of Rs 5 lakh for a bank fraud case.</span></b></i></span></div>
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CBI charges 16 in Rs 79.69 lakh fraud case-Indian Express-01.10.2016</h1>
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The incident happened between January 31, 2015 and June 29, 2015, where Tanaji Shrirang Borkar, the Bank of Baroda branch manager allegedly entered into a conspiracy with others causing financial loss to the bank.</h2>
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The Central Bureau of Investigation (CBI) has chargesheeted 16 individuals including branch manager of Bank of Baroda’s (BoB) Pimple Saudagar branch in an alleged case of financial fraud. The case had come to light in January 2016 after which the accused persons, which also include several employees of Shree Mungippa Steel Corporation, MK Associates, Jay Bharat Handloom House and Aditya Water Suppliers, were found to be allegedly involved in a fraud of Rs 79.69 lakh, where loans were disbursed to the firms based on forged documents.</div>
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The incident happened between January 31, 2015 and June 29, 2015, where Tanaji Shrirang Borkar, the BoB branch manager allegedly entered into a conspiracy with others causing financial loss to the bank.</div>
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Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com0tag:blogger.com,1999:blog-4044402403356121793.post-27466220745537089462016-07-01T08:58:00.001-07:002016-07-01T08:58:13.517-07:00Why Bank Loan Defaulters Should Demand Favour?<div style="text-align: justify;">
<i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>Following is an appeal by Mr. T. R. Radhakrishnan published in lawyersclub website , submittd below for the benefit of bankers. Government has to try to differentiate between good borrowers and bad borrowers, good bankers and bad bankers, good lawyers and bad lawyers, good Chartered Accountants and bad Chartered accountants, good politics and bad politics , good politicians and bad politicians, good judges and bad judges, and so on.</b></span></i></div>
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<i><span style="color: blue; font-family: "georgia";"><b><br /></b></span></i> <i><span style="color: blue; font-family: "georgia";"><b>Real transforamation and real reformation will take place only when government learn to award goodness and punish badness of a person, whosoever he or she may be. </b></span></i></div>
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<i><span style="color: blue; font-family: "georgia";"><b><br /></b></span></i> <i><span style="color: blue; font-family: "georgia";"><b>Policies , rules, guidelines and various dictates used by various ministries and departmental heads go unheard and unfollowed when Human resource assigned to execute these tasks are dishonest, disloyal, untrustworthy, selfish, greedy, cheaters, flatterers , yesman and manipulators.</b></span></i></div>
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<i><span style="color: blue; font-family: "georgia";"><b><br /></b></span></i> <i><span style="color: blue; font-family: "georgia";"><b>Our country is therefore best in making plans and policies but considered as worst in its execution. Government which will get success in reversing this trend and this evil culture will only be able to bring about real reformation and true transformation in the society.</b></span></i></div>
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<i><span style="color: blue; font-family: "georgia";"><b><br /></b></span></i> <i><span style="color: blue; font-family: "georgia";"><b>Politicians, bankers, officers , advocates, judges , almost all are busy in preaching good sermons, in delivery of motivating lectures, in conducting various workshops, trainings, conferences and publishing of books on morals, but unfortunately very few of them are truely and honestly putting their own valuable ideas and ear-soothing moral stories in practices.</b></span></i></div>
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<i><span style="color: blue; font-family: "georgia";"><b><br /></b></span></i> <i><span style="color: blue; font-family: "georgia";"><b>There is no synchronisation in mind , body and soul. Body of a person does not indicate what he thinks in mind and mind does not think what his soul teaches him to think. This is why , we find more preachers, more cheaters, more manipulators , more fraud committers than true and honest performers who believes and acts as per moral lesson taught to him or her or preached by him or her. </b></span></i></div>
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<i><span style="color: blue; font-family: "georgia";"><b>People in general act against what their conscience tells to do. People have lost their conscience in quest of money and power. Public servants who are supposed to serve common men and Indian citizen are busy more in serving their bosses in greed of quick money and quicker elevation in their career and less in serving people . Persons at the top posts love flatterers more, than people who abide by rules and who work honestly . Top officials and top politicians love not to real performers who follow guidelines for safety of their organisation but to those who blindly flatter them, gift them, garland them, earn bribe for them and keep red carpet always ready to welcome and worship them.</b></span></i></div>
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<i><span style="color: blue; font-family: "georgia";"><b>This is why, perhaps that all talented educated youth prefer going abroad for job than to serve their own motherland.</b></span></i></div>
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<i><span style="color: blue; font-family: "georgia";"><b><br /></b></span></i> <i><span style="color: blue; font-family: "georgia";"><b>For last three to four decades , many efforts by various bankers have been taken to stop evil culture prevailing in banking system, suggestions have been made by various committees to stop evil culture in politics which exploits banking for vote banks and various acts have been framed and formulated to recover money from defaulters, training colleges have been set up in all banks to teach bank staff various methods for good lending and to take prventive steps for best moitoring and for keeping and maintaining good health of bank's assets. </b></span></i><br />
<i><span style="color: blue; font-family: "georgia";"><b><br /></b></span></i> <i><span style="color: blue; font-family: "georgia";"><b>But unfortunately outcome of all these efforts appear to be negligible and ineffective. Only because there is no honesty in persons who are supposed to execute them. </b></span></i><br />
<i><span style="color: blue; font-family: "georgia";"><b><br /></b></span></i> <i><span style="color: blue; font-family: "georgia";"><b>Bank staff are taught many lessons for safe lending and strict monitoring. They listen all and forget soon because they do not accept these theories from their core of heart </b></span></i><br />
<i><span style="color: blue; font-family: "georgia";"><b><br /></b></span></i><i><span style="color: blue; font-family: "georgia";"><b>When a loan seeker approaches a bank officer for sanction of a loan, he or she forgets all principles of lending and find it better , convenient and beneficial to oblige Loan seeker if he gets some consideration in lieu of it. These considerations may be cash or in kind or a help in getting choice transfer or a favour in promotion. </b></span></i><br />
<i><span style="color: blue; font-family: "georgia";"><b><br /></b></span></i> <i><span style="color: blue; font-family: "georgia";"><b>Every bank has a merit oriented promotion and recruitment policy in force for last three decades, but in practice value is given by top officials not to merit but to flattery, bribery, caste and community and to recommendations received from top sitted persons , politicians and professionals.</b></span></i><br />
<i><span style="color: blue; font-family: "georgia";"><b><br /></b></span></i> <i><span style="color: blue; font-family: "georgia";"><b> Similarly a political person is taught several times not to press bankers for loan mela or for sanction of loan to a person of their choice or force bank to write off bad loans . But when a politician goes to field and delivers a lecture for mobilising votes during election campaign or when he gets power, he uses all unethical ways to force bankers to do injustice with bank, to favour his persons in loans etc. Code of conduct lies in papers only.</b></span></i><br />
<i><span style="color: blue; font-family: "georgia";"><b><br /></b></span></i> <i><span style="color: blue; font-family: "georgia";"><b>Similar is the position of lawyers, CAs, government officials, judicial officials, valuers, architects, contractors etc.</b></span></i><br />
<i><span style="color: blue; font-family: "georgia";"><b><br /></b></span></i> <span style="color: blue; font-family: "georgia";"><b><i>A doctor is taught hundreds of lessons for serving mankind . Doctors are considered God by those who are sick or who are wellwishers of patients. Still doctors use all unethical ways and means to cheat patients and to earn wealth through exploitation of helplessness of patients. </i></b></span><br />
<span style="color: blue; font-family: "georgia";"><b><i><br /></i></b></span> <span style="color: blue; font-family: "georgia";"><b><i>It is also because a person has to spend crores of rupees in undertaking medical course and getting a doctor's degree. </i></b></span><br />
<span style="color: blue; font-family: "georgia";"><b><i><br /></i></b></span> <span style="color: blue; font-family: "georgia";"><b><i>Similarly politicians use unethical ways to cheat voters so that they may recover multiple of amounts they spent in winning an election. All Kith and kin ,relatives and friends of powerful politicians get favour in all fields at the cost of more competent very person .</i></b></span><br />
<span style="color: blue; font-family: "georgia";"><b><i><br /></i></b></span> <span style="color: blue; font-family: "georgia";"><b><i>Similarly bank officers indulge in unethical practices to spend on higher bosses and to brighten their career. There is mad rush for wealth and power in all sphere of life. There is always a multi- member committee or board to select persons for higher post in transparent way and to give opportunities to best persons. But in practice, every member uses their power to give respect to choices of each member. There is a always a strong bonding , harmonic relationship and lovely unity among looters whereas on the contrary intelligent people are usually divided, whimsical and self centered.</i></b></span></div>
<i><span style="color: blue; font-family: "georgia";"><b><br /></b></span></i> <i><span style="font-family: "georgia";"><a href="http://www.lawyersclubindia.com/articles/An-open-appeal-to-Hon-ble-PM-and-Hon-ble-FM-on-recovery-of-NPA-7346.asp?utm_source=newsletter&utm_content=news&utm_medium=email&utm_campaign=nl_June">Link to source</a></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">The Hon’ble Prime Minister of India and the Hon’ble Finance Minister of India,</span></i><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> Dear Sirs,</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> Some of the recent pronouncements with regard to non-performing asset have created concern among the honest and upright borrowers particularly coming under the category of SME with integrity whose accounts have become non-performing assets (NPA) because of the circumstances beyond their control. Banks do have their right to recover their dues from the borrowers. But every right is derived out of a duty first to be performed and that duty being the concern and care of the borrowers and prevention of account being classified as NPA. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;">Indian banking sector have undergone changes from time to time. It passed through social control during the early 60s and then to nationalization of some banks in the year 1969 and then came the reforms of 1990. Since then the Indian banking system has been trying to integrate their activities with the global development and market and this has brought out drastic changes and reforms to keep up with the global trend. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;">The introduction of prudential norms particularly changed the very approach of the banks towards asset classifications and income recognition. But the reforms also put a great pressure on their profitability, compatibility and competitiveness with the world banking trend and market demands which led to the enactment of Recovery of Debts Due To Banks And Financial Institutions Act, 1993 (RDDB & FI Act) and its later amendments. After having found the ineffectiveness of the RDDB & FI Act and to give more power to the banks and financial institutions, yet another more stringent enactment of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) came into existence and amendment were introduced subsequently. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;">But did the reforms and the subsequent enactment of the Acts produce the desired result? </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;">Taking into account the quantum of recovery compared to total NPA and mounting incidents of NPA accounts, the result is pathetic and alarming. Now everyone connected with banking and finance look eagerly up to the recently passed Bankruptcy and Insolvency Act with great hopes and aspiration. A dispassionate and non prejudiced review of the past experience and the result achieved and an understanding of the present unpleasant financial situation prevailing in the banking and financial sector would indicate none too pleasant situation of the future. That is because what steps that were taken in the past and being pursued in the present and envisaged for the future are for treating the symptoms and not the disease. Hence, a reorientation in the approach to the existing problems is very much necessary to produce the desired results. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> An unbiased review of the measures taken for the recovery of debt shows that there is an underlying conflict of interest between the bank and the borrower client. Since "a conflict of interest is a set of circumstances that creates a risk that professional judgment or actions regarding a primary interest will be unduly influenced by a secondary interest”, it is imperative to understand what is the primary interest for both the bank and the borrower. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;">There exists a trust deficit and mutual suspicion creating a divide between the bank and the borrower with regard to their perceptions about their respective roles in their contribution to the nation building activities and social obligations. The primary objective of commercial banks is to accept deposits from the public and to lend for productive purposes. When the banks accept the deposits from the public, they become the custodian of public fund and keep it under trust. The duty and responsibility of the banks start when they deploy the funds for progress and development of commerce and industry. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;">The prime duty of the borrower is to utilize the funds for the productive purposes for which the bank has lent the funds. Hence, it is apparent that the roles of the bank and the borrower are complimentary to each other and not contradictory. But in the process of lending and utilization of funds, there arise conflicts of interest from time to time which affect the respective cash flows on either side depending on the situation prevailing then which results in the creation of non-performing assets which leads to recovery process being initiated by the bank which the borrower resents. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;">The perceived knowledge about non-performing asset by the borrower and the bank alike and the modus-operandi of the recovery process adopted by the banks leads to further conflict and prolonged litigations. This is counterproductive to the objectives of lending and utilization of funds affecting severely the economic wealth and health of the nation. Thus it is the inevitable necessity that such deterioration in the economic wealth and health of the nation should be arrested.</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> Understanding the respective roles of the bank and the borrower which are complimentary to each other is the first step. KYC (Know Your Customer) norms are already implemented. There is vast difference between knowing the customer and understanding the customer and hence more importantly new UYC (Understand Your Customer) norms are to be formulated in line with Banking Codes and Standards adopted by banks as per the norms announced by Banking Codes and Standards Board of India. The next step is to understand and accept the harsh realities and unpleasant truth regarding the prevailing situations in their correct perspectives by the bank and the borrower which may lead to a change of norms in the classification of the account as NPA. The initial two aforesaid steps are very important because </span></i><strong><i><span style="font-family: "georgia" , "times new roman" , serif;">“Understanding is the first step to acceptance, and only with acceptance can there be recovery.” </span></i></strong></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> Effective communication is the key to understanding because the very purpose of communication is to understand and to be understood which will pave the way for an endearing and enduring relationship between the bank and its clients. But currently the emphasis is on technology, fiscal policies, system and procedures etc which are, no doubt, positive steps for making the banking and financial system robust and dynamic. But the fact is that technology innovation can bring only the marvels of technology but it cannot produce economic results. Economic results are produced only by knowledgeable and self actualized human resources and quality leadership and also that relationship can be built up only with human beings and not with machines or any policies. Unfortunately no such steps seem to being initiated to produce economic and financial results by building up healthy and strong understanding, endearing and enduring relationship between the bank / financial institution and the clients. Today the </span></i><strong><i><span style="font-family: "georgia" , "times new roman" , serif;">‘relationship banking’</span></i></strong><i><span style="font-family: "georgia" , "times new roman" , serif;"> has given rise to </span></i><strong><i><span style="font-family: "georgia" , "times new roman" , serif;">‘faceless baking’ </span></i></strong><i><span style="font-family: "georgia" , "times new roman" , serif;">using technology and there seems to be no </span></i><strong><i><span style="font-family: "georgia" , "times new roman" , serif;">‘bonding’</span></i></strong><i><span style="font-family: "georgia" , "times new roman" , serif;"> but only </span></i><strong><i><span style="font-family: "georgia" , "times new roman" , serif;">‘binding’</span></i></strong><i><span style="font-family: "georgia" , "times new roman" , serif;"> between the bank and the customer. This is the basic difference found in what is being done in the recovery of dues of banks and financial institutions and what should have been adopted for the recovery such dues.</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> What is advocated now is a total change in the attitude and approach to recovery of dues by the banks / financial institutions and the borrowers. Since attitude is the approach that banks and financial institution take to lend and recover the dues, the result depends upon their attitudes and similarly is the attitude and approach of borrowers with regard to utilization of funds received by way of loan and payment of dues. Hence, a new concept of “Conscience Cum Conscious Banking” and “Recovery with a Human Touch” is if understood properly and implemented diligently, would ease the recovery of debts with the mutual consent of bank and borrower and facilitate reduction of NPA to a great extent if not totally eliminating them.</span></i></div>
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<strong><i><span style="font-family: "georgia" , "times new roman" , serif;">The Concept of “Conscience Cum Conscious Banking”. (CCC Banking)</span></i></strong></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> The dictionary meaning of conscience is “the part of you that judges how moral your actions are and makes you feel guilty about bad things that you have done or things you feel responsible for.” The legal meaning of conscience is “conscience: an internal sense of right and wrong. To respect differences between persons the law sometimes permits a conscience clause. Freedom of conscience is a human right.” (Collins Dictionary of Law © W.J. Stewart, 2006). The psychological definition of conscience states “Your conscience is what tells you whether an action is right or wrong. It is the reason you have guilt or remorse after doing something morally questionable, and the reason you feel relief or pride after telling the truth or giving to charity. It can also have an affect on decisions you are contemplating. If you just have a bad feeling about a possible action, your conscience may be telling you to choose otherwise. The sense of right and wrong is learned and deeply embedded, so someone with a very strict religious upbringing may have a more critical conscience than someone brought up with a looser moral compass.”</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> The dictionary meaning of ‘Conscious’ is “State of understanding and realisng something” and as per Wikipedia “Consciousness is the state or quality of awareness, or, of being aware of an external object or something within oneself. It has been defined as: sentience, awareness, subjectivity, the ability to experience or to feel, wakefulness, having a sense of selfhood, and the executive control system of the mind”</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> The concept may be considered more moralistic than practical. But more success can be achieved using a more moralistic approach than pursuing a ruthless way devoid of any justice, values and professional ethics. Every person has a conscience which is a very powerful part of the person. It helps him be aware of the world around him and it helps him have interaction with the world. With the conscience trained, the conscience empowers and helps every one. But, like all things in life, the conscience can have various degrees of training and capability.</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> The principal of “Conscience Cum Conscious Banking” is based on the fact that most people are honest and uphold integrity. The truth is that between the good and the bad, only the circumstances have to wedge in. Hence, as far as banking is concerned, the circumstances that trigger the creation of non-performing asset are to be identified and removed so that further deterioration of the secured assets does not take place. Further, a constant vigil without complacency and effective monitoring of credit would also ensure prevention of accounts’ becoming non-performing assets. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> A “Conscience Cum Conscious Banking” will usher in an environment of goodwill and mutual respect among banks / financial institutions and the customers without the feeling of being abused, shamed and threatened. It also inculcate a sense of belonging among the executives, employees and the customers leading to understanding the respective roles and mutual obligations and contributions towards the health and wealth of economy and the society alike. Further they would hold themselves and each other accountable for adhering to some set of agreed-upon values and ethics and for working toward an agreed-upon vision. Deviations and errors would be considered as an opportunity for learning and growth, rather than an excuse for blame and punishment. This does not mean that there won’t be any problems. In an uncertain and volatile business environment nobody can predict precisely the future outcome. But with trust and mutual understanding based on the culture, values and ethics that they developed, timely actions will be initiated tide over the problems and to achieve the goals of mutual welfare keeping the national interest above all. A Conscience Cum Conscious Banking will create an everlasting relationship between the bank and the customer with mutual help and respect which will also enable “Recovery with Human Touch”. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> “Recovery with human touch” is the process of recovery without jeopardizing the interest of the bank and financial institution and the borrower. The basic rule is to fix the problems and find solutions. There are two types of problems namely the internal problems of the banks, financial institutions and the borrowers respectively as the case may be which are within their individual domain and the other problems are external over which none have any control. Thus it is very important to recognize the cause of the problems to find solutions. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> “Recovery with human touch” is based on the following human behavioral principles:- “The greatest technology in the world hasn’t replaced the ultimate relationship building tool between a customer and a business: the human touch” and “Too often we under estimate the power of a touch, a smile, a kind word, a listening ear, an honest accomplishment, or the smallest act of caring, all of which have the potential to turn a life around” and more importantly the truth is that “Your situation is never permanent. It is what you make it. Life isn’t solid. It’s fluid. It changes”. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> The “Recovery with human touch” method is based on the fact that it takes considerable time to build and it takes no time to destroy. Considering the roles of the banks and that of the borrower, any wrong step that the bank make either to lend or to recover would certainly affect the borrower and vice versa any erroneous path that the borrower takes would also affects the bank since their existence are interdependent and not independent. Any weakening of the banking system is detrimental to the economy of the nation and so also any adverse features inflicted on the entrepreneur organization would also affect the contribution to the welfare of the society and deprive the livelihood of the multitude of the employees and workers engaged by the enterprise and also other stake and share holders. Hence, the principle behind “Recovery with Human Touch” is that any recovery process being adopted should not jeopardize the existence of both the lender and the borrower aiming only to reconstruct and not to destroy. In the ultimate analysis, the veritable realization of the organizational objectives and individual aspirations for banks and enterprises depend upon the following principle: “In management, the first concern of the company is the happiness of the people connected with it. If the people do not feel happy and cannot be made happy, that company does not deserve to exist.”</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> There may exist a different situation where the borrower never has any problem but tend to become non-paying. They are the willful defaulters. Their case is to be treated differently and with a firm resolve. Therefore, it is imperative that there should be a definite distinction made between honest borrower with integrity and willful defaulter. This distinction should be made objectively and subjectively taking into account the human sensitivity. Expediency should not be a policy to declare a borrower as a willful defaulter who has a long association with the bank or financial institution who has been doing well but who becomes a defaulter due to circumstances beyond their control. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> The broader steps that are envisaged under the “Recovery with Human Touch” are as follows.</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> 1. To begin with declare a moratorium on all cases pending with DRT, DRAT and other Courts for a period of two years pertaining to recovery proceedings of amounts more than a threshold limit on an experimental basis for which the limit has to be fixed. The remaining cases are to be tried in the respective<br /> Tribunals / Courts but without </span></i><strong><i><span style="font-family: "georgia" , "times new roman" , serif;">bias and prejudice. </span></i></strong></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> 2. Constitute an evaluation, assessment and appraisal committee in every state consisting of banking experts, representative from respective banks and financial institutions, representatives from respective industries and commerce whose case beyond the threshold is being evaluated in detail.</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> 3. Evaluation should be done by identifying the internal factors of the bank / financial institution and defaulted enterprise and also external factors which caused the account being classified as NPA. The primary aim of such an exercise is </span></i><strong><i><span style="font-family: "georgia" , "times new roman" , serif;">not to fix responsibility and punish</span></i></strong><i><span style="font-family: "georgia" , "times new roman" , serif;"> but to </span></i><strong><i><span style="font-family: "georgia" , "times new roman" , serif;">fixing the problems and finding solutions</span></i></strong><i><span style="font-family: "georgia" , "times new roman" , serif;"> to take the account out of its NPA status.</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> 4. Under the existing conditions there is a decision making paralysis due to fear psychosis of being held responsible and accountable for their actions prevailing among the executives of banks and financial institutions which is one of the reasons for the creation of non-performing assets because if the behaviour of the banks is governed by the attempt to escape risk, it will end up by taking the greatest and least risk of all, the risk of doing nothing. Hence, the executives should be allowed to take decisions boldly without fear or favour.</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> 5. To Implement the plan of action faithfully and diligently necessary support and help can be brought from outside also. A knowledgeable authority exclusively for the purpose of monitoring the implementation of the plan of action and to take such steps which are necessary for the success of the plan is to be constituted. A reporting system is to be devised to inform the concerned bank / financial institution and the borrower regarding the observations made by the monitoring authority and corrective steps to be taken without any delay.</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> 6. Rightly or wrongly the general perception of the borrowers out of experience is that the banks and financial institutions invoke legal proceedings without complying with the directives of RBI which is mandatory and many times by violating the provisions of the respective banking Acts with impunity and also violating the principles of natural justice. If any such incidents are found then such banks and financial institutions are to be pulled up and reprimanded and directed to fall in line with the instruction of RBI and complying with the provisions of the Acts and principles of natural justice.</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> 7. Most unfortunately it is found that most of the presiding officers of DRT and DRAT act as the recovery agents for banks and financial institutions. Even when clear evidences are produced against the banks and financial institutions for their wrong doings and even when higher courts’ citations are quoted during the course of legal proceedings, they are overlooked and orders are passed favoring the bank and financial institutions thereby denying justice and equity to the borrowers. Many are the cases when the borrowers and the guarantors have lost their livelihood and assets leading miserable lives devoid of human dignity. Such incidents are to be stopped to uphold equity, justice and principles of natural justice.</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> 8. The pitiable effect of classification of account as NPA is that all avenues of raising funds by the borrower enterprise are closed and the resultant effect is that the workers and employees engaged by them are deprived of their livelihood and the pathetic plight of them and their families and dependants are not at all being taken into consideration which may lead to social unrest which goes against the government objective of wealth creation and employment generation. Such incidents also violate the fundamental rights and human rights of such deprived workers and employees. Chances of such depravation are to be eliminated ensuring human dignity and decent existence to those who are deprived of their employment and livelihood.</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> 9. Of late it has become a practice for the banks and financial institutions to assign their debts to Asset Reconstruction Companies and Securitisation Companies which is another breeding ground for corruption and malpractices. Most of these companies are interested only in the real estate value aiding cartel of land mafia. In fact the banks and financial institutions shirk their duty and responsibility of rehabilitating the NPA to take it out of the purview of NPA. It only shows their inability to tackle the ticklish question of non-performing assets. Such transactions do not reduce the incidences of accounts becoming NPA but shifting them from one basket to another and does not solve the problem of recovery of non-performing assets. If the banks and financial institutions cannot deal with NPA, how can the Asset Reconstruction Companies and Securitisation Companies undertake managing non-performing assets? The assignment exercise is nothing but a sham and it will not produce the desired result destroying an otherwise potential industry. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> 10. The cases of housing loans, education loans and individual retail loans are to be treated in a different way and not at par with industrial or commercial loans because the circumstances and purposes are different. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> The aforesaid steps form only a general approach to be taken in solving the crisis of non-performing asset. If the concept of “Conscience Cum Conscious Banking” is accepted along with the “Recovery with a human touch” then more studies and research can be undertaken to finally making it as an Act or a system and procedure to be announced by RBI and also a part of corporate and SME good governance and which should be made mandatory for the bank and financial institutions and also business enterprises to be adopted and implemented under a time bound programe.. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> It may be argued that already avenues are available to resolve the problems of NPA under SICA Act through BIFR, CDR and rehabilitation programme as announced by RBI, Joint Lenders Committee formed as per RBI directive etc. But experience has shown that nothing timely is happening and the results are meager and not producing any tangible result. But in the envisaged concept, the basic difference is that there is a factor of compensating the enterprise for the losses and damages incurred by them on account of the wrong doings of the banks / financial institutions if it is proved which can be construed as lenders’ liability. </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> The prevailing approach of generalizing the reasons for the creation of non-performing assets though valid and since each case is different from the other, individual evaluation and assessment has to be undertaken to find solutions to the particular case. In order to make the approach to solving the problems of NPA a successful reality, it is necessary to understand the knowledge realities of the bank and financial institutions and that of the enterprise and the people managing the business on both sides. Since economic results are achieved by the concerted, unified and co-operative efforts of human resources, it is essential and inevitable that the importance of building a team of knowledgeable and highly motivated work force is to be established for the veritable realization of objectives of banks, financial institutions and the enterprise. Educating the work force and the customer is yet another important task along with undertaking training programmes to update the knowledge and skill for the effective and efficient implementation of plans and programmes for achieving goals.</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> Experts and officials may consider whatever that are stated above may seem to be utopian, non-practical and based on moralistic approach which has no value in the present day attitude. But there are many ways of implementing the aforesaid programmes effectively within the ambit of the law and RBI directives based on the above mentioned concepts. A review of various happenings in the history of the world, be it political, scientific inventions, discovery contributing to progress and development of the humanities show that all such initiatives have started with a vision which was opposed and unaccepted by the people at large in the beginning and later when the mission fulfilled successfully were appreciated and adopted and accommodated by them. What were considered impossible is made possible. Hence, the aforesaid approach can also be tried and when implemented with the true spirit and with sincerity of purpose and with commitment can definitely produce the desired result.</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> Lastly what is lacking in the financial sector and the entrepreneurial field is lack of leadership to carry out effective and successful implementation of plans and programmes. Leadership is lifting an employee’s and workers’ vision to high sights, the raising of their performance to a higher standard, the building of their personalities beyond their normal limitations. Empowering people is an enthralling quality of a true leader. The quality of leadership is the ability to recognize a problem before it becomes an emergency and lies in guiding others to success by ensuring that everyone is performing at their best, doing the work they are pledged to do and doing it well. “Experience is not what happens to a man. It is what a man does with what happens to him." Besides, "The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands in times of challenge and controversy.” </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> The success mantra is:</span></i></div>
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<strong><i><span style="font-family: "georgia" , "times new roman" , serif;">“</span></i></strong><strong><i><span style="font-family: "georgia" , "times new roman" , serif;">Winners are too busy to be sad,</span></i></strong></div>
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<strong><i><span style="font-family: "georgia" , "times new roman" , serif;">Too positive to be doubtful,</span></i></strong></div>
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<strong><i><span style="font-family: "georgia" , "times new roman" , serif;">Too optimistic to be fearful,</span></i></strong></div>
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<strong><i><span style="font-family: "georgia" , "times new roman" , serif;">And too determined to be defeated.” </span></i></strong></div>
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<strong><i><span style="font-family: "georgia" , "times new roman" , serif;">And let the clarion call of Swami Vivekananda be followed, “ARISE, AWAKE AND STOP NOT TILL THE GOAL IS REACHED”. JAI HIND.</span></i></strong></div>
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<strong><i><span style="font-family: "georgia" , "times new roman" , serif;">Sincerely Yours,</span></i></strong></div>
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<strong><i><span style="font-family: "georgia" , "times new roman" , serif;">T.R. Radhakrishnan</span></i></strong></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> (The author invites comments and opinions from readers. He can be contacted either through his email or mobile) )</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> (The author has advanced the concept of Conscience Cum Conscious Banking and Recovery with a Human Touch out his experience as an e x-banker and then as a facilitator for DRT cases.)</span></i><br />
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<i><span style="background-color: yellow; color: blue; font-family: Georgia; font-size: x-large;">Rajan speaks Truth on Bank NPA</span></i><br />
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<span data-offset-key="6fkjd-0-0"><span data-text="true"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">RBI Governor Raghuram Rajan delivered a speech on "Resolving Stress in the Banking Sytstem" at Bangaluru during an interactive meeting with industry and trade. </span></i></span></span></div>
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<span data-offset-key="bfbv7-0-0"><span data-text="true"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;"> The government and the RBI are helping our public sector bankers in this difficult time though it is a critical task. Rajan says in the last three years, RBI have paid all the surplus to the government . As such , the proposal of RBI providing capital to banks refects conflicts of interest. He says "This seems a non-transparent way of proceeding" </span></i></span></span></div>
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<span data-offset-key="ead7o-0-0"><span data-text="true"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">Govts are sometimes reluctant to infuse bank capital as there are so many more pressing demands for funds However, Rajan says that it is better that government capital be infused quickly in banks.</span></i></span></span></div>
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<span data-offset-key="fdd2r-0-0"><span data-text="true"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">Rajan says easier monetary policy is no answer to serious distress. He does not endorse the widespread belief in this regard..</span></i></span></span></div>
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<span data-offset-key="bkk5o-0-0"><span data-text="true"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">Those who diverted money, banks/investigative agencies should send the message that alternatives to repayment can be harsh. We should send message that no one can get away. Glad that the PMO is pushing prosecution of large frauds. Rajan says RBI has set up fraud monitoring cell to coordinate early reporting of fraud cases to investigative agencies He further says bank investors, after initially getting alarmed by the size of the disclosures, have bid up PSB bank shares. </span></i></span></span></div>
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<span data-offset-key="10mpu-0-0"><span data-text="true"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">RBI will shortly license a number of new Asset Reconstruction Companies (ARCs) We have coordinated with SEBI to increase penalties for wilful defaulters" .</span></i></span></span></div>
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<span data-offset-key="e2ji1-0-0"><span data-text="true"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">It is important that banks do not use the new flexible schemes for promoters who habitually misuse the system" "Indebted promoters are being forced to sell assets to repay lenders," .</span></i></span></span></div>
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<span data-offset-key="a4tek-0-0"><span data-text="true"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">Rajan says there is still room for upward valuation PSU bank shares if they can improve the prospects of recovery. Process for recovery, despite laws like SARFAESI, is prolonged and costly, especially when banks face well-connected promoters.</span></i></span></span></div>
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<span data-offset-key="ff9f5-0-0"><span data-text="true"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">Over-borrowed promoters often propose increase in scale so that bank’s outstanding debt and new loans all become serviceable.But if the project is unviable, doubling its size does not make it any more viable. Rajan advises banks not to throw good money after bad money because there is an unreliable promise that debt will become serviceable' </span></i></span></span></div>
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<span data-offset-key="7pj0r-0-0"><span data-text="true"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">At the same time Rajan has advised banks to censure completion of projects that are viable, even if it requires additional funds infusion. </span></i></span></span></div>
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<span data-offset-key="53da9-0-0"><span data-text="true"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">Rajan says that private banks' interest rate are equal or higher than PSU banks. Yet private banks' credit growth does not seem to have suffered. Need of the hour is to get government banks back into lending to industry and infrastructure , else credit and growth will suffer as economy picks up.He also added that private sector banks cannot substitute fully for the slowdown in public sector bank credit. </span></i></span></span></div>
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<span data-offset-key="338qq-0-0"><span data-text="true"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">Government banks were shrinking exposure to infrastructure/industry from early 2014 because of high past NPAs. It is not that due to high interest rate credit growth has come down. It is remarkable to note that slowdown in credit growth is only in public sector banks not in private sector though RBI prescribed rates applies equally to private and PSUbanks. . Obviously credit growth slowed down mainly because of stress and not because of high interest rate. </span></i></span></span></div>
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<span data-offset-key="voqh-0-0"><span data-text="true"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">The government is said to be considering a mega merger of 26 banks, which will create six big lenders.The proposal envisages major banks like State Bank of India, Punjab National Bank, Canara Bank, Union Bank, Bank of Baroda and Bank of India leading the merger. </span></i></span></span></div>
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<span data-offset-key="a7sj5-0-0"><span data-text="true"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">As a part of the proposal, Syndicate Bank, IOB and UCO Bank will be merged with Canara bank. Central Bank and Dena Bank may be merged with Union Bank, Other banks like Andhra Bank, Bank of Maharashtra, Vijaya Bank will be merged with Bank of India. </span></i></span></span></div>
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<span data-offset-key="d7bhr-0-0"><span data-text="true"><i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">However, the management of Bank of India that HR integration will be the biggest challenge during the merger. No bank was free of bad loans and the merger will not help in any way. Merger may help in increasing size of a bank , but cannot help in reduction of NPA or improvement of quality of lending and monitoring of assets</span></i></span></span></div>
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<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com0tag:blogger.com,1999:blog-4044402403356121793.post-16569573639212759712016-07-01T08:56:00.000-07:002016-07-01T08:56:10.070-07:00Why Trade Union Leaders Oppose Merger of Banks?<i><span style="font-family: "georgia" , "times new roman" , serif; font-size: x-large;">Bank employees oppose move to merge with SBI-News in THE HINDU on 16th June 2016</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Employees of five associate banks have decided to observe a nation-wide strike on July 12 and July 13, opposing the recent decision of the Cabinet to merge them with the State Bank of India. A decision to this effect was taken at a meeting of office bearers of All India Bank Employees’ Association (AIBEA) held in Chennai. AIBEA General Secretary C.H. Venkatachalam said it was decided that a strike would be observed by the employees of associate banks on July 12, followed by all banks on July 13. The strike call has been given by AIBEA and All India Bank Officers Association. On June 30, there will be protests in the State capitals. After the strike, an emergency meeting of AIBEA and AIBOA will be held. Also, United Forum of Bank Unions has given a call for strike on July 29 against banking reforms and labour reforms. </span></i><br />
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<i><span style="font-family: "georgia";"><a href="http://www.thehindu.com/business/Industry/bank-employees-oppose-move-to-merge-with-sbi/article8737677.ece">Link to The Hindu</a></span></i></div>
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<span style="font-family: "times new roman"; font-size: x-large;">State Bank officers’ body supports merger-The Hindu Business Line- 16th June 2016</span></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;">Coimbatore, June 16: </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;">A day after the Cabinet gave its nod for the merger of five associate banks and Bharatiya Mahila Bank with State Bank of India, President of All India State Bank Officers’ Federation (AISBOF) D Thomas Franco Rajendra Dev said, “The Federation supports the acquisition by the parent.”</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;">“We never wanted cross-merger for in it (cross-merger) we believed that we would be creating competition amongst us. Only the All India Bank Employees’ Association (AIBEA) was demanding the cross-merger of associate banks into one entity. We had always maintained that there was no need for merging the associate banks with SBI. Now it has been forced on us,” he told this correspondent. The Federation has formed three committees to discuss the various post-merger issues such as human resource (planning), possible closure of branches and ways to integrate the associations. </span></i></div>
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<b><i><span style="font-family: "georgia" , "times new roman" , serif;">Committees’ meeting</span></i></b><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;">“The committees met on Tuesday at Mumbai; held a discussion with the SBI Chairperson as well. We expect some quick follow up,” Rajendra Dev said adding, “only by next year, will things really happen.”</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;">Sharing some of the suggestions, he said, “Instead of closing branches located in close proximity, the bank can consider converting some into specialised branches. This would help redeploy the staff as well.”</span></i></div>
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<i></i><span style="font-family: "georgia" , "times new roman" , serif;"></span><br />
<a href="http://www.thehindubusinessline.com/money-and-banking/state-bank-officers-body-supports-merger/article8737641.ece">To The Hindu Business Line</a><br />
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<span style="color: red; font-size: large;">After the rightful decision of the UFBU at its meeting held on 11.05.2016 at Hyderabad to give the call for strike on 29.07.2016, we find that Government is fast going ahead with their plans for consolidation and merger. You are aware recently on 17.05.2016, in a hurriedly held board meeting, through a table agenda, decision has been taken to proceed towards closure of 5 Associate banks and to be merged with SBI.</span><br />
<span style="color: red; font-size: large;"><a href="http://importantbankingnews2.blogspot.in/2016/05/bank-strike-on-29th-july-2016.html">Link To Important Banking News on Bank Strike</a></span><br />
<span style="color: red; font-size: large;"><br /></span> <span style="color: red;"><span style="background-color: yellow; font-size: x-large;">Bank </span><span style="background-color: yellow; color: black; font-size: x-large;"> unions oppose SBI merger, to observe strike on July 12,13-Chandigarh Times-16th June 2016</span></span><br />
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<span style="font-size: large;">Employees are apprehensive over downsizing, closure of branches and redeployment by the SBI on the pretext of relocating the branches. They are demanding recovery of bad loans and action against defaulters.</span><br />
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<span style="font-size: large;"> Rajesh Sondhi, organising secretary, All-India State Bank of Patiala Employee Federation, said, “Instead of opting for a merger, the government should focus on controlling bad loans. The merger will not serve the purpose. It is against the interests of employees. Also, the five banks have contributed to the country’s growth and after the merger, they will lose their regional identity.”</span><br />
<a href="http://www.tribuneindia.com/news/business/bank-unions-oppose-sbi-merger-to-observe-strike-on-july-12-13/253004.html"><span style="font-size: large;">Read Full News Published in Chandigarh Times on 16th June 2016</span></a><br />
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<span style="background-color: yellow; font-size: x-large;">28 जुलाई को एसबीआई के सहयोगी बैंकों की हड़ताल</span><br />
<span style="background-color: yellow; font-size: x-large;">Amar Ujala 12th June 2016</span><br />
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वर्मा ने बताया कि भारतीय स्टेट बैंक के पांच सहयोगी बैंकों स्टेट बैंक ऑफ त्रावणकोर, स्टेट बैंक ऑफ मैसूर, स्टेट बैंक ऑफ हैदराबाद, स्टेट बैंक ऑफ बीकानेर एंड जयपुर और स्टेट बैंक ऑफ पटियाला के निदेशक मंडल की बैठक 17 मई को तत्काल बिना किसी पूर्व सूचना के बुलाई गई थी।<br />
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इस बैठक में एसबीआई के आदेश पर सभी सहयोगी बैंकों को बंद करने और एसबीआई द्वारा अधिग्रहण करने का एजेंडा लाया गया। एमएस वर्मा ने कहा कि एसबीआई प्रबंधन के विरोध में 21, 29 जून और 11 जुलाई को पांचों बैंकों के कर्मचारी प्रदर्शन करेंगे।<br />
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28 जुलाई को स्टेट सेक्टर बैंक इंप्लाइज एसोसिएशन और आल इंडिया बैंक इंप्लाइज एसोसिएशन के बैनर तले पांचों सहयोगी बैंकों में हड़ताल की जाएगी। इसके बाद भी अगर एसबीआई प्रबंधन ने अपना फैसला वापस नहीं लिया तो भविष्य में आंदोलन को और तेज किया जाएगा।<br />
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<span style="float: right; font-size: 80%; font-weight: lighter;">21-June-2016 19:03 IST </span><br />
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Clarification regarding News Report of Arrest of Tax Defaulters </div>
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Certain sections of the press have been carrying news reports today that Income Tax Department is going to arrest wilful defaulters of tax. <br />
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In this regard, it is clarified that no such statement has been authorised by the Income-tax Department. Though the provisions for arrest and detention by the Tax Recovery Officers in respect of the non-compliant tax defaulters are contained in the Income-tax Act, these are used extremely sparingly. </div>
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<span style="float: right; font-size: 80%; font-weight: lighter;">20-June-2016 17:11 IST </span><br />
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Quarterly Revision of Interest Rates for Small Savings Schemes </div>
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<title>On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis</title> <style>
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<span lang="EN-US">On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the second quarter of financial year 2016-17, on the basis of the interest compounding/payment built-in in the schemes, shall be as under:</span></div>
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<b><span lang="EN-US">Instrument </span></b></div>
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<b><span lang="EN-US">Rate of interest w.e.f. 01.04.2016 to 30.6.2016</span></b></div>
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<b><span lang="EN-US">Rate of interest w.e.f. 01.07.2016 to 30.9.2016</span></b></div>
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<b><span lang="EN-US">Compounding frequency</span></b></div>
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<span lang="EN-US">Savings Deposit</span></div>
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<span lang="EN-US">4.0</span></div>
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<span lang="EN-US">4.0</span></div>
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<span lang="EN-US">1 Year Time Deposit </span></div>
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<span lang="EN-US">7.1</span></div>
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<span lang="EN-US">7.1</span></div>
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<span lang="EN-US">Quarterly </span></div>
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<span lang="EN-US">2 Year Time Deposit </span></div>
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<span lang="EN-US">7.2</span></div>
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<span lang="EN-US">7.2</span></div>
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<span lang="EN-US">Quarterly </span></div>
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<span lang="EN-US">3 Year Time Deposit </span></div>
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<span lang="EN-US">7.4</span></div>
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<span lang="EN-US">7.4</span></div>
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<span lang="EN-US">Quarterly </span></div>
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<span lang="EN-US">5 Year Time Deposit </span></div>
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<span lang="EN-US">7.9</span></div>
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<span lang="EN-US">7.9</span></div>
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<span lang="EN-US">Quarterly </span></div>
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<span lang="EN-US">5 Year Recurring Deposit </span></div>
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<span lang="EN-US">7.4</span></div>
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<span lang="EN-US">7.4</span></div>
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<span lang="EN-US">Quarterly </span></div>
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<span lang="EN-US">5 Year Senior Citizens Savings Scheme </span></div>
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<span lang="EN-US">8.6</span></div>
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<span lang="EN-US">8.6</span></div>
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<span lang="EN-US">Quarterly and paid </span></div>
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<span lang="EN-US">5 year Monthly Income Account Scheme </span></div>
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<span lang="EN-US">7.8</span></div>
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<span lang="EN-US">7.8</span></div>
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<span lang="EN-US">Monthly and paid </span></div>
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<span lang="EN-US">5 Year National Savings Certificate </span></div>
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<span lang="EN-US">8.1</span></div>
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<span lang="EN-US">8.1</span></div>
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<span lang="EN-US">Annual </span></div>
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<span lang="EN-US">Public Provident Fund Scheme </span></div>
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<span lang="EN-US">8.1</span></div>
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<span lang="EN-US">8.1</span></div>
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<span lang="EN-US">Annual </span></div>
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<span lang="EN-US">KisanVikasPatra</span></div>
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<span lang="EN-US">7.8 (will mature in 110 months) </span></div>
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<span lang="EN-US">7.8 (will mature in 110 months)</span></div>
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<span lang="EN-US">Annual </span></div>
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<span lang="EN-US">SukanyaSamriddhi Account Scheme </span></div>
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<span lang="EN-US">8.6</span></div>
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<span lang="EN-US">8.6</span></div>
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<b><span lang="EN-US">*****</span></b></div>
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<b><span lang="EN-US">AR/KA</span></b></div>
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<span lang="EN-US"><h1 class="detail-title">
Study-loan defaulters get harsh life lesson from ARC-The Hindu Business Line</h1>
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<span class="author">LN Revathy</span> </div>
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Coimbatore, June 20: </div>
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Last month, J Padmapriya, a Coimbatore-based widow and mother of two, received a letter from Reliance Asset Reconstruction Company that had her reeling in shock.</div>
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The letter stated coldly that her son Radhakrishnan was in default on the ₹90,000 education loan he had taken from SBI in 2012 (for which she was guarantor), and that SBI had assigned all rights on the loan, which had been declared an NPA, to Reliance ARC. It directed Radhakrishnan to settle the outstanding amount of ₹1.22 lakh (including accrued interest) at one go, within 15 days. </div>
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Padmapriya acknowledges she and her son are in default, but says she was unable to repay the loan: her son was jobless for a year after completion of the course, by which time the moratorium on repayment expired, and interest began to accrue. She earns ₹6,000 a month and, struggling to survive, she fell behind on the EMI of ₹3,315. And, now, to be asked to pay ₹1.22 lakh in full is way beyond her capability, she laments.</div>
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<b>Indigent borrowers</b></div>
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Nor is Padmapriya alone in her predicament. Other defaulters on education loans from SBI, many of whom are in indigent circumstances, are in a similar fix, with Reliance ARC hustling them to repay their outstandings within 15 days. </div>
<div class="body">
Nirmala (name changed on request), 23, whose mother works as a domestic helper, availed of a ₹2 lakh education loan in 2006, but secured a job placement only in 2011. By then, her loan outstanding had more than doubled, and although she has since made part-repayments, she still owed SBI ₹1.2 lakh last November, when she received a letter from Reliance ARC that claimed, shockingly, that she owed it ₹2.25 lakh. </div>
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A tearful Nirmala says that Reliance ARC is now “putting pressure” on her mother to settle immediately. </div>
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<b>Foootnotes to a deal</b></div>
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Pitiful though their plight is, Padmapriya and Nirmala (and many others) are mere footnotes to larger, emotionless corporate deals that have touched their lives. In three tranches spread over 2015-16, SBI sold to Reliance ARC some 43,000 Education Term Loans (ETLs), corresponding to a total loan of ₹848 crore. </div>
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The bank’s ETL portfolio shrunk by ₹287 crore to ₹15,177 crore in FY 2016.</div>
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An SBI officer, who did not wish to be named, said the bank no longer had ownership of the ETL accounts, and so when the borrowers approached the branches, they were directed to Reliance ARC.</div>
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A communication from the SBI Corporate Office states: “While branches can accept the repayment and credit the amount into the Trust account of Reliance ARC, borrowers will have to obtain loan closure certificate from Reliance ARC only.” </div>
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Padmapriya says that when she sought an appointment with Reliance ARC staff, she was fobbed off. “When I explained that it would be impossible to settle the entire amount at once, he said, ‘we do not accept payment in monthly instalment. That is our policy’,” she recalls.</div>
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<b>Financial illiteracy</b></div>
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A lack of understanding of how the education loan repayment schedule is structured has compounded the borrowers’ problems. Nirmala says she was unaware that she had to make a token remittance every month beyond the moratorium period so as not to be in default. </div>
<div class="body">
In other cases, SBI appears to have unfairly shifted the goalposts. “While the scheme provides for a 10-year repayment period for loans up to ₹10 lakh, SBI had fixed it at five years,” noted a banker, seeking anonymity.</div>
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Right now, a clutch of defaulters, caught between an SBI that has washed its hands of them and a stern-sounding Reliance ARC, is running around seeking help from any quarter. They are not sure which regulator or consumer court can help them. </div>
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And since even the overall mood has turned against defaulters of bank loans, even sympathy is in short supply for those in this predicament.</div>
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Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com0tag:blogger.com,1999:blog-4044402403356121793.post-92223514351620889782016-07-01T08:53:00.003-07:002016-07-01T08:54:18.149-07:00Clever Banks Want Shield From CBI CVC And ACB<span style="font-size: large;">Bank officers are now demanding that decisions taken by them should not be under scrutiny of CBI or CVC . In other words they want that they should be provided shield from the actions of CBI or CVC or CVO or anti-corruption bureau. TO make it more clear , I may say that banks want unbridled freedom in taking decisions related to lending and that to write off or in arriving at compromise settlement with defaulting borrowers like King Mallya. </span><br />
<span style="font-size: large;"><br /></span> <span style="font-size: large;">Bankers are raising this demand not for the first time, but in the past too they have put such demand before Ministry of Finance to get patronage from them so that their evil works are not subjected to scanning by any other agency. They want to cover up their evil acts by submitting a purchased certificate from team of Chartered Accountants and Rating Agencies. </span><br />
<span style="font-size: large;"><br /></span> <span style="font-size: large;">It seems to me as ridiculous because record of last three four decades make it crystal clear that none of top officials of banks or PSU has been punished for their involvement in corruption. </span><br />
<span style="font-size: large;"><br /></span> <span style="font-size: large;">An individual , posted in any post from top to bottom in any office is punished only when he or she is thorn in the eyes of his or her bosses. To make it more clear , a government employees is safe as long as he or she is flatterer to his bosses and blidly follow the instruction of bosses without verifying the fact that the instruction given are lawful or not, morally right or not. On the contrary if an officer starts saying spade a spade, he has to face consequences even for small lapses. </span><br />
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<span style="font-size: large;">Based on facts and figure related to cases related to corruption filed in the office of CBI , CVC, CVO , Anti Corruption Bureau or filed in court of law and then analysing their rate of disposal, time taken in disposing off such cases, reasons behind closure of such cases, pending cases in want of permission from government , it can safely be said that government has willfully kept these bodies weak and ineffective . </span></div>
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<span style="font-size: large;">For this purpose it is well thought stretegy of the government has always been to keep these bodies disabled and provided with inadequate manpower and inadequate infrastructure. They have tactfully but wilfully weakened judicial system as also investigating agencies like CBI or CVC or other anti corruption agencies so that action against erring officers and politicians can be manipulated as per their whims and fancies. </span></div>
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<span style="font-size: large;">In other words, it will not be an exaggeration to say that administrative, investigative and judicial machinery all have collapsed in our country. Let us see what new governmemnt led by NDA do it to change the culture which has taken deep root during regime of past governments.</span></div>
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<span style="font-size: large;">In my view there is wilful conspiracy to keep these bodies weak, ineffective and by building undue pressure of whimsical transfer and arbitrary rejection in promotion processes. Adequate staff are not provided to judiciary also so that aggrieved employees cannot get justice even from court of law.. </span></div>
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<span style="font-size: large;">Inefficient , incapable , unskilled , untrained, unwilled and corrupt persons are mostly and wilfully provided to the valuable offices of CBI, Anti Corruption Bureau, Audit and Inspection department,Office of CAG, offices of CVC, offices of Chief vigilence Officers situated in various public sector undertakings so that none of cases pertaining to key figures can be decided in time . </span></div>
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<span style="font-size: large;">Whenever it is found by powerful politicians that any judge or any CBI official or any Vigilance officers is likely to prove charges of corruption against their friends, relatives and their political colleagues, such officers are immediately transferred to some critical, sensitive and remote places. </span></div>
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<span style="font-size: large;">Rich people use their money and muscle powers to torture investigating officials, witnesses and police officials to weaken the case or to ensure the closure of the case or to postpone the hearing for an indefinite period.</span></div>
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<span style="font-size: large;">Can any government stop such whimsical and arbitrary transfers and rejection in promotion processes.?</span></div>
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<span style="font-size: large;">Can any government ensure adequate staff at all Anti Corruption bodies ? </span></div>
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<span style="font-size: large;">Can government take the risk of providing efficient , effective, honest, stern,capable, skilled and well trained person to important bodies like CBI, High Courts, Supreme Court, Lower Courts, CVC or existing Ombudsman or in proposed office of Lokpal or Lokayukta?</span></div>
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<span style="font-size: large;">It is bitter truth that most of officials working as Vigilance officers in various Public Sector Undertakings, banks, insurance companies have totally failed to stop corruption in such offices.</span></div>
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<span style="font-size: large;">Thousands of cases related to corruption of employees of the organisation remains pending for years in the offices of Internal Vigilance Officers built in all government offices and eventually corrupt officials are exonerated or allowed safe retirement or at most motivated to submit resignation letter to finally close the files related to corruption, fraud and cheating.</span></div>
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<span style="font-size: large;"><br />How can anyone dream of justice in such offices where even protectors are corrupt and damagers. Even vigilance officers , audit officers and inspecting officers are bribed to close the file or weaken the case or to keep the case pending on flimsy ground for decades.</span></div>
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<h1 class="heading1" data-articletitle="" itemprop="headline">
PSU banks seek shield from CBI, CVC on loans</h1>
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<span itemprop="author">-<span style="font-size: large;">Times of India 7th June 2016</span></span></div>
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<span itemprop="author"><i><span style="font-family: "georgia" , "times new roman" , serif;">State-run banks have sought immunity from "unnecessary oversight" from agencies such as the Central Bureau of Investigation and the Central Vigilance Commission on decisions related to loans that are taken collectively. <br /><br />Bankers told TOIthat the issue has been flagged to the Bank Board Bureau (BBB) headed by former Comptroller and Auditor General Vinod Rai and also came up for discussion with finance minister Arun Jaitley on Monday in the context of settling loans on "commercial terms". "Gone are the days when one bank chairman could decide. We now follow a committee-driven approach where a group of people decide on every case. Subjecting bankers to unnecessary harassment, which often takes place after retirement, is impacting decisionmaking," a bank chief said. The latest move from banks comes against the backdrop of the high-profile case where former liquor baron Vijay Mallya has dues of close to Rs 9,000 crore and banks have mounted massive efforts to get the businessman to pay back. In the past, even top civil servants have expressed concern over the "unwarranted scrutiny" by the CBI and CVC, which they say hampers quicker decision making. <br /><br />Typically, a decision is taken by a consortium of banks and is then endorsed by the respective boards. In recent years, the CBI has questioned the decision of even committees set up by banks which have taken commercial decisions, bankers said. "Which chairman will decide if your decisions are challenged regularly? We have suggested that the government speak to the agencies and sensitize them about the need to avoid unnecessary scrutiny in case of collective decisions," the bank CEO said.</span></i> </span></div>
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<span itemprop="author"><a href="http://timesofindia.indiatimes.com/business/india-business/PSU-banks-seek-shield-from-CBI-CVC-on-loans/articleshow/52629059.cms"><span style="background-color: yellow; font-size: large;"><b>Link to News Published in Times of India on 7th of June 2016</b></span></a></span><br />
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<span style="font-size: x-large;">Swamy Crosses Limit Against Rajan , Governor RBI</span><br />
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Mr. Subramanium Swamy has alleged that the former IMF chief economist who is presently Governr of RBI , Mr Raghuram Rajan had planted "a time bomb" in the Indian financial system in the year 2013 that will explode in December 2016. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br />On May 26, Swamy had levelled six allegations against Rajan, Mr. Swamy has alleged that Rajan is sending confidential and sensitive financial information around the world, and hence Swamyhas asked the Prime Minister to sack him immediately. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br />Prior to that, Swamy had claimed that Rajan was "mentally not fully Indian" and alleged that he has "wilfully" wrecked the economy. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">I do not at all endorse the style of Mr. Subramanium Swamy criticisng and indirectly abusing Mr. Raghuram Rajan Governor RBI in public domain. After all , Mr Rajan holds a Costitutional , prestigious, powerful and the most important post of the country so far as economics of the country and its management is concerned. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br />I am of strong opinion that none of politicians should be allowed to criticise any public servant . Because officers working in any department of public sector undertaking has to discharge his duties without any fear of repercussion. And if every political leaders start targeting government officials as per their sweet will, it will create chaos in the administration and ultimately result in adverse impact on governance. Officers in such environment think it wiser and safer to please politicians than to discharge their duty honestly and sincerely.</span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Even small village level political leader , either of ruling or that of opposition parties tries his best always to blackmail government servants or build unwarranted and illegal pressure on government servants for allowing illegal favour to them and for serving self interests of local politicians ,state level political masters or central leaders or their kith and kins or their friends and relatives violating all existing laws and sacrificing the interest of the state and in total disregard to rules of morality. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">This is one of the key reasons, why government officers spend crores of rupees from government treasury to extend red carpet welcome to ministers in particular and politicians in general and also in distributing costly gifts to their political masters. In turn they earn crores of rupees from contractors, vendors and business houses and even from government servants in form of bribe for allowing illegal discounts and rebates and for allowing public servants to earn bribe in lieu of undue favour .</span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;"> Rather I would like to say that use of power of transferring an officer by politicians or in recommending promotion or rejection of a government servant in annual processes carried out for promotions of public servants , has created , irrigated and promoted a culture of flattery and bribery in almost all offices including PSU banks. This evil culture is prevalent in all public sector banks and all PSUs. Workers find more interest in serving their bosses than in serving their organisation or their country. This evil culture has damaged the work culture in police departments and even in defence services.</span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">AS soon as a new Chief Minister joins his duty in a state , he or she prepares a chain of transfers to accomodate officers and staff as per his or her choice and to suit his or her political strategy. As a result of this dirty culture followed by almost all political masters, officers instead of focussing on their work , have started focussing on how to please their political masters and how to oblige ministers and powerful persons so that evil acts of such corrupt officers are not put in question or even if questions are raised by media men or some agencies , they may get full protection and acquitted from all charges of corruption and irregularity taken place in discharging their duties.. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">I have no doubt in saying that government officers are using political powers in general to brighten their career and to grow in their personal power and wealth and during this course of ugly action , they totally sacrifice the interest of the organisation they serve and the government under which they work. This evil culture is mainly responsible for large scale corruption prevalent in govrnment departments, banks and insurance companies or in all pUblic sector enterprises. This evil culture has created a vicous cycle of flattery and bribery in which officers and politicians play mutual blame game but never own their own responsibility, frauds and failures.</span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">I hereby make it clear that there may be valid points in what Mr. Subramanium Swamy says about Mr. Raghu Ram Rajan , Governor RBI. There may be merit in what Mr. Swamy has been alleging against Mr. Rajan. His all points must be verified and investigated by appropriate authorities. But there is well established procedure to place such information seeking action against accused officer or any government staff . There is provision for giving sufficient opportunity to every accused to explain in his or her defense. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Mr. Swamy therefore is not justified in putting blame on Mr. Rajan in public domain and has got no right to malign image of a dignified and reputed person like Mr. Rajan . If Rajan is guilty of playing a foul game to cause loss to the country , he must be punished by following lawful procedure but he should in no case be humiliated in the manner in which Mr. Swamy is doing against Mr. Rajan. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">If Mr. Swamy is not restrained from his unlawful action , other politicians will also be motivated to follow similar type of character assassination at all levels to mlaign image of any government servants whoever denies to serve the ill-motivated politicians as per their whims and caprices. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">I know very well through my four decade long services , how even low level political worker exerts pressure on staff each banks, government offices and PSUs to ensure that his self interest is served without any hindrances and no one dares challenge unlawful demand of such corrupt political worker because everyone knows that they will not get protection from their superiors even if they are cent percent right in their approach.</span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">And the most painful is that if such officer complains to any higher office or a police station or any regulator against wrong demands of such politicians , none of seniors or police officers will dare to come to the rescue and none of them will ever try to safeguard such officer from torture of corrupt politicians . </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">This is why government officers has made a habit of blidly following the instruction of politicians even though such instructions are many times unlawful and damaging to the interest of the country. Even the policy of whistle blower has not convinced honest workers and also failed to create deterrent affect on evil workers and politicians who have been engaged in committing crime one after the other.</span></b></i></div>
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<i><b><span style="background-color: yellow; font-family: "georgia" , "times new roman" , serif;">I therefore once again make an appeal to the government , specially to Mr. Narendra modi to restrain persons like Swamy in tarnishing the image of any officer. Please do not allow the work culture to move from bad to worse . People of India have great expectation from Mr. Modi and they are fully confident and convinced that Mr Modi for the sake of good governance will not allow political exploitation of government staff in any manner. Otherwise , public servants will like to continue to act and remain as slave of these politicians and country will continue to suffer. </span></b></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;">India is a country of 126 crore population and there is no scarcity of intelligent people in our country who can perform equal or better than Mr. Raghuram Rajan, present Governor of Reserve bank of India. A vast country like India cannot be dependent on any one person for long for economic prosperity or economic stability . And none of politicians or government servant is indispensible in country like India or anywhere in the world. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">We have seen many Governors earning name and fame. But we have to see which Governor has helped the economy in growing on permanent basis and who has strengthened roots of our economy. We must analyse pros and cons of the matter, assess merits and demerits of Rajan regime,i identify strength, risk and threat probabale due to Rajan and finally it is to be ascertained whether awarding him with second term will prove beneficial for the country or prove to be a losing game. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">We cannot allow politicians like Mr Subramanium Swami to malign image of a public servant , that too person like Rajan holding a prestigious post of RBI Governor. We cannot allow propaganda war or media war against a post like RBI Governor. At the same time we cannot totally ignore allegations against Mr Rajan put forward by Mr. Swami. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;">I simply stress here to say that Government must restrain Swami criticising RBI Governor in public domain. Any Government does not like any of his party men criticising its own government in public domain . Similarly it should not like criticism of any public servant by any politician in public domain . There is a properly defined and set procedure for moving against an erring public servant and it must be followed by all to maintian minimum decency and decorum in the matter of governance.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Here I would like to say that our country was facing rating downgrade in the year 2013 due to decade long misrule of UPA government led by Finance Minister like Mr. P Chidambram and his predecessors. Country lost lacs of crores of rupees in a chain of scams unearthed by CAG, opposition parties , Team Anna , social workers, RTI experts, lawyers like Prashant Bhusan and Mr. Subramanium Swami. Image of our country was tarnished and fully blackened during UPA rule . Environment became unconducive for growth in business, for new investment in business and for FDI in India . </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;">During UPA rule, IIP figure came to negative zone. Inflation went beyond control . Foreign exchange reserve faced erosion . Value of Indian currency faced sharp and faster erosion. Exporters and importers started facing problems due to unbearable volatality in value of Indian rupee and rise in value of dollars in International market . Current account deficit and Fiscal deficit went above tolerable and sustainable limits. Rating agencies started threatening downgrading of sovereign rating of our country. UPA government in the year 2013 got criticism from all corners on all fronts.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> When the situation went beyond control , the then clever Finance Minister Mr. Chidambram appointed Mr. Raghuram Rajan ,world famous economist as RBI Governor. He took this step in the last leg of his government . </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Here it will not be out of place to mention that it was bad policies of his government and mismangement and exploitation of PSU banks by FM Mr. Chidambram that health of public sector banks started facing capital crisis year after year and banks started facing abnormal rise in bad assets . Mr. Chidambram did not allow Chiefs of PSU banks to treat bad assets as bad assets and this is why a large amount of bad assets were concealed by clever and corrupt bankers. It became culture of every banks to hide bad assets and show them all as standard so that they need not make any provision for these bad assets as required under prudential norms set by RBI. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">All PSU banks indulged in fraudulent exercise and they under a stretegy made lesser provision to artificially inflate annual net profit and to earn blessings of corrupt FM of that time. In order to book higher credit growth they were forced to lend in infrastructure projects. Banks started using short term funds for long term uses and thus invited liquidity crisis. Rising bad debts hidden in balance sheets added fuel to fire.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">As soon as Mr. Rajan took charge of RBI as Governor , things started moving in positive direction due to temporary , permanent , and faster steps taken by clever Mr. Rajan to stop fall in Rupee price , to control fiscal deficint ,to contain rise in bad debts and to bring inflation in control .</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">A few months after appointment of Mr. Rahuram Rajan as Governor of RBI, UPA government lost the election due to its misdeeds and Mr. Narendra Modi led NDA government came to power in the year 2014. Mr. Arun Jaitley became Finance Minister in Government led by Mr. Narendra Modi and both worked in cooperation with RBI Governor Mr. Rajan for almostt two years. Economy moved up and progress were visible in every parameter including inflation, fiscal deficit , rupee value etc. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Though there was huge pressure from the side of Government and business class for reduction of interest rate , Rajan did so in phased manner so that purpose of containing inflation could also be served along with executing the advice of Modi govrnment. There was overall good understanding among all three stalwarts. Cleaning of banks also started and geared up gradually.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Here I would like to express that any more reduction in interest rate may prove deterimental and suicidal step for Indian economy from my point of view. Low interest rate regime may prove helpful to rich class business community to some extent, but in the long run it will cause much more damage to the economy , to savings culture of people of India and cause consequent erosion in investment capacity of the government. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">A country cannot propsper on permanent basis if it has no adequate resources for investment and that for expenditure and spendng on social welfare schemes. Similarly savings is the source of fund for public sector banks and if people of India start putting their savings in other better avenues, banks will face liquidity problem as well as its capacity to lend will be adversely affected. And when bank's capacity to lend is reduced, GDP growth will also fall. Obviously FM and the government will find it very difficult to save banks from further damage , further detrioration in health and final disaster if they contrinue to cut interest rate . </span></i><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;">In my view banks can invest in long term projects only if it is able to get long term deposits from savers. And banks should offer at least 10 percent rate to savers and there is no harm if lending rate goes up due to this to some extent. Because role of interest in majority of projects is negligible in earning profit and in its sustenance. But role of interest rate is considerably higher in survival and sustenance of pensioners and people whose family is run on interest income on their hard earned business income or terminal benefits for salaried class people.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />It is Mr. Rajan who ordered Asset quality Review of PSU bank of large 150 borrowal accounts and adivsed banks to consider bad accounts as pointed out by RBI auditors as Non Performing Assets. This forced banks to treat these accounts as NPA and make higher provisions for them which resulted in loss to some bank or erosion in profits of almost all banks. Due to this bank officials who were blindly distributing bank's fund as charity to persons and companies they liked were forced to put a check point on reckless lending. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Bank officers were forced to stop slippages and recover money from wilfull defaulters. He advised government to make legal set up effective and active to help banks in recovering money from defaulters. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Government came out with Bankruptcy and Insolvency Code 2016 to create an environment of credit discipline and inculcate good habits in business community and to ensure repayment culture which was spoilt by past governments. Government has introduced amendment bills in Parliament seeking improvement in DRT act and SARFACIE Act to make them banker friendly and make them as curse for cheater borrowers of banks. All taken together will help in beinging Achhe Din for banks. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">But Corrupt top officials, corrupt business houses and corrupt politicians who were looting banks for their self interest did not find it good that RBI head Mr. Rajan become strict in compliance of set guidelines and identification of NPA as per preudential norms set by RBI. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Business houses and politicians who were getting loan after loan and who were not repaying loan in time were getting exposed and facing threat of legal action and humiliation in business community. They came together and planned ways to eliminate Rajan from picutre who forced Banks to change from acting as bad of roses to act as bad of thorns for defaulters. They could not digest compliance of rules by Rajan. And hence Mr. Swami portrayed the picture of Rajan as anti-national and a hinderance in the path of low rate regime.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />To ilustrate, I submit one case for your study. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />A patient goes to a Doctor and after examining all patholgical tests, the doctor prescribes sour medicine and surgical operations to cure the patient. This doctor is considered a beast by patient and anti-human. On the other hand if the same patient goes to another doctor who after examining all symptoms , says that patient is ok in all respect and need not take any medicine. Rather he advises to take sleeping pills , drugs and wine to forget sickness. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br />After some time patiens gets cure in first case whereas on the other hand the same patient may die in case of obeying advice of other doctor. Rajan is acting similar to first doctor and hence rejected by the banking patient who is addicted to taking wine, drugs and sleeping pills . </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">On the other hand FM like Chidambram preferred second line of action and he managed all Governors of the past to a great extent in following his line of action. As a result of his ill-advice , all banks are now in worst health condition and likely to collapse.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> Rajan committed a blunder by exposing critical sickness inflicted in body of banks and by prescribing sour medicine , painful injection into bank's body and by carrying out surgical operation on PSU banks to remove evil culture of concealment and window dressing. He in cooperation with Modi government stopped culture of selling post of ED and CMD which used to take place during UPA regime. He helped government in formation of Bank Board Bureau headed by hard core honest and sinceere person Mr. Vinod Rai for improving health of banks. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Now after end of Rajan's tenure , it will be hard nut to crack for new comer to cure the ailing banking system and to set right the economic system which was ruined by past governments. I say so because evil culture in lending is deep rooted in banking culture and it is not easy for anyone to stop rising trend in NPA .</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> New comer may again resort to art of restructuring and evergreening of bad loans or selling of bad loans to ARC to conceal bad loan in another bottle and inflate profit as done in the past. But there is no doubt in it that bomb of NPA has to explode , sooner or the later. </span></i><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;">Our country run on the basis of certificates and banners. Team of Chartered Accountants will be bought to certify bad loans as good loans and again all banks will start booking higher false profits by saving provisions on bad loans. But this is not a permancnet solution to the problem banks are facing or country is facing.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Lastly I like to make it clear that I never mean to say that alleged guilt of Rajan should be ignored only because he has taken some good steps to improve health of economy and that of banks. I rather feel that all charges levelled against Mr. Rajan by Mr. subramanium Swamy must be investigated and proper action must be taken if needed. But dirty politics on continuance of a person like Mr. Rajan inparticualr or on any governent officials in general will give rise nothing but a chain of evil culture where politicians will bark upon public seervants to serve their self motive and get their illegal work done.</b> </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Ultimately this invisible fear of humiliation promotes a culture of flattery and bribery in administrative officials. It is open secret , that good officers are subjected to torturous transfers and face rejection in promotion processes if they do not flatter to their bosses in political circle.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> IAS and IPS officers are indulged in flattery to their ministers at the cost of national interest. If Swami like politicians continue to attack top officials , culture of flattery and bribery will rise more and more and all efforts to contain and control corruption will go in vain. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Country will progress only by inculcating good cultre in all departments where good workers can perform and bad workers are ignored or removed. WE have to create an environment where all workers can work without fear of political intervention , repercussions and without fear of getting torturous transfers or rejection in promotion processes . Until HR policies are made performance oriented and until flattery is given a final good bye , we cannot hope of any reformation and transformation in the system.</span></i><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;">I hope Mr. Narendra Modi who is sincere, honest and hard worker for the progress of the country and for the comfort of common men will take cognizance of evil design of Mr. Swami and take appropriate corrective action to stop recurrence of the same. </span></i><br />
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<span style="color: red; font-size: large;">Here are 10 points Mr. Raghuram Rajan stated in his letter addressed to the RBI team-</span> <br />
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1) When I took over, India was labelled one of the 'Fragile Five' <br />
2) I laid out an agenda for action and a new monetary framework. <br />
3) We focussed on bringing inflation down and raising forex reserves. <br />
4) My plan took on the licensing of niche and general banks by committees. <br />
5) I undertook the creation of the Bharat Bill Payment system and the Trade Receivables Exchange. <br />
6) Extended payments to all through mobile phones. <br />
7) Developed a large loan database to better map distress in this area. <br />
8) Today inflation has been halved and savers earn positive interest after a long time. <br />
9) Currency has stablized and government has launched a 40 year bond for the first time. <br />
10) The new Bank Board Bureau has been instrumental in creating a structure for PSBs. <br />
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<span style="color: red; font-size: large;"><b>Here in below is full text of letter written by RBI governor Mr. Rajan to his staff:--</b></span><br />
Message to RBI staff from Dr. Raghuram Rajan.<br />
Dear Colleagues,<br />
I took office in September 2013 as the 23rd Governor of the Reserve Bank of India. At that time, the currency was plunging daily, inflation was high, and growth was weak. India was then deemed one of the “Fragile Five”. In my opening statement as Governor, I laid out an agenda for action that I had discussed with you, including a new monetary framework that focused on bringing inflation down, raising of Foreign Currency Non-Resident (B) deposits to bolster our foreign exchange reserves, transparent licensing of new universal and niche banks by committees of unimpeachable integrity, creating new institutions such as the Bharat Bill Payment System and the Trade Receivables Exchange, expanding payments to all via mobile phones, and developing a large loan data base to better map and resolve the extent of system-wide distress. <br />
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By implementing these measures, I said we would “build a bridge to the future, over the stormy waves produced by global financial markets”. <br />
Today, I feel proud that we at the Reserve Bank have delivered on all these proposals. <br />
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A new inflation-focused framework is in place that has helped halve inflation and allowed savers to earn positive real interest rates on deposits after a long time. We have also been able to cut interest rates by 150 basis points after raising them initially. This has reduced the nominal interest rate the government has to pay even while lengthening maturities it can issue – the government has been able to issue a 40 year bond for the first time. Finally, the currency stabilized after our actions, and our foreign exchange reserves are at a record high, even after we have fully provided for the outflow of foreign currency deposits we secured in 2013. Today, we are the fastest growing large economy in the world, having long exited the ranks of the Fragile Five.<br />
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We have done far more than was laid out in that initial statement, including helping the government reform the process of appointing Public Sector Bank management through the creation of the Bank Board Bureau (based on the recommendation of the RBI-appointed Nayak Committee), creating a whole set of new structures to allow banks to recover payments from failing projects, and forcing timely bank recognition of their unacknowledged bad debts and provisioning under the Asset Quality Review (AQR). <br />
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We have worked on an enabling framework for National Payments Corporation of India to roll out the Universal Payment Interface, which will soon revolutionize mobile to mobile payments in the country. Internally, the RBI has gone through a restructuring and streamlining, designed and driven by our own senior staff. We are strengthening the specialization and skills of our employees so that they are second to none in the world. In everything we have done, we have been guided by the eminent public citizens on our Board such as Padma Vibhushan Dr. Anil Kakodkar, former Chairman of the Atomic Energy Commission and Padma Bhushan and Magsaysay award winner Ela Bhatt of the Self Employed Women’s Association. <br />
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The integrity and capability of our people, and the transparency of our actions, is unparalleled, and I am proud to be a part of such a fine organization. <br />
I am an academic and I have always made it clear that my ultimate home is in the realm of ideas. The approaching end of my three year term, and of my leave at the University of Chicago, was therefore a good time to reflect on how much we had accomplished. While all of what we laid out on that first day is done, two subsequent developments are yet to be completed. Inflation is in the target zone, but the monetary policy committee that will set policy has yet to be formed. Moreover, the bank clean up initiated under the Asset Quality Review, having already brought more credibility to bank balance sheets, is still ongoing. International developments also pose some risks in the short term. <br />
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While I was open to seeing these developments through, on due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016. I will, of course, always be available to serve my country when needed.<br />
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Colleagues, we have worked with the government over the last three years to create a platform of macroeconomic and institutional stability. I am sure the work we have done will enable us to ride out imminent sources of market volatility like the threat of Brexit. We have made adequate preparations for the repayment of Foreign Currency Non-Resident (B) deposits and their outflow, managed properly, should largely be a non-event. Morale at the Bank is high because of your accomplishments. <br />
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I am sure the reforms the government is undertaking, together with what will be done by you and other regulators, will build on this platform and reflect in greater job growth and prosperity for our people in the years to come. I am confident my successor will take us to new heights with your help. I will still be working with you for the next couple of months, but let me thank all of you in the RBI family in advance for your dedicated work and unflinching support. It has been a fantastic journey together!<br />
With gratitude<br />
Yours sincerely<br />
Raghuram G. Rajan<br />
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<i><span style="background-color: yellow; color: red; font-family: "georgia" , "times new roman" , serif; font-size: large;">As Rajan ends speculation on his continuance, Hindustan Times takes a look at his achievements as the central bank’s chief:</span></i><br />
<i><span style="background-color: yellow; color: red; font-family: "georgia"; font-size: large;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Stabilising Rupee: The rupee, which weakened to a record 68.80 against the dollar in August 2013, stabilised over 10% between September and December 2013 after a number of RBI measures taken on the day of his joining the central bank. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Beefing Up Reserves: Today, India’s foreign exchange reserves are at a record high of $363.23 billion as on June 10.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Easier Banking: Rajan also released on-tap licensing to ease the process of universal bank applications that enable services such as payments via mobile phones.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Inflation-focused Monetary Policy: Under his governorship, the RBI came out with a new monetary framework that focused on bringing inflation down and raising of Foreign Currency Non-Resident (B) deposits to bolster foreign exchange reserves.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Inflation: Rajan’s sustained policy focus helped the RBI bring down inflation to below 5%. Under him, a new monetary framework that focused on bringing inflation down was formalised.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Interest Rates: Lower inflation and stability in currency markets helped Rajan bring down key repo rate to a five-year low. This helped the economic growth and consumer spending.<br />Outside the RBI </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Rajan predicted the 2008 global financial crisis. In 2005, at an event honouring Alan Greenspan, who was about to retire as chairperson of the US Federal Reserve, Rajan delivered a paper on “Has Financial Development Made the World Riskier?”, and he argued that the disaster might be looming. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br />IMF chief Christine Lagarde said at an RBI event in March 2015 that the world should have listened to Rajan.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="background-color: yellow; color: red; font-family: "georgia"; font-size: x-large;">Indian Express writes about unfinished agenda of outgoing Mr. Rajan</span></i><br />
<i><span style="background-color: yellow; color: red; font-family: "georgia"; font-size: x-large;"><br /></span></i> <i><span style="color: red;"><b><span style="background-color: white; font-family: "georgia" , "times new roman" , serif; font-size: large;">His unfinished agenda</span></b></span></i><br />
<i><span style="color: red;"><b><span style="background-color: white; font-family: "georgia" , "times new roman" , serif;"></span></b></span></i><i><span style="color: red;"><b><span style="background-color: white; font-family: "georgia" , "times new roman" , serif;"><br />* Monetary policy committee that will set policy framework is yet to be formed<br />* The bank clean up initiated under the Asset Quality Review, is still ongoing<br />* Navigate the country through the Federal Reserve’s interest hike cycle</span></b><br /><b><span style="background-color: white; font-family: "georgia" , "times new roman" , serif; font-size: large;"></span></b><b><span style="background-color: white; font-family: "georgia" , "times new roman" , serif; font-size: large;"><br />Risks looming large</span></b><br /><b><span style="background-color: white; font-family: "georgia"; font-size: large;"></span></b><b><span style="background-color: white; font-family: "georgia" , "times new roman" , serif;"><br />Brexit: On June 23, Britain will vote whether it wants to remain a part of the European Union, or leave. In the near term, an exit could will heighten global volatility, thereby impacting capital flows into emerging markets and could have a currency impact in the longer run. India has a big trading corridor with the EU.</span></b><br /><b><span style="background-color: white; font-family: "georgia" , "times new roman" , serif;"></span></b><b><span style="background-color: white; font-family: "georgia" , "times new roman" , serif;"><br />FCNR bonds: A big risk could be the redemption of the Foreign Currency Non-Residential (FCNR) bonds issued by Rajan way back in October 2013 to protect the rupee from its worst slide in decades. The bonds are due for redemption and the currency market could face an impending outflow of $20 billion, which will put the Rupee under pressure.</span></b></span></i><br />
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<b><i><span style="background-color: white; color: red; font-family: "georgia"; font-size: large;"><a href="http://www.huffingtonpost.in/2016/06/19/raghuram-rajan-exit_n_10554496.html">Click Here to Know Which Comments of Rajan hurt NDA Government</a></span></i></b></div>
<i><span style="color: red;"><br /><b><span style="background-color: white; font-family: "georgia" , "times new roman" , serif;"><br />Inflation risk: The latest policy statement highlights the upside risk to inflation; CPI has been rising due to a rise in food prices while core inflation also remains high.</span></b></span></i>Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com1tag:blogger.com,1999:blog-4044402403356121793.post-48382282639575067822016-06-05T08:02:00.002-07:002016-06-05T08:02:40.693-07:00Banks Are Sick But Politicians , Bankers, Borrowers And Auditors Flourish<span style="color: red; font-size: large;"><div data-block="true" data-contents="true" data-editor="bg25" data-offset-key="do9nv-0-0" style="text-align: justify;">
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<span data-offset-key="do9nv-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">The way government is moving, the way Sri Vinod Rai thinks, the way Finance Minister Sri Jaitley ji and Dy FM Sri Sinha ji are visualising stressed assets and declared No Performing Assets NPA of banks, the ways they suggest to clean bank's balance sheet, the way they are protecting looters and shielding erring officers, they way they turn their blind eyes on political exploitation of PSU banks I may say without hesitation that volume of NPA in banks will continue to go up and up and real guilty will never be punished , rather they will continue to get promotion after promotion as usual.</span></b></i></span></span></div>
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<span data-offset-key="9mo6m-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;"> I may say that government may alter the colour of bad assets, they may put carpet on malady, they may change the bottle of wine,but they cannot reduce NPA, they cannot reduce malady and they cannot change wine of the bottle. Government may sell bad assets to ARC or convert them into bonds or different forms . They may force RBI to change definition of NPA or force banks to restructure bad assets or may indirectly advice banks to indulge in evergreening of stressed assets.</span></b></i></span></span></div>
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<span data-offset-key="9mo6m-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Banks may write off bad debts to hide their evil works . Banks may compromise with bad borrowers and sacrifice huge interest of banks in the name of cleaning balance sheets. But they cannot put brake on ever increasing slippages and cannot contain ever rising trend in bad assets.</span></b></i></span></span></div>
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<span data-offset-key="9mo6m-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Banks can give quickest promotion to their Yesmen but cannot nsure quality in lending.They can post good officers to critical places and reject them in promotion processes, they can recruit officers at higher packages from campus and they can employ thier kith and kin in the name of specialists but cannot improve quality of working and honesty in working in banks.</span></b></i></span></span></div>
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<span data-offset-key="9g2h9-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Because the evil culture of promotion to flatterers , promotion to bribe earners and evil culture in lending are deep rooted . Officers as well as politicians from top to bottom are birds of same feather. They all are busy in making their own career bright and prosperous instead of protecting their bank. Irony of the entire episode is that looters are standing in disguise as savers.</span></b></i></span></span></div>
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<span data-offset-key="9g2h9-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Officers in Bank care more for their bosses and politiicans care more for their vote bank as also for their families , friends and relatives. Honest officers in general are few in numbers in all banks and they are never united in raising voice against injustice. On the contrary bad officers are united strongly to protect each other when they are trapped and when their evil works are exposed. Good officers are either sidelined or they keep them aloof from bad officials to save their skin and to protect their families from unbearable agony .</span></b></i></span></span></div>
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<span data-offset-key="bi9fl-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Thieves cannot suggest ways to catch thieves.Looters cannot disclose modus operandi of their loot . They canot dig their own grave by telling truth behind ris in stressed assets in banks. It is always easy and safe for them to put blame squarely on economic recession and global slowdown . This is why no reduction in stressed assets is visible though officials, ministers and RBI dignitories use to conduct meeting every quarter to discuss ways to contain bad debts and they appear to make efforts for improving health of banks for decades and decades</span></b></i></span></span></div>
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<span data-offset-key="bbp5d-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">As long as Government and RBI consider causes of sickness as medicine to cure sickness, there is no doubt to me that sickness of public sector banks will continue to detriorate and remain critical till it finally collapse. Government can infuse capital year after year because it is easy to punish innocent taxpayers and depositors than to punish bad bankers, bad borrowers and bad politicians.</span></b></i></span></span></div>
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<span data-offset-key="cav3c-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;"> God too cannot help them who do not want to be helped. Bankers are not as interested in improving health of their bank as they are interested to improve and brighten their own career and own fortune. They keep their accusing fingers towards political environment or economic policies or sectoral weaknesses. Corrupt officers and politicians are in general good aurators and they use their speaking power to motivate their mentors.</span></b></i></span></span></div>
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<span data-offset-key="cav3c-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Private banks are as unhealthy as public sector banks. Private banks are little better only because they do not blindly follow the dictates of evil minded politicians and do not blindly put into effect their ill-motivated plans.However irregularites in use of precious resources of their bank are more dangerous and they too are sitting on bomb of bad assets as their counterpart in public sector banks are. </span></b></i></span></span></div>
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<span data-offset-key="cav3c-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">RBI has neither will to control Bad HR practices and bad lending practices prevalent in these banks nor do they have adequate manpower to discharge their duty as they used to do before launch of reformation era. </span></b></i></span></span></div>
<span data-offset-key="cav3c-0-0"><span data-text="true"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span></span></span><div data-block="true" data-contents="true" data-editor="bg25" data-offset-key="cav3c-0-0" style="text-align: justify;">
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<span data-offset-key="cav3c-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">In general RBI officials are also victim of same culture of flattery and bribery as officials of PSU banks are. </span></b></i></span></span></div>
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<span data-offset-key="cav3c-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Employees in banks can spend crores of rupees in extending red carpet welcome to their bosses and distributing gifts to their masters. They can waste hundreds of manhours in making preparations for giving king like worshipping to their bosses during their visits in their area , but do not have time to ensure quality in lending and perfectness in making efforts for recovery of dues from defaulting borrowers.</span></b></i></span></span></div>
<span data-offset-key="cav3c-0-0"><span data-text="true"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span></span></span><div data-block="true" data-contents="true" data-editor="bg25" data-offset-key="cav3c-0-0" style="text-align: justify;">
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<span data-offset-key="cav3c-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Let us wait till good senses prevail in regulators .</span></b></i></span></span></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;">Public sector banks have added bad loans or Non-Performing Assets (NPA )worth Rs 2.41 lakh crore for the last six months i.e. from September 2015 to March 2016. This is a 69% rise in bad loans over the last two quarters. In September 2015, the figure stood at Rs 349,113 crore, but at the end of March 2016, it was Rs 590,772 crore. The Reserve Bank of India had ordered an asset quality review at the end of the last financial year to assess the situation. Following chart reflects NPA figures of only 10 banks. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <span style="font-family: "georgia";"></span><br />
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<span style="font-family: "georgia";"><span style="background-color: yellow;">News Published in Indian Express on 4th June 2016 --RBI review unearths Rs 2,41,000 cr bad loans in last 6 months of FY16</span></span></h1>
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<span style="font-family: "georgia";"><span style="background-color: yellow; font-size: x-large;">Gross NPAs have gone up from Rs 349,113 crore in September 2015 when the RBI ordered the asset review to Rs 590,772 crore by March 2016.</span></span></h2>
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<a href="http://indianexpress.com/article/business/economy/rbi-review-unearths-rs-241000-cr-bad-loans-in-last-6-months-of-fy16-2833426/">Link To News Published in Indian Express</a></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;">Rise in NPA from the level of September 2015 to March 2016 , i.e. in six months period is </span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><br />SBI 72.73% (Rs.98172 crore In March 2016 from Rs.56834 crore in September 15)</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><br />PNB 122.81% ( Rs.55581 crore in March 16 from Rs. 24945 crore in September 2015)</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Bank of Baroda 70.91% (Rs. 40521 crore in March 16 to Rs. 23710 crore in September 15)</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Canara bank 125.65%</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Indian Overseas Bank 54.70%</span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><br />IDBI Bank 68.55%<br /><br />Banks in general are in bad health. Some banks declared bad debts in finacial year ended March 2016 and some other banks declared part of bad debts before March 2016 . Still good volume of bad debts are concealed by clever bankers by using various tools like restructuring or evergreening or rephasing . They will come out in coming quarters .</span></i></div>
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Volume of NPA is more than 10 percent of their total loan book in six banks , namely PNB, BOI, BOI, IOB, IDBI, CBI ad Uco bank. Other banks are approaching near 10 percent. This pathetic position of so called strong banks has come to light in public domain only when RBI conducted Asset Quality Review of 150 accounts during March 2015 to Sept 2015 and built pressure on involved banks to treat all those accounts as sub standard (NPA) which has been found under stress by RBI officials. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Otherwise , all those accounts though bad were always certified as good accounts in preceeding years by team of auditors who use to carry out internal audit, concurrent audit, statutory audit and RBI audit from time to time of banks . Even now , I may add here that if all banks strictly and honstly follow RBI norms of classification of assets, NPA ratio may rise even above 50% in some banks.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">One may dream of a position when RBI conducts audit of all loan accounts which run in lacs and crores in number. Management of PSU banks as also that of private banks has been treating even bad loans as good loans for years and decades. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">When some of their bad accounts exposed in the eyes of RBI officials, management of these banks tried their best to convince RBI Governor Mr. Raghuram Rajan to give them time or to change RBI norms of identification of NPA accounts. But RBI Governor did not bow down and continued to maintain his position that either banks should recover the overdues and remove irrgularities immediately or treat them as NPA. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Lastly RBI allowed banks to classify those bad loan accounts which has been pinpointed by RBI as NPA in phased manner, partly in December 2015 quarter and partly in March 2016 quarter. This is why , part of 150 accoouns coming under perview of AQR of RBI were treated NPA in December 2015 and part of it in March 2016.</span></i><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;">RBI has further advised all banks to declared all hidden bad debts as NPA by the end of March 2017 and start action for recovery of dues from defaulting borrowers. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Here it is important to point out that all banks are audited by team of vetern Chartered Accountants every quarter and none of CA team thought it wise to say bad loans as bad . They did not consider it necessary to insist that bad loans be classified as NPA.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Why? </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Because CAs earn lacs and crores of rupees in lieu of giving certificate of good health for bad accounts. It is team of these corrupt CAs who use to give certificate of good health to every banks every quarter after receipt of costly gifts and red carpet welcome by clever and shrewed officias of these banks. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">It is Chartered Accountant who gave certificate of good health and best corporate governance to Satyam Computers till its promotor Mr. Raju declared ongoing fraud in the system. Global Trust Bank was given the award of best bank in a year and next year the same bank booked unprcedented loss of Rs.1200 crore , lost its networth and finally merged with a PSU bank. More than two decades have passed after these two exposures, but government did not take any action to stop malpractices . </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">During last three decades , many banks failed , many Regiona Rural banks failed and many cooperative banks failed, but the then government did not think it wise to change the evil culture of blindly trusting corrupt auditors. Similarly government took no lesson from Harshad Mehta stock scam or Ketan Parekh scam . </span></i><br />
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<i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>Majority of Charterd Accountants in our country sell their signature .It is open secret. They are least bothered of correctness of accounts. They know how to manipulate sale figure, how to hide profits, how to distribute income by forming fake companies and so on. They know how to prpare a foged balance sheet to cheat bankers. </b></span></i><br />
<i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b><br /></b></span></i> <i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>It is CAs who teach tips of tax evasion to business men and it is they who teach how to create black money by avoiding tax payment. It is they who prepare financial statements as per whims and fancies of business houses and collude with Income tax officials to help business houses in saving income tax payment .</b></span></i><br />
<i><span style="color: red; font-family: "georgia";"><b><br /></b></span></i> <i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b> It is Chartered Accountants who prepare Balance Sheet and Statement of Profit and Loss account as per will of business men , as per value of loan needed and to suit the loan proposals submitted to a bank for getting finance .</b></span></i><br />
<i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b><br /></b></span></i> <i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>It is CA who are undoubtedly and totally rsponsible for increasing stress in bank assets , for increasing black money in Indian economy and for remitance of money in illegal ways to foreign banks by way of inflated export or import. </b></span></i><br />
<i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b><br /></b></span></i> <i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>And to add fuel to fire, bank officials also work in nexus with CAs to sanction loans to unscrupulous business houses so that they may earn bribes and get promotions quickly .</b></span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Our government has established a culture of trusting blindly on certificates of Chartered Accountants for all accounts, on rating of companies by rating agencies and certification of rectification submitted by various banks and PSUs. Even government departments manage certificates of good health from CAs and take a sound sleep even though they drain out crores and crore of rupees to serve their greed and cause loss to government by hundreds and thousands of crores of rupees.</span></i><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> Hundreds of scams have been brought to light during last ten years , but none to Ministers ever took proper steps to effectively deal with evil culture and to stop corrupt practices . Because persons sitting at top posts are mostly birds of the same feather. They are nourished in same evil environment of flattery and bribery.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">All Public Sector undertakings or private companies use CAs to hide their evil work, their fraud, their corrupt practices. Government preaches sermons to all to maintain transparency in action and in accounts but in practice there is none to cross check correctness and genuinity of certificates submitted by auditors. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">As a matter of fact , majority of officials working in banks or in PSUs in general are clever and corrupt and hence they protect each other from punitive actions and isolate good officials from mainstream so that their reign of injustice do not face any hurde. It is an established culture for decades and decades. They have so many lame excuses to get rid of punitive action against for their evil work and they use pressure from top officials and ministers to close their files related to irregularitis and that of corruption.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>In addition to present volume of stressed assets, declared or hidden , A whopping Rs 1.14 lakh crore of bad loans have been written off by 27 public sector banks (PSBs) during FY 2012-15</b></span></i><br />
<i><span style="color: blue; font-family: "georgia";"><b><br /></b></span></i> <i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>For the fiscal ended March 2015, public sector banks have written off loans amounting to Rs 52,542 crore, an increase of 52.6 per cent over the previous fiscal, as per the RBI data.</b></span></i><br />
<i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>These 27 banks had written off Rs 34,409 crore in 2013-14 while Rs 27,231 crore in 2012-13. So in aggregate, a staggering Rs 1.14 lakh crore were written off in the last three fiscals.</b></span></i><br />
<b><span style="color: blue;"><br /></span></b> <i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>If we take into accounts, sacrifices made by banks in interest , it will become clear that about ten lac crores of interest amount has been sacrificed in arriving at compromise settlement with defaulting borrowers during last five to ten years .</b></span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">I am submitting below news published four years ago which expressed concern on rising NPA in banks. In fact , Government did not take any action to stop rise in NPA in Banks, other than making false promises year after year.</span></i><br />
<i><span style="background-color: yellow; font-family: "georgia" , "times new roman" , serif; font-size: large;"><br />NPA levels in 2011-12 highest in 5 yrs: RBI-Business Standard-02.102012<br />Net NPA ratio for private banks declining for last 3 years</span></i><br />
<i><span style="background-color: yellow; font-family: "georgia" , "times new roman" , serif;"><br />The banking system’s non-performing assets (NPAs) in 2011-12 were the highest in the last five years, according to Reserve Bank of India (RBI) data. Net NPA ratio in 2011-12 stood at 1.28 per cent, with the net NPA ratio of nationalised banks (excluding State Bank of India, or SBI, and its associates) crossing the one per cent mark for the first time in the last five years, at 1.43 per cent. At 0.68 per cent, the ratio was the lowest in 2008-09.</span></i><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;">As a matter of fact culture of hiding bad loans started from the year 1991 when our country adopted the policy of reformation, privatisation and liberlisation. Culture of sanctioning loans by organising loan mela to serve political interest of political parties is older than that .Politicians started exploiting banks for personal gain after natiolisation of banks. Unfortunately same culture still persists in some form or the other. Politicians first used banks for poor and downtrodden. Then they started using banks for development of infrastructure and other high value projects in which government is suppposed to invest. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="color: purple; font-family: "georgia" , "times new roman" , serif;"><b>Since government use their resources in distributing freebees, charities, aids and subsidies to please various sectors of the society to enhance area of their vote bank, they are left with only one alternative , that is to use bank's short term fund for long term projects . It is they who created asset liability mismatch in banks. It is they who created liquidity problems for banks by gradual reduction in SLR and CRR. </b></span></i><br />
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<i><span style="color: purple; font-family: "georgia" , "times new roman" , serif;"><b>Government cannot increase taxes on rich classes because they are source of political fund. They canot reduce subsidy of poor because of loss in vote bank. They usually face scarcity of resources to cater to public demand of freebees. It is only banks which has been used by politicians to increase their fortunes and hence banks have to suffer losses and there is no hope for any improvement until there is change in attitude of politicians.</b></span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">From time to time , paticularly on the eve of general election , ruling parties announce waiver of loans to attract voters in their fold. Then opposing parties make promises that if they are voted to power , they will write off small loans of farmers and traders . This has adversely affected repayment culture. </span></i><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;">This is why , I use to say that politicians are more responsible for pathetic health of public sector banks in particular and all PSUs in general.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Even judiciary do not give value to court cases filed by banks to recover money from defaulters. They add fuel to fire. Large scale corruption in courts and use of political power in recruitment of judges and transfer of judges have created an impression in the minds of clever defaulters that neither banks nor courts can recover money from them until they have got political patronage ,they know that all are manageable.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia";"><b>Time has come to fix responsibility on all who have directly or indirectly contributed in creation of bad assets and in creation of black money in the economy. Government has to understand differenc between man made problems and natural problems. If we continue to make lame lame excuses to justify fraud and corruption , we maynot cure the sickness of banks , nor of any PSU or any government department. </b></span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <span style="font-family: "georgia";"><b><i>It is necessary to award honest performers and it is equally necessary to punish erring officials and specially to those whose intention is bad. It is necessary to stop politicians exploiting banks for vote bank . It is necessary to stop and punish politicians who build pressure on banks to achieve imposed target in short time just to please Ministers.It is necessary to stop top </i></b><b><i> bank officials to advise branch officials on phone for sanction of loan as per their sweet will.</i></b></span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"><i></i><span style="font-family: "georgia";"></span><br /></span> <i><span style="font-family: "georgia"; font-size: large;"><b>We have to stop totally target based lending . </b></span></i><i><span style="font-family: "georgia"; font-size: large;"><b>We have to stop organising loan melas </b></span></i><i><span style="font-family: "georgia"; font-size: large;"><b>to please Ministers and politicians. We have to stop culture of loan waiver schemes. And we have to activate judiciary so that money is recovered from wilful defaulters in fixed time frame.</b></span></i> <br />
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<span style="font-size: x-large;"><b>WE Have to learn to give value to honesty and sincereity and stop giving value to flatterers in transfers and promotions.</b></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: red; font-size: x-large;">ALL INDIA BANK OFFICERS’ ASSOCIATION </span></b> <span lang="EN-US" style="color: red; font-size: 16.0pt;"><b style="mso-bidi-font-weight: normal;">(Central Office : Chennai)</b></span><br />
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<span style="color: blue;"><span style="font-family: "arial" , "sans-serif";"> Circular No.11/VI/2016</span></span></div>
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<span style="color: blue;"><span style="font-family: "arial" , "sans-serif";"> May 25, 2016</span></span></div>
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<span style="font-family: "arial" , "sans-serif";"> To:</span></div>
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<span style="font-family: "arial" , "sans-serif";"> ALL UNITS / STATE COMMITTEES</span></div>
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<span style="font-family: "arial" , "sans-serif";"> Comrades,</span></div>
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<span style="color: red;"><b><span style="font-family: "arial" , "sans-serif";"> FAST FORWARD MOVEMENTS ARE TO BE STONEWALLED</span></b></span></div>
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<b><span style="font-family: "arial" , "sans-serif";"> CIRCUMSTANCES ARE CRITICAL HENCE THE ACTIONS TOO.</span></b></div>
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<span style="font-family: "arial" , "sans-serif";"> As rightly assessed from the time of the present Government assumed office, one of the prioritised agenda consistently pursued was reforms in the Financial Sector. Before assuming the office, the tailor made report of P.J.Nayak Committee was published thereby the directions were set to be taken forward. It got accelerated further by holding GYAN SNAGAM I in January 2015 followed by INDRA DHANUSH in August 2015 and GYAN SANGAM II in March 2016 highlighting the ills and to remedy the situation consolidation of Banks is the only solution. Ballooning of bad loans and its reflections on the Balance Sheets of various Banks, hope, need not be explained at present</span></div>
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<span style="font-family: "arial" , "sans-serif";"> The loan default from the Corporates is main the cause for the proposed move of Privatisation IDBI through dilution of equity. The assurances given repeatedly in the floor of Parliament have been thrown to winds. The interview in the electronic media by the responsible representatives of the Government cause serious concern to the entire workforce.</span></div>
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<span style="font-family: "arial" , "sans-serif";"> The nine constituents met at Hyderabad on 11<sup>th</sup> May 2015 and unanimously decided to observe series of programmes culminating in a days strike on 29<sup>th</sup> July 2016 by the entire workforce in the Banking Industry. But, the sudden move made through SBI administration to step up the pressures for swallowing the five Associates by SBI to enable them to upgrade the market share from the present level, was a bolt from the blue. The workmen in 5 Associate Banks [SSBEA] repulsed back the move by observing the Strike on 20.05.2016.</span></div>
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<span style="color: blue;"></span> <span style="font-family: "arial" , "sans-serif";"><span style="color: blue;">The fast forward movements are to be stonewalled in a quick way as the jobs and job security of the human assets are at stake. </span><span style="color: red;"><b>O</b></span><b><span style="color: red;">ur organisation along with AIBEA has addressed a communication to UFBU to prepone the date of strike</span></b><span style="color: red;">.</span><span style="color: blue;"> The said communication is annexed overleaf.</span></span><span style="color: blue;"></span></div>
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<span style="color: red;"><b><span style="font-family: "arial" , "sans-serif";"> REPULSE BACK WITH UNITED STRENGTH</span></b></span></div>
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<b><span style="font-family: "arial" , "sans-serif";"> TO PUSH BACK THE MERGERS OF BANKS AND PRIVATISATION OF IDBI</span></b></div>
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<b><span style="font-family: "arial" , "sans-serif";"> SAVE THE NATIONAL ECONOMY AND SAVE THE JOBS.</span></b></div>
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<span style="font-family: "arial" , "sans-serif";"> Yours comradely,</span></div>
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<span style="font-family: "arial" , "sans-serif";"> /S.NAGARAJAN/</span></div>
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<b><span style="font-family: "arial" , "sans-serif";"> GENERAL SECRETARY</span></b></div>
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<span style="color: red; font-family: "arial";"><span style="font-size: medium;"><b>ALL INDIA BANK EMPLOYEES' ASSOCIATION</b></span></span></div>
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<b><span style="font-size: medium;">[Centra Office: CHENNAI]</span></b></div>
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<b><span style="font-size: medium;">ALL INDIA BANK OFFICERS' ASSOCIATION</span></b></div>
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<b><span style="font-size: medium;">[Central Office: CHENNAI] </span></b></div>
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<span style="color: blue;"><span style="font-family: "arial";"><b>25<sup>th</sup> may, 2016</b></span></span></div>
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<b>Convenor,</b></div>
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<b>UFBU, Hyderabad</b></div>
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Dear Comrade,</div>
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After the rightful decision of the UFBU at its meeting held on 11.05.2016 at Hyderabad to give the call for strike on 29.07.2016, we find that Government is fast going ahead with their plans for consolidation and merger. You are aware recently on 17.05.2016, in a hurriedly held board meeting, through a table agenda, decision has been taken to proceed towards closure of 5 Associate banks and to be merged with SBI.</div>
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It has also been decided to merge Bhartia Mahila Bank with SBI thus pulling the shutters down of this public sector bank.</div>
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Even on the announced decision to privatize IDBI Bank, few days ago, the Finance Minister has stated that this exercise will be expedited and completed in a few months’ time.</div>
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You are also aware that today it has widely appeared in the media that Mr. Vinod Rai has stated that 27 PSBs will be consolidated as 6 Banks and banks like Bank of India and IOB would be merged with some other bank.</div>
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Thus, we can find that the Government is moving very fast on their reforms agenda. In this context, we strongly feel that there is a case and need for UFBU to consider suitably preponing our strike to convey our immediate protest.</div>
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We request you to consider this suggestion in consultation with other constituents so that we can take a formal decision in this regard.</div>
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<span style="font-family: "arial";">With greetings,</span></div>
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<b> <span style="font-family: "arial";">Yours comradely, </span></b> </div>
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<span style="color: red; font-family: "arial";"><b>S.NAGARAJAN</b></span></div>
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<span style="color: red; font-family: "arial";"><b>GENERAL SECRETARY-AIBOA</b></span></div>
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<span style="color: red; font-family: "arial";"><b>C.H.VENKATACHALAM</b></span></div>
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<span style="color: red; font-family: "arial";"><b>GENERAL SECRETARY-AIBEA</b></span></div>
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<span style="color: blue;"><b>Copy to: </b></span><b> <span style="color: red;">All constituents of UFBU</span></b><b></b><i></i><u></u><sub></sub><sup></sup><strike></strike></div>
<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com2tag:blogger.com,1999:blog-4044402403356121793.post-88938637757195233822016-06-05T07:59:00.002-07:002016-06-05T07:59:47.153-07:00Swamy VS Rajan<span style="background-color: yellow;"></span><span style="color: black;"></span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="background-color: yellow; color: black; font-size: large;">BJP Leaders Mr. Subramanium Swami says ,</span></i></span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="background-color: yellow; color: black; font-size: large;"><br /></span></i></span> <span style="font-family: "georgia" , "times new roman" , serif;"><span style="background-color: yellow; color: black; font-family: "times new roman"; font-size: large;"><b>“In my opinion, RBI Governor is not appropriate for the country. I don’t want to speak much about him. He has hiked interest rates in the garb of controlling inflation that has damaged the country,”</b></span><br /><span style="font-family: "times new roman";"><b><span style="background-color: yellow; color: black; font-size: large;">He further says ,</span></b><span style="background-color: yellow; color: black; font-size: large;"><b>“The sooner he is sent back to Chicago, the better it would be.”</b></span></span></span><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: blue; font-family: "times new roman";"><b><span style="color: red;"></span></b></span></span><br />
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<span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: blue; font-family: "times new roman";"><b><span style="background-color: yellow; color: black; font-family: "georgia" , "times new roman" , serif; font-size: large;"><i>Mr. Rajan is the on-leave Professor of Finance at the University of Chicago’s Booth School of Business.</i></span></b></span></span><br />
<i><span style="background-color: yellow; color: black; font-family: "georgia" , "times new roman" , serif; font-size: large;"><br /></span></i> <i><span style="background-color: yellow; color: black; font-family: "georgia" , "times new roman" , serif; font-size: large;">Swamy said the Governor should have known the "inevitable consequence of rising and high interest rate and his policy was wilful and thus anti-national in intent".</span></i><br />
<i><span style="background-color: yellow; color: black; font-family: "georgia" , "times new roman" , serif; font-size: large;"><br /></span></i> <i><span style="background-color: yellow; color: black; font-family: "georgia" , "times new roman" , serif; font-size: large;">Rajan, the BJP leader also claimed, has been sending confidential and sensitive financial information using unsecured Chicago University email id and publicly disparaging the BJP government.</span></i><br />
<i><span style="background-color: yellow; color: black; font-family: "georgia" , "times new roman" , serif; font-size: large;"><br /></span></i> <i><span style="background-color: yellow; color: black; font-family: "georgia" , "times new roman" , serif; font-size: large;">Swamy said that six allegations levelled by him against RBI governor were "prima facie true" and require termination of Rajan's services "immediately" in the "national interest".</span></i><br />
<i><span style="background-color: yellow; color: black; font-family: "georgia" , "times new roman" , serif; font-size: large;"><br /></span></i> <i><span style="background-color: yellow; color: black; font-family: "georgia" , "times new roman" , serif; font-size: large;">In his second letter to Modi within a fortnight, Swamy alleged that despite holding a sensitive and very high government post, Rajan has been making mandatory trips to the US to renew his Green Card.</span></i><br />
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<span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: blue; font-family: "times new roman";"></span></span><span style="background-color: yellow; color: black; font-family: "georgia" , "times new roman" , serif;"><i><br /></i></span><span style="background-color: cyan; color: red; font-size: x-large;"> My Opinion are as follows:</span><br />
<b><i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i></b> <span style="font-family: "georgia" , "times new roman" , serif;"><b><i>Action of Subramanium Swami criticising RBI Governor Mr. Raghuram Rajan is not at all good and need to be condemned by all. He should not use such derogatory word for a person who not only holds prestigious post of the country but also has earned name and fame in world economic forums. </i></b></span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"><b><i><br /></i></b></span> <span style="font-family: "georgia" , "times new roman" , serif;"><b><i>Mr. Rajan holds one of top and prestigious post of the country. My Common sense says that none of government staff should be criticised in the manner in which Mr. Rajan has been criticised by Mr. Swamy.</i></b></span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"><b><i><br /></i></b></span> <span style="font-family: "georgia" , "times new roman" , serif;"><b><i>Rajan is undoubtedly a talented and intelligent economist and fittest person for the post of RBI Governor and he deserves to be awarded with second inning. However,if there is difference of opinion , ministers and expert officials should sit together , discuss and resolve i the issue in larger interest of the country . Politicians have to move above politics and take care of economics of the country . Economy cannot grow well by demoralising administrtive and executive workforce.</i></b></span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"><b><i><br /></i></b></span> <span style="font-family: "georgia" , "times new roman" , serif;"><b><i>Swamy has to learn to respect image of others, officers as well as politicians . It is totally unjustified to malign any officer's image without justifying the same on proper platform and without giving an opotunity to accused to defend. After all there is a well defined procedure to prove guilt of anyone, if any, and no one has the right to publicly humiliate any officer or any employee in public . This habit of open criticism will have bad impact on entire work force. And any political leader , whosover he or she may be , cannot be allowed to take law into his hand and act arbitrarily . Whims of any politicians cannot overrule existing laws and practices. </i></b></span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"></span><span style="font-family: "georgia" , "times new roman" , serif;"><b><i><br />Public Statement by politicians against top dignitories of the government or about any official cannot be considered good from any angle of consideration.</i></b></span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"><b><i><br /></i></b></span> <span style="font-family: "georgia" , "times new roman" , serif;"><b><i> I hope Prime Minister Mr. Narendra Modi will stop Swami like politicians in interfering in such sensitive matters. Rivalry among executives , leaders of political parties and judicial heads will prove deterimental to the country. </i></b></span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"><b><i><br /></i></b></span> <span style="font-family: "georgia" , "times new roman" , serif;"><b><i>Politicisation of executive post is not good for the health of the government and it undoubtdly adversely affects quality of governance and it leads to culture of flattery and bribery only. </i></b></span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"><b><i><br /></i></b></span> <span style="font-family: "georgia" , "times new roman" , serif;"><b><i>However if there is any proof of ill-motive and bad intention of Mr. Rajan behind any of his action, Mr. Swami may appraoch appropriate authority or write a confidential letter to President of India for appropriate action.</i></b></span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"></span><span style="font-family: "georgia" , "times new roman" , serif;"><b><i><br />There is no doubt that only officers who are apt in flattery and bribery will tolerate such humiliating statements as made by Mr. Swami. An officer with dignity will not like to remain in post such as RBI Governor if bad words are used against him. Country will suffer if politiicans make mockery of officers and their image for political gain. </i></b></span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"><b><i><br /></i></b></span> <span style="font-family: "georgia" , "times new roman" , serif;"><b><i>Country will grow only when officers are honest and devoted to their duty and when such officers get due respect and recognition..</i></b></span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"></span><span style="font-family: "georgia" , "times new roman" , serif;"><b><i><br /> I have no hesitation in saying that UPA government lost trust of people of India only because it promoted culture of flattery and bribery in politics, in administration and in judiciary too . Officers who were ready to become yesman of leaders of Congress Party got awarded during UPA regime at the cost of officers who used to serve devotedly and who were loyal to their post .Country had to suffer huge losses in various scam only due to bad culture promoted by Congress Party during their six decade rule. </i></b></span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"><b><i><br />I hope Mr. Modi will take proper care and will not allow their Ministers and party men to make unwarranted statement against any official which demoralises entire service class people. Let executive and judiciary work independently and without fear of repercussion from the side of ruling party until they violate laws and breach limits of tolerance in a civic society. Politicians must be subjected to certain norms of discipline and restraints as officials are supposed to follow. </i></b></span><br />
<b><i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i></b> <b><i><span style="font-family: "georgia" , "times new roman" , serif;">So far as cut in interest rate is concerned, there is difference of opinion on whether it will help in increasing GDP growth in a country like India or not. In my opinion lowering of interest rate any further will badly impact savings and investment. Banks will face severest liquidity problems if interest rates are allowed or forced to come down . </span></i></b><br />
<b><i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i></b> <b><i><span style="font-family: "georgia" , "times new roman" , serif;">I rather feel that interest rate on deposits should go up to some extent , at least upto 10 percent to motivate savings and investment. In an effort to give comfort to loan seekers , government cannot give discomfort to lacs and crores of depositors who keep their hard earned savings in banks for at least keeping its value intact or for increasing its purchase value . And if there is no growth in deposits,banks cannot grow in credits.</span></i></b><br />
<b><i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i></b> <b><i><span style="font-family: "georgia" , "times new roman" , serif;">I like to make it clear here that manufacturing or trading activity may not grow only by lowering of interest rate. In seventies and eighties , interest rate used to prevail much above prevalent current rate structure. GDP growth during that period was not less than what it is today. </span></i></b><br />
<b><i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i></b> <b><i><span style="font-family: "georgia" , "times new roman" , serif;">Moreover, Cut in Repo rate do not give much relief to banks and hence they cannot reduce lending rate in the same proportion in which RBI cut Repo rate. </span></i></b><br />
<b><i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i></b> <b><i><span style="font-family: "georgia" , "times new roman" , serif;">Lending rate called as MCLR is depndent on many factors like average deposit rates, repo rate, CRR loss , tenor of loan, administrative and establishment cost , profit margin etc. Obviously repo rate is one negligible factor only among many factors which affects lending rate structure.</span></i></b><br />
<b><i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i></b> <b><i><span style="font-family: "georgia" , "times new roman" , serif;"> And if Swamy feels that RBI should cut Repo Rate further and lending bank should also cut all rates, he should guarantee and explain how he will advise banks and savers to cope with decreasing deposit growth, increasing liquidity problem, increasing pain of savers whose livelihood depends on interest income. Not only this , he should also guarantee that there will be credit growth and GDP growth only by cut in repo rate. </span></i></b><br />
<b><i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i></b> <b><i><span style="font-family: "georgia" , "times new roman" , serif;">I further say that if Mr. Swami is much concerned about the economy, he should sit with all experts in economics, with vetern bankers and politicians and with RBI officials to frame a uniform interest rate structure of deposits and for lending keeping in view priorities of the country. They should identify which secotors are saturated and which need intensitve investment and accordingly lending rate may be fixed for all banks, private as well as PSU banks. It will also remove unhealthy competition among bankers to attract clients . </span></i></b><br />
<b><i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i></b> <b><i><span style="font-family: "georgia" , "times new roman" , serif;">28 PSU banks are organs of same government but there is cut throat competition to give favour to high value customers. Eventually loss to any bank out of 28 banks will be a loss to India and loss to taxpayers only. If any of 28 banks suffer loss, the burden will shift to common men only. </span></i></b><br />
<b><i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i></b> <b><i><span style="color: red; font-family: "georgia" , "times new roman" , serif;">I therefore make an appeal to Mr. Swamy not to make politics on post of RBI Governor . I hope he will exhibit maturity in politics and do not act in haste to remove Mr. Rajan . Swami should not behave like Kejriwal , otherwise he will lose his image which he has earned due to his principled stand against corruption. Swami has already faced huge criticism from all corners and earned bad name by dint of his attack on Rajan. He should control further damage by stopping his plan of character assasination of Mr. Rajan</span></i></b><br />
<b><i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><br /></span></i></b> <b><i><span style="color: red; font-family: "georgia" , "times new roman" , serif;">Neither do I suggest to give second term to Mr. Rajan if there are any valid reasons for removal of Mr. Rajan from his post. I simply insist that proper procedure should be followed to punish any officer , not only Mr. Rajan . He should present all substantial facts available to him against Mr. Rajan and allow legal scrutiny before juding him. Mr. Swami should shed his personal ego and keep country above all party politics or self interest.</span><span style="font-family: "georgia" , "times new roman" , serif;"> </span></i></b><br />
<i><span style="font-family: "georgia";"><br /></span></i> <span style="background-color: yellow; font-family: "times new roman"; font-size: x-large;"><i>Subramanian Swamy steps up attack on Raghuram Rajan, lists 6 'charges' against RBI Governor in letter to PM-Zee News- 26.05.2016</i></span><br />
<i><span style="background-color: yellow; font-size: x-large;"><br /></span></i> <span style="font-size: x-large;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><i>BJP's Rajya Sabha MP Subramanian Swamy on Thursday stepped up his attack on </i></span><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><i>RBI Governor</i></span><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><i> </i></span><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><i>Raghuram Rajan</i></span><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><i> levelling six serious charges against him and asked Prime Minister </i></span><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><i>Narendra Modi</i></span><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><i> to immediately terminate his services.</i></span></span><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;">This is the second time in two weeks that Dr Swami has written to Prime Minister Modi seeking immediate removal of Rajan.</span></i><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;">In the first letter, written on May 17 , Swami had called Rajan 'mentally not fully Indian' In his second letter, Swami once again accused Rajan of raising interest rate to the detriment of small and medium industries</span></i><br />
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<span style="font-size: x-large;">Rajan unfit to be RBI Governor: Swamy-The Hindu-12 th May 2016</span><br />
<b><span style="color: blue;"><br /></span></b> <b><span style="color: blue;">BJP leader Subramanian Swamy on Thursday suggested that Reserve Bank Governor Raghuram Rajan be removed from the post as he was responsible for “unemployment and collapse” of industrial activity.</span></b><br />
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<b><span style="color: red;">“In my opinion, RBI Governor is not appropriate for the country. I don’t want to speak much about him. He has hiked interest rates in the garb of controlling inflation that has damaged the country,”</span><span style="color: blue;"> he told reporters in Parliament House.</span></b></div>
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<b><span style="color: blue;">The Governor’s actions have “led to collapse of industry and rise of unemployment in the economy”, he said. </span><span style="color: red;">“The sooner he is sent back to Chicago, the better it would be.”</span></b></div>
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<b><span style="color: red;">Mr. Rajan is the on-leave Professor of Finance at the University of Chicago’s Booth School of Business.</span></b></div>
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<b><span style="color: blue;">After assuming charge as RBI governor in September 2013, Mr. Rajan gradually raised the short-term lending rate from 7.25 per cent to 8 per cent and had retained the high rates throughout 2014.</span></b></div>
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<b><span style="color: blue;">He kept the rates high, citing inflationary concerns despite intense pressure from the Finance Ministry and the industry for softening them with a view to boosting growth.</span></b></div>
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<b><span style="color: blue;">The Governor began the process of lowering the rates in January 2015 and since then it has come down by 1.50 per cent to 6.50 per cent</span></b><br />
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Merger of SBI associate banks to cost Rs 3,000 cr: Bhattacharya-Business Standard 27th May 2016</h1>
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However, benefits from merger including Bharatiya Mahila Bank will outweigh costs</h2>
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The proposed merger of State Bank of India (SBI) with its five associate banks and the Bharatiya Mahila Bank (BMB) will cost it around Rs 3,000 crore, said SBI chairman Arundhati Bhattacharya, while announcing the bank’s fourth-quarter results here on Friday.<br /><br /> However, the benefits from the merger will outweigh the costs, she added. “We have sought the government’s permission to begin negotiations. We hope the permission will be forthcoming... We have tried to assess what a merged entity would look like, and I can assure you that there will not be any impact either on capital or NPA (non-performing asset) position, and we are well positioned for the merger.”<br /><br /> The five associate banks of SBI are State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.<br /><br /><span style="color: red;"> Much of the cost of the merger will accrue from the provident fund liabilities of employees. “On account of provident fund, the maximum amount we are anticipating is Rs 3,000 crore,” she said.</span></h2>
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<span style="color: red;"><a href="http://www.business-standard.com/article/companies/merger-of-sbi-associate-banks-to-cost-rs-3000-cr-bhattacharya-116052701193_1.html">http://www.business-standard.com/article/companies/merger-of-sbi-associate-banks-to-cost-rs-3000-cr-bhattacharya-116052701193_1.html</a></span></h2>
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<span style="color: red;"><i><span style="color: blue; font-family: "georgia"; font-size: small;">What I commented in last few days </span></i></span></h2>
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<span style="color: red;"><i><span style="color: blue; font-family: "georgia"; font-size: small;">But the fact is that no improvement has actually taken place at ground level during last three decades in culture of lending , in position of recovery and in habit of negligence in monitoring in PSU banks. Situation has rather been deteriorating year after after. Top ranked Officers who are clever in manipulating balance sheet come out with shining balance sheet and get elevation through their mentor Ministers and RBI officials. But sooner or the later, in some quarter or the other , each bank has to book bad results and make false promises that they will deal with problems and try to reduce stressed assets in forthcoming quarters. </span></i><br /><a href="http://importantbankingnews2.blogspot.in/2016/05/truth-of-psu-banks-getting-exposed.html">Read Full of MY Article By Clicking here</a></span></h2>
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<span style="color: red;"><span style="color: red; font-family: "georgia"; font-size: small;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b><br />In fact ,Officials are in general busy in falsely glorifying their bosses. A Branch Manager glorifies a Regional Head, RH glorify Zonal Head , General Managers glorify ED and CMD and finally CMDs are busy in glorifying Finance Ministers and RBI officials. Most of them are fittest Yesman than real performers. They are good speakers to hypnotise ministers and bank staff both. They are more loyal to their sources of wealth and power than to their bank.</b></span></i></span><i><u><sub><sup><strike><br /></strike></sup></sub></u></i></span></h2>
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<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com1tag:blogger.com,1999:blog-4044402403356121793.post-34572409625453736072016-05-25T18:38:00.000-07:002016-05-25T18:38:02.743-07:00True Picture Of Banks Now Visible<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Inspite of continued and repeated claims made by various Ministers of various govrnments as well as by bankers of various banks during last one decade and more, that health of banks is not alarming and within control , one after other PSU banks is booking losses and losses are breaking all past records of banking industry. Even strong banks like PNB and BOB have created record in booking losses and in increasing volume of bad assets in total credit. Still Government as well RBI says that banks are safe. </span></b></i><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">If SBI also dare speak the truth and if SBI shows courage to book all bad assets as NPA , I think it will break all records and book maximum loss and create another history in banking industry. I think loss booked by SBI and total volume of NPA will not be less than aggregate of all PUS banks. It all depends on honesty of banks in identification of assets and recognition of income as per RBI norms. </span></b></i><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">No power can stop public sector banks moving from bad to worse even in coming years . </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Officers from top to bottom at powerful positions are birds of the same feather.They think more for their welfare on priority and less for bank they are associated with. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Unfortunatley and strategically good officers are always posted by these clever top officials at critical places so that their voice is unheard and they loss their stamina to fight against corrupt officials and corrupt politicians. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Politicians add fuel to fire and they leave no stone unturned to damage health of banks..They also think for their vote bank and use banks as milching cow for their family and friends. None of them think for good of Banks. They are more often than not, selfish and corrupt.</span></b></i><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">NPA as such will continue to rise and rise. Politicians and top bank officials will always make promises to correct the health in forthcoming quarters. They are master in delivery of lectures in seminars and before media. But this will never happen that health of banks will start improving . </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">We have been witnessing continued deterioration in health of banks for last three decades. Only manipulation and fraudulent methods are used to show banks as shining. Unless and until , purification starts from top and from their heart, I at least cannot imagine of improvement in health of banks or any fall in bad assets in near future .</span></b></i><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Respected Sri Vinod Rai will almost fail in its target of cleaning and improving the health of ailing banks in the system he is supposed to work. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">While in audit, he used to submit report on sickness, iregularities, frauds and scams. But now he has to rectify them and to stop them which is not as easy as it is visualised by Government of India. . It is a hard nut to crack because political leaders as well as bank officers are concerned more with their career and their position in power and in wealth and least bothered about health of banks and that of economy.</span></b></i><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">RBI Governor Mr. Raghuram Rajan has been making his best efforts to clean banks. But politicians will not allow him to move as freely as he wishes. Further it is not always good to say spade a spade. </span></b></i><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">It is also true that It is RBI which failed in discharging its duty to regulate public banks. In seventies and eighties , RBI officials used to inspect branches of various banks and there used to be a fear in the minds of bankers. Since 1991 , in the name of freedom, in the name of reformation , in the name of privatisation and lierlisation , RBI has left everything free and Bhagwan Bharose. </span></b></i><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">After losing all, RBI has come to senses in last one year or so and only 150 bad accounts pinpointed by RBI has brought almost all banks in red. You may imagine what will happen if all loan accounts are honestly scanned and categorised in appropriate category by bankers. 30 to 40 percent of advances will be found in the category of NPA. And governmnt will be left with only one alternative , that is to provide capital to save its image. </span></b></i><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <span style="font-family: "georgia";"><img alt="Are NPA-hit bank stocks worth investing now?" class="gwt-Image" src="http://img.etimg.com/photo/52320176/18_05_2016_019_041_007.jpg" style="margin: 5px;" title="Are NPA-hit bank stocks worth investing now?" /></span><br />
<b><i><span style="color: red; font-family: "georgia"; font-size: large;"><br /></span></i></b> <b><i><span style="color: red; font-family: "georgia"; font-size: large;">Banks are happy that they buy Certificate of Good Health from Team of Chartered Accountants every year. And Government is Happy that they get certificate of good health of banks from Chief of each bank. Let people of India suffer and taxpayer bear the brunt of their corrupt and ill-motivated moves. </span></i></b><br />
<b><i><span style="color: red; font-family: "georgia"; font-size: large;">WE did not take lesson from Satyam Computer fraud, from Harshad Mehta or Ketan Parikh scam and neither from ever increasing cases of frauds and misappropriation of bank's fund.</span></i></b><br />
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<span style="color: red; font-family: "georgia"; font-size: x-large;">Financials Indicate True Health Of Banks ?</span><span style="color: red; font-family: "georgia"; font-size: large;"> </span><br />
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<span style="color: red; font-family: "georgia"; font-size: large;">This is my blog written day before yesterday.</span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Sri Vinod Rai and his team in Bank Board Bureau (BBB) appear to be trying for cleaning balance sheet of public sector banks in particular and banks in general. RBI Governor Mr. Raghuram Rajan has also been engaged in cleaning of finacials of PSU banks for last two years. Prior to that Mr. Suba Rao also tried a lot to clean Balance sheet of PSU banks. Mr. Arun Jaitley Finance Minister and Mr. Jayant Sinha Dy Finance Minister are also sincerely trying their best to improve health of banks. Mr. P Chidambram and Mr. Pranab Mukherjee also appeared to think of best for banks. </b></span></i></span><br />
<span style="color: red; font-family: "georgia"; font-size: large;"><img alt="public sector banks report card" class="alignnone size-full wp-image-263197" src="http://images.financialexpress.com/2016/05/public-sector-banks-report-card.jpg" height="472" sizes="(max-width: 467px) 100vw, 467px" style="display: block; margin: 10px auto;" width="467" /><img alt="Banking sector: More bad news expected" class="gwt-Image" src="http://img.etimg.com/photo/52372399/2a.jpg" title="Banking sector: More bad news expected" /></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b><br />But the fact is that no improvement has actually taken place at ground level during last three decades in culture of lending , in position of recovery and in habit of negligence in monitoring in PSU banks. Situation has rather been deteriorating year after after. Top ranked Officers who are clever in manipulating balance sheet come out with shining balance sheet and get elevation through their mentor Ministers and RBI officials. But sooner or the later, in some quarter or the other , each bank has to book bad results and make false promises that they will deal with problems and try to reduce stressed assets in forthcoming quarters. </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b><br />In fact ,Officials are in general busy in falsely glorifying their bosses. A Branch Manager glorifies a Regional Head, RH glorify Zonal Head , General Managers glorify ED and CMD and finally CMDs are busy in glorifying Finance Ministers and RBI officials. Most of them are fittest Yesman than real performers. They are good speakers to hypnotise ministers and bank staff both. They are more loyal to their sources of wealth and power than to their bank.</b></span></i></span></div>
<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><span style="color: blue;"></span><br /></span> <br />
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b><br />Bank Officials take care of their bosses more than thier banks. They are loyal to their bosses and their clients who make them richer and powerful . They in general do not take care of quality of loans they disburse and do not bother of monitoring loans sanctioned by their prdecessors or in matter of recovery of dues from bank loan defaulters. They are more often than not, busy in extending red carpet welcome to their bosses, their CMD, ED and other senior officials to earn their blessings, to cover up their evil works in lending and finally to get quickest promotion and choice transfers . They learn the art of gifting and polishing auditors for getting a certificate of good health of loan accounts in their bank.</b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b><br />Officals who are not apt in flattery and not expert in earning bribe are languishing in insignificant and critical places . Inefficient officials in general are ruling over efficient officials. Inexperienced are ruling over experiened ofgicers. Majority of branches of each Bank is headed by either corrupt officers or inefficient officials or these branches are facing acute shortage of staff or they are working under prssure of higher bosses or local mafiamen. It is always easier for them to compromise quality to survive in the corrupt system than to assert their knowledge and values.</b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>Politicians are busy in boosting up credit growth in all banks by hook or by crook. They want to see rise in credit figures and they are least bothered whether the loans disbursed are going in the hands of good borrowers or bad borrowers. They are not aware whether considerable chunk of loan amount is distributed in officials, middlemen, CAs and political leaders. </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>Poltiicans in general want to gain political advantage by announcing one after other loan disbursal schemes and loan waiver schemes . They want that each bank and each branch disburse loans and achieve the imposed target .They make new schemes year after year and allow open loot in the name of achievement of targets fixed for various schemes. Quality is not their headache. They care for reserved and not for deserved. </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>Politicians are not going to understand that every area and every town is not blessed with same potential for growth. They do not agree that each officer of bank do not have same quality and same knowledge. They do not understand that process of loan sanction is a time consuming process in the same way as it is developing love with opposite sex. They are not ready to accept that understanding credentials of loan seekers is not everybody' s cake.</b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>In such situation and in such an environment where majority of officials from top to bottom are busy in flattery and bribery , where administrative and judicial officers are inefficient and corrupt and where politicians are crazy for enrichment of their vote bank , learned , intelligent and talented Sri Vinod Rai cannot hope for success in real cleaning of balance sheet , neither of PSU banks nor that of private banks. There is however no doubt in honest, integrity, sincerity and loyalty of Sri Vinod Rai.</b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>It is remarkable here to say that it is lastly people of India who will have to face the brunt of falling and ailing banks . It is they who will get lesser interest and lesser dividend on their investment in these banks . On the contrary bad borrowers will get more and more loans at lower and lower interest and more and more discount when their loan account is considered as Non Performing Asset by lending bank. Bad borrowers will get more acceptance and good enterpreneurs will face so many hurdles in getting loans from banks .Dream of better GDP growth will get shattered in hands of evil minded care takers.</b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>Vinod Rai and his team and Finance Ministers Mr. Arun Jaitley appears to be convinced that health of banks is not alarming . They are too much positive minded or they are inclined to appear to be positive minded to save country's image and ratings. </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>They appear to be busy in dealing with bad assets of banks, but in fact slippages increases faster than upgradation of bad assets almost in all banks . Some banks are considered strong banks in their opinion and some other are weaker in comparision. But their ideas and perception about a bank will continue to change and fluctuate from quarter to quarter. Some time bank 'A' will appear to be strong and some other time same bank 'A' will look like weaker.</b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>I howevr observe that banks like PNB, BOB, IOB, OBC, SBI which were considered as strong banks are having the highest volume of bad assets concealed with the help of technology and several tools of restructuring and evergreening and it is their cleverness that they are exosing their bad debts in slow and gradual manner. Banks which were considered weak two to three decades ago are still weak and their weakness has grown in valuecand volume . No sign of improvement is visible in real sense though government has been making efforts for more than three decades. </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>Fact is that each and every PSU bank is weak and their weakness have been growing relentlessly. Only point to be appreciated is that they are expert in hiding or exposing bad debts. It is completely their whims and fancies which works in taking decision on helath of a loan account. If they like they can conceal a bad accounts for years and treat it as Standard asset . When their evil works goes beyond control or when some of recalcitrant auditors or some of media men expose the hollowness of a company , these bank officials decides to treat a bad asset as bad asset. None of junior officers otherwise have courage to say spade a spade. </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>Window dressing in deposits, advances and recognition of bad assets has become the deep rooted culture in all banks and regulating agncies have no option other than to accept the inflated , manipulated and fabricated figures. There are many lames excuses like economic recession, global slowdown and natural hurdles to save their skins.</b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b><span style="color: blue;"></span><br /></b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>Government will have to do a lot of hard work for years and decades to get rid of sins of past officials and past politiicians who silently and brilliantly looted banks for their self interest and to gain in wealth and power for decades . It is not as easy to clean them as Mr. Vinod Rai and Mr. Arun Jaitley appear to visualise.</b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b><span style="color: blue;"></span><br /></b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>It will take very long period in real cleaning of banks and changing of deep rooted culture of bankers and politicians because still GOI and BBB are collecting opinion and views of those officials and politicians who promoted loot and evil culture of flattery and bribery . Thieves and looters cannot disclose their evil ideas to police . They can be good speakers and expert in flattery to bosses . They can be master in managing bosses . But they cannot give valuable ideas which may translate into real transformation and reformation in health of banks. </b></span></i></span><br />
<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b><br /></b></span></i> <i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>For real change, Vinod Rai will have to work personally for a bank for years and then only he will be in a position to understnad ground reality. It is easy to make good policies but it is difficult to execute them in true spirit.</b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>Public sector banks that declared their results till date in general reported quarterly losses. or sharp erosion in profit , as non performing assets (NPAs) continued to pile on after the Reserve Bank of India's (RBI) asset quality review (AQR). </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><i><span style="color: blue; font-family: "georgia" , "times new roman" , serif;"><b>Bank of Baroda, Central Bank of India , Allahabad bank, UCO Bank and Dena Bank reported a loss for the second consecutive quarter. Union Bank of India was the only exception reporting a small net profit in the quarter ended March 2016, though down 78% from a year ago. Bank of Maharashtra and Vijya Bank also reported little profit.</b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><b><i><span style="color: blue; font-family: "georgia";">In near future , we will witness more devastating results from other public sector banks. Hollowness of so called strong banks will also be exposed, if they truely stick to strict prudential norms fixed by RBI for identification of assets and for income recognition. Biggest bank is said to be SBI. I hope sooner or the later this bank will also tell the truth of bank . </span></i></b></span><br />
<span style="color: red; font-family: "georgia"; font-size: medium;"><b><i><span style="color: blue; font-family: "georgia";"><br /></span></i></b> <b><i><span style="color: blue; font-family: "georgia";">A day will come when FM and PM as also BBB will accept the truth and then they will take more effective steps to brighten future of banks.</span></i></b></span><br />
<span style="color: red; font-family: "georgia"; font-size: medium;"><b><i><span style="color: blue; font-family: "georgia";"><br /></span></i></b> <b><i><span style="color: blue; font-family: "georgia";"> I have full faith in leadership, caliber and talent of Mr Narendra Modi Prime Minister of India and his team associated with the task of cleaning these banks. I have full faith in ability , knowledge,potential and capability of sri Raghuram Rajan rbi governor.</span></i></b></span><br />
<span style="color: red; font-family: "georgia"; font-size: medium;"><b><i><span style="color: blue; font-family: "georgia";"><br /></span></i></b> <b><i><span style="color: blue; font-family: "georgia";">I hope ,sooner or the later, thing will improve because they all are sincerely working on it.</span></i></b></span><br />
<span style="color: red; font-family: "georgia"; font-size: large;"><b><i><span style="font-family: "georgia";"><br /></span></i></b> <b><i><span style="font-family: "georgia";"><a href="http://importantbankingnews.blogspot.in/2013/05/now-ib-will-testify-public-sector-bank.html"><span style="color: #627349;">Click Here To Read How CMD And ED are Selected And Officers Are Promoted</span></a></span></i></b></span><br />
<span style="color: red; font-family: "georgia"; font-size: large;"><b><i><span style="font-family: "georgia";"><u><span style="color: #627349;"><br /></span></u></span></i></b> <b><i><span style="color: red; font-family: "georgia"; font-size: large;"><a href="http://dkjain4970901092007.blogspot.in/2013/05/minister-appoints-his-man-as-director.html"><span style="color: #627349;">Also Read This blog</span></a></span></i></b></span><br />
<span style="color: red; font-family: "georgia"; font-size: large;"><b><i><span style="font-family: "georgia";"><u></u><span style="color: #627349;"></span><br /></span></i></b></span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Bank of Baroda </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b>It posted a loss of Rs 3,230 crores almost repeating its December 2015 performance when it announced a record Rs 3,342 crore loss. <br />For the full fiscal year ending March 2016, the bank posted a record loss of Rs 5067 crore. <br />The bank set aside Rs 6,857 crore as provisions, up 3.5 times from the Rs 1,817 crore in March 2015. Provisions included Rs 1,564 crore for pension liabilities and Rs 300 crore for NPAs in the bank's branches in UAE. <br />Gross NPAs increased to 9.99% from 3.72% and in actual terms crossed the Rs 40,500 crore mark up from Rs 16,261 crore in March 2015. <br />UCO Bank </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b>It reported a record loss of Rs 1,715 crore because of a near 2.5 time rise in provision to cover for NPAs. The loss was higher than the Rs 1,497 crore loss the bank had reported in the preceding quarter. </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />Gross NPAs of the bank doubled to Rs 20,907 crore from Rs 10,265 crore it reported last fiscal.</b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />Total provisions more than doubled to Rs 2,283 crore compared with Rs 1,018 crore a year ago hitting profit. </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />This is the second consecutive quarterly loss for the lender after the RBI directed banks to recognise some loans particularly linked to the infrastructure and metal sectors as NPAs. <br />Allahabad Bank </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Bank reported a loss of Rs 581 crore for the March quarter, compared to a profit of 203 crore a year ago as provisions rose to Rs 2,487 crore. <br />The bank's gross NPA ratio rose to 9.76% from 6.40% in the preceding quarter and 5.46% a year ago. In absolute terms, gross NPAs rose to Rs 15,385 crore at the end of March from 8,358 crore a year back. <br />Union Bank of India </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b>This Bank's net profit fell to Rs 97 crore in the quarter ended March 2016 from Rs 443 crore a year ago. However, provision for NPAs increased to Rs 2008 crore from Rs 833 crore a year ago. </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Gross non-performing assets (NPAs) rose 85.49% to Rs.24,170.89 crore at the end of the March quarter from Rs.13,030.87 crore a year ago</b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b>The bank's gross NPAs rose to 8.7% in March 2016 from 4.96% in March 2015. Net interest income falls 1.71% to Rs2,084.69 crore, gross NPAs rise 85.49% to Rs24,170.89 crore, while provisions jump 55% to Rs1,564.67 crore <br />Central Bank of India <br />Bank reported Rs 898.04 crore loss as gross NPAs doubled and provisions rose four times to Rs 2,287 crore from Rs 617 crore a year ago. <br />Dena Bank <br />This bank slumped to a loss of Rs 326 crore in the quarter ended March 2016 compared to a net profit of Rs 56 crore a year ago. Gross bad loans almost doubled to Rs 8,560 crore versus 4,393 crore a year ago. </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Vijaya Bank </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Bank's Q4 net drops 26% on higher provisioning.<br />Gross NPAs as a percentage of advances rose to 6.64 per cent from 4.32 per cent in December quarter. Similarly, the net NPA ratio for the March quarter was up 4.61 per cent. <br />Provisioning during fiscal 2016 rose 62 per cent to Rs 1,390.51 crore from Rs 859.13 crore in the previous year. <br />For the year-ended March 2016, Vijaya Bank posted a net profit of Rs 381.80 crore, down 13 per cent, over Rs 439.41 crore in the corresponding period last year. </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Bank of Maharashtra </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Bank's Q4 net loss at Rs119.84 cr.For the entire 2016 fiscal, the bank’s net profit also saw a fall of Rs. 100.69 crore in comparison to Rs. 450.69 crore in the same period previous fiscal. Total income however, stood marginally higher at Rs. 14,072 crore against 13,671 crore in the previous year. </b></span></i></span></div>
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<span style="color: red; font-family: "georgia"; font-size: large;"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Gross NPAs and net NPAs stood at 9.34 per cent and 6.35 per cent, respectivel. The stressed accounts portfolio declined to 13.29 per cent from 13.47 per cent during the financial year. </b></span></i></span><br />
<span style="color: red; font-family: "georgia"; font-size: large;"><b><i><span style="font-family: "georgia";"><br /></span></i></b> <span style="font-family: "georgia"; font-size: medium;">Indian Bank </span></span><br />
<span style="color: red; font-family: "georgia"; font-size: large;"><span style="font-family: "georgia"; font-size: medium;">B</span><span style="font-family: "georgia";">ank has posted a 59 per cent drop in its net </span><span style="font-family: "georgia";">profit </span><span style="font-family: "georgia";">to Rs 84.5 crore for the </span><span style="font-family: "georgia";">quarter </span><span style="font-family: "georgia";">ended March, from Rs 206.1 crore in the corresponding quarter last year.<br /><br /><br />The bank’s gross non-performing assets (NPAs) rose to Rs 8,827 crore, from Rs 5,670.4 crore. </span></span><br />
<span style="color: red; font-family: "georgia"; font-size: large;"><span style="font-family: "georgia";"><br /></span> <span style="font-family: "georgia";">In percentage terms, it rose to nearly 6.6 per cent, from 4.4 per cent a year ago. </span></span><br />
<span style="color: red; font-family: "georgia"; font-size: large;"><span style="font-family: "georgia";"><br /></span> <span style="font-family: "georgia";">Net </span><span style="font-family: "georgia";">NPA </span><span style="font-family: "georgia";">rose to Rs 5,419.4 crore from Rs 3,146.9 crore. In percentage terms, it was increased to 4.20 per cent from 2.50 per cent.</span></span></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Asst quality audit done by RBI in last year only for top 150 accounts has exposed hollowness of almost all public sector banks. Most of them are either in huge loss or have faced huge erosion in profits during the financial year 2015-16. Big jump in Gross Non Peforming Assets have been reported by almost all PSU banks. Halth of private banks is also not as good as reported in public domain.</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;"> If all loan accounts are audited by RBI ,one may very well imagine the fate of these banks, one may also understand the gravity of sickness in banks and at least realise now how much Congress party had already damaged during decades of their misrule.</span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br />Biggst bank ,SBI will declare result on 27th of this month. You may imagine how much painful the result of SBI in fourth quarter will be if they too follow in true spirit the advice given by RBI Governor Mr. Raghuram Rajan regarding asset quality of top 150 accounts audited by them.. I have no doubt that SBI will leave other banks far behind in matter of loss and Gross NPA and break all records of the past. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br />SBI has delayed maximum in publishing results only because they are perhaps busy in manipulating figures so that damage is reduced to best possible extent. But in the long run, they will also have to come out with correct figures on losses, provisons and NPAs. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Some other banks have also cleverly and fraudulently managed to save their image by making lesser provisions for bad assets and booked little profit fraudulently just to save their falsely brightened career from damage.</span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br />Finance Minister Mr. Arun Jaitley and RBI Governor Mr. Rajan are still in dark about real volume of stressed assets . They are unable to visualise the volume of pain hidden in bank's books of accounts. NPA may grow from 5 to 50 percentage if all banks shows true honesty in saying spade a spade, in rcognisiing and identifying bad assets strictly as per RBI prudential norms.. Still they have huge volume of bad and stressed assets hidden in disguise as standard assets so that lesser provision is necessitated.. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Clever bankers have been manipulating figures for years and decades. Window dressing is persisting for decades despite all preachings by RBI and MOF . Every quarter they claim that health of their bank will improve from next quarter. But each quarter , health deteriorates only. This has been happening for last five to ten years. FM and RBI will take long time to understand the gound reality.</span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Let us see when real truth emerges out and when real reasons are identified by Ministry of Finance and by RBI officials and when effective steps are taken to improve quality of banking. Let us see when banks start focusing on their assets including human assets and stop focusing on their bosses and non- banking activities.</span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Clever and corrupt bankers as well as politicians usually blame economic slowdown or interest rate or nature but never punish real guilty. They say on the one hand that GDP growth of the country is highest in the world. But when they talk of health of banks, they say that bad assets are creation of ecoomic slowdown and global recession. Is it not inconsistent with ground rality. </span></b></i><br />
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Until real guilty people are punished and until there is change in culture of bankers and politicians, we should not dream of reformation or real cleaning in banks. We need not focus as much on cleaning of balance sheet as it is needed to focus on cleaning of minds and hearts of bankers, borrowers and politicians.</span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">FM Mr. Arun Jaitley has said yesterday, that media men , opposition parties , Parliamentarians and court should not intervene in banking activities related to lending as well as compromise with recalcitrant and defaulting borrowers.</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;"> I would like to mention here that neither media men nor court interferered anytime during last years and decades in the matters related to lending decisions and in decisions related to writing off of bad loans or in arriving at settlment with bad borrowers. Bankers and political leaders are to be held responsible for all lapses and evil works which has resulted in erosion of health of PSU Banks. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Banks have rather enjoyed absolute freedom in sanction of loans and in wirting ff of bad loans. Politicians exrt pressure from top , but they do not burn their fingers by giving written instructions to do this or do that. Political masters advice Chiefs of banks on phone what a bank has to do and what not to do. Similarly bosses of banks give verbal instructions to their subordinates.</span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Rather this unregulated freedom given to bankers in the name of reformation and autonomy to bank management in the year 1991 has only resulted in accumulation of so much pain and so much rise in sickness in these banks. Techonologial advancement and introduction of Core Banking Solutin has made it difficult for bankers to conceal their sin for long. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">FM cannot understand the real picutre of hidden malady and bad culture of bankers and politicians until he continue to collect the views from same gang of Chiefs of Banks who have contirbuted in increasing pain in these banks. Thieves cannot suggest right and correct ways to police to catch culprits. During last thre decades , every FM has accepted the hidden malady and irregularities in banks but they cleverly ignored the prescribed medicine to cure the sickness. Various committes suggested various ways and means to clean banks , but unfortunatley none of them put into action. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Vinod Rai , head of Bank Board Bureau (BBB) also in last few days has said repeatedly that bank officers should not be questioned how they take lending decisions and how they write off bad loans and how they sacrifice huge amount of money in arriving at settlement with defaulting borrowers . Vinod Rai also perhaps assumes that all bankers are discharging their duties with honesty and sincereity. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="background-color: yellow; font-family: "georgia" , "times new roman" , serif;">Vinod Rai also knows that politiicans of this country are beyond control . He knows that vote bank politics of ruling or opposing parties cannot be stopped. That is why he advices total blindness towards ongoing corrupt culture. Actually our country has witnessed various scams causing loss to the tune of thousand and lacs of crores of rupees to country and hence loss arising due to bad debts amounting to 10 or 20 lac crore by PSU banks appears very small amunt to Mr. Vinod Rai and to government necessitating action against erring officials and politicians</span><span style="font-family: "georgia" , "times new roman" , serif;">.</span></b></i><br />
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">I hope concepetion and perception of learnd, honest, sincere and intelligent person like Mr. Vinod Rai will drasticaly change if he also peeps into accounts of any bank. Only forensic audit of each high value loan account , at least loans and advance with outstanding value more than Rs. one croe, can reveal how much problem is man made and how much is due to unavoidable natural reasons. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">If we look into reasons of smaller loans too, the situation will prove to be explosive and suicidal too. Because banks cannot avoid small loans which are equally unsafe and irrecoverable. They know that in the name of social welfare , banks have to lend farmers and small traders and industrialists to inflate figure of priority sector lending .Banks have to take part in charity banking as taught by political masters. Waiver of loan has been resorted to by bankers only at the instance of political masters from time to time and this has adversely affected the repayment culture in the country. Loan Mela culture has also contributed in worsening lending quality and in rise in corruption in banks. Let us therefore concentrate on only high value loans. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Culture of loan melas, culture of write off of loan and culture of protecting bad officials and politiicans has damaged health of banks. To add fuel to fire, regulators also resort to evil ways to cure ailing banks. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">FM suggests merger and consolidation of banks. In my view , merger is not at all a solution to problem of bad assets. Merger will simply change the shape of banks and bring its name in list of top banks of the world. But it cannot change the quality of lending and quality of human resources running these banks. It cannot stop politicians exploiting banks for vote bank and it cannot stop them for serving interest of their kith and kin, friends and relatives. </span></b></i><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <b><i><span style="font-family: "georgia";">FM talks of consolidation of PSU banks on the one hand and on the other they are giving license to Payment banks, differentiated banks, Post bank and other small banks or big bank . This inconsistency in their policy has created more confusion than eliminating it or reducing it . They are dreaming of big bank by merging smaller banks so that the new enitty may be reckoned in top 100 banks of the world . But the fact is that when management of banks is unable to manage small banks , how will they manage big banks is a million dollar question.</span></i></b><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <b><i><span style="font-family: "georgia";">Some of VIPs in government plead for higher packages for executives to make them more loyal . But they do not like to say why government school teachers do not teach though their pay package is greater than that of their counterpart in private schools. Teaching in private schools is far better than that in public schools though government spend huge amount of money on education every year.</span></i></b></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">FM focus on quality of ED and CMD, but real improvement will occur only when due recognition and value is given to real performers in promotions and transfers. Quality of officers heading branches and administrative offices of banks is too poor to protect banks from disaster.</span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">RBI Governor Mr. Rajan says that one third of ATMs are non-functinal or not managed properly to service requirements of ATM cardeholders. He should try to understand why has it so happened. Mindless and reckless expansion of ATMs and Branches has resulted in pathetic postion of not only ATMs but also branches of various banks.</span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Banks in public sector has opened branches without applying their brain and without having vision about future of these branches.They open ATM after ATM and branches after branches only to keep ruling party happier and in good stream so that their personal career gets brightened. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Politicians are also responsible for reckless expansion of branches. It is they who for the sake of vote banks built pressure on management of these banks to open branches in each village and then open one ATM associated with each branch. They do not understand or they are least bothered whether these ATMs and Branches will be economically viable or not . </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">I have no hesitation in saying that not only one third of ATMs , but more than half of branches of PSU banks are critcially ill and non-productive. There are many branches in the country which do not receive transactions from even 50 customers a day, but they have opened one ATM to such branches. Naturally per day hit at these ATMs can never be profitable. Similarly , bank officers do not have time or do not have quality manpower to adequately service these ATMs in time. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Prime root cause behind deteriorating position of health of banks is also its Human Resource Policy and its real execution in practice. Recruitment and Promotion taken place during last three decades has simply promoted a culture of bribery and flattery only. Officers and employees in general who are real performers are neglected and rejected in all processes of transfers and promotions which are said to be merit oritented. This is why majority of senior and experienced staff are not taking part in promotion processes taking place in banks every year. </span></b></i></div>
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Bank management use to say that they have scarcity of good workers, it is totally worng and false. Still there are huge number of good officers who do not want to be elevated because they cannot manage flattery and costly gifts for their bosses. They do not want their families to be disturbed due to whimsical decisions of corrupt officers and baseless ruling in their banks. Every employee who joins a banks had high ambition to rise . But the culture of their bosses shatters their dream and they think it safe to avoid taking promotions . Who will change this culture? It will not stop until there is change in mindset of bosses. </span></b></i><br />
<span style="font-family: "georgia";"><img alt="public sector banks report card" class="alignnone size-full wp-image-263197" src="http://images.financialexpress.com/2016/05/public-sector-banks-report-card.jpg" height="472" sizes="(max-width: 467px) 100vw, 467px" style="display: block; margin: 10px auto;" width="467" /></span></div>
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<span style="color: red; font-family: "times new roman"; font-size: x-large;">Jaitley says that media , Parliamentarians and court should not question decisions of bankers in lending and compromise settlements or in write off. </span><br />
<span style="color: red; font-family: "georgia" , "times new roman" , serif; font-size: large;"><i><br /></i></span> <span style="color: red; font-family: "georgia" , "times new roman" , serif; font-size: large;"><i>I fully disagree with his views . </i></span><br />
<span style="color: red; font-family: "georgia" , "times new roman" , serif; font-size: large;"><i>Rather I like to ask Mr.Jaitley whom should we ask questions on why assets with more than 20 lac crores are stressed, why lacs of crores of good money is sacrificed to please defaulters.</i></span><br />
<span style="color: red; font-family: "georgia" , "times new roman" , serif; font-size: large;"><i><br /></i></span> <span style="color: red; font-family: "georgia" , "times new roman" , serif; font-size: large;"><i>Media and courts were in deep slumber till case of Mallya came in public domain and it is only due to their intervention after exposure of Kingfisher default, rightly or wrongly, that government is now appearing as serious to contain sickness of banks and appear to be interested to recover money from at least wilful defaulters declared by banks themselves.</i></span><br />
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<span style="color: blue; font-family: "times new roman"; font-size: large;"><b>http://importantbankingnews2.blogspot.in/2016/05/do-not-question-bank-officers.html?m=1</b></span><br />
<span style="color: red; font-family: "times new roman"; font-size: x-large;"><br /></span> <span style="color: red; font-family: "times new roman"; font-size: x-large;"><br /></span> <span style="color: red; font-family: "times new roman"; font-size: x-large;"><br /></span> <span style="color: red; font-family: "times new roman"; font-size: x-large;">Bank chiefs will not be questioned over NPA resolution decisions: Rai---Hindu Business Line</span><br />
<a href="http://www.thehindubusinessline.com/money-and-banking/bank-chiefs-will-not-be-questioned-over-npa-resolution-decisions-rai/article8626679.ece"><span style="color: red;">http://www.thehindubusinessline.com/money-and-banking/bank-chiefs-will-not-be-questioned-over-npa-resolution-decisions-rai/article8626679.ece</span></a><br />
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One in every 3 PSU banks has stressed assets higher than net worth-LiveMint 25.05.2016</h1>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>In the last six months, 22 state-owned banks reported losses of Rs30,700 crore </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Things have gone from bad to worse in India’s banking industry since the central bank cracked the whip on cleaning up their balance sheets. In the last six months, 22 state-owned banks reported losses of </b></span></i><span class="WebRupee"><i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Rs.</b></span></i></span><i><span style="font-family: "georgia" , "times new roman" , serif;"><b>30,700 crore. They also wiped off 16.4% of their net worth.This reduction in net worth affects the already precarious capital position of these banks. </b></span></i></div>
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<a href="http://www.livemint.com/Money/Ob0K0b3Iq5rSWCQdN6GHjP/One-in-every-3-PSU-bank-has-stressed-assets-higher-than-net.html">Read Full Article In following LInk</a></div>
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<span style="font-size: x-large;">Need to empower banks to deal with non-performing assets: FM Arun Jaitley</span> -<br />
<i><span style="color: blue; font-size: large;">Economic Times 25th May 2016</span></i><br />
<i><span style="color: blue; font-size: large;">The reaction of the media, parliamentarians and courts ended up weakening banks, the finance minister said. "Some of us in our bonafide enthusiasm are doing exactly the opposite. The media will make a business loss look like a scam when it is not. MPs will demand 'recall all loans' not realising that economic activity will come to a standstill. And the courts will take over the management of NPAs. Now, as a result of these three factors, we bring unfair pressure on executives of banks who coul ..</span></i> <br />
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Read more at:<br />
<a href="http://economictimes.indiatimes.com/articleshow/52425065.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst">http://economictimes.indiatimes.com/articleshow/52425065.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst</a></div>
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<b><i><span style="font-family: "georgia";">Folowing are few of my blogs written in the past.</span></i></b></div>
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<span style="font-family: "georgia";"><span style="color: red; font-family: "georgia" , serif; font-size: 13.5pt;"><b><i>There is an old saying that it is easy to market good customers but difficult to sustain them. It is easier to open new branches but difficult to manage existing branches in fruitful and effective way. It is easy to recruit new staff but difficult to make them able and capable to do sound and healthy banking. it is easy to recruit new officers but difficult to keep them in bank for a longer period. </i></b></span></span></div>
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<span style="font-family: "georgia";"><b><i><span style="color: red; font-family: "georgia" , serif; font-size: 13.5pt;">It is easy to keep bosses happy but difficult to customers happy. It is easy to spend money on big bosses on their hospitality but very hard to spend on improvement of customer service and in extension of time bound quality service to customers upto the level of their satisfaction and in delightful manner.And the more important is it is easy to enhance quantity of any element but difficult to enhance quality of them.</span></i></b><span style="font-size: 13.5pt;"><o:p></o:p></span></span></div>
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<span style="font-family: "georgia";"><span style="font-family: "georgia";"></span></span><span style="font-family: "georgia"; font-size: large;"><a href="http://danendrajain.blogspot.in/2012/07/present-position-of-public-sector-banks.html">Health of PSU banks wirtten on 30th July 2012</a></span></div>
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<span style="font-family: "georgia"; font-size: large;"><a href="http://importantbankingnews.blogspot.in/2012/11/performance-ranking-of-bank.html">http://importantbankingnews.blogspot.in/2012/11/performance-ranking-of-bank.html</a></span></div>
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<span style="font-family: "georgia";"><span style="color: blue;"><b><span style="font-family: "georgia" , "times new roman" , "times" , serif;"><span style="line-height: 16px;">It is unfortunate that bankers instead of curing the sick system , instead of removing corrupt officers from top posts, instead of improving Human Resource policy to make it friendly for real performers, instead of accelerating recovery process, instead of providing adequate manpower , instead of strengthening risk management , instead of gearing up skilllevel of loan processing officers , instead of monitoring tools for keeping their asset healthy , instead of saying spade a spade in time and taking corrective action in time against defaulting borrowers or corrupt loaning officers ------------------------------------------------ </span></span></b></span></span><br />
<span style="font-family: "georgia";"><span style="color: blue;"><b><span style="font-family: "georgia" , "times new roman" , "times" , serif;"><span style="line-height: 16px;"><br /></span></span></b></span></span> <span style="font-family: "georgia";"><span style="color: blue;"><b><span style="font-family: "georgia" , "times new roman" , "times" , serif;"><span style="line-height: 16px;">Bankers always blame interest rate for worsening asset quality or blaming global recession for rise in bad debts or requesting RBI to reduce Repo rate , reduce CRR or pay interest on CRR to earn profit.</span></span></b></span></span></div>
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<span style="font-family: "georgia";"><span style="color: blue;"><b><span style="font-family: "georgia" , "times new roman" , "times" , serif;"><span style="line-height: 16px;"><br /></span></span></b></span></span></div>
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<span style="font-family: "georgia"; font-size: x-large;"><span style="color: blue;"><b><span style="font-family: "georgia" , "times new roman" , "times" , serif;"><span style="line-height: 16px;"><a href="http://importantbankingnews.blogspot.in/2012/12/psu-banks-are-sick-due-to-poor.html">Why banks are sick</a></span></span></b></span></span></div>
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<span style="font-family: "georgia"; font-size: x-large;"><span style="color: blue;"><b><span style="font-family: "georgia" , "times new roman" , "times" , serif;"><span style="line-height: 16px;"><br /></span></span></b></span></span></div>
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<span style="font-family: "georgia";"><span style="color: blue;"><b><span style="font-family: "georgia" , "times new roman" , "times" , serif;"><span style="line-height: 16px;"><br /></span></span></b></span></span></div>
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<span style="font-family: "georgia";"><span style="color: blue;"><b><span style="font-family: "georgia" , "times new roman" , "times" , serif;"><span style="line-height: 16px;">http://importantbankingnews.blogspot.in/2013/11/top-banks-are-top-in-bad-debts.html</span></span></b></span></span></div>
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<a href="https://www.blogger.com/goog_1129848699"><br /></a> <a href="http://economictimes.indiatimes.com/wealth/invest/banking-sector-more-bad-news-expected/articleshow/52372316.cms">http://economictimes.indiatimes.com/wealth/invest/banking-sector-more-bad-news-expected/articleshow/52372316.cms</a><br />
<span style="color: red; font-size: large;"><b><br /></b></span> <span style="color: red; font-size: large;"><b>Board Bureau chief Vinod Rai says it's time for mergers </b></span><br />
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<span style="color: red; font-size: large;"><b> Vinod Rai, the veteran bureaucrat appointed this year to run the new Banks Board Bureau, told Reuters the government stood ready to inject fresh funds beyond the USD 3.7 billion earmarked in the 2016/17 Budget.</b></span><i></i><u></u><sub></sub><sup></sup><strike></strike></div>
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<a href="http://www.moneycontrol.com/news/economy/board-bureau-chief-vinod-rai-says-its-time-for-mergers_6733301.html">Vinod Rai Suggest Mergers </a></div>
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<span style="font-size: x-large;">Jaitley to meet public sector bank chiefs on June 6</span></div>
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<span style="font-size: x-large;"><a href="http://www.thehindubusinessline.com/money-and-banking/jaitley-to-meet-public-sector-bank-chiefs-on-june-6/article8641613.ece">http://www.thehindubusinessline.com/money-and-banking/jaitley-to-meet-public-sector-bank-chiefs-on-june-6/article8641613.ece</a></span></div>
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<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com1tag:blogger.com,1999:blog-4044402403356121793.post-7688415014495783402016-05-14T20:42:00.003-07:002016-05-14T20:42:36.370-07:00Can Vinod Rail Cure Ailing PSU Bank?<div style="text-align: justify;">
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Sri Vinod Rai and his team in Bank Board Bureau (BBB) appear to be trying for cleaning balance sheet of public sector banks in particular and banks in general. RBI Governor Mr. Raghuram Rajan has also been engaged in cleaning of finacials of PSU banks for last two years. Prior to that Mr. Suba Rao also tried a lot to clean Balance sheet of PSU banks. Mr. Arun Jaitley Finance Minister and Mr. Jayant Sinha Dy Finance Minister are also sincerely trying their best to improve health of banks. Mr. P Chidambram and Mr. Pranab Mukherjee also appeared to think of best for banks. </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />But the fact is that no improvement has actually taken place at ground level during last three decades in culture of lending , in position of recovery and in habit of negligence in monitoring in PSU banks. Situation has rather been deteriorating year after after. Top ranked Officers who are clever in manipulating balance sheet come out with shining balance sheet and get elevation through their mentor Ministers and RBI officials. But sooner or the later, in some quarter or the other , each bank has to book bad results and make false promises that they will deal with problems and try to reduce stressed assets in forthcoming quarters. </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />In fact ,Officials are in general busy in falsely glorifying their bosses. A Branch Manager glorifies a Regional Head, RH glorify Zonal Head , General Managers glorify ED and CMD and finally CMDs are busy in glorifying Finance Ministers and RBI officials. Most of them are fittest Yesman than real performers. They are good speakers to hypnotise ministers and bank staff both. They are more loyal to their sources of wealth and power than to their bank.</b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />Bank Officials take care of their bosses more than thier banks. They are loyal to their bosses and their clients who make them richer and powerful . They in general do not take care of quality of loans they disburse and do not bother of monitoring loans sanctioned by their prdecessors or in matter of recovery of dues from bank loan defaulters. They are more often than not, busy in extending red carpet welcome to their bosses, their CMD, ED and other senior officials to earn their blessings, to cover up their evil works in lending and finally to get quickest promotion and choice transfers . They learn the art of gifting and polishing auditors for getting a certificate of good health of loan accounts in their bank.</b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />Officals who are not apt in flattery and not expert in earning bribe are languishing in insignificant and critical places . Inefficient officials in general are ruling over efficient officials. Inexperienced are ruling over experiened ofgicers. Majority of branches of each Bank is headed by either corrupt officers or inefficient officials or these branches are facing acute shortage of staff or they are working under prssure of higher bosses or local mafiamen. It is always easier for them to compromise quality to survive in the corrupt system than to assert their knowledge and values.</b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Politicians are busy in boosting up credit growth in all banks by hook or by crook. They want to see rise in credit figures and they are least bothered whether the loans disbursed are going in the hands of good borrowers or bad borrowers. They are not aware whether considerable chunk of loan amount is distributed in officials, middlemen, CAs and political leaders. </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Poltiicans in general want to gain political advantage by announcing one after other loan disbursal schemes and loan waiver schemes . They want that each bank and each branch disburse loans and achieve the imposed target .They make new schemes year after year and allow open loot in the name of achievement of targets fixed for various schemes. Quality is not their headache. They care for reserved and not for deserved. </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Politicians are not going to understand that every area and every town is not blessed with same potential for growth. They do not agree that each officer of bank do not have same quality and same knowledge. They do not understand that process of loan sanction is a time consuming process in the same way as it is developing love with opposite sex. They are not ready to accept that understanding credentials of loan seekers is not everybody' s cake.</b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>In such situation and in such an environment where majority of officials from top to bottom are busy in flattery and bribery , where administrative and judicial officers are inefficient and corrupt and where politicians are crazy for enrichment of their vote bank , learned , intelligent and talented Sri Vinod Rai cannot hope for success in real cleaning of balance sheet , neither of PSU banks nor that of private banks. There is however no doubt in honest, integrity, sincerity and loyalty of Sri Vinod Rai.</b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>It is remarkable here to say that it is lastly people of India who will have to face the brunt of falling and ailing banks . It is they who will get lesser interest and lesser dividend on their investment in these banks . On the contrary bad borrowers will get more and more loans at lower and lower interest and more and more discount when their loan account is considered as Non Performing Asset by lending bank. Bad borrowers will get more acceptance and good enterpreneurs will face so many hurdles in getting loans from banks .Dream of better GDP growth will get shattered in hands of evil minded care takers.</b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Vinod Rai and his team and Finance Ministers Mr. Arun Jaitley appears to be convinced that health of banks is not alarming . They are too much positive minded or they are inclined to appear to be positive minded to save country's image and ratings. </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>They appear to be busy in dealing with bad assets of banks, but in fact slippages increases faster than upgradation of bad assets almost in all banks . Some banks are considered strong banks in their opinion and some other are weaker in comparision. But their ideas and perception about a bank will continue to change and fluctuate from quarter to quarter. Some time bank 'A' will appear to be strong and some other time same bank 'A' will look like weaker.</b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>I howevr observe that banks like PNB, BOB, IOB, OBC, SBI which were considered as strong banks are having the highest volume of bad assets concealed with the help of technology and several tools of restructuring and evergreening and it is their cleverness that they are exosing their bad debts in slow and gradual manner. Banks which were considered weak two to three decades ago are still weak and their weakness has grown in valuecand volume . No sign of improvement is visible in real sense though government has been making efforts for more than three decades. </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Fact is that each and every PSU bank is weak and their weakness have been growing relentlessly. Only point to be appreciated is that they are expert in hiding or exposing bad debts. It is completely their whims and fancies which works in taking decision on helath of a loan account. If they like they can conceal a bad accounts for years and treat it as Standard asset . When their evil works goes beyond control or when some of recalcitrant auditors or some of media men expose the hollowness of a company , these bank officials decides to treat a bad asset as bad asset. None of junior officers otherwise have courage to say spade a spade. </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Window dressing in deposits, advances and recognition of bad assets has become the deep rooted culture in all banks and regulating agncies have no option other than to accept the inflated , manipulated and fabricated figures. There are many lames excuses like economic recession, global slowdown and natural hurdles to save their skins.</b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Government will have to do a lot of hard work for years and decades to get rid of sins of past officials and past politiicians who silently and brilliantly looted banks for their self interest and to gain in wealth and power for decades . It is not as easy to clean them as Mr. Vinod Rai and Mr. Arun Jaitley appear to visualise.</b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>It will take very long period in real cleaning of banks and changing of deep rooted culture of bankers and politicians because still GOI and BBB are collecting opinion and views of those officials and politicians who promoted loot and evil culture of flattery and bribery . Thieves and looters cannot disclose their evil ideas to police . They can be good speakers and expert in flattery to bosses . They can be master in managing bosses . But they cannot give valuable ideas which may translate into real transformation and reformation in health of banks. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br /></b></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"><b>For real change, Vinod Rai will have to work personally for a bank for years and then only he will be in a position to understnad ground reality. It is easy to make good policies but it is difficult to execute them in true spirit.</b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Public sector banks that declared their results till date in general reported quarterly losses. or sharp erosion in profit , as non performing assets (NPAs) continued to pile on after the Reserve Bank of India's (RBI) asset quality review (AQR). </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Bank of Baroda, Central Bank of India , Allahabad bank, UCO Bank and Dena Bank reported a loss for the second consecutive quarter. Union Bank of India was the only exception reporting a small net profit in the quarter ended March 2016, though down 78% from a year ago. Bank of Maharashtra and Vijya Bank also reported little profit.</b></span></i></div>
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<b><i><span style="font-family: "georgia";">In near future , we will witness more devastating results from other public sector banks. Hollowness of so called strong banks will also be exposed, if they truely stick to strict prudential norms fixed by RBI for identification of assets and for income recognition. Biggest bank is said to be SBI. I hope sooner or the later this bank will also tell the truth of bank . </span></i></b><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <b><i><span style="font-family: "georgia";">A day will come when FM and PM as also BBB will accept the truth and then they will take more effective steps to brighten future of banks.</span></i></b><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <b><i><span style="font-family: "georgia";"> I have full faith in leadership, caliber and talent of Mr Narendra Modi Prime Minister of India and his team associated with the task of cleaning these banks. I have full faith in ability , knowledge,potential and capability of sri Raghuram Rajan rbi governor.</span></i></b><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <b><i><span style="font-family: "georgia";">I hope ,sooner or the later, thing will improve because they all are sincerely working on it.</span></i></b><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <b><i><span style="font-family: "georgia";"><a href="http://importantbankingnews.blogspot.in/2013/05/now-ib-will-testify-public-sector-bank.html">Click Here To Read How CMD And ED are Selected And Officers Are Promoted</a></span></i></b><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <b><i><span style="color: red; font-family: "georgia"; font-size: x-large;"><a href="http://dkjain4970901092007.blogspot.in/2013/05/minister-appoints-his-man-as-director.html">Also Read This blog</a></span></i></b><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Bank of Baroda </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>It posted a loss of Rs 3,230 crores almost repeating its December 2015 performance when it announced a record Rs 3,342 crore loss. <br />For the full fiscal year ending March 2016, the bank posted a record loss of Rs 5067 crore. <br />The bank set aside Rs 6,857 crore as provisions, up 3.5 times from the Rs 1,817 crore in March 2015. Provisions included Rs 1,564 crore for pension liabilities and Rs 300 crore for NPAs in the bank's branches in UAE. <br />Gross NPAs increased to 9.99% from 3.72% and in actual terms crossed the Rs 40,500 crore mark up from Rs 16,261 crore in March 2015. <br />UCO Bank </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>It reported a record loss of Rs 1,715 crore because of a near 2.5 time rise in provision to cover for NPAs. The loss was higher than the Rs 1,497 crore loss the bank had reported in the preceding quarter. </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />Gross NPAs of the bank doubled to Rs 20,907 crore from Rs 10,265 crore it reported last fiscal.</b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />Total provisions more than doubled to Rs 2,283 crore compared with Rs 1,018 crore a year ago hitting profit. </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />This is the second consecutive quarterly loss for the lender after the RBI directed banks to recognise some loans particularly linked to the infrastructure and metal sectors as NPAs. <br />Allahabad Bank </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Bank reported a loss of Rs 581 crore for the March quarter, compared to a profit of 203 crore a year ago as provisions rose to Rs 2,487 crore. <br />The bank's gross NPA ratio rose to 9.76% from 6.40% in the preceding quarter and 5.46% a year ago. In absolute terms, gross NPAs rose to Rs 15,385 crore at the end of March from 8,358 crore a year back. <br />Union Bank of India </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>This Bank's net profit fell to Rs 97 crore in the quarter ended March 2016 from Rs 443 crore a year ago. However, provision for NPAs increased to Rs 2008 crore from Rs 833 crore a year ago. </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Gross non-performing assets (NPAs) rose 85.49% to Rs.24,170.89 crore at the end of the March quarter from Rs.13,030.87 crore a year ago</b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>The bank's gross NPAs rose to 8.7% in March 2016 from 4.96% in March 2015. Net interest income falls 1.71% to Rs2,084.69 crore, gross NPAs rise 85.49% to Rs24,170.89 crore, while provisions jump 55% to Rs1,564.67 crore <br />Central Bank of India <br />Bank reported Rs 898.04 crore loss as gross NPAs doubled and provisions rose four times to Rs 2,287 crore from Rs 617 crore a year ago. <br />Dena Bank <br />This bank slumped to a loss of Rs 326 crore in the quarter ended March 2016 compared to a net profit of Rs 56 crore a year ago. Gross bad loans almost doubled to Rs 8,560 crore versus 4,393 crore a year ago. </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Vijaya Bank </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Bank's Q4 net drops 26% on higher provisioning.<br />Gross NPAs as a percentage of advances rose to 6.64 per cent from 4.32 per cent in December quarter. Similarly, the net NPA ratio for the March quarter was up 4.61 per cent. <br />Provisioning during fiscal 2016 rose 62 per cent to Rs 1,390.51 crore from Rs 859.13 crore in the previous year. <br />For the year-ended March 2016, Vijaya Bank posted a net profit of Rs 381.80 crore, down 13 per cent, over Rs 439.41 crore in the corresponding period last year. </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Bank of Maharashtra </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Bank's Q4 net loss at Rs119.84 cr.For the entire 2016 fiscal, the bank’s net profit also saw a fall of Rs. 100.69 crore in comparison to Rs. 450.69 crore in the same period previous fiscal. Total income however, stood marginally higher at Rs. 14,072 crore against 13,671 crore in the previous year. </b></span></i></div>
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Gross NPAs and net NPAs stood at 9.34 per cent and 6.35 per cent, respectivel. The stressed accounts portfolio declined to 13.29 per cent from 13.47 per cent during the financial year. </b></span></i><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <span style="font-family: "georgia"; font-size: large;">Indian Bank </span><br />
<span style="font-family: "georgia"; font-size: large;">B</span><span style="font-family: "georgia";">ank has posted a 59 per cent drop in its net </span><span style="font-family: "georgia";">profit </span><span style="font-family: "georgia";">to Rs 84.5 crore for the </span><span style="font-family: "georgia";">quarter </span><span style="font-family: "georgia";">ended March, from Rs 206.1 crore in the corresponding quarter last year.<br /><br /><br />The bank’s gross non-performing assets (NPAs) rose to Rs 8,827 crore, from Rs 5,670.4 crore. </span><br />
<span style="font-family: "georgia";"><br /></span> <span style="font-family: "georgia";">In percentage terms, it rose to nearly 6.6 per cent, from 4.4 per cent a year ago. </span><br />
<span style="font-family: "georgia";"><br /></span> <span style="font-family: "georgia";">Net </span><span style="font-family: "georgia";">NPA </span><span style="font-family: "georgia";">rose to Rs 5,419.4 crore from Rs 3,146.9 crore. In percentage terms, it was increased to 4.20 per cent from 2.50 per cent.</span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;"></span><img alt="" src="http://www.telegraphindia.com/1160514/images/14bad.jpg" /><b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />
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<span style="color: red; font-size: x-large;"><i><b>Bank woes: 'When they need surgery, they are using a bandage'-Rediff .com</b></i></span><br />
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<span style="color: red; font-size: x-large;"><i><b>May 13, 2016 08:53 </b></i></span></div>
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<span style="color: red; font-size: x-large;"><i><b><a href="http://www.rediff.com/money/interview/bank-woes-when-they-need-surgery-they-are-using-a-bandage/20160513.htm"><span style="font-size: small;">http://www.rediff.com/money/interview/bank-woes-when-they-need-surgery-they-are-using-a-bandage/20160513.htm</span></a></b></i></span></div>
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<strong><i><span style="font-size: large;">'The day-to-day control of banks is in the hands of political bosses and bureaucrats who are not answerable.'</span></i></strong><br />
<strong></strong><strong><i><span style="font-size: large;"><br />'The political system uses the banks as a helicopter to throw money to the sector they want to patronise in order to win the next election.'</span></i></strong><br />
<b><i>dkj</i></b><br />
<span style="font-size: 36px;">S</span> <strong>Muralidharan</strong> retired as the managing director of BNP Paribas after serving the bank for 20 years. He started with the State Bank of India and worked there for 12 years.<br />
The banker, <em>bottom, left</em>, tells <strong>Shobha Warrier</strong> what ails the banking sector and how it can be nurtured back to good health.<br />
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<strong><span style="font-size: large;">Currently, there is panic in India about public sector banks. As a former banker, do you feel there is reason to panic?</span></strong><br />
<b><span style="font-size: large;"><br /></span></b> <i><b><span style="color: red; font-family: "georgia" , "times new roman" , serif;">There is good reason to panic, but it is not good to panic.</span></b></i><br />
<i><b><span style="color: red; font-family: "georgia" , "times new roman" , serif;">If you want to take calm and collective action, you cannot panic. When you panic, you take bad decisions.</span></b></i><br />
<b><i><span style="color: red; font-family: "georgia";"><br /></span></i></b> <i><b><span style="color: red; font-family: "georgia" , "times new roman" , serif;">Banking has, over several decades, emerged as the single most important sector in the economy. If something goes wrong with the banking sector, it can cause havoc in all the other sectors.</span></b></i><br />
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<i><b><span style="color: red; font-family: "georgia" , "times new roman" , serif;">For example, in the 2007-2008 meltdown, one investment bank failed and the panic resulted in the collapse of many more banks.</span></b></i><br />
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<i><b><span style="color: red; font-family: "georgia" , "times new roman" , serif;">As a result, no bank was lending money to another bank even though, earlier, they had been doing it everyday to the tune of hundreds of billions of dollars.</span></b></i><br />
<i><b><span style="color: red; font-family: "georgia" , "times new roman" , serif;">When they stopped doing what is called overnight lending, the entire banking system came to a standstill.</span></b></i><br />
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<i><b><span style="color: red; font-family: "georgia" , "times new roman" , serif;">When the banking sector comes to a standstill, everything including small time borrowing and lending or any kind of transaction between any two people comes to a halt.</span></b></i><br />
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<i><b><span style="color: red; font-family: "georgia" , "times new roman" , serif;">Panic between banks is a bad thing. It can make the entire economy collapse</span></b></i>.<br />
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<strong><span style="font-size: large;">Do you think the Reserve Bank of India is responsible for the present mess in the banking sector?</span></strong><br />
<b><span style="font-size: large;"><br /></span></b> <i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>The short answer is no. As a banking regulator, it is the job of the RBI to regulate banks. It is like holding a parent responsible because the parent pointed out the wrongdoing of the child.</b></span></i><br />
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<i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>Similarly, because the RBI identified your non-performing assets and bad loans, you cannot say the RBI is responsible for the bad loans you created. The argument of the banks that they had bad loans, but didn't want the RBI to point it out is ridiculous.</b></span></i><br />
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<i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>Okay, there is some merit in the banks in saying that the RBI can't suddenly come down on them like a ton of bricks.</b></span></i><br />
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<i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>For the record, the RBI has been saying for a long time that the norms for recognising NPAs is fishy and that they (the banks) should come down from the one year norm to 180 days to 90 days, etc. This has been going on for many years.</b></span></i><br />
<b><i><span style="color: red; font-family: "georgia";"><br /></span></i></b> <i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>So the banks' stand that the RBI is responsible is utterly ridiculous.</b></span></i><br />
<b><i><span style="color: red; font-family: "georgia";"><br /></span></i></b> <strong><span style="font-size: large;">Another criticism is that the Indian banking sector is not ready for international norms like Basel 3. Do you agree?</span></strong><br />
<b><span style="font-size: large;"><br /></span></b> This is what I call Indian exceptionalism. For each and every thing, they say India is different and it will not work in India.<br />
Does India have three legs and two heads? The fact is, we are not different behaviourally from anybody else.<br />
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<strong><span style="font-size: large;">So you feel in a globalised world, at some point or the other, such common norms have to be implemented?</span></strong><br />
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Absolutely yes. For any industry to function, there have to be norms. You can't have a free-for-all system in any business and more so in banking.<br />
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Whether you like it or not, the reality is that banking is the most important sector in an economy.<br />
As the importance of money grows in societies, banking becomes inevitable as money has to move. And when money has to move, there have to be regulations.<br />
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In 2016, we cannot say that we do not want regulations. We are 5,000 years late for that!<br />
The question is, do we have sensible banking regulations?<br />
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<strong>Do we?</strong><br />
<span style="font-size: large;">By and large, I would say, yes. The RBI's role is a bit like parenting. The banking regulator has to regulate the bank.</span><br />
<span style="font-size: large;">It is true that we have too many laws. Like (</span><em><span style="font-size: large;">eminent jurist and the late Supreme Court justice</span></em><span style="font-size: large;">) V R Krishna Iyer said, an Indian is violating 137 laws at any point!</span><br />
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<span style="font-size: large;">There are no clear cut laws that say if you do this, this and this, the banks will be happy and the economy will flourish. You have to do corrections all along.</span><br />
<span style="font-size: large;">But, generally, there is a need to minimise the number of regulations so that the regulations that are there can be supervised effectively.</span><br />
<strong><span style="font-size: large;">Bankers say it is due to the global economic slowdown that many infra projects got stuck and became NPAs.</span></strong><br />
<b><span style="font-size: large;"><br /></span></b> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">It was not recession that put all the infra projects on hold; it was because they could not acquire land. The local, civic government could not help the projects with the necessary permission to complete the process.</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Though there are many reasons, I feel this is the first thing they should look at.</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Before you sanction a loan to an infra project for a five lane highway, a bank should look at whether the acquisition of land is possible. Without looking into the aspect, if you provide a loan to the project, who is to blame?</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">You can't blame China or the USA or global recession for projects that are getting stalled.</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;">The government gives sanction to build an airport to a company that has no expertise in the field and then bankers give loans to such projects.</span></b></i><br />
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<strong><span style="font-size: large;">Who is to blame -- the banks that give loans to such inexperienced people or the political system that forces banks to give loans?</span></strong><br />
<b><span style="font-size: large;"><br /></span></b> <i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>All of them have to share the blame.</b></span></i><br />
<i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>I would say the biggest problem we face is the moral hazard in the banking system.</b></span></i><br />
<i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>Sixty per cent of our banking is under government control. There is a fundamental problem with this.</b></span></i><br />
<b><i><span style="color: red; font-family: "georgia";"><br /></span></i></b> <i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>The day-to-day control is in the hands of political bosses and bureaucrats who are not answerable. The political system uses the banks as a helicopter to throw money to the sector they want to (patronise) in order to win the next election. This has to stop.</b></span></i><br />
<b><i><span style="color: red; font-family: "georgia";"><br /></span></i></b> <strong><span style="font-size: large;">It was reported that wilful defaulters owe banks up to Rs 4 lakh crores...</span> </strong><br />
<b><br /></b> I would blame the moral hazard arising out of political ownership and control on the banks as the main reasons for this.<br />
Another reason is that most of these banks are into everything, from lending Rs 15 to Rs 15,000 crores. And this happened because of political interference.<br />
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<strong><span style="font-size: large;">Is merger an answer to this problem?</span></strong><br />
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Merger is not a solution at all. Nobody should be too big to fail.<br />
The idea to merge all the subsidiaries of State Bank into one is a stupid idea from all angles.<br />
What is needed is questioning the independence of the top management of government-owned banks.<br />
<strong><span style="font-size: large;">You mean accountability?</span></strong><br />
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;">Accountability in banking is usually used in the sense of who actually did something wrong? Can you fix it on somebody's head?</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;">The leader of a bank cannot say he didn't know what was going on. He has to be accountable, but everyone is in survival mode. Now, there are committees and committees and nobody is accountable.</span></b></i><br />
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<strong><span style="font-size: large;">You said merger is not a solution. There are talks of downsizing...</span></strong><br />
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<i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>Yes, they should keep banks smaller. In fact, the government has already started creating small banks with specific intentions.</b></span></i><br />
<b><i><span style="color: red; font-family: "georgia";"><br /></span></i></b> <i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>For example, the types of skills required for rural lending is different from lending done in an urban area.</b></span></i><br />
<b><i><span style="color: red; font-family: "georgia";"><br /></span></i></b> <i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>What the banks have to do now is to keep the bad loans aside so that new businesses don't get pulled down.</b></span></i><br />
<b><i><span style="color: red; font-family: "georgia";"><br /></span></i></b> <i><span style="color: red; font-family: "georgia" , "times new roman" , serif;"><b>The RBI's decision to ask the banks to find out how bad they (the bad loans) are and then come out with a solution is quite wise.</b></span></i><br />
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<i><b><span style="background-color: white; color: red; font-family: "georgia" , "times new roman" , serif;">In India, people think businesses are forever. No, they are not.</span></b></i><br />
<i><b><span style="background-color: white; color: red; font-family: "georgia" , "times new roman" , serif;">Like animals and humans, businesses also die due to various natural causes.</span></b></i><br />
<i><b><span style="background-color: white; color: red; font-family: "georgia" , "times new roman" , serif;">If you take the (top) 100 businesses of the US in the last 100 years, many of them do not exist at all. We must accept that businesses become irrelevant after a while and can fail. It's like people dying.</span></b></i><br />
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<strong><span style="font-size: large;">Do you see a revival of the banking sector?</span></strong><br />
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It has to when there are a lot of good things going for the economy.<br />
When you have an economy that grows at 7 to 8 per cent with 1.2 billion people, adding more and more to the spending population over the age of 18 the size of which is more than many countries, obviously there has to be a revival.<br />
But it depends a lot on political will.<br />
The political reality is that when you need radical surgery, they are using a bandage.<br />
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<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com0tag:blogger.com,1999:blog-4044402403356121793.post-55477735387890099132016-05-14T20:41:00.000-07:002016-05-14T20:41:10.014-07:00Rajan Protects Politicians But Politician Swami Attacks Rajan<i><b><span style="font-family: "georgia" , "times new roman" , serif;">RBI governor Mr. Raghuram Rajan says overall economic slowdown is responsible for rise in stressed assets in banks. Mr. Rajan listed six primary reasons for a spurt in stressed assets that have been observed in recent times. These included domestic and global economic slowdown, delays in statutory and other approvals especially for projects under implementation and aggressive lending practices during upturn as evidenced from high corporate leverage.</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Other reasons cited by Mr. Rajan were laxity in credit risk appraisal and loan monitoring in banks and lack of appraising skills for projects that need specialised skills resulting in acceptance of inflated cost and aggressive projections. Besides, he also listed wilful default, loan frauds and corruption in some cases among the key reasons.</span></b></i><br />
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<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Rajan is however giving more emphasis on false reasons for present sickness of PSU banks. He has stressed overall economic slowdown responsible for sky balooning volume of bad debts in PSU banks. He is not different from political leaders in saving himself, saving RBI and in saving Government of India from penal action for their absolute failure in keeping banks safe and risk free. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">RBI chief Mr Rajan is trying to protect PSU banks from fixation of accountability by putting blame almost entirely on economic recession and other reasons which according to him are primarily responsible for escalation of Non Performing Assets in Banks and which according to him are beyond the control of the bank management. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">All are birds of the same feather so far as accountability and fixation of responsibility for rise in bad debts in PSU banks is concerned. neither politicians nor administrative officials are ready to own the responsibility for critical health of PSU banks. I therefore disagree with views expressed by Mr. Rajan in support of PSU bank management . </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br />On the one hand Government of Indha has been claiming for years and decades that India is growing irrespective of global slowdown and they claim proudly that GDP growth of India is the highest in the world, on the other hand they do not even hesitate in saying that economic sluggishness is responsible for rise in bad debts. When they talk of International economic situation, they say Indian economy is the best performer and when they talk of health of banks , they say that due to bad economic conditions, banks are sick.</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br />On the one hand RBI Governor Mr. Rajan says India's growth story is unparalled and on the other hold economic slowdown is held responsible for failure of various projects and hence responsible for stress in banking assets. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">It is important to point out here that under same economic and political environment, private banks have exhibited best performance, consistent growth in profit and reduction in bad debts. It is therefore a undeniable fact that politicians , administrative officials, legal officials and bank officials all work in their mutual interest and do not bother where the country is losing and where the common men are suffering due to their evil works and ill-motivated management of their misdeeds. Here I think it proper to say that sooner or the later private banks will also become victim of wrong policies and faulty system. And ultimately it is common men and taxpayer who will have to bear the brunt of faulty sstem.</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">RBI Governor Mr. Rajan further says that gross NPAs ratio had steadily declined from 15.7 per cent in 1996-97 to 2.36 per cent in 2010-11. And according to him the asset quality of the Indian banking system had again come under stress in the last couple of years, as a consequence of global and domestic economic slowdown. If his argument is accepted , then it may be said that economic condition of the country was the best during the period 96-97 to 2010-11 .If it was so, why then , the then government injected lacs of crores of rupees to stimulate the economy after 2008 financial crisis of USA and how did it fail to save the economy evn after distributing stimulating package as charity . </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Why then the government is bent upon following the same policy of privatisation ,liberalisation and globalisation?</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">How the stimulous package of Indian government instead of containing the consequences of so called financial crisis aggravated it?</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Why USA , wherefrom the crisis originated , got success in restoring the health of US economy and why India added fuel to fire so far as health of banks is concerned?</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">I fully disagree with views expressed by RBI Chief Mr. Rajan. .</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Because on an average, ratio of NPA has never been less than 20% for PSU banks , rather it was much more even during ninties and during the period started from 2010-11. Only the difference is that upto 96-97 banks were to some extent honestly declaring bad debts . When bankers concealed bad debts, ratio appeared to be less and when they declared hidden bad debts as NPA, ratio grew slowly and gradually.</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">After words, the clever Ministers of Congress Government and RBI officials built pressure on Bankers to hide NPA and portary false and fabricated bright picture of banks so that Banks may get best response in proposed IPO of PSU banks. It is undeniably ture that under veiled instructions from GOI and RBI, Bank officials in general started concealment of NPA in the name of banking reformation and economic liberlisation. Any bank officer who dared treating bad assets as NPA had to face the music of transfers and humiliation in the hands of bosses.</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">In the meantime, banks progressed in technology upgradationn of banking transaction and maintainence of records. From the year 2007-08 onwards, banks slowly adopted Core Banking Solution (CBS) and started calculation of financial results and various ratios using advance technology. Later on, banks were instructed by none other than RBI itself ,that banks started work on identification of NPA using tools of advancd technology called as CBS . This is why ratio of NPA to total credit again started rising from 2010-11 onwards. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Banks however again cleverly used technology to hide NPA and declared bad debts as NPA in slow , gradual and arbitrary manner. This is why almost all banks have witnessed sharp rise in their NPA and in stressed assets . This is not the fact that NPA has grown during the period 2007-08 onwards, fact is that banks were willfully, fraudulently and stretegically concealing NPA to brighten thir balance sheet and they were doing so to conceal their evil works under the wrap of banking reform and on the excuse of 2008 US sub-prime Crisis.</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">I still say that if CBI or RBI or any agency carry out a forensic audit of each and every standard accounts of so called strongest bank namely SBI, it will become crystal clear to all agencies that SBI is the weakest bank among all government banks. Weakness of banks which are now called as weaker in public domain is that Chief of these banks were either not clever in fraudulently concealment of bad debts or they were bold enough to accept the bitter truth of hidden bad debts and decided to say spade a spade. It is only the question of identification. Some banks are yet to declare hidden bad debts as NPA. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Strongest banks are strong , not because their qquality of lending is better or their monitoring of advances is better than that of other banks. Or weak banks are not bad only because they are honest in identification of bad debts. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">As a matter of fact politicians have exploited all PSU banks for political advantage and ruling parties of the past have always neglected in recovery of due from defaulters and failed to provide adequate , powerful , active and effective administrative and legal support to bankers in recovery of dues form defaulters. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Position of Bankers have become very much miserable during last few decades. They have to sanction loan under pressure and face torture in form of transfers and rejection in promotion if they not fall in line with whims and capricious attitude of their bosses.They are more loyal to their bosses than to their organisation. Furhter when we talk of recovery of dues from borrowers ,bank officials move in the marktr as beggar when they approach a defaulter for repayment of overdue amount in loan account. Bankers were and are still forced to enter into One Time Settlment or write off the dues because governments in general are invariably borrower frinedly. Present government is at least trying to recover money from willful defaulters like Mallya.</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">It is politicians in general and RBI officials who have polluted culture in banking and it is they who are solely responsible for present critical position of PSU banks. It is RBI officials, who failed to regulate banks as they are supposed to . It will not be an exaggeration to say that it is entire system which failed in keeping banks in good health. And the most painful part of this foul game is that government is still not taking any effective step to cure the sick culture of loan mela or waiver of loan culture. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br />Governmnt is trying to hide malady through merger and consolidation of banks. Sickness of banks will not be cured by merger of two or more sick banks, rather it will aggravate the situation and make the banks more sick and turn them dead. Instead of treating the sickness and removing the cuases of sickness , GOI is trying to pull all sick banks together . It is really ridiculous. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">When position of these banks will further deteriorate , these officials will as usual curse foreign situations, foreign slowdown or global economic scene as they have been doing for decades. They never try to accept the level and real nature of sickness and hence they will never get success in curing sickness. When patients disclose fully the problems he or she is facing, there is no scope of any reduction in ailments.I am very much sure on this point. </span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Clever politicians and clever RBI officials are Doctor in delivery of good speeches and preaching sermons on how to improve health of banks , but they do not want to cure it for some reason or the other. Gradually , they will prove that public sector is not fit for any job and they will handover all sectors to private business houses and then exploitation of private business houses will increase and take us back to the period which existed before nationlisation of banks.</span></b></i><br />
<i><b><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></b></i> <i><b><span style="font-family: "georgia" , "times new roman" , serif;">Position of Public sector undertakings is almost the same . It may be BSNL,or Indian airlines or Indian railways or other PSUs. It may be PSU banks or insurance companies. In the name of reformation , GOI has exploited and damaged government entities to serve their selfish purposes.</span></b></i><br />
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<span style="background-color: yellow; font-family: "times new roman"; font-size: x-large;">‘Overall economic slowdown’ to blame for bad loans: Rajan-The Hindu 3rd May 2016</span></div>
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<span style="font-family: "georgia";"> The RBI Governor lists five other reasons for a spurt in stressed assets-The Hindu </span></h2>
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<span style="font-family: "georgia";">Asked to explain the “real causes” of ballooning bad loans at public sector banks, the Reserve Bank of India (RBI) Governor Raghuram Rajan has put the blame on “overall economic downturn,” among other reasons, in his submission to a key Parliamentary panel. </span></div>
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Congress leader K. V. Thomas-led Public Accounts Committee (PAC), whose term ended on Saturday, has examined Mr. Rajan’s response but can ask the RBI Governor to appear before it in future once it is reconstituted, sources said. </div>
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Various public sector banks may also be asked to appear before the panel again to explain their position. </div>
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The Parliamentary panel had suo motu decided to examine the non-performing assets of the public sector banks, which touched Rs.3.61 lakh crore at the end of December 2015. The state-owned companies had first refused to appear before PAC, but agreed later and made their submission. During the examination of bad loan recovery process of the banks, the PAC found that in a number of cases the same bankers were trying to retrieve the bad loans who had earlier sanctioned the loans. </div>
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“Since the same officers, who sanctioned the loans are trying to retrieve it, it remains to be seen how successful they will be… It seems they did not have a mechanism,” a PAC member said on the condition of anonymity. </div>
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In its questionnaire for the RBI Governor, the panel observed that private sector banks and foreign banks do not have as much NPAs as the Public Sector Banks. This was despite the constraints under which the entire banking sector operates being the same, except for the Priority Sector Lending (PSL) requirements. </div>
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Noting that Private Sector Banks and Foreign Banks have 2.2 per cent non-performing assets whereas the Public Sector Banks have 5.98 per cent NPAs, the PAC felt “it is hard to believe that the difference is only due to the PSL”. </div>
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The PAC Chairman also sought to know the “real causes for the present spurt in NPAs and stressed assets” and whether these are really different from those listed by the Narsimham Committee that went into the NPA issue in 1998. </div>
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In his reply, Mr. Rajan said, “While some of the reasons for recent spurt in NPAs could be subset of those indicated by Narasimham Committee, the level of stressed assets are seen in the context of overall economic downturn”. </div>
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Mr. Rajan listed six primary reasons for a spurt in stressed assets that have been observed in recent times. These included domestic and global economic slowdown, delays in statutory and other approvals especially for projects under implementation and aggressive lending practices during upturn as evidenced from high corporate leverage. </div>
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Other reasons cited by Mr. Rajan were laxity in credit risk appraisal and loan monitoring in banks and lack of appraising skills for projects that need specialised skills resulting in acceptance of inflated cost and aggressive projections. </div>
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Besides, he also listed wilful default, loan frauds and corruption in some cases among the key reasons. </div>
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Recalling that the gross NPAs ratio had steadily declined from 15.7 per cent in 1996-97 to 2.36 per cent in 2010-11, Mr. Rajan said that the asset quality of the Indian banking system had again come under stress in the last couple of years, as a consequence of global and domestic economic slowdown. </div>
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“As on March 25, the gross NPA ratio was 4.62 per cent. As on June 2015, the gross NPA ratio was 4.97 per cent and the ratio of restructured standard assets to gross advance was 6.50 per cent,” he said in the reply. </div>
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Mr. Rajan also informed the panel about seven key methods evolved by way of recent regulatory measures by RBI to tackle the problem of NPA. </div>
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The Committee, however, felt that the six reasons cited by Mr. Rajan were not “mutually exclusive”. </div>
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“The parliamentary panel wanted to know how much of non-performing assets and stressed assets are attributable to genuine business/commercial risk and those which are not. </div>
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Mr. Rajan said that during the course of an internal study conducted to assess the causative factors of NPAs in April last year, primarily qualitative information on causes of non-performing assets in banks were sought from the responses received from banks, the main reasons with broad categorisation of ‘economy-wide factors, borrower-level reasons and bank level inadequacies’ came to the fore. </div>
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“However, based on responses, it was not possible to specifically derive how much of the NPA (quantum) were attributable to which specific reason ,” the RBI Governor said<br />
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<span style="font-family: "georgia" , "times new roman" , serif;"><i><span style="color: red; font-size: large;">BJP Leaders Mr. Subramanium Swami says , </span></i><span style="color: red; font-family: "times new roman"; font-size: large;"><b>“In my opinion, RBI Governor is not appropriate for the country. I don’t want to speak much about him. He has hiked interest rates in the garb of controlling inflation that has damaged the country,”</b></span><br /><span style="font-family: "times new roman";"><b><span style="color: red; font-size: large;">He further says ,</span></b><span style="color: red; font-size: large;"><b>“The sooner he is sent back to Chicago, the better it would be.”</b></span></span></span><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: blue; font-family: "times new roman";"><b><span style="color: red;"><br /></span></b> </span></span><br />
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<span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: blue; font-family: "times new roman";"><b><span style="color: red;">Mr. Rajan is the on-leave Professor of Finance at the University of Chicago’s Booth School of Business.</span></b></span></span></div>
<span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: blue; font-family: "times new roman";"></span></span><i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Action of Subramanium Swami criticising RBI Governor Mr. Raghuram Rajan is not at all good and need to be condemned by all. He should not use such derogatory word for a person who not only holds prestigious post of the country but also has earned name and fame in world economic forums. Rajan is undoubtedly a talented and intelligent economist and fittest person for the post of RBI Governor and he deserves to be awarded with second inning. If there is difference of opinion , ministers should sit with , discuss and resolve the issue in larger interst of the country . Politicians have to move above politics and take care of economics of the country .</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Public Statement by politicians against top dignitories of the government or about any official cannot be considered good from any angle of consideration. I hope Prime Minister Mr. Narendra Modi will stop Swami like politicians in interfering in such sensitive matters. Rivalry among executive body , leaders of political parties and judiciary will prove deterimental to the country. Politicisation of executive post is not good for the health of the government and it undoubtdly adversely affects quality of governanceand it leads to culture of flattery and bribery only. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />There is no doubt that only officers who are apt in flattery and bribery will tolerate such humiliating statements as made by Mr. Swami. An officer with dignity will not like to remain in post such as RBI Governor if bad words are used against him. Country will suffer if politiicans make mockery of officers and their image for political gain. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Country will grow only when officers are honest and devoted to their duty and when such officers get due respect and recognition..</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br /> I have no hesitation in saying that UPA government lost trust of people of India only because it promoted culture of flattery and bribery in politics, in administration and in judiciary too . Officers who were ready to become yesman of leaders of Congress Party got awarded during UPA regime at the cost of officers who used to serve devotedly and who were loyal to their post .Country had to suffer huge losses in various scam only due to bad culture promoted by Congress Party during their six decade rule. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br />I hope Mr. Modi will take proper care and will not allow their Ministers and party men to make unwarranted statement against any official which demoralises entire service class people. Let executive and judiciary work independently and without fear of repercussion from the side of ruling party until they breach violate laws and breach limits of tolerance in a civic society. Politicians must be subjected to certain norms of discipline as officials are supposed to follow. </span></i><br />
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<span style="font-size: x-large;">Rajan unfit to be RBI Governor: Swamy-The Hindu-12 th May 2016</span><br />
<b><span style="color: blue;"><br /></span></b> <b><span style="color: blue;">BJP leader Subramanian Swamy on Thursday suggested that Reserve Bank Governor Raghuram Rajan be removed from the post as he was responsible for “unemployment and collapse” of industrial activity.</span></b><br />
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<b><span style="color: red;">“In my opinion, RBI Governor is not appropriate for the country. I don’t want to speak much about him. He has hiked interest rates in the garb of controlling inflation that has damaged the country,”</span><span style="color: blue;"> he told reporters in Parliament House.</span></b></div>
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<b><span style="color: blue;">The Governor’s actions have “led to collapse of industry and rise of unemployment in the economy”, he said. </span><span style="color: red;">“The sooner he is sent back to Chicago, the better it would be.”</span></b></div>
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<b><span style="color: red;">Mr. Rajan is the on-leave Professor of Finance at the University of Chicago’s Booth School of Business.</span></b></div>
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<b><span style="color: blue;">After assuming charge as RBI governor in September 2013, Mr. Rajan gradually raised the short-term lending rate from 7.25 per cent to 8 per cent and had retained the high rates throughout 2014.</span></b></div>
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<b><span style="color: blue;">He kept the rates high, citing inflationary concerns despite intense pressure from the Finance Ministry and the industry for softening them with a view to boosting growth.</span></b></div>
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<b><span style="color: blue;">The Governor began the process of lowering the rates in January 2015 and since then it has come down by 1.50 per cent to 6.50 per cent</span></b></div>
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<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com0tag:blogger.com,1999:blog-4044402403356121793.post-73781012682784708812016-04-30T17:18:00.000-07:002016-05-09T17:02:06.596-07:00Government Controls NPA<span style="float: right; font-size: 80%; font-weight: lighter;">27-April-2016 13:18 IST </span><br />
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FM: Government has taken various measures to deal with the issue of Non Performing Assets (NPAs) in Banking Sector </div>
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The Union Finance Minister, Shri Arun Jaitley said that the Government has taken various measures to deal with the issue of Non Performing Assets (NPAs) in Banking Sector especially in case of Public Sector Banks (PSBs). The Finance Minister said that there are two categories of defaulters, viz. those who are unable to pay back due to economic slowdown both in domestic and global market and other reasons outside their control as well as wilful defaulters including loans sanctioned without due diligence by the banks. The Finance Minister said that the Government has taken various measures to deal with both these categories of defaulters. The Finance Minister Shri Jaitley was making his Opening Remarks at the Second Meeting of the Consultative Committee attached to the Ministry of Finance on the subject: “NPAs in Banking Sector” here today. <br />
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The Finance Minister Shri Jaitley further said that in order to deal with default due to economic slowdown, the Government has taken various measures to revive the stressed sectors which mainly include steel, textiles, power and roads among others. Shri Jaitley said that the Government has also done recapitalization of banks by providing Rs. 25,000 crore in the last year Union Budget 2015-16 as well as in this year’s budget 2016-17. He said that transparency and professionalism has been brought in appointment process for top management positions in the PSBs including Chairmen and Managing Directors. He said the Government has taken various measures to make the management professional, has given full autonomy to the banks in taking commercial decisions without any interference from the Government.. <br />
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The Finance Minister Shri Jaitley said that Bankruptcy Law has been cleared by the Joint Parliament Standing Committee and is likely to be discussed in the current Budget Session of the Parliament. The Finance Minister also said that SARFAESI Act and DRT Act have been amended to make the recovery process more efficient and expedient. The Finance minister said that wherever it was observed that number of cases in which action taken by the banks against guarantors for recovery of defaulted loans is insufficient, the Government has advised the banks to take action against guarantors in the event of default by borrowers under relevant Sections of SARFAESI Act, Indian Contract Act and RDDB & FI Act. The Finance Minister said that a direction to this effect has been issued to the banks last month. The Finance Minister also highlighted the various measures taken by the Government for revival of stressed sectors such as steel, road, power and textile sectors among others. <br />
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Later the Members of the Consultative Committee gave their suggestions with regard to recovery of loans and bringing NPAs under control. Members suggested that there is need for bringing more transparency in the system and list of all the defaulters whose loans have been written off by the PSBs be made public. They asked for exemplary action against the wilful defaulters so that others do not indulge in similar activities. Some members appreciated the Government’s effort to make the appointment process for the top management positions of banks professional. Some members also suggested that there is need for restructuring of agricultural loans in order to help the farmers. Members also suggested that there should be no employment cut due to any amalgamation or merger of banks. Members asked the Government to ensure level playing field to all Indian entrepreneurs across the board. They suggested that due to wilful default by some prominent business men, others may not be considered and treated in a similar fashion. Some members suggested that a committee be constituted to finalise recovery process in case of loans given to big corporate houses by various PSBs. <br />
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The Members of the Consultative Committee who participated in the aforesaid Meeting include Shri Anirudhan Sampath, Shri Baijayanta Jai Panda, Shri Dilip Kumar Mansukhlal Gandhi, Shri Kailkesh Narayan Singh Deo, Smt. Poonam Mahajan, Shri PrabhatsinhPratapsinh Chauhan, Shri Ram Charitra Nishad, Shri Sriram Malyadri, Shri Subhash Chandra Baheria, Smt. Supriya Sadanand Sule, Shri Suresh Chanabassappa Angadi (all members of Lok Sabha); Shri Anil Desai, Shri Digvijaya Singh, Dr. K.P. Ramalingam, Shri Rajkumar Dhoot, Shri Ranvijay Singh Judev, Shri Satish Chandra Misra, Kumari Selja and Shri Sukhendu Sekhar Roy (all members of Rajya Sabha). <br />
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Along with the Finance Minister, the Minister of State for Finance Shri Jayant Sinha, Shri Ratan P. Watal, Finance Secretary, Shri Shaktikanta Das, Secretary, DEA, Dr. Hasmukh Adhia, Revenue Secretary, Ms. Anjuly Chib Dugal, Secretary, Financial Services, Shri Neeraj Kumar Gupta, Secretary, DIPAM, Dr. Arvind Subramanian, Chief Economic Adviser (CEA), and other senior officers of the Ministry of Finance attended the aforesaid Consultative Committee Meeting. <br />
<b><span style="font-size: large;"><br /></span></b> <b><span style="font-size: large;">Causes Of Rising NPA In Banks AND Risk Of Rating Downgrade -My Views On Naxatra TV on 27 APRIL2016 Part 1 </span></b><br />
<b><span style="font-size: large;"><a href="https://youtu.be/9JrGQm6mX10">Click Here To Watch Me Live On Naxatra TV</a></span></b><br />
<b><span style="font-size: large;"><br /></span></b> <span style="font-size: large;"><span style="color: red; font-family: "georgia" , "times new roman" , serif; font-size: medium;"><b><i>Principles of Sound Lending<br />Lending is one the primary function of a bank. The banks accept deposits from people and then lend that money to the needy people in the form of loans, advances, cash credit and overdraft. Interest received from these lending is the main source of income for the bank. So a bank should examine the security offered against loan, credit worthiness of the borrower and the purpose of the loan. Therefore a bank uses these following principle for smooth running of the business.</i></b></span></span><span style="font-size: large;"><span style="font-size: medium;"> </span></span><br />
<span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: medium;"><i><br />1. Liquidity - Liquidity is an important principle of bank lending. Banks lend money for short periods only because they lend public money (money accept as deposits from people) which can be withdrawn at any time by depositors. They, therefore, advance loans on the security of such assets which can be easily converted into cash at a short notice. A bank chooses such securities because if the bank needs cash to meet the urgent requirements of its customers, it should be in a position to sell some of the securities at a very short notice without disturbing their price much. There are certain securities such as central, state and local government bonds which are easily saleable without affecting their market prices.</i></span></span><br />
<span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: medium;"><i><br />2. Safety - The safety of funds lent is another principle of lending. Safety means that the borrower should be able to repay the loan and interest in time at regular intervals without default. The repayment of the loan depends upon the nature of security, the character of the borrower, his capacity to repay and his financial standing. Like other investments, bank investments involve risk. But the degree of risk varies with the type of security. Securities of the central government are safer than those of the state governments and local bodies. From the point of view, the nature of security is the most important consideration while giving a loan. Even then, it has to take into consideration the creditworthiness of the borrower which is governed by his character, capacity to repay, and his financial standing. Above all, the safety of bank funds depends upon the technical feasibility and economic viability of the project for which the loan is advanced.</i></span></span><br />
<span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: medium;"><i><br />3. Diversity - A commercial bank should follow the principle of diversity. It should not invest its surplus funds in a particular type of security but in different types of securities. It should choose the shares and debentures of different types of industries situated in different regions of the country. The same principle should be followed in the case of state governments and local bodies. Diversification aims at minimizing risks of the investment portfolio of a bank. The principle of diversity also applies to the advancing of loans to varied types of firms, industries, businesses and trades. A bank should follow the maxim: “Do not keep all eggs in one basket.” It should spread it risks by giving loans to various trades and industries in different parts of the country.</i></span></span><br />
<span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: medium;"><i><br />4. Stability in the Value of Investments - The bank should invest its funds in those stocks and securities the prices of which are more or less stable. The bank cannot afford to invest its funds in securities, the prices of which are subject to frequent fluctuations.</i></span></span><br />
<span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: medium;"><i><br />5. Profitability - A commercial bank by definition is a profit hunting institution. The bank has to earn profit to pay salaries to the staff, interest to the depositors, dividend to the shareholders and to meet the day-to-day expenditure. Since cash is the least profitable asset to the bank, there is no point in keeping all the assets in the form of cash on hand. The bank has got to earn income. Hence, some of the items on the assets side are profit yielding assets. They include money at call and short notice, bills discounted, investments, loans and advances, etc. Loans and advances, though the least liquid asset, constitute the most profitable asset to the bank. Much of the income of the bank accrues by way of interest charged on loans and advances. But, the bank has to be highly discreet while advancing loans.</i></span></span><br />
<span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: medium;"><i><br />6. Saleability of Securities - Further, the bank should invest its funds in such types of securities as can be easily marketed at a time of emergency. The bank cannot afford to invest its funds in very long term securities or those securities which are unsaleable. It is necessary for the bank to invest its funds in government or in first class securities or in debentures of reputed firms. It should also advance loans against stocks which can be easily sold.</i></span></span><br />
<span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: medium;"><i><br />7. Margin Money – in case of secured loans (A secured advance is one which is made on the security of either assets or against personal security or other guarantees. An advance which is not secured is called an unsecured advance), the bank should carefully examine and value of security. There should be sufficient margin between the amount of loan and value of the security. If adequate margin is not maintained, the loan might become unsecured, in case the borrower fails to pay the interest and return the loan. Margin means a sufficient gap between loan value and security value for ex if security market value is Rs 1000 then bank may offer Rs 800 as loan.</i></span></span><br />
<span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: medium;"></span><span style="font-family: "georgia" , "times new roman" , serif; font-size: medium;"><i><br />8. Principle of Purpose - At the time of granting an advance the banker must ask about the purpose of the loan. If it is for unproductive purposes, then there is less chances of repayment of loan. On the other hand, If it is for productive purposes then there is more chances of repayment loan value with the interest.</i></span><br /><i><span style="font-family: "georgia"; font-size: medium;"></span></i></span></div>
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<i><span style="color: red; font-family: "georgia"; font-size: large;">Tools Used By Banks To Assess A Person Who approaches For Loan</span></i></div>
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<li><span style="color: blue; font-family: "georgia"; font-size: medium;"><b>Banks use rigorous policies and analyses when determining if and how much money to lend to clients. </b></span></li>
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<li><span style="color: blue; font-family: "georgia"; font-size: medium;"><b>The methods used by banks are often summarized by categorizing lending analysis as the five Cs of credit. </b></span></li>
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<li><span style="color: blue; font-family: "georgia"; font-size: medium;"><b>The five Cs of credit are character, capital, capacity, conditions and collateral. </b></span></li>
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<li><span style="color: blue; font-family: "georgia"; font-size: medium;"><b>Banks use the five Cs for specific reasons respective to each category, but all are utilized to understand the risk of default on a loan.</b></span></li>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><br />Character</span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><br />It is important to a bank to have significant comfort with the character of its prospective borrowers. Indicators such as credit rating and borrowing history coupled with more qualitative factors such as honesty and integrity all support a case for a borrower's willingness and ability to repay a loan. It is important to assess the creditworthiness of a loan seeker and for this purpose it is important that the loan seeker is honest and of good character.</span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><br />Capital</span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><br />A bank needs to understand the capital position of the prospective borrower's business or personal wealth. More capital represents the borrower's ability to withstand volatility. It also demonstrates the commitment an owner of a borrowing entity maintains. A strong capital position reassures a lender of repayment capacity in a borrower. </span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;">In modern era , banks have started extending loan even to a borrower who does not possess own adequate capital to sustain loss. This happens only when lender becomes more positive and ignores negative feature in the beginning itself to achieve imposed high target which puts banks in critical position at later stage.</span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><br />Capacity</span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><br />Understanding capacity to repay a loan is critical for a bank during the underwriting process. Capacity is determined by the borrower's ability to generate cash flow to service the interest and principal on the loan. Strong cash flow from borrowers' normal business activities demonstrates capacity to repay debt and mitigates the probability of default.</span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><br /></span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;">Unfortunately , banks in order to achieve target does not give much value to cash flow to service interest and principal on the loan . Loan seekers also put entire blame on bankers when they fail to generate enough income due to misconception about business potential. It has become fashion on the part of borrower not to own responsibility for failure but shift entire blame on lenders . This is due to borrower friendly culture created by clever government .</span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><br />Conditions</span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><br />A bank must also understand the broader market conditions affecting the industry, segment, market and overall economy in which its borrowers engage in commerce. Strong industry growth or economic conditions support a business' ability to generate cash and repay debt.</span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><br />Collateral</span></div>
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<span style="color: red; font-family: "georgia"; font-size: medium;"><br />Lenders often take a lien on borrower collateral. In the event a borrower is not able to repay debt with its cash flow, a lender must rely on the quality and saleability of borrower collateral to repay the loan. A robust analysis of the collateral supporting a loan is an important step in granting a loan.</span></div>
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<span style="font-size: x-large;">RBI issues master direction on merger of private sector banks</span> -<span style="font-size: large;">Economic Times- 22nd April 2016</span><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">The Reserve Bank of India today came out with master direction for merger of private sector banks and also between NBFCs and banks. <br /><br /> In another master direction, a compilation which consolidates instructions on rules and regulations framed by the RBI under various Acts, including banking issues and foreign exchange transactions, the central bank provided direction for issue and pricing of shares by private sector banks </span></i></div>
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Read more at:<br />
<a href="http://economictimes.indiatimes.com/articleshow/51930874.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst">http://economictimes.indiatimes.com/articleshow/51930874.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst</a></div>
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<span style="background-color: transparent; color: black; font-family: inherit; font-size: 21.333333333333332px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline;">My Observation has been explained in my blogs -Danendra Jain</span></div>
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<span style="background-color: transparent; color: black; font-family: inherit; font-size: 21.333333333333332px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline;">The consolidation exercise could bring down the number of public sector banks to about six from the current 27, but it cannot change the attitude, culture and mindset of politicians and bankers who have jointly and severally looted banks for serving their self interest and mutual interest.</span></div>
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<span style="background-color: transparent; color: black; font-family: inherit; font-size: 21.333333333333332px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline;"><br /></span></div>
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<span style="background-color: transparent; color: black; font-family: inherit; font-size: 21.33px; font-variant: normal;"><span style="font-family: "arial";"><span style="background-color: transparent; font-family: inherit; font-size: 21.33px; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;"><b><span style="color: red;">If government is really interested to save banks from further damage, it should merge all PSU banks and convert it into a unified Financial Corporation or a Unified Public Sector Bank . </span></b></span><b></b><span style="color: red;"></span></span></span></div>
<span style="background-color: transparent; color: black; font-family: inherit; font-size: 21.33px; font-variant: normal;"><span style="font-family: "arial";"></span></span><br />
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<span style="background-color: transparent; color: black; font-family: inherit; font-size: 21.33px; font-variant: normal;"><span style="font-family: "arial";"><span style="background-color: transparent; font-family: inherit; font-size: 21.33px; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;"><b><span style="color: red;">In this way , government of india can decide priority of the country , define rate of interest payable on deposits and rate of Interest for various sector of lending depending upon priorities decided by it.</span></b></span></span></span></div>
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<span style="background-color: transparent; color: black; font-family: inherit; font-size: 21.33px; font-variant: normal;"><span style="font-family: "arial";"><span style="background-color: transparent; color: black; font-family: inherit; font-size: 21.333333333333332px; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline;">This will not only help in elimination of competition among 29 PSU banks ( which are all part of same government and same owner ) and force the unified bank to compete with private sector bank but also help Government in execution of it social welfare plan in true spirit. </span></span></span></div>
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<a href="http://importantbankingnews2.blogspot.in/2016/04/merger-or-privatisation-of-psu-banks.html">Click Here To Read Full Blog Written By Danendra Jain</a></div>
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I submit under my other blogs in this regard</div>
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<a href="http://importantbankingnews2.blogspot.in/2016/04/vinod-rai-and-health-of-psu-banks.html">Vinod Rai Plan For Improvement In Health Of PSU Banks</a><br />
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<a href="http://www.caclubindia.com/forum/why-merger-of-banks-is-needed-56385.asp">Why Merger is needed</a><br />
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<a href="http://danendrajain.blogspot.in/2015/09/ye-kaisa-competition-hai-bank-me.html">What Type Of Competition It Is In PSU Banks</a><br />
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<a href="http://importantbankingnews.blogspot.in/2014/07/pros-and-cons-of-bank-mergers.html">Pros And cons Of Bank Merger</a><br />
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<a href="https://www.youtube.com/watch?v=m2EtEX1wUAM">Danendra Jain Speaks On Naxatra TV</a><br />
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<span style="background-color: yellow; font-size: x-large;"><br /></span> <span style="background-color: yellow; font-size: x-large;">Bank’s norm for selecting auditing firms challenged-The Hindu 22.04.2016</span><br />
<span style="background-color: yellow; font-size: small;">dkj</span><br />
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<span style="background-color: yellow; font-size: small;">Assailing the decision of the Bank of Baroda, which has fixed Rs. 150-crore turnover as the minimum eligibility for auditing firms to participate in the tender for its assignments, a Chartered Accountant has approached the Madras High Court seeking to restrain officials from going ahead with the decision.</span></div>
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<span style="background-color: yellow; font-size: small;">The petitioner, Venkata Siva Kumar, alleged that the decision was arbitrary, capricious and irrational, made with a mala fide intention to eliminate all the medium and small Indian audit firms and pave way for an indirect entry of multi-national audit firms into this public sector bank and latter extend it to other public sector banks, seriously jeopardising the economic interest of India.</span></div>
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When the plea came up for hearing, Justice R. Subbiah ordered the notice to the Executive Officer of the Bank returnable by April 29.</div>
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According to the petitioner, it is a usual process wherein the bank calls for empanelment of Chartered Accounting Firms as per the guidelines the Chief Vigilance Commissioner.</div>
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The best among them, after due diligence, are selected and allotted the assignments to the operations of the bank.</div>
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“The audit firms once appointed will be carrying out the audit for three years with one-year cooling period. The conditions of the assignment are very rigid, needing 100 per cent examination of transactions on a concurrent basis and unit visits. Reports will be submitted by the 10th of every month,” he said.</div>
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On October 2015 a new Chief Executive Officer was appointed to the bank, who had two decades of working experience with a multi-national bank, which was audited by MNC audit firms, he added.</div>
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Mr. Venkata Siva Kumar alleged that the new CEO immediately took a decision to summarily terminate all the concurrent auditors doing the job throughout India and abroad without giving any reasons and the letter was posted to the CA firms March 30.</div>
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A new tender was floated on April 1, 2016 in which the eligibility criteria for the participants have been fixed as a minimum turnover of Rs 150 crore.</div>
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The petitioner alleged that the proposed tendering process exponentially increases the cost of operation without any corresponding benefit, seriously affecting the interest of the bank and the deposit holders, shareholders and innocent public, which is against the economic interest of our nation and sought to quash the decision. He pleaded the court direct an independent investigating agency to probe irregularities, conspiracy and criminal breach of trust, if any by the officials.</div>
</span><a href="https://www.blogger.com/goog_2077836280"><br /></a> <a href="http://www.thehindu.com/news/cities/chennai/banks-norm-for-selecting-auditing-firms-challenged/article8511525.ece">http://www.thehindu.com/news/cities/chennai/banks-norm-for-selecting-auditing-firms-challenged/article8511525.ece</a><br />
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The 'bank hack' case reported by TOI earlier this month has just got bigger. An internal inquiry by Bank of Baroda (BoB), has found that at least 70 customers from various parts of Uttar Pradesh were duped in March. So far, 373 fraudulent transactions totalling up to about Rs 10.67 lakh have been detected in what could be the biggest cyber heist in the country.<br />
Read more in following Link , click the link<br />
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<a href="https://www.blogger.com/goog_2077836283"><br /></a> <a href="http://timesofindia.indiatimes.com/city/lucknow/70-customers-duped-in-cyber-hacking-of-bank/articleshow/51950212.cms">http://timesofindia.indiatimes.com/city/lucknow/70-customers-duped-in-cyber-hacking-of-bank/articleshow/51950212.cms</a></div>
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<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com0tag:blogger.com,1999:blog-4044402403356121793.post-91580493711092804302016-04-30T17:16:00.004-07:002016-04-30T17:16:54.388-07:00Fraud And Manipulation To Brighten Balance Sheet<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>It has been reported in recent past by RBI that Rs 1.14 lakh crore was written-off by public sector banks (PSBs) in the last three years. </b></span></i><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <i><span style="font-family: "georgia" , "times new roman" , serif;"><b>AS per a report published in the reputed newspaper The Indian Express , it has come to light in response to RTI inquiry that the Reserve Bank of India (RBI) says Punjab National Bank (PNB) wrote off over Rs 8,500 crore as non-performing assets (NPAs) in the last two years. But the PNB says it did not write off a single paisa during this period. </b></span></i><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>The Bank of India, on the other hand, claims its write-off in the last two years has been more than Rs 17,700 crore but the RBI puts the BoI write-off figure during this period at Rs 2,567 crore — less than 15 per cent. </b></span></i><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b>RTI replies received by The Indian Express demonstrate disparity in figures of the banking regulator and the banks, raising questions about the extent of the bad loans. Most banks maintain they are not obligated under law or regulations to inform the RBI about the amount they write off. </b></span></i><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <a href="http://indianexpress.com/article/business/banking-and-finance/bad-debt-reserve-bank-of-india-punjab-national-bank-2770282/"><span style="font-size: large;">Click Here To Read Full News Published Today in Indian Express</span></a><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />It anyone make analysis of various news related to bad debts, frauds, misreporting , window dressing , manipulation and fraudulent presentation of shining balance sheet of each bank and each company of last few decades , truth will emerge and then it will not be exaggeration to say that the regulating agency like RBI or Ministry of Finance have totally failed to control, monitor and regulate public sector or private sector banks. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br /></b></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"><b>RBI and GOI both trusts on certificates submitted by inspecting officials, auditors and bank officials as proof of good health of bank and correctness of financial conclusions arrived at different levels by different agencies. <span style="color: red;">Our country in general runs on certificates. And certificates in general are purchasable commodity in the market.</span> </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />Bankers obtain false certificates from its branches and bank auditors. Head office of these banks then prepare a certificate in RBI's format and submit a certificate of good health to RBI and RBI in turn assures Ministry of Finance that everything is OK in banking Industry . </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />Chartered Accountants who are invariably makers of artificial image of a firm and hence corrupt , submit false certificate of good health for each company and earn a lot of illegal or legal money in form of audit fees and misc charges. Similarly rating agencies sell good rating certificates to corporate houses so that they may borrow money from any lender easily. Majority of companies get success in managing good financial report about their company from CA of their choice. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />We remember how a few years ago, a famous company called as Satyam Computer got an award for best corporate governance in a year and how in the next year a big fraud perpetuated by the same company in nexus with auditors was exposed. We also remember how a highly reputed and popular private bank called as Global Trust Bank got an award for Best Bank of the year and the very next year a big scam of the bank came to light and the then government decided to merge this sick bank with a PSU bank called as Oriental bank of Commerce. There are still now so many so called strong banks which will prove disastrous in coming days.</b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />WE also know how in last few decades as many as 23 private banks merged with other stronger bank, we know how many Regional Rural Bank merged with sponsor banks in last few years and we also know how many cooperative banks were forced to close operation in many parts of the country to conceal evil works of lenders and politicians. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br /></b></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"><b>RBI and GOI never try to learn lessons from frauds , failures and scams. They go on using one after other tools to change the bottle instead of changing the contents. Old wine in new bottle. All governments of the past have been seen trying to put carpet on all evil works. Present government has though taken a lot of good steps in cooperation with RBI Governor , respected and learned Mr. Raghu Ram Rajan to clean banks. But it appears that for current government too, one and only panacea appears to be merger and consolidation of banks . I however do not favour it.</b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />It is auditors who prepare false balance sheet for a company and it is they who certify accounts of a bad company which are fully manipulated and concocted. Satyam Computers is not an isolated example in corporate world. Majority of banks and companies are indulged in fraudulent presentation of financial reports. Lakhs of fake companies are in existence and SEBI is silent.</b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />Every bank submits every year an audited balance sheet and they proudly come on TV to say that their balance sheet is certified by a team of CAs. It is also true that even after certification by veteran internal and external auditors , every year some bank or the other are exposed and their evil works come in picture . All stressed assets which are coming to light now have been given a certificate of good health by auditors in the past many times. People in general understand how bankers concealed bad debts and how they played foul game with stressed assets for years and decades to save provisions , to protect corrupt officials and to help corrupt borrowers in the name of positivity. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />RBI knows very well how banks avoided provisions and how they inflated profit for decades and which got exposed almost a decade ago . RBI allowed erring banks apportioning of accumulated large provisioning in five years and did not think it wise to penalise erring officers and politicians. It is a established culture in all offices to protect corrupt and to torture honest officers and whistle blowers so that an artificial peace and bright image is built in public domain.</b></span></i><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />It is CAs who teach lesson on saving and evading income tax and other tax liabilities to business houses and help them in creation of black money. Not only this , it is CAs who play a role of middle man among IT officials, bank officials, business houses and government officials for hassle free completion of a task. There is no doubt that every government department and every bank or insurance company or PSU take help of these CAs in preparation of false picture of the company or department. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />Auditors say that they are poorly paid and their selection depends on whims of top officials of the bank and hence they have to act as per whims and fancies of bank management. IN the month of April and May , each audit team is busy in blackmailing with top officials of banks they are entrusted the duty of auditing and certifying the correctness of their financial papers including classification of assets, recognition of bad debts and calculation of profits. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />When auditors are exposed , then Auditors make excuses that bankers do not show all books and papers or they are not given adequate time to audit. They use to take a false undertaking from bank officials to save their own skin in case of an unfortunate exposure of their evil works. In turn bank officials always remain ready with bouquet of flowers and spread red carpet for auditors and they are ready to spend any amount of money to keep auditors in good stream and to get their ill-motivated target achieved. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />You will find that at head office of each bank, the game of bargaining is going on these days between team of auditors and team of bankers. And it happens every year in the month of April and May when auditors are purchased by bank officials so that their evil works are not exposed and their balance sheet shines as usual . </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />When we talk of vigilence officials or CBI officers posted in the department of CVC or CBI, they are either the same retired or unretired bank officials or persons who do not understand even ABC of banking activities. These important departments too complain of inadequate staff or inadequate time or lacking in quality staff. Even judiciary is victim of shortage of quality judges and short of adequate staff and this is why justice is delayed in courts too. Justice delayed is justice denied. Similarly all CAs and clever officers help in delaying exposure of sins of officials of a government body or promoters of a company for years and decades. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />There is vicious circle of corrupt officials in each wing, banks, audit team, RBI, GOI, CBI and CVC. And each office has a gang of corrupt and clever officials who join links with various channels to secure success in getting attractive figure and in getting rid of penal actions. CBI officers and vigilence officers can be bought easily because they too are birds of same feather. All play role in protecting each other and not at all in protecting the institute they are supposed to serve loyally and devotedly. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />In banks, only officers who are master in manipulation of figures, who are master in window dressing, who can furnish false and concocted certificates , who can manage auditors and vigilence officers are called clever and fittest officer eligible for promotion. This is why entire team from bottom to top act in tune with each other. Any officer who does not fall in line with this evil culture is thrown out and posted at the most critical place and tortured by frequent transfers or rejection in promotion processes. This is why a culture of flattery and bribery has taken roots in majority of offices. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />In banks , officers who can deliver a good speech become popular and blue eyed boy for their bosses and soon chosen for important post and quickest elevation in career. Banks are run by manipulators. They manipulate IAS officers and pay handsome money in fetching deposits from them from various departments . They manage business houses and teach them how to avail loan and how to get rid of it. They know how to conceal bad loan under the wrap of standard assets and they know the art of getting a certificate of good health from Team of CAs each time . Chartered Accountants (CAs) help each of them in preparation of attractive and suitable papers and documents for sanction of loan to a company. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b></b></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />That is why I am not astonished that figure of write off submitted by individual banks and that by RBI do not match. Officers in general trust on figures furnished on their table by a team of Yesman . In all offices , almost same culture prevails. Evil works are exposed and come in public domain only when a rigid officer like Ashok Khemka who is honest and intelligent from toe to head stick to his gun and reveal the entire truth. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />Only then media men get opportunity to write on it or to conduct debates on their TV channels. Lastly these media men start the game of blackmailing , they decide whom to expose , whom to provide coverage and whom to exonerate completely. They sit on chair of judge, jury and executors. Readers of newspapers and viewers of debates on TV are thus misguided and misinformed. True picture seldom emerges and very rarely it comes in the eyes of common men. In our country terrorists like Ishrat is proved innocent and given a certificate of honesty whereas persons of outstanding record of good performance is put in jail.</b></span></i><br />
<i><span style="background-color: yellow; color: red; font-family: "georgia" , "times new roman" , serif;"><b><br />Lastly , a new culture has developed in each department. RBI officers and ministers say that if penal action is taken against erring bank officials, bankers will avoid lending and cause bigger damage to the country . As such they allow crime to be committed and perpetuated to maintain positivity in banks. It is easy to victimize persons like Ashok Khemka. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />Actions are not proposed against auditors because if they are tortured, CAs will become jobless and students will not choose a course of CA as career. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br /></b></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"><b>Administrative officers and legal officers who play foul game with the system to earn illegal money are also not taken to task, because it is they who save politicians on many occasions and it is they who help them in earning illegal money and accumulation of wealth. As such politicians do not like to make these officials hostile to them. Politicians also keep silence on all evil matters because it helps them in building castles of progress in air. And so on. Even stock market is managed by manipulators and speculators to cheat innocent investors. There is an old proverb, birds of same feather flock together. </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><br />It is always easy to remove good officers and torture loyal officers so that evil works of evil officials are not exposed. This is why in our country good officers think it always wise to remain silent spectator of ongoing frauds and bad officers go on getting elevation after elevation . Crime grows and honesty is penalised . Old proverb , Honesty is the best policy no more holds good. In modern era , dishonesty, flattery and bribery are only keys to success </b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><b><span style="background-color: yellow; color: red;"><br />I do ot want to make comments on judiciary, because Chief Justice of Supreme Court has also highlighted the pathetic position of Indian courts and became emotional during a speech when PM Mr. Modi was also sitting adjascent to him.</span> </b></span></i><br />
<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com1tag:blogger.com,1999:blog-4044402403356121793.post-34867919543378486052016-04-30T17:15:00.002-07:002016-04-30T17:15:37.913-07:00Why Private Schools Exploit Parents?<div data-block="true" data-editor="6bmcc" data-offset-key="80mr-0-0">
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<span data-offset-key="7hv9s-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Private schools and colleges in India are looting parents in the name of quality education. </span></b></i></span></span></div>
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<span data-offset-key="9from-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">I would like to focus here primary and middle schools where every year syllabus in a school gets changed, books are changed, tuition fee structure is changed, prices of copies and books supplied by the school is increased, new charges are levied on students in the name of devlopment of building etc. </span></b></i></span></span></div>
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<span data-offset-key="dcr1f-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">In the past a set of books purchased by a parent could be used for decades by coming generation boys and girls and by children of friends and relatives admitted in the same class. IN modern era it is not possible because school management changes syllabus and books every year and students are forced to buy these prescribed books either from school itself or by a prescribed book dealer. Teaching standard is good in some schools but not in all schools . But there is no doubt that standard of teaching in private schools is at least better than that in government run schools. </span></b></i></span></span></div>
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<span data-offset-key="8e9p5-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">So far as colleges for higher education like engineering , MBA and medical is concerned , tuition fee in these colleges have been rising year after year whereas quality of teaching is deteriorating continuosly.A few decades ago there used to be rush in government colleges of higher education , engineering colleges and medial colleges . Now situation has changed completely. </span></b></i></span></span></div>
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<span data-offset-key="1omec-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;"> In few reputed private colleges, quality of teaching is undoubtedly good and students passing out of these colleges get immediate placement . But in majority of private colleges , quality of teaching is questionalbe and student passing out of these colleges hardly get a good job. </span></b></i></span></span></div>
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<span data-offset-key="eentm-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">It is important to mention here that management of majority of these primary schools and colleges conduct their own examinations. They manage examinations in such a way that almost all students pass examinations and awarded a degree comfortably. Majority of students are given marks above 90%. Students securing more than 90% marks in each school examination are however rejected in most of All India based competitive examination held either for admission in quality schools or for appointment in a good company. </span></b></i></span></span></div>
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<span data-offset-key="4jn8e-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Now the question here is why and how quality of teaching in India has been deteriorating year after year in majority of schools and colleges . Only in few schools and colleges , teaching is of high quality and where there is a mad rush of parents for admission of their wards. And governmnt of India and state governments are in general silent spectator of what has been happening in India for last three decades and more. Actually deterioration started since 1991 when Government of India gave freedom to private sector enterpreneurs to open schools and colleges. </span></b></i></span></span></div>
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<span data-offset-key="41s79-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">I say so because before even upto eighties , parent used to give preference to government run schools and colleges for admission of their wards. It is due to the fact that quality of teaching in government schools has faced continuous erosion after freedom . More than fifty percent of government schools run on registers only. In many schools , numner of teacher is too low to cope with demands of students. Quality of majority of teachers is bbwlow standards. Classes are not regularly conducted. School inspectors ceritfy good health and earn regular bribe in lieu of it. Similarly examination papers are leaked and sold to students at a price. And so on.</span></b></i></span></span></div>
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<span data-offset-key="4f29c-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">IN two to three decades after freedom , government schools started facing criticism due to relentless fall in standard of teaching as well as discipline. Further since State governments did not care neither for expansion of schools and colleges to cope with demands increasing year after year due to increase inpopulation and nor did it adequate take care about quality of teaching and quality of examination. People started searching better private schools to avoid govrnment schools .</span></b></i></span></span></div>
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<span data-offset-key="94npo-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Political parties in power in state goverment started using teaching staff for election and for making propaganda in favour of ruling party. Unemployed youth associated with ruling party were arbitrarily appointed as teachers in government run schools and colleges. The culture of political exploitation of teaching staff gradually damaged the quality of teaching and discipline in these place of education and these schools have lost their image and acceptability in public life.</span></b></i></span></span></div>
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<span data-offset-key="c30tr-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">After 1991, private schools and colleges started spreading in each and everynook and corner of the country and they are totally unregulated and uncontolled in any matte. They enjoy full freedom . It is seen for last few years , that parents facing exploitation in private schools have formed association and they have started raising voice in protest against these private schools. And sometimes TV media also give coverage to grievances of these victimised parents of students admitted in private schools. </span></b></i></span></span></div>
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<span data-offset-key="2jh1q-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">But here the question is why such situation has arisen and who are responsbile for such sorry affairs of private schools and also that of governmnt schools. </span></b></i></span></span></div>
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<span data-offset-key="1ghd1-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Government of India or State government or media cannot stop exploitation of parents by private schools until government run schools really become true place of quality education. Eduction is important and poorest among poor also realise the importance of education for their child .Every parent as per their capacity try their best to ensure that their children are admitted in best schools even if parent themselves are illiterate or poorly educated. They try to make future of their child by hook or by crook. Various banks also extend loan facility to parent for getting admission of their child in schools and colleges if they fulfill certain norms of banks. But these parent feel cheated and disappointed when their child do not get good job even though they are having big degrees and even after spending huge amount in educating a child. </span></b></i></span></span></div>
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<span data-offset-key="57if0-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Parent like their child to acquire best talent in least cost. Since Government schools have become almost useless and mostly a place where lessons of indicipline are injected into the bloood of children.This is why majority of parents opt for costly private schools to make career of their child bright and prosperous. </span></b></i></span></span></div>
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<span data-offset-key="c4b8i-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Private schools have also understood that parents are constrained to opt for private schools as because government run schools are no more good for future of children. And since there is no option now left for parents, private schools also leave no stone unturned to exploit parents in the name of tuition fee or costly books or development fund or something else. There appears to be none to help parent facing exploitation in the hands of management of these private schools.</span></b></i></span></span></div>
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<span data-offset-key="9bfqg-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">In America , all schools are govt schools and there is same syllabus for all schools upto class 12 and same examiniation. Education upto 12th standard is reportedly completely free . Children are taught values, morals,legal position related to various aspects of life , importance of nationalism etc during entire school education. Students upto class 12 are to face uniform examination in entire USA. When they pass 12th class, they are to face test for admission in colleges of higher education and pay tuition fee as per structure of private colleges. There may be merits and demerits in their system, but we Indains have to assess and ascertain its utility for our country and make necessary modification to suit our country.</span></b></i></span></span></div>
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<span data-offset-key="606ve-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">But I have no doubt to say that all Indians too should also be given uniform education and face same examination all over the country. And then based on merit and potential for a subject , a student may be asked for opting for higher education .As far as possible, country should frame a National policy on Education. It is important to mention here that as per Constitution , education lies in concurrent list and hence central government may suggest and advice state governments in national interest.</span></b></i></span></span></div>
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<span data-offset-key="62gf3-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<span data-offset-key="co2tr-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Students of all caste and community and of all regions and religion must undergo same books, same teaching and same examination . Only then students of entire country may justifiably be selected for various course in various colleges. </span></b></i></span></span></div>
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<div data-block="true" data-editor="6bmcc" data-offset-key="71j5h-0-0">
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<span data-offset-key="71j5h-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<span data-offset-key="aqdb9-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">The practice of donation has to be dispensed with immediately. Government must ban and penalise all colleges who on the basis of value of donation admit even weak students for higher level courses and then pass them also on the basis of illegal money they get in lieu of passing . Government must stop schools and colleges who have made mockery of education and who are selling degrees to earn money. Such greedy private schools are posing danger for the country. </span></b></i></span></span></div>
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<span data-offset-key="4rig3-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<span data-offset-key="bebql-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<span data-offset-key="dignb-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">In India each school has its own syllabus ,own tuition fee structure and own exam, they loot parents and give max marks all. Passing of students least depends on quality of his understanding a particular subject but on money he or she pay to teachers for passing and for getting higher marks. Government has to stop it anyhow and make necessary law to ensure it. </span></b></i></span></span></div>
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<span data-offset-key="askml-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<span data-offset-key="dqlr7-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<span data-offset-key="4k7kv-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Here I would like to say that Government will have to first improve the image of government run schools and colleges. They have to ensure that quality of teaching in such schools become so much good and attractive that parent stop giving prefernce to private schools. Govrnment have to ponder over it , why children of teachers of government schools, children of of government employees and children of politicians and that of ministers are not admitted in government run schools and why government employees who manage goveernment schools do like that their children admittd in private schools. </span></b></i></span></span></div>
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<span data-offset-key="71d3s-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<span data-offset-key="3g04n-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">I hate those politicians and ministers and mediamen who simply abuse management of private schools and try to put various restriction on them . In the state of Delhi , government is forcing private schools to cut fee structure , to impart free education to children of poor families and to stop management quota etc. These instructions may appears to be good to common men and to media men. Govrnment may earn some words of praise from Delhi public. But in the long run , the outcome of these forced steps may prove fatal and harmful. </span></b></i></span></span></div>
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<span data-offset-key="8p98c-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<span data-offset-key="718nm-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">WE know that government run schools are not good. And now due to dirty politics , if private schools too become bad , where parents wil go for better education for their children is a million dollar question which every goveernment shound ponder over it. Obviously such politics may give some advantage to political party heading Delhi government , but it will spoil future of Delhi families and future of Delhi children will be doomed. </span></b></i></span></span></div>
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<span data-offset-key="aan31-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<span data-offset-key="4ampl-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">I therefore request Delhi Government and all those politicians and media men , please do not add fuel to fire. Education is already in worst status. Private schools and collages are only small relief left helpless parents. Debate on TV may spoil private school teachings also whereas Govt schools are already a place for fools and poor parents. </span></b></i></span></span></div>
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<span data-offset-key="1omc8-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<span data-offset-key="ai8uj-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Private schools are not for charity, but for profit, they cannot be controlled by any government until government take proper iitiative to make government schools a true place for quality education and a temple for learning values .Government has to run schools as welfare scheme and they have to improve it , reform it and transform them to become pioneer in education . </span></b></i></span></span></div>
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<span data-offset-key="9vecp-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<span data-offset-key="bte7s-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Then only govrnment will have moral right to teach lessons to management of private schools. And the bitter truth is that if government schools become the best in quality and become affordable for all common men, I do not think that a intelligent parent will ever like their child to be admitted in private schools and face exploitation in their hands.</span></b></i></span></span></div>
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<div class="_1mf _1mj" data-offset-key="4ha4n-0-0">
<span data-offset-key="4ha4n-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<span data-offset-key="9267h-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Exorbitant charges are realised from patients by private nursing homes and patients agree to give because they want complete cure of their patients even if it needs payment of higher charges. Private nursing homes are looting and pathologist are looting patients. It is an open secret.</span></b></i></span></span></div>
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<div class="_1mf _1mj" data-offset-key="35juj-0-0">
<span data-offset-key="35juj-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<span data-offset-key="8vmfm-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">But Why? </span></b></i></span></span></div>
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<div class="_1mf _1mj" data-offset-key="1a95h-0-0">
<span data-offset-key="1a95h-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<div data-block="true" data-editor="6bmcc" data-offset-key="3jc2f-0-0">
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<span data-offset-key="3jc2f-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Because government hospital do not take proper care of patients admitted there and there is no hope that patients will be cured. Rather it is an impression in public mind that these hospitals are killers and patients admitted there seldom come back alive .</span></b></i></span></span></div>
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<span data-offset-key="ao4o9-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<div data-block="true" data-editor="6bmcc" data-offset-key="6s8k7-0-0">
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<span data-offset-key="6s8k7-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Similar is the fate of public sector undertakings, banks, airlines, telecom service providers like BSNL. People of India do not want to even lodge a FIR in police station when they are harassed by someone or exploited by some office. They do not want even to appraoch courts of India for justice because they know that even judiciary in India is in grip of powerful politicians associated with ruling party or powerful officials or wealthy and musclemen .All these government entities are victim of dirty politics of past govternments and consumers are sufferers and they are left with no alternatives, other than opting for private services at whatsoever costs these services are available in private sector. </span></b></i></span></span></div>
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<span data-offset-key="aoq5s-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<div data-block="true" data-editor="6bmcc" data-offset-key="3uktp-0-0">
<div class="_1mf _1mj" data-offset-key="3uktp-0-0">
<span data-offset-key="3uktp-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<span data-offset-key="6i3av-0-0"><span data-text="true"><i><b><span style="font-family: "georgia" , "times new roman" , serif;">Every state Government as well as central government has to introspect and make necessary changes in laws, modify their way of thinking and change their attitude and mindset . It is easy to abuse private sector but it is very much difficult to make government sector acceptable to people of India. </span></b></i></span></span></div>
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<span data-offset-key="61d2j-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><br data-text="true" /></span></div>
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<span data-offset-key="cfdii-0-0"><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><span style="font-size: x-large;"></span><br data-text="true" /></span></div>
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<span data-offset-key="23q7g-0-0"></span><u></u><sub></sub><sup></sup><strike></strike><i></i><b></b><span style="font-family: "georgia" , "times new roman" , serif;"></span><span style="font-size: x-large;">National Education Policy In USA</span><br />
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<i><span style="background-color: white; color: blue; font-family: "georgia" , "times new roman" , serif;"><br /></span></i></div>
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<span data-offset-key="af7ba-0-0"><span data-text="true"><i><span style="background-color: white; color: blue; font-family: "georgia" , "times new roman" , serif;">Education in the United States is provided by public schools and private schools.</span></i></span></span></div>
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<span data-offset-key="1ihco-0-0"><i></i><span style="font-family: "georgia" , "times new roman" , serif;"></span><span style="background-color: white;"></span><span style="color: blue;"></span><br data-text="true" /></span></div>
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<span data-offset-key="aiftl-0-0"><span data-text="true"><i><span style="background-color: white; color: blue; font-family: "georgia" , "times new roman" , serif;">Public education is universally required at the K–12 level, and is available at state colleges and universities for all students. K–12 public school curricula, budgets, and policies are set through locally elected school boards, who have jurisdiction over individual school districts. State governments set overall educational standards, often mandate standardized tests for K–12 public school systems, and supervise, usually through a board of regents, state colleges and universities. Funding comes from the state, local, and federal government.</span></i></span></span></div>
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<span data-offset-key="12kgq-0-0"><i></i><span style="font-family: "georgia" , "times new roman" , serif;"></span><span style="background-color: white;"></span><span style="color: blue;"></span><br data-text="true" /></span></div>
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<span data-offset-key="8udco-0-0"><span data-text="true"><i><span style="background-color: white; color: blue; font-family: "georgia" , "times new roman" , serif;">Private schools are generally free to determine their own curriculum and staffing policies, with voluntary accreditation available through independent regional accreditation authorities. About 87% of school-age children attend public schools, about 10% attend private schools and roughly 3% are home-schooled.</span></i></span></span></div>
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<span data-offset-key="d7rrd-0-0"><i></i><span style="font-family: "georgia" , "times new roman" , serif;"></span><span style="background-color: white;"></span><span style="color: blue;"></span><br data-text="true" /></span></div>
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<span data-offset-key="91ebn-0-0"><span data-text="true"><i><span style="background-color: white; color: blue; font-family: "georgia" , "times new roman" , serif;">Education is compulsory over an age range starting between five and eight and ending somewhere between ages sixteen and eighteen, depending on the state. This requirement can be satisfied in public schools, state-certified private schools, or an approved home school program. In most schools, education is divided into three levels: elementary school, middle or junior high school, and high school. Children are usually divided by age groups into grades, ranging from kindergarten and first grade for the youngest children, up to twelfth grade as the final year of high school.</span></i></span></span></div>
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<span data-offset-key="fg6ai-0-0"><i></i><span style="font-family: "georgia" , "times new roman" , serif;"></span><span style="background-color: white;"></span><span style="color: blue;"></span><br data-text="true" /></span></div>
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<span data-offset-key="bs6gg-0-0"><span data-text="true"><i><span style="background-color: white; color: blue; font-family: "georgia" , "times new roman" , serif;">There are also a large number and wide variety of publicly and privately administered institutions of higher education throughout the country. Post-secondary education, divided into college, as the first tertiary degree, and graduate school, is described in a separate section below.</span></i></span></span></div>
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<span data-offset-key="blpi-0-0"><i></i><span style="font-family: "georgia" , "times new roman" , serif;"></span><span style="background-color: white;"></span><span style="color: blue;"></span><br data-text="true" /></span></div>
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<span data-offset-key="a4uii-0-0"><span data-text="true"><i><span style="background-color: white; color: blue; font-family: "georgia" , "times new roman" , serif;">The United States spends more per student on education than any other country. In 2014, the Pearson/Economist Intelligence Unit rated US education as 14th best in the world, just behind Russia. According to a report published by the U.S. News & World Report, of the top ten colleges and universities in the world, eight are American. (The other two are Oxford and Cambridge, in the United Kingdom.)</span></i></span></span><br />
<i><span style="background-color: white; color: blue; font-family: "georgia";"><br /></span></i> <i><span style="background-color: white; color: blue; font-family: "georgia";"><br /></span></i> <i><span style="background-color: white; color: blue; font-family: "georgia"; font-size: x-large;"><b>Education Policy In USA</b></span></i><br />
<i><span style="background-color: white; color: blue; font-family: "georgia";"><br /></span></i> <span style="background-color: white; color: blue; font-family: "georgia";">Education is an instrument of the broader social order. When society changes, education, sooner or later, also changes. Few activities or agencies, however, change as slowly, or in such small increments, as formal education–both schools and colleges as well as both public and private institutions. Education's roots are deep and wide, penetrating almost every facet of society. Hence, education is subject to virtually every political force, including those that want change and those that want to protect the status quo.<br /><br /> Public K–12 education–which operates across fifty states, 14,000 local school districts, and 100,000 schools; involves 5 million employees and more than 48 million students; and costs more than $2 billion each day–is too large, too costly, and too enmeshed in political dynamics to change quickly. Postsecondary institutions–colleges and universities–have become equally ponderous. With the advent of post– World War II enrollment increases; the significance of university-based research for preserving the nation's economic, medical, and military preeminence; and the substantial assumption of student financial aid by government, higher education also has become a major feature of the political landscape and become engulfed by much of the inertia that immobilizes lower schools.<br /><br /> For most of American history, the nation's most prestigious elementary and secondary schools and elite colleges have been few in number, and their private charters and religious affiliations have rendered them generally independent of government. But for colleges and universities, nearly all of which, in the early twenty-first century, are accepting student financial-aid subsidies from government and engaging in government-sponsored research, this situation has changed. Government now is a major constituent for higher education, both public and private.<br /><br /> Even for private preparatory and religious elementary and secondary schools, the condition of independence from government could change. If the U.S. Supreme Court approves allocation of public funds for private and religious institutions, private schools could come under the full umbrella of public policy in the same way as their public institutional counterparts.<br /><br /> Still, even as subjects of increasing politicization, and even if only at a glacial pace, schools and colleges do change. Formal education at the onset of the twenty-first century exhibited many differences from that of even thirty years previous, and it certainly was different from what children and parents experienced in the early part of the twentieth century.</span><h2>
<span style="background-color: white; color: blue; font-family: "georgia";"> The Basics of Educational Policy</span></h2>
<span style="background-color: white; color: blue; font-family: "georgia";"><br /><br />Read more: <a href="http://education.stateuniversity.com/pages/1937/Educational-Policy-United-States.html#ixzz46lFInKyP" style="color: #003399;">United States Educational Policy - The Basics of Educational Policy, The Pressure for Reform in American Education, Defining Policy - StateUniversity.com</a> <a href="http://education.stateuniversity.com/pages/1937/Educational-Policy-United-States.html#ixzz46lFInKyP" style="color: #003399;">http://education.stateuniversity.com/pages/1937/Educational-Policy-United-States.html#ixzz46lFInKyP</a></span></div>
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<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com0tag:blogger.com,1999:blog-4044402403356121793.post-50065493933462062092016-04-22T21:11:00.003-07:002016-04-22T21:11:35.092-07:00Merger Of Banks And Privatisation Of Banks<span style="font-family: "georgia" , "times new roman" , serif; font-size: x-large;"><i>PRIVATISATION OF BANKS – A NATION’s PROBLEM-By Sri </i><span style="font-size: small;"><i> <b><span style="font-size: x-large;">G V </span></b></i><i><b><span style="font-size: x-large;">MANIMARAN</span></b></i></span></span><br />
<b><i><span style="font-family: "georgia"; font-size: x-large;"><br /></span></i></b> <i><span style="font-family: "georgia" , "times new roman" , serif;"> Dear friends,</span></i><br />
<br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"> An atmosphere is created in the financial sector that the Merger of the Banks and the Privatisation in the Banking Industry is imminent and all the stake holders are only waiting for the date of formal announcement.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> It has to be accepted by all the stake holders and particularly the work force that, though it is highly organised and structured, failed to register its protest loudly.</span></i><br />
<br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"> The primary stake holder and the major beneficiary of public sector – the Indian Public- maintain cool, as if it is an issue to be fought by the employees of the Industry.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> In this background, the Government has accelerated its pace towards the process of privatisation which was initiated exactly 25 years back.</span></i><br />
<br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"> Yes friends,</span></i><br />
<br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"> The privatisation move was launched in ’90 and the well oiled Government machinery through the other Institutions like RBI and IBA, strategically has been executing relentlessly with all amount of patience throughout which has reached the climax now.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> Many committee reports in the name of experts were released during this long drawn process, which has been slowly injected as an anesthetiser to cause an insensitivity among the stake holders.</span></i><br />
<br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"> Let us list out the various steps employed over a period of 25 years to transfer the huge public sector assets in the hands of private sector.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> A big publicity and propaganda was unleashed during 90s on the Government’s inclination towards privatisation and attempts were made to influence the public towards privatisation.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Government holding was reduced in the Banking sector and the Nationalised Banks had to shift their status from “ WHOLLY OWNED BY GOI to GOI UNDERTAKING” which resulted in an inclusion of a set of directors in the Board under the category “ SHARE HOLDER’S DIRECTORS”.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Shares were allotted to employees too under preferential quota and financial assistance also was extended to them in order to silence them.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="color: red; font-family: "georgia" , "times new roman" , serif; font-size: large;"><b><br />Term lending and mutual fund institutions like ICICI, IDBI and UTI became commercial Banks through reverse merger process.</b></span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Private Banks were introduced so as to create a competition with the PSBs but also to create a scene to compare the products of the private banks with the PSB products.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Experienced employees who were the committed & involved members of the organised trade unions were encouraged to go out in the name of SVRS.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Embargo was employed in recruitment in the banking sector from 2000 onwards despite the PSBs were increasing their business and presence exponentially.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Banking functions were linked to the capital in the guise of implementing Basel norms.<br /> New accounting standards were introduced which brought a new nomenclature NPA and provisioning norms were introduced.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Using the two strings NPA and PROVISIONING NORMS, the declaration of the net profit by PSBs were controlled.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />After blocking the rich capital possessed by the PSBs towards manufactured NPA, business of the PSBs were restricted in the name of inadequacy in capital.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Illogical and illegal decision of “non infusion of capital” to the under performing Banks was announced.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Governance struc</span></i><i><span style="font-family: "georgia" , "times new roman" , serif;">ture of the PSBs were changed by nominating the non executive Chairman and by appointing MD & CEO from the private sector.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />PSBs were instructed to consolidate the bad debts in the name of STRATEGIC DEBT RESTRUCTURING and in the process banks were discouraged to initiate even the normal recovery process. Besides, the banks were encouraged to extend additional funds to such corporates whose liability was restructured to show performing assets.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Suddenly initiated the process of Asset Quality Review by the RBI which is totally against the functional autonomy being now enjoyed by the PSBs, and arm twisted the performing banks to declare loss by making huge provisions towards such accumulated bad debts.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Openly declared through Gyan sangam the division of banks as Acquirer and target banks based on their assets.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Share prices of the PSBs were reduced to rock bottom and announced to dilute the Govt. holding to 52% - an orchestrated drama to hand over the public sector to the private hands at cheap price.</span></i><br />
<br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"> It is a well drafted drama enacted by the Government over a period of 25 years excellently stage managed by the controllers of the Banking Industry and also with the special appearance of committees in the name of Industry experts..</span></i><br />
<br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"> I was wondering where and who wrote the script till I came across a research study by the scholars of of Malaysian university whose report is reproduced below.</span></i><br />
<br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"> They have listed the various steps initiated by the Britain during their successful execution of privatisation by Madam Margaret Thatcher.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> You will be able to understand the similarity, when compare the highlighted portion of both the parts</span></i><br />
<br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"> LESSONS LEARNED FROM THE EXPERIENCES OF PRIVATISATION<br /> IN SOME COUNTRIES WITH DIFFERENT ECONOMIES (SPECIAL<br /> REFERENCE TO THE EXPERIENCE OF PRIVATIZATION IN EGYPT)</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> Ali Abusalah Elmabrok Mohammed 1,*, Ng Kim Soon2, Abdalla Ab Sinusi Saiah3 & Abdul Talib Bin Bon4<br /> Faculty of Technology Management, Business and Entrepreneurship<br /> University Tun Hussein Onn Malaysia, 86400 Parit Raja, Batu Pahat, Johor, Malaysia<br /> Tel: 60-127682709 E-mail: alialisabha@yahoo.com</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> ABSTRACT </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> From all the accumulated experience of privatization, new results have been added to the outcome of international experiences in this area, as these experiences are worthy of study so as to avoid the negative aspects and follow the positive aspects in the implementation of future privatization projects , but the majority of findings suggest the <br /> importance of taking the circumstances and the local variables of economic, social, political and legal into account when preparing the strategies of privatization and their implementations, as there are inferred global indications which show that the experiences of privatization cannot transfer its entirety from one country to another, and this paper focused on a number of international experiences in the privatization program for the countries that differ in its economic, and vary in the variables of political and social REO , in the periods of the privatization program, with particular reference to the Egyptian experience. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> 1. INTRODUCTION </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br />There have been many terms in recent times to express the process of converting some production units (at the national level), the scope of the public sector to the scope of the private sector, notably the privatization and privatisation, expropriation and other public. But it is more common in these terms of use is privatization, a term used in this study, and has appeared numerous definitions of privatization, some say that it's as a transfer of ownership of the project from the public sector to the private sector. In another definition refers to privatization "convert public property to the private sector, the management or rent, or share or buying and selling in what follows the State , in the various sectors of economic activity or area of public services." In the last definition is seen "as a process of transfer of ownership and operational management of the state-owned enterprises to the private sector, either in part or in full, and the private sector can be either institutions or businessmen or foreign companies.</span></i><br />
<br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"> In another definition refers to privatization "transfer of ownership of public facilities to other parties that you manage, in accordance with the principles of the private business sector, indicates that the definition of three to privatisation is to increase the efficiency of the management and operation of public projects by relying on market mechanisms and arrangements to get rid of bureaucracy. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /> Experience of privatisation in Britain: </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> Characterised by the British experience in successful privatisation, since it began with the Conservative government led by Margaret Thatcher, that the reasons for success had gathered, namely, at the first beginnings in this area, so are actually the pilot experiences in terms of the configuration of legislative, political and economic relations with the reforms in the market securities and tax structure, then the inclusion of privatisation of all sectors of national economy of goods and services, which focus on the promotional efforts:</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> • Use of media campaigns and advertising-intensive sectors, each addressed to the target market (people - investors - employees - managers - official bodies - political leaders and society); in order to convince them and encourage them to the feasibility of privatisation. </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> • Take-out in the method of privatisation, in order to give opportunity to the efforts of public relations, publishing, media and personal selling, advertising and publicity Impact to occur. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />• Focus on the quality of the product in the issues of privatization, since the focus is on winning institutions in each sector, to be converted typically, to be an example to the rest of similar institutions. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />• Focus on the attraction and strategic partnership for investors and citizens, managers and employees, and founders of companies, to expand the ownership base, as follows: </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> 1. Encourage the State of the founders in the first place to buy a share of the state of the stock or part of it. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />2. Encourage managers and employees by giving them priority in buying shares, or give them shares compared to their share in the profits or reducing their eighth stock, or give them an incentive to buy, or give talented employees free shares for being with primary responsibility for the continuation of their giving to the company, develop and duplicate (giving clear advantages for employees). </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />3. Encourage investors to buy shares by giving them full information and truthful shows in the trend of the real opportunities for profitability in the companies offered for sale. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />4. Reduce the value of the shares or instalment price or to give priority to requests from small contribution. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />5. Restrictions on foreign investors in the privatisation process, by demanding enrolment in the register of foreign shareholders in the State, and not to increase the share of foreign investors for 15% of the total shares of the company, with no foreign participation in the Board of Directors. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> • Keep the government paced specially called golden share in the privatised company, which is entitled to attend the General Assembly, voting, and the appointment of a representative of business in the Governing Council, and also have the right to object in cases of emergency on some decisions, and this gives a reliable picture of the citizen because the companies privatised operating state in order to monitor the public interest, without prejudice to the rights of deliberate investors and shareholders. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br />• Change managers in the public institutions in the state, opponents of the privatisation or either transfer them to alternative employment in the privatised institutions or to resolve these institutions, they lose their jobs.</span></i><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> • Supervised by the Minister of Finance on all privatisation processes in collaboration with relevant ministries, devise and approve guidelines for privatization, and the details of the technical operations, leaving the work of specialists from banks and financial intermediaries, lawyers and accounting firms, which widens the circle of strategic partnership in the privatization. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> • Political support for the ruling party and the government and ministries of privatisation reflect the strength of the supportive influence of the direction of privatisation. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"> So, our Government has executed the long drawn agenda of Privatisation through Mergers and Acquisitions which would demoralise the work force and who would ultimately succumb to be placed in the hands Private.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;"> Let us wake up,</span></i><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> An awareness campaign must be launched to awake the public too, as primarily, the privatisation will have negative impact on the fellow country men and Country’s economy.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"> Let us effectively communicate to the Indian public that the privatisation of Banking sector is an anti – national move which would drive the rural economy back to the primitive.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"> Every individual officer must take it as a mission not only as a bank officer, but also an individual interested in our Mother India’s wealth and welfare.</span></i><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> Thanking you,</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"> MANIMARAN G V<br /> GENERAL SECRETARY</span></i><br />
<b></b><u></u><sub></sub><sup></sup><strike></strike><i></i><span style="font-family: "georgia" , "times new roman" , serif;"></span><br />
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<i><span style="font-family: "georgia" , "times new roman" , serif;"> RBI Governor Raghuram Rajan has said the issue of bad loans gets “loaded with a lot of morality” and it is necessary to keep criminal liability separate to put stressed assets back on track. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />It is not a point whether defaulters are good people or bad people , whether the company is big or small, whether is popular or unpopular etc. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Questions are asked whether non-performing assets (NPAs or bad loans) were a concern for him given that some “big names and big companies” are linked to the problem. <br />The Reserve Bank Governor made it crytal clear that the NPA clean-up is simply about whether the loan is “performing or not performing. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />There may be good reasons or bad reasons behind a Non -performing asset.It may have become non-performing simply because someone had terrible luck or somebody else’s fault. Sometimes licences are cancelled , sometimes approvals are given to company by statutory bodies in time, sometime one of partners or directors do not perform or commits blunder , commit fraud or sometime divert the fund of the firm for self use or for different use and so on. There may be all sorts of reasons why companies get into trouble. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />MR. Rajan said clearly , "if companies get into trouble, the loan becomes a non-performing asset and “we very much want these assets to be back on track,” </span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">It is a completely separate issue of who to blame and whether there is criminal liability involved in a NPA account or with some defaulting firm. In a fraction of the cases there may be criminal liability involved. That should be separated from the whole issue of putting the assets back on track. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Asset is not a criminal. Asset can produce value and can function. Asset should be allowed to produce value even while there is a separate case going on if there was criminal activity involved.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Rajan emphasised that the government has said very clearly it will not interfere in the process of granting loans and “I think that is a very important development. The next stage has been on trying to improve the administrative structure in the banks.” </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Rajan said the last part of the stabilisation agenda has been to clean up the stressed assets in the banking sector in order to ensure banks have the room to lend again. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Rajan has said it clearly and without any ambiguity that we want to have our banks get their money back. For that we need a proper bankruptcy system, a court system that functions in finite time and we didn’t have that in the past. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />He expressed hope that “there is a reasonable chance” that the bankruptcy code bill will be passed soon and that it will ensure a fully functioning system. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Under bankruptcy code banks and borrowers can renegotiate outside of bankruptcy. Newly framed bankruptcy code keeps you from getting away with too much either on the banking side or the promoter side.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <i><span style="font-family: "georgia" , "times new roman" , serif;">Number of frauds in banks has been rising quarter after after, year after year. Many cases of frauds are not even reported to RBI or reported with inordinate delay. RBI has said clearl that banks have to make provision for the entire amount of a loan in transactions where fraud has been detected in a period not exceeding four quarters.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Sometimes banks feel that if huge provisions are done in a quarter it may adversel affect the finacial report of the bank and are afraid of erosion in image of the bank and its stock value. To smoothen the effect of such provisioning on quarterly profit and loss, banks have the option to make the provisions over a period, not exceeding four quarters, commencing from the quarter in which the fraud has been detected.</span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />RBI said that the banks have to make suitable disclosures with regard to the number of frauds reported, the amount involved in such frauds and the quantum of provision made during the year. This tight and hard instruction will in the long run change the dirty culture of bank officials who in order to save their employees from criminal actions conceal cases of fraud. It is important to say here that the culture of hiding evil acts of an employee who commit fruad like crime lead to escalation in volume and value of such frauds. </span></i><br />
<i><span style="font-family: "georgia" , "times new roman" , serif;"><br />Banks must scrupulously adhere to the extant guidelines on classification and reporting of frauds. It is in overall interest of the bank and the country as a whole.</span></i><br />
<i><span style="font-family: "georgia";"><br /></span></i> <span style="font-family: "times new roman"; font-size: x-large;">Corporate debt worth $178 billion at default risk: BNP Paribas</span><br />
<b><i><span style="font-family: "georgia" , "times new roman" , serif;">A whopping 16.1 per cent or USD 178 billion worth of corporate credit in India is at risk of default, making the domestic banking system the worst in Asia in terms of bad loans.</span></i></b><br />
<b><i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i></b><b><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />According to the report by French financial services major BNP Paribas, of the total bank credit of USD 1,109 billion in the country, corporate debt worth USD 178 billion, 16.1 per cent of the total bank credit, stands the risk of default. </span></i></b><br />
<b><i><span style="font-family: "georgia" , "times new roman" , serif;"></span></i></b><b><i><span style="font-family: "georgia" , "times new roman" , serif;"><br />India is followed by Indonesia and China with 7.2 per cent and 6.6 per cent of respective total bank credit at the risk of default. </span></i></b><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <b><i><span style="font-family: "georgia";">While in Indonesia, USD 22 billion of its total bank credit of USD 305 billion is at potential risk of default, China stares at USD 1,050 billion of potential bad loans. The Chinese banking system is worth USD 15,884 billion. </span></i></b><br />
<b><i><span style="font-family: "georgia";"></span></i></b><b><i><span style="font-family: "georgia";"><br />The brokerage did not specify the time-frame of the report which is based on an analysis of 738 listed companies in Asia which have a combined gross debt of USD 1.7 trillion. </span></i></b><br />
<b><i><span style="font-family: "georgia";"></span></i></b><b><i><span style="font-family: "georgia";"><br />"Mounting corporate debt is one of the biggest problems for Asian economies," the report said. </span></i></b><br />
<b><i><span style="font-family: "georgia";"></span></i></b><b><i><span style="font-family: "georgia";"><br />"Our country-wise analysis highlights the following percentages of bank loans at risk: </span></i></b><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <b><i><span style="font-family: "georgia";">6.6 per cent in China,</span></i></b><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <b><i><span style="font-family: "georgia";">16.1 per cent in India, </span></i></b><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <b><i><span style="font-family: "georgia";">5.8 per cent in Korea, </span></i></b><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <b><i><span style="font-family: "georgia";">2.4 per cent in Thailand and </span></i></b><br />
<b><i><span style="font-family: "georgia";"><br /></span></i></b> <b><i><span style="font-family: "georgia";">7.2 per cent in Indonesia," </span></i></b><br />
<b><i><span style="font-family: "georgia";"><br />As per BNP Paribas, policymakers in every country are trying to tackle the debt problem in different ways. "Chinas solution seems to be a debt-to-equity swap. This was tried in China in the late 1990s," .</span></i></b><br />
<b><i><span style="font-family: "georgia";"><br />"The present instance, however, could be different...the government may not assume a significant part of the debt, as it did in the last instance," .</span></i></b><br />
<b><i><span style="font-family: "georgia";"><br />Indias approach is more direct as the "Reserve Banks asset quality review is forcing banks to acknowledge and write off stressed assets leading to severe short-term pain, particularly for PSU banks, but also potential long-term gain once bad loans are fully recognised," </span></i></b></div>
<br />Danendra Jainhttp://www.blogger.com/profile/06877409854811449220noreply@blogger.com3