All of you who are on agitation against proposed so called privatisation of banks, I feel you have to understand why disinvestment / privatisation became inevitable and unavoidable in 1991.There was no choice left before the then Narsimha Rao led Congress Government other than to accept global trend of privatisation, liberalisation and globalization.
Wholesale banks like IDBI, ICICI, HDFC were given to private sector by great economist Prime Minister Mr Manmohan Singh and Mr P Chidambram during UPA rule under a well thought and we'll planned strategy.
During next 25 years remaining public sector banks were exploited by successive government and made them critically weak compelling government to infuse capital every year. RBI remained silent spectator of rape being carried out on banks.
There is no doubt that private banks are greater threat to public money but it is equally true that Public sector banks cannot survive long if they continue to pursue faulty policies and corruption based execution .
During last three decades all trade unions remained silent spectators of all mergers. Amalgamation and disinvestment of public sector enterprises including banks and allowed government to rape PS banks only to serve their selfish interest. They attacked government using bank employees as shoulder to fire bullet at the government and blackmail government to gain something in return.
Despite all, Mr. Narendra Modi PM led BJP led NDA government tried a lot to improve the health of these ailing banks. Things have improved to some extent during six years. Above all, government is not going to privatise all banks and neither it is possible for the them and same has been made crustal clear by FM during last press conference.
But a section of bank employees and leaders are bent upon creating confusion in minds of people and employees in general. In such position it is warranted that propagandist are not allowed to succeed in their mischievous agenda of weakening present government and mostly respected aPrime Minister Mr Modi.
Whenever some wrong narratives are seen on social sites, right thinking people start reacting in a natural way and in their style.
Right of freedom of expression is for both type of people, one for privatisation and another for opponents. Healthy debate and discussion can only result in right line of policy and right type of action.
I said to be Modi Bhakt from time to time have been writing for last two decades against ill culture prevailing in banks and mischievous intentions of top bankers and political leaders. Even when Modi was nowhere in picture I used to highlight faulty policies of Manmohan Singh and Chidambram led government .
I expect from a well experienced and talented leader like you to post your balanced view on each matter including that on proposed so called privatisation after deep study of true plan and real action of the government .
Instead of hitting at problem and targeting government always on each issue, it is desirable that you suggest solution for existing problems /maladies .it will not be wrong to properly guide staff participating in agitations.
I always admire your views and post in my blog too from time to time.
I hope you will take it lightly and oblige mass with your valued suggestions on real problems, not on imaginary ghosts.
Using children for displaying your target to emotionalise an issue sometimes appears childish and speak badly about the subject you intend to enlighten.
You is for all who are opponents of so called privatisation.
This is the time when bank employees should introspect and find out reason why even depositors /customers are not with them knowing very well that service charges are more in private banks.
One clear message is there that valued customer want quality service and they are ready to pay even higher charges for it.
Politicians cannot interfere in functioning of private banks to the extent they are doing in PS banks.
Culture of loan Mela, target based lending, waiver of loan etc will stop.
There are merit and demerits both in banking with private and PS banks.
Mind and imagination of a few person is great. It is they who can only imagine a bankrupt person can buy a public sector bank. Emotional quotations posted on facebook by veteran leaders indicate their quality and standard of thinking and it is funny that these small group of words are liked and admired by a few (not more than 10) of friends only.
They may remain satisfied that few have liked it. In fact they are wasting their energy in forming small quotations and posting them on facebook. They are great because they think that these small quotations will shine their image and critic will vanish under pressure of these quotations.
They perhaps do not know what is nationalism, who will be benefitted and who will be looser if a bank in public sector is disinvested or handed over to private entrepreneurs. They are expected to place how government is gainer or looser and depositors are at stake or how staff future is at risk in case a bank is disinvested.
They perhaps have forgot how thousands of employees bought share of public sector banks indirectly supporting disinvestment culture of the government. Now when share value has gone down drastically they are abusing privatisation which started three decades ago
Such people do not know why market share of public sector banks has shrinked and facing erosion year after year. They do not know or willfully appear ignorant about what is PE ratio and why it is 2 to 4 only for PS bank and why the same is more than 25 in case of private banks.
Deposits also tell a similar story — private banks’ market share has gone up to 30.35 per cent this year from 19.44 per cent in 2015, while public banks’ share saw a decline to 64.75 per cent from 76.26 per cent.
Public banks controlled over 70 per cent of the market till a few years ago, but according to the latest data released by the Reserve Bank of India, their market share in loans has dipped to 59.8 per cent in 2020 from 74.28 per cent in 2015, while private banks’ share has surged to 36.04 per cent from 21.26 per cent in the same period.
The bad state of public sector banks is also reflected on operational efficiency parameters. The staff expense-to-total income ratio for public sector banks zoomed between 2015 and 2020, while for new private sector banks, the ratio remained stable.
As a result, public sector banks have been overly dependent on the government for fresh capital infusion. A massive Rs 3,18,997 crore of capital was infused by the government in the last five years in state-run lenders. Private banks were able to raise Rs 1.15 lakh crore of capital from the markets, as compared to Rs 70,823 crore by public sector banks. The public sector banks needed higher capital due to sharp increase in bad loans. Banks need to set aside capital — known as provision — for non-performing assets.
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But employees in public sector are more unhappy, they frequently go on strike for wage hike and they more often than not exhubit anger against government .
Why employees working in private sector are happy, peaceful and not resorting to strike?
It is a fact that these days youth are more interested in getting job in private companies, multi national companies, foreign banks, private banks ,companies in IT sector and less interested in public sector enterprises.
Majority of good students get appointment letter in their campus where they are in study and not even completed the course.
It was in olden days that person after getting a job in government sector used to be in the same job till retirement. These days, on the contrary people are getting offer after offer in private sector with better and better packages and hence frequencies of switching to other employeer is very common phenomenon.
Despite above facts some people and some politicians are against disinvestment and so called privatisation. They know very well that government is not planning to give all public banks to private sector. They all know that government is planning to privatise only few critically sick banks.
Finance Minister has categorically told in press conference yesterday that none of employees and retirees will be affected in any way after privatisation.
Why then some left minded trade unions are provoking agitations and strike? Why are they spreading one after other false information about privatisation of railways ,that of LIC and sometimes of banks. Are they bent upon maligning image of the government by provocative propaganda only as because they do not have any valid point against the government?
Is there any political motive?
Please think over it deeply and then form an idea.
Danendra Jain
18.03.2021
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आज जो निजी क्षेत्र के 3 सबसे बड़े बैंक हैं यानी ICICI Bank, HDFC Bank और Axis Bank यह तीनों कभी सरकारी हुआ करते थे लेकिन पीवी नरसिम्हा राव सरकार में वित्त मंत्री रहे मनमोहन सिंह ने इन्हें बेच दिया था I
आई सी आई सी का पूरा नाम इंडस्ट्रियल क्रेडिट एंड इन्वेस्टमेंट कारपोरेशन ऑफ़ इंडिया था ..यह भारत सरकार की ऐसी संस्था थी जो बड़े उद्योगों को लोन देती थी लेकिन एक झटके में वित्त मंत्री मनमोहन सिंह ने इसका डिसइनवेस्टमेंट करके इसे प्राइवेट बना दिया और इसका नाम और आईसीआईसीआई बैंक हो गया I
आज जो एचडीएफसी बैंक है उसका पूरा नाम हाउसिंग डेवलपमेंट कारपोरेशन ऑफ़ इंडिया था यह भारत सरकार की एक ऐसी संस्था हुआ करती थी जो मध्यम वर्ग के लोगों को सस्ते ब्याज पर होम लोन देने का काम करती थी I
नरसिम्हा राव सरकार में वित्त मंत्री रहे मनमोहन सिंह ने कहा था सरकार का काम सिर्फ गवर्नेंस करना है होम लोन बेचना नही I
मनमोहन सिंह निजीकरण को विकास के लिए सबसे जरूरी कदम बताते थे और कहते थे सरकार का काम सिर्फ सरकार चलाना है बैंक चलाना लोन देना नहीं और एक झटके में वित्त मंत्री मनमोहन सिंह ने एचडीएफसी बैंक को बेच दिया और यह निजी क्षेत्र का बैंक बन गया I
इसी तरह की बेहद दिलचस्प कहानी एक्सिस बैंक की है :
भारत सरकार की एक संस्था हुआ करती थी उसका नाम था यूनिट ट्रस्ट ऑफ इंडिया यह संस्था लघु बचत को बढ़ावा देने के लिए बनाई गई थी यानी आप इसमें छोटे-छोटे रकम जमा कर सकते थे I मनमोहन सरकार नरसिम्हा राव सरकार में वित्त मंत्री मनमोहन सिंह ने कहा की सरकार का काम चिटफंड की स्कीम चलाना नहीं है और एक झटके में इसे बेच दिया गया पहले इसका नाम यूटीआई बैंक हुआ और बाद में इसका नाम एक्सिस बैंक हो गया।
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