Wednesday, May 16, 2012

ECONOMIC CRISIS DEEPENS, WHY, WHO ARE RESPOSNSIBLE


This article (LINK GIVEN BELOW)has been very nicely presented and portrays the real economic future of bank employees and when employees are disheartened, depressed, frustrated, dejected,rejected and unhappy one can visualize the health of the organization they serve.

Writer of the article, You deserve sincere appreciation from all bankers. But union leaders and officials constituting top management who are working in nexus with each other to loot the public money in the name of credit growth and waiver of loan will seldom find it relevant and eye-opener. Unfortunately these corrupt top officials have failed even to sustain projected and targeted credit growth rate and comparable growth in profit despite all freedom given to them and despite their talking of merit in promotion processes.

 Bank Employees or any worker in India  should not therefore insist for five day week but focus on respectful living, respectful wage revision, and refund of unlawful money extracted from PF optees, seniority based promotion, timely promotion and respect to seniors. Real bankers must demand stopping of recruitment of officers in scale II or III or IV or higher in the name of merit. Officers directly recruited in scale III or IV can never be a better banker compared to an officer who has served the bank for two or three decades from clerical to officers in lower scale.  Bankers should try to save their bank from the clutches of corrupt bankers who are busy in earning illegal money through bad lending and ill-motivated compromise or waive of bad loans.

Whimsical transfers and arbitrary promotion of flatterers by giving him highest marks in interview or in group discussion and rejecting good officers by giving him lowest marks in Interview must be stopped immediately to improve the health of bank in public sector. Three decades ago when banks use to value senior officers , health of banks was much better than what is today when top bankers claim to have selected and posted so called meritorious officers at key posts.

Fraud and role of money and flattery in recruitment, transfer and promotion have strike at the root of health of bank and this is why sickness in banks have been continuously growing despite several appreciation by ministers and RBI officials. In the name of reformation, liberalization and globalization Known as LPG, our great PM and FM have spoilt the future of hundred crores people of India and history will never forgive such brainless people.

Government is totally confused and at a loss. They are unable to visualize any remedy to fiscal problems India is facing because their mindset is prejudiced with probable benefits of policies of so called reformation launched in the year 1991 in the name of name of liberalization, privatization and globalization (LPG). This LPG cylinder mishandled by corrupt politicians has ignited fire and will burn all assets earned in the past before reformation era if remedial steps are not taken by government .

In the name of stimulus package government gave unprecedented favour to business giants’ after 2008 subprime crisis which erupted in USA and some European countries, number of billionaires has doubled or even trebled and even more. But on the contrary, during the same period of reformation , position of poor and middle class people have deteriorated sharply and they are unable to even run their life respectfully and peacefully.


It is ironical that  small tree fall in Greece but load shedding occurs in India i.e.electric  power supply is broken in India due to breaking of wire by falling tree.When Obama eats spoiled food in USA , Indian leaders become sick of loose motion and fever.Due to overspending in Euro Zone , economy of India is disturbed, still Indian leaders say that Indian economy is decoupled with world economy and India will become number one in the world.It is undoubtedly true that only those who can speak false and make false promises only become a successful leader in India.

Similarly bank officials are apt in making policy but who are unable to execute policies honestly have run the bank as arbitrary ruler or as dictator. They have misused their powers to torture good bank employees and award flatterers as usually happened=s in the corridor of normal government departments. Now I am not astonished when banks are reported to be sick or rating agencies downgrading the rating of the bank or of India as a whole. It is not unexpected that youth who join the bank for earning livelihood under compulsion discard the bank job and prefer some private job inspite of probable exploitation in the hands of private employer.

 I am unable to understand when top management have been promoting officers for last two decades, (earlier it was seniority based) through fast track or through merit channel or when they are picking talented boys from campus and when they use transfer powers to sideline officers who do not perform as per their personal expectations, why they failed to improve the health and profitability of bank and how do they convince Ministry of Finance and RBI. They are fortunate that crisis in some foreign countries erupts and Indian counterparts in banks or in government get an excuse of global crisis to conceal their misdeeds and ill motivated performance.

Government will therefore understand sooner or later that until HRD policies are made good, transparent and honest, neither bank nor the country can dream of prosperity which will be long lasting in real sense not portrayed by concocted balance sheet as Raju did for Satyam. Introspection is inevitable and time is not away when real culprits will be punished by common men when mismanagement goes beyond control.

http://mitalismusings.blogspot.in/2012/05/psu-bank-employees-in-indialeaving.html


Austerity measures on the way, says Pranab Mukherjee


NEW DELHI: Citing the difficult economic situation, Finance Minister Pranab Mukherjee today said the government would be resorting to a fresh spell of austerity measures to deal with the problems, but made it clear that he was not pressing "panic button".

Winding up a debate on Finance Bill, 2012 in the Rajya Sabha, he said, India's growth was still intact despite moderation in the Gross Domestic Product (GDP) which dropped to disappointing level of 6.9 per cent in 2011-12, down from 8.4 per cent in the previous two years.

"International situation is difficult. Country after country is witnessing economic crisis... I shall have to keep in mind its a difficult world...I cannot live in a world which is not real", he said. The House later returned the bill marking completion of the three-stage budgetary exercise for 2012-13 by Parliament.

Referring to crisis in eurozone and its impact on India, Mukherjee said, the government would resort to some "unpopular" steps to deal with the fiscal problems.

"I am going to issue some sort of austerity measures... whether people like it or not ... to convey a signal that we are responding to the situation", he said, adding, "We are not pressing panic button."

Mukherjee, however, did not spell out the austerity measures.

His statement came on a day when the BSE sensex slipped below the psychological mark of 16,000, mainly impacted by problems in the eurozone countries and other rich nations.

Referring to members mentioning about the Finance Minister biting the bullet, Mukherjee said, "I am not hesitating to bite the bullet if it achieves the goal, not if it is ending in a fiasco." 

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