Skip to main content

How the people and their representatives ruined the Indian banking system – 2




Indian banks today are examples of sloth and complacent customer services. They all have good nice businesses. They seldom care for the customer or the client. Private Banks too are not very far behind the government banks in mistreating or looking down upon their so called valuable clients. So how does that kind of psychology happen? Most importantly what’s the role of the people and government in this insensitivity of Banks?
One reason of course could be the United Progressive Alliance’s policies. Led by Dr. Manmohan Singh, it favored loyal party cadres to the posts of bank directors. Like Anusuya Sharma (United Bank of India), Maj Mrs. Krishna Mohini (Punjab and Sind Bank) , Abdul Rashid (United Bank of India) , Praveen Davar (United Bank of India), Vinay Kumar Sorake (Syndicate Bank), KK Sharma (Punjab and Sind Bank), Umesh Kumar Sharma (Punjab and Sind Bank), Paban Singh Ghatowar (United Bank of India), Rani Satish (Union Bank of India), Omen Moyang Deori (Uco Bank), Harcharan Singh Josh ( Punjab and Sind Bank), Shobha Oza (Syndicate Bank), MN Kandaswamy (Indian Overseas Bank) , P C Zoram Sangliana (United Bank of India) and others. The one important qualification that was seen in them was their immense loyalty and hard work they put in for the Congress Party. But does that make them efficient directors too?
In many cases, bank officers have been allegedly pressurized for not auctioning properties of those who did not pay their loans back. Instead they were asked to settle for terms which were unfavorable to the banks. But not many such complaints have come into the public light. However if the NPA figures of the banks are of any measure you can see that there is definitely a system of favors by banks to certain select individuals.
Former cabinet minister Pawan Bansal, a close aide of former PM Singh, himself allegedly, got his Chartered Accountant Sunil Kumar Gupta a directorship of Canara Bank. Interestingly soon he and his family members got loans worth crores of rupees from Canara Bank. Now of course, the issue could be just an ethical one and have no legal basis.  Still it begs the question about how people are encouraging such candidates.  What about their ethics?
Also, the question of shareholder activism arises here. How can any government push a favorite candidate for a job which needs technical expertise? This where there are large number of shareholders. It calls for the accountability of not only the banks and their systems, but also of the public that owns these banks. Obviously, it is this same public which in a way owns the government too.
"The bank has suffered in the past due to reckless lending because of political interference and an obliging management, which resulted in accumulation of highest NPAs in the industry. If the Government wants this bank to survive, the bank should have directors who are not only professionals but also men of integrity and not connected with local politics." – RP Singh, Former CMD Punjab and Sind Bank
Labels:

Comments

Post a Comment

Also read

Lal Kitab remedies for daily energy clean-up: Simple habits for a vibrant life!

Feeling drained or stuck lately? 🌪️ Lal Kitab offers timeless, easy-to-do remedies for daily energy clean-up that can supercharge your life force! From feeding ants to tidying your shoes, these simple habits can make you feel like you have hit the refresh button on life. Let us explore practical, magical, and energy-boosting hacks for everyday life! What is the importance of daily energy clean-up according to Lal Kitab? Have you ever stepped into a room and felt... heavy? Like invisible weights hung in the air? That is stale energy—something Lal Kitab warns us about. 🧹 According to Lal Kitab, just like brushing your teeth prevents cavities, daily spiritual hygiene prevents ‘energy cavities’ in our lives. Studies from the HeartMath Institute suggest that human hearts emit measurable energy fields. If physical clutter makes you uneasy, you should understand the science behind energy healing and spiritual growth. When your home is energetically messy, your life feels stagnant. You ...
Post a Comment
Read more

Press 9 for a Crime by Shailendra Jha— Can a family fight a scam empire?

I read Shailendra Jha’s Press 9 for a Crime with my late-night lamp on; it’s a razor-sharp, humane thriller set between East Delhi and scam hubs in Southeast Asia . Fast, funny, and disturbingly real, it follows Aseem’s risky rescue of his missing brother. This review analyses theme, craft, character work and why the book both alarms and entertains and lingers. Why did this book grab me at once? Have you ever opened a book at midnight because the world outside felt suddenly less interesting than the danger on the page? That was me with Press 9 for a Crime . As someone who reads a lot of thrillers, believable stakes, and characters I care about. Jha gives me both within the first ten pages. The opening scenes place you in a cramped East Delhi neighbourhood and you instantly feel the hum of small-town hopes: the son who promises escape through a “job in Bangkok”, the ledger of family debts, the refrigerator light in a kitchen where dreams are rationed. Jha’s background in journa...
Post a Comment
Read more

Debate : Do the ends justify the means...

Note : Give it all a fair thought before you jot down... Flaming and religion-bashing will not be tolerated. Your participation is gladly appreciated. I dunno if you folks remember this incident; a couple of yrs back, the UPSC exam had a question where the emainee had to assert his views on *revolutionary terrorism* initiated by Bhagat Singh. As is typical of the government, hue and cry was not far behind... Anyway, let us look at some facts -   Bhagat Singh was an atheist, considered to be one of the earliest Marxist in India and in line with hi thinking, he renamed the Hindustan Republican Party and called it the Hindustan Socialist Revolutionary Party. Bhagat Finally, awaiting his own execution for the murder of Saunders, Bhagat Singh at the young age of 24 studied Marxism thoroughly and wrote a profound pamphlet “Why I am an Atheist.” which is an ideological statement in itself. The circumstances of his death and execution are worth recounting. Although, Bhagat Singh had a...
30 comments
Read more