Please beg....rather than.....levy charges!

Meaningless "Charge levying" by Banks

I have opened a Kiddy Bank account in the name of my grand daughter in 2015 with our Rustumbada Branch. Actually, the Date of opening was 18-08-2015. 

For the last one year, I have not received a single SMS from 18-08-2015 onwards, regarding that account!

Suddenly, this message is received.

 "Rs.17/- is debited in a/c XX0797 on 13-09-2016 towards Qtrly SMS alert charges..........."!

I want to know--What & where is the justification for such charges?

The Bank launched "Mobile Banking Service" around 15 years ago, amid much fanfare & hungama, even when the Bank was only using LSI software. 

Under mobile Banking service, the SMS alerts were started only 7 years ago, after migrating to "Finnacle" which is limited to inform about any transaction in the account to the account holder. It was absolutely free.....till now!

The SMS alert is based on the Customer ID and all accounts with that ID are linked to that Mobile number. 

Then, why such charges are levied in one account, without any advance information to the clients?

I demand that the charges are reversed immediately and action be taken against those responsible for such state of affairs.

Do it now!

Never Invest with LIC

THE IRRESPONSIBLE LOT AT LIC OF INDIA, 

THE WHITE ELEPHANT

I was an insurer with LIC of India since 1973, obtained several number of policies (there was no alternative till recently!), but I am not exaggerating when I say, never under any policy I have received the maturity proceeds/money back on its due date without fuss or going to the extreme with threatening them with consumer's forum or something!

My last policy with them was obtained in 2009, under an annuity policy, the amount to be invested in "balanced fund", to receive a monthly pension from the date of "vesting". I have paid the yearly premiums on or before due date for the next four years also, the last being in 2013. The policy vested in 2014, from when I had to receive the pension amount monthly.

But 1. They changed the annuity rules during the currency of the policy that annuity is payable only if the fund value on maturity is more than Rs.1,00,000/-, without informing anyone.

2. They told the maturity amount only is payable on due date fully, if fund value is less. They did not, even send me the discharge form one month before due date, as usually done, and after several mails to them and personal phone calls to the branch manager did they send me one, after a month after due date! (The branch is located hardly 10 K.M. from our place).

3. After keeping 5,000/- for 5 years, 10,000/- for 4 years, 15,000 for 3 years, 20,000 for 2 years, 25,000 for 1 year in their fund, they have sent me a return of a meager Rs.729 + my investment of Rs.25,000/-!!! (If I had kept the amount in my own Savings Bank account with my Bank, I would have received a lot more, in interest! and being an ex-staff member, I would have received a lot-ter more!!  

I expressed to them my doubts about the Management of the Fund by them and asked them to send me a Statement of my policy account for the period from Start of the Policy till its maturity. They have sent me the following, by attaching to their mail--you can see from the Statement that my investment of Rs.5,000, every year, is not reflected anywhere  in it but they went on debiting their "Charges"of whopping amounts and never credited any dividend/benefit in the account!

(If anybody can decipher & justify the figures shown in this statement, I would not hesitate to present them with half of my Kingdom--if ever I form it; and marry my princess daughter to him--if ever I can beget one in the future--as reward!)

When I questioned them, they simply modified the statement, manually as admitted by them, correcting the amount paid by me every year to Rs.5,000 (instead of Rs.10,000 shown by them earlier) and keeping all the other figures "in tact", again justifying their claim that the maturity amount is calculated properly!

I have waited almost 1 full year, during which I have mailed even their head office, but no plausible reply is received from them till now, even after I have informed them that "I will be going public" with the facts!

See how thick skinned are they!!!!!

Never Insure your Health with.......

Beware of Max Bupa (health insurance co)

I want to put on record that this Company is the Worst provider of Health Insurance. 

They did not settle my 2 claims until the Insurance Ombudsman has rapped on its knuckles! (The ombudsman himself was helpless to award the Token Compensation of Rs.5,00,000/- claimed by me for the wrongful denial of my claims, quoting the Act. Will the I R D A do something?)

Even after that, I was a fool to have renewed my policy with them in March 2014 but I have not received the original Policy & other related documents etc. till now, even after reminding them through several e-mails. 

Now they are feeling shy to issue their advertisements through their Official Web Site & their e-mail addresses!!

They are issuing advertisements through some "info@kycindia.net" etc.!!!

Please keep distance from such Companies & be safe from being duped!!!!!.

FANATICISM

TO REFRESH THE MEMORY OF THE PUBLIC (WHICH, IT IS SAID, IS VERY SHORT!)

RELIGION

(This is an apt time for these—Excerpts from RICHARD DAWKINS—International Best Seller—“THE GOD DELUSION”—2006. Only Sentences underlined within brackets and the emphasis in Bold print are mine.)

“……..a particular case study, which tellingly illuminates society’s exaggerated respect for religion, over and above ordinary human respect. The case flared up in February 2006 – a ludicrous episode, which veered wildly between the extremes of comedy and tragedy. The previous September, the Danish newspaper Jyllands-Posten published twelve cartoons depicting the prophet Muhammad. Over the next three months, indignation was carefully and systematically nurtured throughout the Islamic world by a small group of Muslims living in Denmark, led by two imams who had been granted sanctuary there. In late 2005 these malevolent exiles travelled from Denmark to Egypt bearing a dossier, which was copied and circulated from there to the whole Islamic world, including, importantly, Indonesia. The dossier contained falsehoods about alleged maltreatment of Muslims in Denmark, and their tendentious lie that Jyllands-Posten was a government run newspaper. It also contained the twelve cartoons which, crucially, the imams had supplemented with three additional images whose origin was mysterious but which certainly had no connection with Denmark. Unlike the original twelve, these three add-ons were genuinely offensive—or would have been if they had, as the zealous propagandists alleged, depicted Muhammad. A particularly damaging one of these three was not a cartoon at all but a faxed photograph of a bearded man wearing a fake pig’s snout held on with elastic. It has subsequently turned out that this was an Associated Press photograph of a Frenchman entered for a pig-squealing contest at a country fair in France. The photograph had no connection whatsoever with the prophet Muhammad, no connection with Islam, and co connection with Denmark. But the Muslim activists, on their mischief- stirring hike to Cairo, implied all three connections . . . with predictable results.

The carefully cultivated ‘hurt’ and ‘offence’ was brought to an explosive head five months after the twelve cartoons were originally published. Demonstrators in Pakistan and Indonesia burned Danish flags (where did they get them from?) and hysterical demands were made for the Danish government to apologize. (Apologize for what?  They didn’t draw the cartoons, or publish them. Danes just live in a country with a free press, something that people in many Islamic countries might have a hard time understanding.) Newspapers in Norway, Germany, France and even the United States (but, conspicuously, not Britain) reprinted the cartoons in gestures of solidarity with Jyllands-Posten, which added fuel to the flames. Embassies and consulates were trashed, Danish goods were boycotted, Danish citizens and, indeed, Westerners generally, were physically threatened; Christian churches in Pakistan, with no Danish or European connections at all, were burned. Nine people were killed when Libyan rioters attacked and burned the Italian consulate in Benghazi. As Germaine Greer wrote, what these people really love and do best is pandemonium.

A bounty of $1 million was placed on the head of ‘the Danish cartoonist’ by a Pakistani imam (Reminds you of the BSP Rascal who offered Rs.51 crores to those who killed at Charlie Hebdo….doesn’t he?)—who was apparently unaware that there were twelve different Danish cartoonists, and almost certainly unaware that the three most offensive pictures had never appeared in Denmark at all (and by the way, where was that million going to come from?). In Nigeria, Muslim protesters against the Danish cartoons burned down several Christian churches and used machetes to attack and kill (black Nigerian) Christians in the streets. One Christian was put inside a rubber tyre, doused with petrol and set alight. Demonstrators were photographed in Britain bearing banners saying ‘Slay those who insult Islam’, ‘Butcher those who mock Islam’, ‘Europe you will pay: Demolition is on its way’ and ‘Behead those who insult Islam’. Fortunately, our political leaders were on hand to remind us that Islam is a religion of peace and mercy.

In the aftermath of all this, the journalist Andrew Mueller interviewed Britain’s leading ‘moderate’ Muslim, Sir Iqbal Sacranie. Moderate he may be by today’s Islamic standards, but in Andrew Mueller’s account he still stands by the remark he made when Salman Rushdie as condemned to death for writing a novel: ‘Death is perhaps too easy for him’—a remark that sets him in ignominious contrast to his courageous predecessor as Britain’s most influential Muslim, the late Dr.Zaki Badawi, who offered Salman Rushdie sanctuary in his own home. Sacranie told Mueller how concerned he was about the Danish cartoons. Mueller was concerned too, but for a different reason: ‘I am concerned that the ridiculous, disproportionate reaction to some unfunny sketches in an obscure Scandinavian newspaper may confirm that . . . Islam and the west are fundamentally irreconcilable’. Sacranie, on the other hand, praised British Newspapers for not reprinting the cartoons, to which Mueller voiced the suspicion of most of the nation that ‘the restraint of British newspapers derived less from sensitivity to Muslim discontent that it did from a desire not to have their windows broken’. (Probably learnt during their rule of India!)

Sacranie explained that ‘The person of the Prophet, peace be upon him, is revered so profoundly in the Muslim world, with a love and affection that cannot be explained in words. It goes beyond your parent, your loved ones, your children. That is part of the faith. There is also an Islamic teaching that one does not depict the Prophet’. This rather assumes, as Mueller observed,

                  that the values of Islam trump anyone else’s—which is what any follower of

                  Islam does assume, just as any follower of any religion believes that theirs

                  is the sole way, truth and light. If people wish to love a 7^th century preacher

                  more than their own families, that’s up to them, but nobody else is obliged to

                  take it seriously . . .

Except that if you don’t take it seriously and accord it proper respect you are phyically threatened, on a scale that no other religion has aspired to since the Middle Ages. One can’t help wondering why such violence is necessary, given that, as Mueller notes: ‘If any of you clowns are right about anything, the cartoonists are going to hell anyway-won’t that do? In the meantime, if you want to get excited about affronts to Muslims, read the Amnesty International reports on Syria and Saudi Arabia’.

Many people have noted the contrast between the hysterical ‘hurt’ professed by Muslims and the readiness with which Arab media publish stereotypical anti-Jewish cartoons. At a demonstration in Pakistan against the Danish cartoons, a woman in a clack burka was photographed carrying a banner reading ‘God Bless Hitler’.

In response to all this frenzied pandemonium, decent liberal newspapers deplored the violence and made token noises about free speech. But at the same time they expressed ’respect’ and ‘sympathy’ for the deep ‘offence’ and ’hurt’ that Muslims had ‘suffered’. The ‘hurt’ and ‘suffering’ consisted, remember, not in any person enduring violence or real pain of any kind: nothing more than a few daubs of printing ink in a newspaper that nobody outside Denmark would ever have heard of but for a deliberate campaign of incitement to mayhem. (Strongly reminds us of Charlie Hebdo!)

I am not in favour of offending or hurting anyone just for the sake of it. But I am intrigued and mystified by the disproportionate privileging of religion in our otherwise secular societies. All politicians must get used to disrespectful cartoons of their faces, and nobody riots in their defence. What is so special about religion that we grant it such uniquely privileged respect? As H.L. Mencken said: ‘We must respect the other fellow’s religion, but only in the sense and to the extent that we respect his theory that his wife is beautiful and his children smart.’

It is in the light of the unparalleled presumption of respect for religion* that I make my own disclaimer for this book. I shall not go out of my way to offend, but nor shall I don kid gloves to handle religion any more gently than I would handle anything else.

* A stunning example of such ‘respect’ was reported in the New York Times while this paperback was in proof. In January 200, a German Muslim woman had applied for a fast-track divorce on the grounds that her husband, from the very start of the marriage, repeatedly and seriously beat her. While not denying the facts, judge Christa Datz-Winter turned down the application, citing the Qur’an. ‘In a remarkable ruling the underlines the tension between Muslim customs and European laws, the judge, Christa Datz-Winter, said that the couple came from a Moroccan cultural milieu, in which she said it was common for husbands to be at their wives. The Koran, she wrote, sanctions such physical abuse’ (New York Times, 23 March 2007). This incredible story came to light in March 2007 when the unfortunate woman’s lawyer disclosed it. To its credit, the Frankfurt court promptly removed Judge Datz-Winter from the case. Nevertheless, the New York Times article concludes by quoting a suggestion that the episode will do great damage to other Muslim women suffering domestic abuse: ‘Many are already afraid of going to court against their spouses. There have been a string of so-called honor-killings here, in which Turkish Muslim men have murdered women.’ Judge Datz-Winter’s motivation was put down to ‘cultural sensitivity’, but there is another name by which you could call it: patronizing insult. ‘Of course we Europeans wouldn’t dream of behaving like this, but wife-beating is part of “the culture”, sanctioned by “their religion”, and we should “respect” it.’ 

Awards & Judgments

OMBUDSMEN

I am very glad, at least some of the arms created by the Government through legislation are working satisfactorily.

This is my experience with the Insurance Ombudsman, Hyderabad :

I have purchased a health Insurance Policy from "MAX BUPA" health insurance company and the policy is in force. 

Unfortunately, I was hospitalised for irregular heart beat, and took treatment at Varma Hospitals, Bhimavaram, incurring sizable amount in bills & medicines.

I was advised to proceed to Bangalore, because of a surgery undergone by me at the end of the year 2003 there, to undergo further treatment.

I have admitted myself again at Manipal Hospitals, Bangalore, undergone a procedure and discharged after cure, again incurring sizable amount in bills & medicines.

Actually, Cashless treatment should have been allowed to me for treatment at Bangalore but in spite of the Hospital duly informing the Company, it was denied!

Later I have submitted my 2 Claims to the Company for hospitalization at Bhimavaram & Bangalore. 

After some days, a person called on me at my home saying he was from the Company. He did not bother even to introduce himself but asked me to produce the Xerox copies of the Bills. As the copies were left at Bangalore, I explained to him that the copies are not readily available. He told, without the Xerox copies, he could not verify the Claim. The bills may be spurious! Anybody can get bills as they wished!--he blurted. I asked him how could he verify the 'authenticity' of the original bills, seeing the xerox copies? He flared up and left saying he will see that not even a single rupee is paid to me by the Company.

I have immediately reported the matter to the Company CEO through their portal. I was advised that a particular person was allotted to look into the matter and the needful would be done. I have not received any communication from that person at all.

The Company indulged in prolonged useless correspondence. In reply to my mails to them, inquiring about the Claims, they used to send mails through their "do not reply" address, seeking my reply! They have marked me as a "pivotal customer" (whatever their meaning of the word be). Finally they denied both the claims. I have duly appealed to the concerned but after further prolonged correspondence, they confirmed denial of the claims.

So, I have filed my grievance with the Insurance Ombudaman, Hyderabad and he was pleased to proclaim his "award" and "allow" both the claims and ordered the Company to pay the entire claim amounts.

By now, I have received the due amounts through the Company's cheques.

I profusely thank the Ombudsman.

As I have written earlier, the Banking Ombudsman at Hyderabad did not know A B C of Banking and did not at least feel the necessity to go through the "Negotiable Instruments Act" (His Secretary and the Bank's Secretary were buddy-buddy on their personal name basis! They exchanged the Official Correspondence through their personal names!) before dismissing my complaint.

So, at least some arms are working properly!

May such arms be strengthened further.

India.......and

.............Corruption

(Please read the following, a bit long, story--of which I have only written excerpts--and think how frequently you are witnessing such scenes on TV now-a-days.)

.....A reminiscence

An elderly grey-haired man in a safari suit, dishelved and looking dejected, with swollen eyes, was being led by a few burly men (also in safari), apparently from the CBI, towards the court room. A group of photo-journalists brought up the rear........

.......A TV News reader was talking of yet another sordid instance of fraud and corruption in high places.  Here it was a bureaucrat who was involved in a multi-crore scam.

I switched off the TV. I was angry and disgusted. Enough is enough. How many scams? How many crores of rupee going into the private accounts of evil men! 

Only that morning I had received a notice to pay up an additional amount of Income Tax. To be swindled and wasted by men in safari suits?........

.......Suddenly, it occurred to me that the haggard face on the TV Screen was not one unfamiliar to me. I had seen it before, many year ago. I waited for the morning news papers and I need no further confirmation that I had known this man before from my school days, some fifty years ago.

II

I recalled to mind the day when a new boy was inducted into our class........He was punctual, neatly dressed and his forehead shone with 'vibhooti' and 'kumkum'......We were quite friendly with each other as we were the only two boys who studied Sanskrit.........his father was a Government functionary with some influence.  There were rumours that his "sambalam" (Tamil for salary) was small compared to his "kimbalam" (the slush money) he collected..........

...........several years later, ......I was told that he had done extremely well, had a big job in the Government, and was a very important person in Delhi.

III

Years flew and I found myself in Delhi......I managed to talk to him on the phone, after I had given my bio-data to quite a few persons......."Do you remember me?.....Why don't we meet sometime?" I thought he was 

hesitant for a moment but then said, "perhaps we may. Please come to my office at 4.30 p.m. I may spare about fifteen minutes." 

I was a bit disappointed.....thought he would invite me to his house.......

......I had to wait for about an hour........ushered into a spacious chamber bigger than the flat I had in Mumbai, magnificiently upholstered. He was sitting behind a huge table, laden with all kinds of things, notably telephones in different colours. There were the inevitable files, heaps of them. He did not get up but showed me to a chair in front. I could not shake hands with him across the wide table.

I had a mild shock when I had a closer look at him. The man sitting in front of me could not have been the boy I had known. He was dressed in an expensive suit. He had that well-fed look which came with affluence. His hair had become thin and grey and his eyes were dull , with pouches under them, perhaps due to excessive drinking. He was puffing at a huge cigar, not in the manner of a man enjoying an expensive smoke, but as one who wanted to impress others. There was no kumkum or viboothi on his forehead.

(The conversation went on without the initial pleasantries, ending with "....the minister's wife would not dream of going to Dubai with out an escort....So they are all away, and I am alone".)

My friend butted in with an agonised exclamation, "Good Lord! We have been talking for so long that I forgot my appointment with the Turkish Ambassador. Please excuse me now."

I was about to say that "he" and not "we" were talking for a long time, but by then he had got up. I could not formally take leave of him.

IV

...........I was in Delhi for some more time, but I was wise in not meeting my friend again. I learnt that he had prospered a lot by fair means and foul, more foul, perhaps. The newspapers were full of the news about the enquiries initiated against him. There were rumours that he was likely to be suspended. His appointment to the top slot being in jeopardy, he was reported to be making desperate moves to survive.

Some time after my return from Delhi to Mumbai, one day I read in the papers that he had been elevated to the top post and all enquiries against him had been dropped. Rumours were rife that he had bought his position with the connivance of a large industrial house and some ministers, whose interests he was willing to serve. He had fallen into a trap from which there was no escape - the trap of conspiracy and corruption.

My friend in his new avatar was making several visits to Bombay, as I could see from the press. He was also travelling a lot abroad. 

I remembered him only when I saw his face on the TV-the grey-haired man in safari suit being taken to the court.

My friend is not the only one to pay a heavy price for his greed and arrogance. There are several others, men who are powerful and wealthy. Their disregard of the law and indifference to the feelings of others are matched only by their ruthlessness, foolishness, and their faith in their infallibility. But when nemesis catches up with them, where are they all? - sons and daughtrs, wives and in-laws, mistresses and sychophants? Not within the dingy confines of Tihar Jail but in far away salabrious Switzerland or in luxurious Dubai.

.......I hope and pray that he would ere long be a wiser man, a repentant man and recover his lost soul.

--End of article--

*   *   *

Does the "person" seem familiar to you? If so, who do you think he is?

(The "source" etc. in my next post)

India after Independence

 A Review

(Please go through the article first)

ON THE POSITIVE SIDE: (Nine points are mentioned)

ON THE NEGATIVE SIDE:

While launching Five Year Plans for raising the Standard of Living of our teeming millions, we failed to simultaneously plan for raising the Standard of Life.

Our population, in absolute numbers, is growing enormously - we will be one billion by the end of the century - and thereby all gains of progress are either being neutralised or our developmental plans are rendered ineffective.  The result is, with large outlays in the various sectors of the economy and their ineffective utilisation, a steep rise in the prices of commodities and services.

The number of people living below the poverty line, in absolute terms, shows no signs of any significant decrease.

Unemployment is increasing and it is compounded by the rise in prices, both contributing to the misery of the people.

We are getting deeper and deeper into a debt trap, the annual interest payment alone (Rs.60,000 crores) being as high as the fiscal deficit for the year 1996-97.

With no clear majority for any single political party in two successive national general elections, unstable governments at the Centre are left with the Hobson's choice of perpetuating themselves in power through money and even muscle power, playing a major sinister role in luring Members of Parliament from one party to another - the despicable phenomenon of Ayaram Gayaram; creating vote banks and exploiting the vile instincts of Communalism, Casteism, Linguism and Regionalism leading to endemic increasing social conflicts, violence and bloodshed.

Corruption, rampant and widespread, and, worst of all, loss of character, has robbed the polity of all values, particularly the most cherished of them all - Satya and Dharma, Truth and Righteousness.  The national motto, taken from the Mundaka Upanishad, Satyameva Jayate is mocked at almost every moment of our national life, in every segment of our society.  We have come to be looked upon as the biggest nation of sanctimonious humbugs and hypocrites.  What a fall my countrymen! 

*   *   *

Yatha Raja Tatha Praja: As the ruler, so the people. Has not the Indian leadership of the post independence era progressively failed, decade after decade, the people of this country?

The vital question is : How shall we guard the guardians?

- "Quis custodiet ipsos custodes?"

Pitirim A. Sorokin, who fought Czarism shoulder to shoulder with the triumvirate, Lenin, Trotsky and Stalin, points out that "social reconstruction, animated by sincere sympathy, competently planned and systematically carried on, turns out to be more successful in curing social sickness and improving the well-being of society than hate inspired violent measures". Yet how much of violence and hatred are being generated by the general run of our selfish, power hungry, politicians? (Sorokin, disillusioned by communism turned into a great sociologist later--Foot-Note, abridged by me.)

"Every people get the government they deserve" is an age old adage. Are our leaders alone responsible for the reprehensible state of affairs of our mother-land? Are not we, the people guilty of dereliction of duty as responsible citizens? How many of us can absolve ourselves from the unenforceable charges of gross indifference, neglect and undue tolerance of patent misdeeds and mismanagement of national affairs by those whom we have voted to power?

............The prime Minister of the country has to give the lead, by precept and practice, in providing inspiring leadership to the people.

(Words in Block style are exactly as those in the original article) 

.....................................................................................................................................................................

These are the exact excerpts from the article "Forty-ninth Swaraj Day Reflections" by S. Rama Krishnan, published in the "Bhavans Journal", Volume 43; Issue No.1 dated August 15th, 1996--also the journal's Annual number. Please debate, if the relevance of the points raised in the article has 'reduced' in any way, after another 15 years thereon or has the state of affairs deteriorated further!

Think & Act!  

The Powerful Man (Or)

"Nikamma"?

Yesterday, after my usual afternoon siesta, a thought flashed in my mind and I have implemented it immediately. 

 

That is--I have dialled our Prime Minister's Office. 

 

After several rings, a lower rung employee I think, answered and took my bio-data etc., besides requiring me to say the "purpose" of the call. 

 

I answered 'I wish to invite him for Tea at my residence......and.....' 

 

Bang came the reply, 'you may ring back in the year 2014 if........' 

 

'No no.....Don't cut the line. Actually, I was going to ask him 'How many masks does he use daily and what are they. And whether I have to apply for the answers through RTI Act?'! 

 

The man at the other end guffaed and said, "For that there is no need to apply at all. I can give you a straight answer. He wears only 2 masks. One gives a feeling that he is listening patiently to whatever his visitors are saying. The second gives a feeling that he is grim faced, listening seriously, and giving a thought to whatever is being said by the others". 

 

"May I invite you for lunch so that......." I was trying to extract some more information from him.

 

"Not necessary" he replied "Exactly one minute before the appointment comes to a close, his PA rings a silent bell which is heard by the PM only. He 'wakes up' and sees the visitors out!". 

 

"So, that is the secret behind his working more than 18 hours a Day, without batting an eyelid, unlike Deve Gowda!" I chuckled and profusely thanked him. 

 

My wife was gently touching my hand and saying, "why should you thank me so much for waking you up?" 

 

Alas! The Dream was complete!

Our Banks - 4

So called "N P A"s

EenaDu's 'Banking Expert' writes, '(While)....on oneside the famous commercial Banks have increased their Net Profits and Net Interest Margins and travelled in progressive path, the SBI, which has stood as the icon of growth and strength for the last decade has stunned (the people) with results.'

His main allegations are, that the SBI has, unlike other commercial Banks which have appropirated the burden for the coming 5 years, provisioned Rs.7,927 crores towards payments of Gratuity and Pension to its employees, in a single year itself.

Also that The Bank's gross NPAs have increased from Rs.19,535 crores to Rs.25,326 crores. In 2009-10 it has provisioned Rs.5,148 crores towards "Lost Assets" and this year increased the provision to Rs.8,792 crores. This may continue in the commenced financial year also.

His main grievance is that with these results, its share price has gone down by a couple of hundred rupees.

But, is it the crieterion for the health of a Bank.....that too the largest Bank in India?

From the year (One & a half decades ago) the "prudential norms" as recommemded by the Narasimham Committee were made mandatory, all Indian Banks' endeavour is to compete with each other in 'showing' the minimum assets as NPAs.

A Bank's CMD says, "our Target for reduction of our net NPAs for this year is by ......%. Come what may the Target should be reached, surpassed rather!"

The Field level executives will be taken to task if they fail.

"Manage the annual auditors if necessary. We will take care of the hard nuts to crack!"

The Local Head Office Managers, Zonal Managers, Regional Managers pass on the message to the lower rung Managers. And Lo! the balance sheets of the branches are "white-washed" to that extant!

This year 2010-11, the RBI has "unofficially" instructed the Banks to "show" the "almost correct position" of their NPAs. (Our Duvvuri S. Rao is managing a tight rope walk between 'growth rate' and 'inflation' and GDP and inspite of guidelines from the Govt. of India, dared to find the "exact" position of our Banks.)

All other commercial Banks strived their level best and managed to white-wash their balance sheets as usual, to the extent as they could manage.

Only SBI has stood 'odd man out', thanks to its CEO.

It is rumoured, the net NPAs of any commercial Bank are more than 32% and Gross NPAs are nearly 47%. For how many years they can white-wash their balance sheets and sweep the truth under the carpet?

let us wait & see!

Our Banks - 3

Frauds & Wages

Of late, it has come into the open that "Bankers' cheques" obtained from Banks in other States for Rs.500/- or Rs.600/- were 'materially altered' to several lakhs of rupees by adding digits to the right of the figures on the BCs!

What's the problem?

Bankers' cheques/Pay Orders are issued by a Bank branch ONLY for the purpose of making internal payments like payment of Telephone/Electricity Bills; paying to suppliers on behalf of their loanees; at Customers' request--as there is no other branch of the Bank locally......(Drafts could be issued if available) etc. 

The difference between a DD & BC is that a DD is issued by a branch and is payable at ANOTHER branch. A BC is issued at at branch and is payable at the SAME branch. 

Okay. You have obtained a BC at a Grameena Bank, payable to such and such an account number and name. You have brought it to your Bank & Branch where you are maintaining an account. You ask the branch manager to 'purchase' the BC and credit into your account & draw the amount immediately. Okay!

But does the Branch Manager of your account branch question you, 'Why did the GB pay you such a large amount? Did you supply something to their loanee?' --as this is the only possibility left of obtaining a BC by third party. 

If the answer is "NO", there is something "fishy". So the things happen.

Indian Banks' Association makes so many calculations; the Unions make so many proposals; mathematical gimmicks; then only, after some all India strikes, dharnas, agitations etc. that the wage settlements are made. 

Chanda koccar is paid Rs.2.11 Crores annually as salary! She is awarded "padma bhushan" this year. 

Duvvuri Subbarao laments....."Yes. PSB executives/employees are paid very very less!" 

So, that's the crux of the problem! you see???!!!

Unless the staff of the branch/Bank collude with the culprits, there is no way a fraud be committed with Bankers' Cheques.

Global warming - 2

Story of Oils

During the last months of NDA Government, when international Oil prices were on a continual down trend, it decided, wisely enough, to abolish the Oil pool account and utilize the amount otherwise, as part of economic reforms. People enjoyed a reduction of a couple of paise in the Petrol prices every fortnight or 10 days!

Again, during the term of UPA government, when international oil prices started to be on a continual uptrend, they are not wise enough to restart the oil pool account! But they are wise enough to 'advise' State Governments to 'reduce' taxes! The State Govertnments, who are equal to 'Tigers accustomed to tasty blood' will never reduce Taxes! The ultimate victim is the consumer.

The only reason offered for the increase in petro prices is--'the oil companies are incurring losses!'. How far it is true?

The oil companies are maintaining seperate accounts for petrol, diesel, kerosene, naptha, gas etc. and they want none of these accounts to show losses! But every year, they are handing over "fat" dividend cheques to the Government, to a tune of several thousand crores! How is it possible? Only through bashing the heads of the consumers.

Even today, if the Government dares enough to "de-nationalise" these companies, the international companies can supply "gasoline" at not more than Rs.30/- a litre. They are doing it in the Western countries. But the "Dividend cheques" will go to America, or UK! So, we won't do it.

We surrender, our palms up, to the vagaries of the "market", as in the case of ONIONS!

God only save us.

Global warming

Story of Oils

Since time immemorial, man is using oils, which can broadly be classified as 'edible oils' 'fuel oils' and 'industrial oils'.

Edible oils--everybody knows, are Gingelly Oil, Groundnut Oil, Mustard Oil, Castor Oil, and now Palmolin oil, Rice brawn Oil etc.

Industrial Oils are--Vepa nUne, AviSanUne, kAnuga nUne etc. (which are used for production of some products like soaps etc. Castor Oil joined these oils, used as a lubricant.)

Then come Fuel Oils--Petroleum and its derivatives--Aviation Turbine Fuel, Gasoline, Petrol, Diesel, Kerosene, naphthA, Parrafin etc. which are used for burning & getting energy to run certain things, including Aero planes and Tanks!

At the time of our Independence, there were 3 major oil companies, operating in India viz. CALTEX (California and Texas Oil Company); ESSO (Eastern and Southern States....or something....Oil Company);--these two are American Companies and   Burma Shell--a British Company.

In 1956 or afterwards, our Government Nationalised these Companies and formed Indian Oil Company; Bharat Petroleum Company; and HindusthAn Petroleum Company. (which became what I don't remember. Also, if there was a fourth Company I don't remember as I was just a 5 or 6 years boy at that time.)

Okay! Predominant was the use of Coal and Timber for running busses and Trains. Then Petrol costed a few "naye paise" (Diesel was not derived or not in use. Those were also the days when old paisa system is changed to "naya paisa" system and our country adopted metric system for other measurements). 

Much later, the Oil companies were granted independence and formed into "Corporations" ruled by Governing Bodies, in which Government representatives were also there as Directors. 

Everything was fine until, during the regime of Indira Gandhi, our External Affairs Minister Mr. Dinesh Sing was unceremoniously necked out of the 1st world Muslim conference held at Rabbat. (In the first place, we were not invited  but Indira, claiming we are having a considerable Muslim population, sent our delegation to the Conference!)

Later, OPEC (Organisation of Petroleum Exporting Companies) was formed. They used to rule the World prices of Petroleum products. The world police, USA has worked out strategies, to break the organisation and was successful after the so called Gulf War.

During those years, our country used to maintain an "oil pool account" allotting some crores of rupees, to absorb the volataility of the oil prices. So, no effect on common consumers and prices.

.....to be continued.

Corruption in our Banks

Fraud in 'Citi Bank'

Associate vice president (Accounts) Mr. Sanjay Gupta of Hero Corporate Services was arrested on the allegation of 'diverting around 300 crores' from the funds of the promoters of Group Companies.

Out of the funds, around 250 crores are said to have been invested in the Stock Market!

For the purpose, he had set up 2 companies in the names of biji finance & G2S, colluding with Sivaraj Puri, relationship manager of Gurgaon branch of Citi Bank and paid him a commission of Rs.20 Crores.

Investigations are going on.

Our Banks - 2

Golden Days

There were days in our Banks, when the work force was blatantly exploited, majority of the 'employees' were paid by the loanees instead of the Bank, The Officers/Managers behaved like School Head Masters, the clerks were treated as bonded labour arriving at the Bank just after sun rise and reached homes around midnight!

Then came the Trade Unions in the Banks, which formed the mighty "All India Bank Employees Association".

After prolonged struggles, Desai Award set forth clear working conditions and appropriate salaries to the employees and the workers were jubiliant.

Later came Sastry award, which improved the working conditions admirably. The Banks working was streamlined.

Later a permanent mechanism to deal with periodical wage revisions and improvement in working conditions came into being in the shape of "Bi-partite Negotiations". By this time, the Scheduled Banks in India have also formed an association viz. "Indian Banks' Association" and bi-partite negotions were held between the representatives of the IBA and AIBEA.

The Awards & bi-partite settlements covered the "Award Staff" of the Banks, comprising of Clerical & Subordinate Staff, who were in large majority than the other cadre i.e. "Officers" comprising of Supervisory staff and Executives.

The wage increases, with dearness alloance based on the "Consumer Price Index"; merger of DA with Basic periodically, were reasonable. The increases for supervisory & other Staff were also commensurate with those of Award Staff.

So, those of the people who tried to 'corrupt' the Staff were immediately shown the exit door!

The AIBEA leadership was in the hands of Communist party/ies mainly CPI. There were eminent leaders in the Trade Unions of individual Banks as well as AIBEA like Comrade Parvana and Prabhat Kar. They sacrificed their careers as well as lives for the cause of the work force!

Gradually, with the advent of Indira Gandhi, and nationalisation of Banks Government interference had grown manifold effecting the IBA also. All matters had to be referred to the Government.

........to be continued.

Our Banks

Corrupt Bank CEOs!

It is shocking to note that a few of the executives of public sector Banks, even the Chairmen & Managing Directors are involved in corrupt practices. Where does the fault lie?

Where else but with the Government of the Day?

Recently the RBI Governor lamented, Top executives of Banks, including RBI are being paid meagre emoluments whereas those of the new generation Banks are getting paid substantially. For example, the CEO of ICICI Bank receives a cool Rs.2.20 crores p.a. in pay and allowances alone!

So, that is the crux of the matter. In case of the public sector Banks, every thing is to be 'referred' to the Government. 

If a Bank wants to provide a small perquisite like provision of residential News paper to its employees, bearing a cost of a maximum of Rs.120/- per employee per month, permission is to be accorded by the Dept. of Finance/Banking! There the beurocrats taking their own time lastly agree to the same, incorporating a condition that 'the sale proceeds of the old news papers should be repaid to the Bank!'

Even for regular periodical merger of Dearness Allowance with Basic pay every five years, which should be a simple excercise, a mountain of a mole hill is created and after prolonged agitations and negotiations only the matter is settled subject to final approval by the Governemnt!

A 40 years ago, the Bank employees were the highest paid in the working class. The reason was said to be, "the Money they deal with regularly should be treated by them 'equally' as the scavengers treat the  'material' they handle professionally".

When I joined a Bank as clerk-cum-cashier, in 1973, my gross & net salary was Rs.383/-, without any cuttings as I was in probation. At the same time, other employees of the same cadre in Government and other sectors were paid Rs.75/- to Rs.150/- per month!

Now, if the earnings were increased on the same scale, I should be drawing at least a net salary of Rs.38,300/- per month. Where as my net Salary is around Rs.15,000/- and in case of employees who availed all the available loans from the Bank, it would be around Rs.7,500/-!

So, what happens? The money with which they deal regularly looks like Gold or platinum! They start exploring 'other ways' to acquire it.

........to be continued.

వుట్టికెక్కలేను గానీ.....

స్వర్గానికి నిచ్చెనలు.....

......వేసి, మీకందరికీ జాబిల్లిని అందుబాటులోకి తెస్తామంటున్నాయి మన బ్యాంకులకి వేస్తున్న వెఱ్ఱితలలు.

పల్లె పల్లెలో బ్యాంకింగ్ సేవలని 'విస్తృతంగా' విస్తరింపజేయడానికి, త్వరలో "మైక్రో" (సూక్ష్మ) యే టీ యెం లు పెడతారట!

ఇప్పుడు బ్యాంకులు పల్లెల్లోని కిరాణా కొట్లకీ, పాల కేంద్రాలకీ, పనిలేని వేస్ట్ ఫెలోస్ కే కాకుండా, 'సూక్ష్మ ఋణ సంస్థలకీ', టాటా, రిలయెన్స్, భారతీ లాంటి సంస్థలు 'స్థాపించబోయే' సంస్థలకీ తమ 'బిజినెస్ కరస్పాండెంట్లు ' (బీ సీ లు) గా నియమించుకోడానికి అనుమతి ఇచ్చేశారుగా! 

వీళ్ల దగ్గర ఈ యేటీయెం లు పెడతారట! వీటి ద్వారా, పల్లె ప్రజలు తమ "నగదు చెల్లింపు, స్వీకరణ, బదిలీ" లు చెయ్యవచ్చట. ఇంకా, "బీమా పాలసీలు, పింఛను ఖాతా చెల్లింపులు, ఎస్ హెచ్ జీ ల ఋణాలపై వడ్డీ అందచేత, మ్యూచువల్ ఫండ్స్ లో పెట్టుబడులు" వంటివన్నీ నిర్వహించుకోవచ్చట!

దేశం లోని యేమారుమూల పల్లెకు వీళ్లు వెళ్లినా, అక్కడనించి కూడా లావాదేవీలు నిర్వహించుకోవచ్చట!

(దేశం లో ఇంతవరకూ అన్ని బ్యాంకులూ నిర్వహిస్తున్న లక్షలాది యేటీయెం లలో--'నగదు చెల్లింపు మాత్రమే' జరుగుతోంది! కొన్ని బ్యాంకులు 'చెక్కుల డిపాజిట్', 'నగదు డిపాజిట్' లు నిర్వహిస్తున్నా, నగదు డిపాజిట్ లో సమస్యలు వచ్చి, మానేశాయి. మరి కొన్ని లక్షల ఖర్చుతో యేర్పాటు చేసిన పెద్ద యేటీయేంలు చెయ్యలేని వ్యవహారాలని మైక్రో లు యెలా నిర్వహిస్తాయో!)

"దేశం లోని గృహస్తులందరినీ బ్యాంకింగ్ పరిధి లోకి తేవాలనే లక్ష్యం తో ఆర్బీఐ గత కొంతకాలం గా చేపడుతున్న కార్యక్రమాలకి ఇప్పుడు ఈ సూక్ష్మ యేటీయెం లు యెంతగానో దోహదపడతాయని" బ్యాంకింగ్ వర్గాలు అభిప్రాయపడుతున్నాయట! దువ్వూరి సుబ్బారావుగారూ--నమస్కారం!

(ప్రభుత్వమూ--గుత్తేదారులూ--సలహాదారులూ--టెండర్లూ--కోట్లకి కోట్లూ--మామూలే!)

కొసమెరుపేమిటంటే--వీటన్నిటికీ ఆథారం--మన ప్రజా పంపిణీ వ్యవస్థ యెవరికి రేషన్ ఇవ్వదలచుకొన్నారో, వారికి మాత్రమే కేటాయించే "ఆథార్" సంఖ్యా, కార్డులేనట!

మబ్బుల్లో నీళ్లు చూసి, ముంత వొలకబోసుకోం కదా చివరికి? యేమో!   

Online Businesses

Inter(net)national Cheats

The "India Today Book Club" was continuing to send their 'promos' through my E-mail. After publication of my Post calling them "Cheats" also I have received such an E-mail to which I replied, enclosing the link to the post, "If you have any reply, then only you answer. Otherwise do not continue cheating the public." to which I have not received any reply till date.     

So, DO NOT BE CARRIED AWAY BY THEIR (FALSE) REPUTATION.

The second I have mentioned in my post is the more famous "India Times shopping".

They advertise this shop on half of the front page on their group's news papers in all editions, showing some of the products with discounts.

I have been ordering some articles 'on line' and getting them perfectly in order within 15 to 21 days. 

When more than a year ago I ordered an article worth just less than Rs.400/-, they have informed me, as usual, via E-mail that the article was parcelled to my address.

But I found that the address on the parcel as mentioned in the E-mail by them contained only my Name and the name of my Town--without 'any other particular--including PIN Code' and wondered how the parcel would reach me.

Immediately I have mailed them regarding the mistake but received no reply.

After more than a month, when I have started mailing them regarding the article, one fine day, they coolly replied that the article was returned to them 'undelivered!'

When I asked them to resend me the parcel or refund the amount to my Credit Card account, they replied that an article undelivered could not be resent, and as amounts below Rs.1000/- will not be credited to Card accounts they have already refunded the amount to me through their "Refund Voucher"....or something like that. And I could re-order the same article, on line, by making payment through that refund order or.........!

I have informed them that I am not in receipt of any such refund order or........, through my E-mail or by post, but they were keeping mum!

After so many mails, I thought, 'they are a corporate giant--usurping public money in........! how can I seek refund of such a 'tiny amount!'

So, I also kept mum.

My advise again is "DO NOT BE CARRIED AWAY BY THE VISIBLE FAME OF SUCH COMPANIES/SHOPS".

There are other experiences also with other 'reputed' companies, and I may write in due course.

Thank you.

Online Businesses

Inter(net)national Cheats

Today, I write about 2 of such cheats, among many other I have come accross--1. India Today Book Club and 2. India Times Shopping--who have cheated me shamelessly and not regretting it till now.

I am a member of the prestigeous India Today Book Club, since its inception, when they used to publish a monthly catalogue about the books available with them, new releases etc. They offered discounts to the book lovers who are its members. Payments were through regular means, including Credit Cards.

During the last 2 decades, I have purchased books worth between 1 lakh & 2 lakhs--with prices so low in those days.

But, during 2009, they have started sending worthless books by VPP to members, under some scheme members are not aware of. Expecting the books to be worthy, members used to pay the VPP charges--in hundreds of rupees--and get them only to find them worth less later.

Then, they have gone online, stopped publishing the catalogue, sent Login IDs and Pass Words to the members to enable them to book the orders online.

My membership was renewed for 3 years during 2009 and I have duly obtained the free books allowed for members who renew their subscription for 3 years.

When I tried to login to www.indiatodaybookclub.com with the ID and pass word, it dit not allow me, saying the membership has expired!

I have started e-mailing them from 26-02-2009 about the difficulty. The replies were just to placate me by saying they have rectified the mistake and I can login at any time. In a few days, I was vexed with them and stopped corresponding.

Even now, if we try to login into the website, we are directed to http://www.bagittoday.com/itbc/index.jsp? and we have to login with our e-mail address and password. When we try, the message is 'the mail address is not registered with us.'

Is this the way, such a prestigeous organisation should cheat the citizens and be scot free?

........to continue

బ్యాంకులకి

బురిడీ

ఓ పెద్దమనిషి, తన చేతికి వచ్చిన ఓ ఇంటితాలూకు దస్తావేజుని కలర్ జెరాక్సులు తీయించి, వాటిని కనీసం 26 బ్యాంకులలో తనఖా పెట్టి, ఆరుకోట్ల మేర బురిడీ కొట్టించడమే కాకుండా, ప్రైవేటు వ్యాపారస్తుల్ని కూడా ముంచాడట!

ఈ డబ్బుతో తాను సినిమా తీస్తున్నాననీ, అది హిట్ ఐతే మీ ఋణాలు మీ ముఖాన్న కొడతాననీ చెప్పాడట!

ఇంకా--బ్యాంకులవారికి ముడుపులు చెల్లిస్తే, యెంతైనా ఋణం పొందచ్చు--అని కూడా ముక్తాయించాడట!

బ్యాంకులూ! యెక్కడికి పోతున్నాయి?

ప్రజల డబ్బుకి రక్షణ వుంటుందా?

బ్యాంకులూ--గిమ్మిక్కులూ

వడ్డీ రేట్లు

మీకు గుర్తుండే వుంటుంది--క్రితం యేడాది దాదాపు ఇవే రోజుల్లో, తుమ్మల కిషోర్ లాంటివాళ్లు "సామాన్యుల నడ్డి విరుస్తున్న వడ్డీ రేట్లు" అంటూ ఆక్రోశించడం, అప్పుడు నేను వ్రాసిన టపాలూ!

ఇప్పుడు మళ్లీ అదే పరిస్థితి--మళ్లీ ఋణాలమీద వడ్డీ రేట్లు పెరుగుతున్నాయి--అంటూ!

జూన్ 30 వరకూ వున్న ఋణాలకి పీ ఎల్ ఆర్, జూలై 1 నించి ఇచ్చినవాటికి బేస్ రేట్ వర్తిస్తుందంటున్నారు. ఇప్పటికే పీ ఎల్ ఆర్ లు పెంచేశారు, బేస్ రేట్ పెంచే ఆలోచన లో వున్నారు!

నిజం గా ఇదొక విషవలయం.

ద్రవ్యోల్బణం పెరుగుతోందని, ఎస్ ఎల్ ఆర్, సీ ఆర్ ఆర్, రెపో/రివర్స్ రెపో రేట్లు పెంచడం--ఈ రేట్లు పెరిగాయని, బ్యాంకుల తమ నిధిసేకరణ కోసం డిపాజిట్ల మీద వడ్డీరేట్లు పెంచడం, అవి పెరిగాయికాబట్టి ఋణాలమీద వడ్డీరేట్లు పెంచడం............ఇలా "పెరిగాయి, పెరిగాయి" అనడం, "తగ్గాయి, తగ్గాయి" అనడం!

నిజమే--ఋణాలమీద వడ్డీ రేట్లు నూటికి, సంవత్సరానికి, పావలా పెరిగినా, సామాన్యుడిమీద అది పైకి కనిపించని భారమే!

అదే డిపాజిట్లమీద పెరిగితే, కనపడేంత పెరుగుదలగానే కనిపిస్తుంది--ఇదీ సహజమే!

మరి మతలబేమిటంటే, ఋణాలమీద రేట్లు పెరిగితే, అవి మీరు ఓ పదిహేను యేళ్ల క్రితం తీసుకున్నవైనా, ఇంకో అయిదేళ్లలో గడువు ప్రకారం తీరిపోతుందనుకొని నిశ్చింతగా వున్నా, ఈ పెరుగుదల వల్ల--ఈ ఎం ఐ అయినా పెరుగుతుంది, లేదా గడువు తేదీ అయినా మారుతుంది!  

అదే డిపాజిట్ల మీద పెరిగిన రేట్లు--పాతవాటికి వర్తించవు--కొత్తవాటికి మాత్రమే! ఓ చిన్న వెసులుబాటేమిటంటే, పాత డిపాజిట్లని యెక్కువ వడ్డీ రేటు కోసం ఇవాళ రద్దు చేసుకొని, మళ్లీ కొత్తగా డిపాజిట్ చేసినట్టు వ్రాయించుకున్నా, నిన్నటివరకూ ఇంతకుముందు ఒప్పుకొన్న రేటు ప్రకారం వడ్డీని యెలాంటి మినహాయింపులూ లేకుండా చెల్లిస్తారు. 

కానీ, ఆ పెరుగుదల జరిగిన రోజునించీ ఒక్కరోజు ఆలస్యం గా బ్యాంకుకి వెళ్లినా, నష్టమే!

వుదాహరణకి, రేట్లు 16-08-2010 నించి పెరిగాయనుకోండి, మీరు 23 న వెళ్లి, మీ డిపాజిట్ ని కొత్తగా వ్రాయించుకున్నారనుకోండి, మీకు 7 రోజుల వడ్డీ పాత రేటు ప్రకారమే వస్తుంది! పైగా, ఇవాళనించీ వాళ్ల స్కీము ప్రకారం--ఓ యేడాది అనుకుందాం--గడువు తేదీ కూడా 7 రోజులు ముందుకు పోతుంది!

(ఇక ఋణ వితరణ, 'కాసా'లు, 'అల్కో'లు లాంటి వాటి గురించి మరోసారి)