Bank Spoiler Finance Minister

“Sau Chuhe Mar Kar Billi Haz Ko Chali”

FM Mr. PC has called a meeting of CMDs of public sector banks on 5th of March to discuss fixing responsibility of non -performing or corrupt CMD or ED or senior bankers.

Volume of Non Performing Assets in public sector banks did not grow overnight. Volume of NPA and bad assets has grown over a decade and purely due to political exploitation of bank and total mismanagement of bank. It is not only thousands of crores but it is at least ten lac of crore of rupees which are locked in bad debts or stressed assets in banks.

Entire government along with RBI remained silent spectator of Draupdi Chirharan (loot of banks ) and rather enjoyed it by forcing CMD and EDs of bank to sanction loans to friends and relatives of ministers and to waive off loan or compromise  with loan defaulters who are in good book of politicians associated with his party. 

It is none other than PC who immediately after taking charge of Finance Ministry removed Mr. D. K. Mittal , finance Secretary who was trying to cure sick bank to some extent. He lost no occasion to put blame on previous RBI governor Mr. G Subbarao and now trying his best to do same for Mr. Rajan current RBI Governor for his fault and for all the lapses and fault of his government.He does not hesitate to throw out any officer or any CMD if anyone of them fail to bow down before his whims and caprices.

 I do not understand whether Mr. PC is cracking jokes on CMDs of banks or he has called a meeting of CMDs to fix responsibility on those who did not share ill earned money honestly with PC and other minister colleagues. It is not difficult but impossible to distinguish the difference between PC and team of CMDs and EDs who have been appointed by none other than PC and his yes-men.People of India view PC or FM or CMD and EDs of banks or that of PSUs in same stream.

When  a police inspector gets the post of Thana in-charge of a cream police station after payment of handsome money, it is but natural that he tries to recover many times of it when he comes to power at creamy post.When transfers and promotions of top officials take place on consideration of money , the same bad culture is spread in all vulnerable posts down the line.Similar may be the situation in public sector banks.

Now when the UPA government is likely to go and when days of FM are numbered, he is trying to pretend as if he is messiah of banks and he is one and only one person who is really bothered of safety of banks. He is not bothered of wage revision of bank staff who have been crying for wage revision for last fifteen months without any outcome.When the question of respectable hike in wages of bank staff arises, he says entire profit of bank cannot be spent on wage hike.

He and his government was sleeping for last ten years and now on the verge of their exit from power, they pose like film actors as if they are concerned for rise in stressed assets in Banks and that for falling profits of the banks.

For almost a decade they damaged economics of telecom sector, mining, administration and damaged entire manufacturing sector including infrastructure , power,power distribution, airlines and what not by mismanagement.Economic condition of the country has reached pathetic position due to misrule of UPA government. Corporate houses and social activists including many economists started talking of policy paralysis and economic slowdown. Even PM, FM and key ministers started crying of sickness of economy. They reduced fuel subsidy and allowed price rise to go beyond control.

However I will like to say without hesitation that clever ministers like MMS or PC used to shed Crocodile Tears on pathetic financial situation of the country .  Because on the eve of election the same ministers are distributing all freebies and giving all concession on fuel and MANREGA which in their view had caused sickness in Indian economy.They did not act against corrupt leaders involved in 2G or CWG or coal scam or any other scandalous misappropriation of government fund.

It appears ridiculous after igniting the country to fire , same government is now  planning to come out with ordinance to combat menace of corruption. They managed passing of Lokpal Bill and whistle blower bill in the last session of the Parliament and they will now bring ordinance for residual bills when their days in government are few.It appears as if they are digging grave for new government.

UPA government wasted ten years time in criticizing BJP and all other opponents of the UPA government by using secular card or quota card or tried to win the hearts of common men by using loan waiver or subsidy weapons. They did not and could not assess the intensity of public anger against rampant corruption and willfully suppressed the movement against corruption and black money led by Team Ramdeo and Team Anna and then by Mr. Kejriwal and his party called as Aam Admi Party.

For last nine years and more UPA government and team of ministers left no stone unturned to accumulate wealth by abusing and misusing power and now preaching sermons to entire India. It is banks which helped the UPA led government for last ten years in fulfilling the ill motivated task of MANREGA or Financial Inclusion or credit growth or in extending lacs of crores of rupees in the name of stimulus package to corporate sector. It is banks which sacrificed crores of rupees in loan waiver or in compromise with defaulters and all at the pressure of FM and PM 

It is dirty politicians who injected poison in the blood of bankers and it is they who caused damage to not only banks but also BSNL, Indian Airlines and many PSus. It is none other than CMD and EDs of public sector bank who propagated the bad culture of politicians in their banks and is is they who performed unholy tasks of politicians by crushing bank staff and by damaging the interest of bank shareholders and common men customers of banks.

It is therefore astonishing that FM in his last meeting with CMDs of bank scheduled on 5^th of March will preach sermon to them on how to stop loot and how to fix responsibility on looters. 

Perhaps ,Birds of same feather will gather together to discuss their success story of corruption and thank each other on farewell to PC.

Accountability of top management in focus at finance minister, bank chiefs’ meet -Economic Times 27.02.2014

MUMBAI: The finance ministry has drawn up a rather unusual agenda for chiefs of large commercial banks for their next meeting. Rajiv Takru, secretary, financial services department, has asked bank chairmen to come prepared to discuss wage negotiation, leave travel concession and delegation of power and responsibility of top management of banks. 

Finance minister P Chidambaram will meet bank CMDs - possibly his last, since poll dates will be announced next month - on March 5 to review  bank's performance, followed by Takru's meeting. 

"The ministry may be aiming to make the top management accountable and responsible for their actions following the episode of a Kolkata-based bank," said a bank chief who did not wish to be named. He, however, clarified that state owned banks no longer enjoy the kind of autonomy they used to in the past. "It looks like the government wants to control banks while making the management accountable," he added. 

http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/accountability-of-top-management-in-focus-at-finance-minister-bank-chiefs-meet/articleshow/31066358.cms