Selling the Golden Goose for a Pittance – Does our FM know what LIC is?
In spite of strong opposition from all sections of the society, the Finance Minister has recently asked her Ministries to speed up LIC Initial Public Offer (IPO).
The weekly column of Thomas Franco, former General Secretary, All India Bank Officers’ Confederation.
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The Fate of Rural and Farm Credit with Privatisation of Banks
Rural and farm credit were totally neglected before the nationalisation of banks on 19th July 1969. The historic All India Rural Credit Survey carried out in 1954 showed that formal credit institutions provided less...
From People’s Bank to a Corporate Slave – Where is the SBI headed?
The recent deal between Adani Capital and the State Bank of India has raised eyebrows. State Bank of India was known as the people's bank, and it could rightly claim that it was 'the...
Privatisation of Banks – A Comedy of Errors or Sale to Corporates?
Amendment of the banking law has been enlisted in this session of parliament. This is a reversal of the nationalization affected in 1969 and 1980, taking over private banks from business houses that were...
Mr Rajnish Kumar’s Book Raises More Questions Than Answers- Part II
Yes Bank Fiasco reveals who is in command! In his recent book, Mr. Rajnish describes a small incident under the chapter ‘SBI Emerges as Saviour of Yes Bank.’ The well-known author Stephen A Schwarzman,...
Mr Rajnish Kumar’s Book Raises More Questions Than Answers- Part 1
The book is worth reading to know how the public sector banks, the RBI and the Ministry of Finance deal with banking. How they create a crisis and try to manage it. I am...
A Look at Fintech Apps and Security Concerns
Today Google Pay (G-Pay) owned by Google, PhonePe owned by Walmart, PayTm owned by Soft Bank and other payment apps have taken over money transfers. As per the report of the National Payment Corporation...
SBI- A Guinea Pig for Neo-liberal Policies
The union government is bent upon privatising the Life Insurance Corporation of India. They stealthily announced an amendment to the LIC Act by making a statement in the Union Budget 2021 and made it...
Are Bad Banks here to Save the Corporates?
The Union Government has announced setting up of a Bad Bank (the name itself is bad), called the National Asset Reconstruction Company Ltd (NARCL). It will buy loans above Rs.500 crores from the banks....
Anti People Bills Passed Surreptitiously by the Parliament
In a democracy, debates and discussions and are essential. Issues of governance are of vital importance. Parliament is meant to keep a check on the government by the people and for the people. But...
Enhanced Access and Service Excellence – Easy way of Cheating People
In January 2018, the Government of India launched EASE 1.0. It was developed by Boston Consultancy Group (BCG), a multinational consultant with no experience in banking at all, and it is still run by...
DICGC- To Benefit Govt, Not Customers
The Deposit Insurance Act 1961 came into force from 1st January 1962. Though the name still continues to be ‘Deposit Insurance and Credit Guarantee Corporation,’ the Credit Guarantee scheme was discontinued in 2003. The Deposit...
Why Sell the Public Sector? Pandey ji, please explain.
Tuhin Kanta Pandey, Secretary, Dept of Investment and Public Asset Management was addressing Industrialists in the meeting ‘CII National Conclave’ and stated that disinvestment is back on track now. He is supposed to invest...
Shame on you, Finance Minister!
Finance Minister Nirmala Sitharaman recently tweeted- “The Primary reason for PSBs to post such as Rs.57832 Crore turn around – from a loss of Rs.26016 Crore in 2019-2020 to a combined profit of Rs....
Co-operatives – New back door entry for RSS?
India has had informal Co-operatives sice a long time. In 1904, based on the recommendation of a Madras civilian Frederick Nicholson, the Co-operative Societies Act was passed and then amended in 1912.
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