Bank strike
The one-day strike by employees of 27 public sector banks severely affected the normal banking operations, leading to the wheel of transactions coming to a grinding halt. We learn that the wage revision for the bank employees, due in November 2012, is in a limbo on account of the adamant attitude of the IBA in not conceding anything above 11% against the 23% hike in pay sought by the bank unions. On a dispassionate assessment of the request made by the bank employees, their demand is justified,considering the steep rise in the costs of living in the past few years. More over, the pattern of fast improvement in the standard of living of all, irrespective of their walks of life, warrants additional spending. Further, if the wage revision due in November 2012 is yet to be finalised, the IBA is the main reason for the same because while the bank unions have scaled down their demands from their original 25% increase to a 23%, IBA is sticking to its unreasonable offer of 11%, which is lower than even 50% of the employees’ demand. One hopes IBA and the central government would soon come out with a reasonable and acceptable offer to avoid an indefinite strike by the bank employees which, at the moment, looks inevitable.
Tharcius S Fernando
Chennai
Slash NPA declaration period
This is in reference to the edit “Tightening NBFC norms” (FE, November 12). In my opinion, there is a keen need to reduce the time for declaring the defaulters from 180 days to 90 days for public sector banks’ lending also. The reason being we are in the fast age of mobile phones, internet, etc, which makes communication faster. In fact, mobile phones are owned by commoners, across economic classes, nowadays and photos can also be taken. Hence, if the defaulters on loans are to be reduced, and borrowers to be prompted to repay, and improve the banks’ financial position, the period for declaring NPAs must be reduced. Due to increase in NPAs, the hapless depositors are the victims as the rates of interest for them are slashed and this results in robbing Peter to pay Paul. This is what is happening nowadays and the quality of life of the pension-less senior citizens dependent on their savings is becoming miserable.
BS Ganesh
Bangalore
Modi vs the mohalla man
The BJP is a little naive in prescribing the Modi elixir for all seasons and for everyone. The recent assembly elections may well be misguiding if the BJP is looking to spin the upcoming Delhi polls as Modi vs AAP. Modi may well usurp the BJP’s campaign in the absence of any specific CM candidate. But he could very likely go over the heads of a discerning electorate that would rather have simple commitments on their woes from a man who would later personally deliver it to them. A chastened and wiser Kejriwal would perhaps fit the bill.
R Narayanan, Ghaziabad
Please send your letters to:
The Editor,The Financial Express, 9&10 Bahadur Shah
Zafar Marg, New Delhi-110 002
or e-mail at: feletters@expressindia.com or fax at
Delhi: 91-11-23702044
