Central Bank of India Employees Union - NZ

Central Bank of India Employees Union - NZ It is a trade union of Central Bank Of India Employees of Panjab,Haryana,J&K,Himachal Pradesh and union territory of Chandigarh.

If some body of our bank is interested he may whattsapp 94647-16700 or call at 98159-55529 for visit or any other inquir...
14/09/2016

If some body of our bank is interested he may whattsapp 94647-16700 or call at 98159-55529 for visit or any other inquiry. This is ready to move project in the heart of Jalandhar City

24/03/2016

ALL INDIA CENTRAL BANK EMPLOYEES' FEDERATION

(Central Office: Hyderabad)

ALL INDIA CENTRAL BANK OFFICERS’ ASSOCIATION
(Central Office: Mumbai)



Circular to All our Units and Members Dt.21.03.2016

Dear comrades,

❖ THE JOINT WORKING COMMITTEE MEETING OF AICBEF AND AICBOA EXPRESSED DEEP CONCERN AND ANXIETY OVER THE INCREASING NON PERFORMING ASSETS IN OUR BANK AND THE DISMAL, GLOOMY AND MISARABLE PERFORMANCE OF CENTRAL OFFICE MANAGEMENT.
❖ THE JOINT WORKING COMMITTEE MEETING OF AICBEF AND AICBOA EXPRESSED ANNOYANCE AND RESENTMENT ON CENTRAL OFFICE MANAGEMENT OVER THE INORDINATE DELAY IN CONSIDERING THE REQUEST TRANSFERS OF EMPLOYEES AND OFFICERS, INADEQUATE RECRUITMENTS, UNILATERAL APPROACH OF THE MANAGEMENT ON ALL THE ISSUES AND UNWARRANTED HARRASSMENT ON OFFICERS.

❖ THE JOINT MEETING OF AICBEF & AICBOA DECIDED TO LAUNCH A POWERFUL AGITATION FOR REDRESSAL OF LONG PENDING DEMANDS OF EMPLOYEES AND OFFICERS.

❖ THE MEETING AUTHORISED COM BIKASH DEBROY JOINT GENERAL SECRETARY OF AICBOA ALONG WITH COM SANJAY KHAN AND COM SANJEEV BHALLA THE DEPUTY GENERAL SECRETARIES OF AICBOA TO CONDUCT THE AFFAIRS OF AICBOA.

Comrades, the units and members of both AICBEF and AICBOA are aware that AICBEF has summoned its working committee meeting in Delhi on 13th March, 2016 since all the Office Bearers and Committee Members of our Federation were assembling at Delhi to participate in the Morcha to Parliament on 14th March, 2016. Even though our apex organisation AIBEA has deferred the morcha due to some extreme exigencies, in view of the urgent need to discuss several aspects, our Federation decided to hold the working committee as per schedule. During the period there were certain requests to our Federation from the Units of AICBOA for the joint meeting of both all India organisations so that the issues of common in nature particularly the malfunctioning of AICBOA can be discussed threadbare as Com Shanti Lal Das refused the request of majority units to hold the Working Committee with AICBEF. Accordingly the General Secretary of the Federation made an appeal to all the Units of AICBOA to attend the meeting in Delhi to address several issues pertaining to employees and officers of both the organisations. Accordingly majority units of AICBOA who are representing more than 4000 officers have assembled in the meeting and some units who could not participate in the meeting due to their preoccupations have communicated that they will be abiding by the decisions.

The meeting was presided jointly by Com C H Venkatachalam, President, AICBEF and Com Bikash Debroy, Joint General Secretary, AICBOA. The meeting commenced at 11.30 a.m. and ended at 6.30 p.m. and the meeting was held very peacefully with the active participation of the leaders from both the organisations.

DETEORIORATING FINANCIAL POSITION OF OUR BANK: Speaker after speaker while expressing utmost concern over the alarming situation prevailing in our Bank, demanded that Central Office Management should own total responsibility on the present dilapidated and derelict position of the bank. Almost all the speakers have felt that the Central Office Management’s unilateral and centralised policies are only responsible for the present state of worsening financial condition. It was decided to demand that management should concentrate on the recovery of NPAs on war footing basis taking employees and officers into confidence. It was also decided that all our units should immediately conduct demonstrative programmes in front of the offices of big defaulters at the earliest possible.

INDUSTRIAL RELATIONS IN OUR BANK: All the speakers expressed deep distress over the unilateralism of the Central Office Management at all levels. Everyone has criticized Central Office Management for their negative approach towards the request transfers of employees and officers, their unilateral assessment on the man power, their decision not to recruit adequate staff in all cadres especially the recruitment of FTSK Cum Substaff, harassment on Officers in the name of non-performance transfers and dictated punishments etc. Almost all the speakers with one voice endorsed that a powerful agitation shall be launched immediately for the realisation of all the long pending demands. Accordingly the following demands have been framed and to get the reasonable and amicable solutions, the action programme which was decided has been furnished below.

DEMANDS
1. Effective steps to recover bad loans.
2. Consideration of Request Transfers with priority to spouse transfers.
3. Recruitment of adequate staff in all cadres particularly FTSK and Substaff.
4. Review of the Manpower Assessment Policy.
5. Immediate consideration of Compassionate Appointments.
6. Review of Guidelines on transfers of Officers under the guise of non performance.
7. Stop harassment of officers through dictated punishments.
8. Stop outsourcing.
9. Extraction of duties as per Bipartite Settlements only.
10. Review of transfer policy of Officers and Promotion policy of Officers.
11. Posting of Branch Managers as per OSR/Categorization Norms.

JOINT ACTION PROGRAMME

a) Withdrawal of Cooperation with immediate effect
b) 28TH March onwards all the units shall hold explanatory meetings in their states.
1. 04 April 2016 - Deputation to all Regional Managers and Submission of Memorandum (copy of the memorandum will be sent to you in due course)
2. 11 April 2016 - Deputation to all Zonal Offices and submission of Memorandum (copy of the memorandum will be sent to you in due course)
3. 18 April 2016 - Demonstrations in front of all Regional Offices
4. 22 April 2016 – Demonstrations in front of all Zonal Offices
5. 28 April 2016 – Sending Protest SMS to General Manager (HRD)
6. 29 April 2016 – Sending Protest SMS to all Executive Directors
7. 02 May – 10 May 2016 :- Submission of protest letters by all members from all the branches to GM (HRD), under a copy to all EDs and CMD
8. 13 May 2016 – Badge Wearing
9. 18 May 2016 – Demonstrations in front of Central Office by all the Office Bearers
10. 20 May – 21 May 2016 :- Holding Press Conferences in all the States

24 May 2016 – ONE DAY STRIKE

PANEL OF WORKMEN DIRECTOR: Since Com G K Joshi our nominee director is completing his term successfully in the month of July 2016 the following panel has been unanimously decided for our onward submission

1. Com L Satish, Joint Secretary, AICBEF.
2. Com Keshab Sen, Joint Secretary, AICBEF.
3. Com J D Dave, Joint Secretary, AICBEF.

AFFAIRS OF AICBOA: All the speakers have expressed their displeasure over the malfunctioning of AICBOA which is the root cause for total frustration amongst the officers community who are our members. Everybody condemned the anti AICBEF approach of Com Shanti Lal Das the General Secretary of AICBOA and expressed their concern towards his intimate relationship with anti AICBEF forces. All have felt that the urgent need has arisen now to address his malfunctioning with some historical decisions so that the traditional and ideological joint movement under the banner of AICBEF and AICBOA can be preserved and protected at all costs. Accordingly it was decided that Com Bikash Debroy the Joint General Secretary will be the incharge of all the affairs of AICBOA and Com Sanjay Khan and Com Sanjeev Bhalla both the Deputy General Secretaries will be corresponding and negotiating with the management as the representatives of AICBOA. It was also decided to prepone the Joint Conference of AICBEF and AICBOA and requested CBIEA and CBOU (AP and Telangana Units) to hold the Joint Conference as early as possible.

Comrades, the anti AIBEA forces have been putting their best efforts to scuttle our ideological base on which the huge structure of our joint movement has been built. Many comrades have faced severe attacks from the management as they were preserving the unity of employees and officers under this great joint banner. Unfortunately, Com Shanti Lal Das and company at the instance of our rivals have been putting their best efforts to hamper our unity which was built over decades by the stalwarts like Com Tarakeswar Chakraborti, Com H S Grewal, Com Homie Jhaweri, Com Karnik and Com S Nagarajan and others. His only job now is to destroy our beloved AICBOA and its seamless relationship with AICBEF. But we will never allow these anti AIBEA forces to succeed in any manner in future. We earnestly request all our members to be more vigilant towards the maligning campaign being undertaken by the forces who have been working overtime for the last several years.

With Greetings,
Comradely Yours,


(B S RAMBABU)
General Secretary Jt. General Secretary

24/02/2016

PSB mergers top priority under banking reforms


NEW DELHI: 23 2 2016


Consolidation of state run lenders has climbed to the top of the banking reforms agenda as the cleaning up of their account books gets under way. Mergers have been accorded the highest priority at the second Gyan Sangam, the government's annual banking conclave that's scheduled to be held in the first week of March.
Gross nonperforming assets (NPAs) of many banks have climbed to nearly 10% after the Reserve Bank of India cracked the whip, forcing them to set aside large sums to cover bad loans. Most have reported a sharp drop in thirdquarter profit or posted losses. RBI wants the cleanup to be completed by March 2017.
"After the Reserve Bank of India asset quality review, we know where they stand in terms of bad loans," said a senior government official.
Transparent balance sheets allow valuations to be determined fairly amid a growing consensus that this is the right time to get weaker banks absorbed by the stronger ones.
The idea has found support among some lenders that have evinced interest in consolidation by way of merger or acquisition.
"Some banks are open to the idea," said another government official.
The government is also hoping the proposed bank board bureau, which will start functioning from April 1, will help strengthen the developing accord on consolidation.
"The bank bureau can also come out with some suggestions and act as a mediator between banks to work out various issues," said one of the officials cited above. The government has said it will follow up public sector bank reforms by setting up a Bank Investment Committee.
Punjab National Bank is open to acquiring other state run lenders, said managing director Usha Ananthasubramanian.
"Somewhere you have to bite the bullet," she said, adding that the idea was to create large entities of global stature that will also alleviate concerns on capital adequacy.
The government hasn't pushed banks toward mergers, leaving them to come up with proposals. But that's unlikely to happen given the opposition of bank unions in general to mergers.
Last year, after the government Indra Dhanush revamp plan for state-run banks, finance minister Arun Jaitley had said that the idea was to first strengthen the lenders.
"After this, if there is a fragile bank, we are looking at consolidation with stronger banks," he had said.
The government is also expected to revive an old report that had suggested merger options based on various criteria such as geography, business mix and information technology systems. The last transaction in the public sector bank space was the takeover of State Bank of Indore by State Bank of India in 2010. SBI took over State Bank of Saurashtra in 2008.
A similar exercise involving Bharatiya Mahila Bank and SBI has been on hold for some time

14/02/2016

• 14th FEBRUARY, 1970– AN IMPORTANT DAY TO REMEMBER:

All of us are aware that after a prolonged battle backed by countrywide campaign and strikes for more than a decade, on 19th July, 1969, 14 major banks were nationalised heralding the ushering in of people’s banking in our country. Hence 19th July is remembered by everyone as a significant date in the history of our movement.

But when we look back at the history of AIBEA, we find that the Government’s Ordinance on Bank Nationalisation issued on 19th July, 1969 was challenged by the adversaries, Chambers of Commerce, business magnets, industrialists, some bank executives and of course by political parties like Swathantra party and Jan Sangh (predecessor of BJP). The Bank Nationalisation ordinance was challenged before the Supreme Court through a petition filed by R C Cooper ( a Director of Central Bank of India), M R Masani, MP of Swathantra party and Balraj Madhok, MP from Jan Sangh.

AIBEA filed a petition in defence of the ordinance. Veteran Communist MP Com AK Gopalan moved an intervening petition in the Supreme Court in support of the Ordinance. Com. Mohan Kumaramangalam (who later become a Cabinet minister at the Centre) took up our case. The Supreme Court gave an order stating that Government should not immediately appoint Chairman of the Banks, etc. Bank executives started removing the name boards of ‘Custodians’ in Banks’ head offices and put up the old name boards of Chairman as though it was a victory for them. AIBEA held powerful demonstrations in front of those Banks. AIBEA’s lawyers threatened to file contempt of court cases against those Executives and hence these actions were stopped.

AIBEA Central Committee met in Delhi on 30-7-1969 when Com Prabhat Kar and Com Parvana gave the clarion call to bank employees that hence forth we should consider the Banks as our own and as property of the nation and work towards making them as instruments to help the society and downtrodden.

On the other hand, the adversaries were busy in making whisper campaign against bank employees. Even the Government was delaying the appointment of the Boards. AIBEA gave ‘Save Bank Nationalisation Day’ programme on 27-10-1969 and thee was massive demonstrations, rallies, processions and meeting all over the country.

AIBEA’s General Council met in January, 1970 and demanded constitution of the new Board of Directors for these Banks and also demanded nationalisation of all remaining Banks.

On 10th February, 1970, the Supreme Court struck down the Bank Nationalisation Ordinance on technical grounds like inadequate compensation, etc.

AIBEA immediately demanded promulgation of another Ordinance by the Government. AIBEA also gave countrywide call for demonstrations against the Supreme Court judgement. Powerful demonstrations were held condemning the verdict. Call was also given for instant strike. Two hour strike was observed on 13th February, 1970.

ON 14TH FEBRUARY, 1970, GOVERNMENT ISSUED ANOTHER ORDINANCE RE-NATIONALISING THE 14 BANKS.

Thus AIBEA played a unique role in creating history and ensuring nationalisation of banks a reality. This is a glorious part of the golden history of AIBEA.

This is the legacy that has been bequeathed to all of us. Today, when we see all-round attacks on public sector banking and attempts to somehow privatise the banks, it is the bounden duty of all of us to resist and fight back all these onslaughts. It is expected of us to live up to the vision of the great leaders of yesteryears.

Let us take the pledge to continue our struggle in defence of bank nationalisation. Nationalised Banks are nation building institutions. They must remain so.

With greetings,
Yours Comradely

C.H. VENKATACHALAM
GENERAL SECRETARY

14th February, 1981 – another historic day in our movement:

35 years ago, on this day, our AIBOA was founded to enable a composite vibrant movement of employees and officers. We greet AIBOA, its leaders, all its units and all members of AIOBA on this happy occasion of 35th Anniversary.

24/08/2015

All major bank unions to join September 2 strike

There’s a continuous attempt to privatise and merge banks, says C H Venkatachalam

KOCHI, AUGUST 19:
All the leading unions across the banking sector will join in the pan-India bank strike on September 2, said CH Venkatachalam, General Secretary, All-India Bank Employees’ Association.
The strike is to protest against the ‘anti-labour and anti-people policies’ of the Centre and in support of the call given by the Central trade unions.
“There are open attempts to amend the various labour laws in favour of the employers and to the detriment of the workers,” he said in a statement. “The neo-liberal economic policies are aggravating the problems of the workers and common masses.”
The labour-law changes were to empower the employers with unfettered ‘hire and fire’ rights and to strip the employees and their unions of their rights.
Venkatachalam alleged that there were continuous attempts at privatisation of banks as well as for consolidation and merger of banks. More and more private capital and FDI were being encouraged. Regional rural banks are sought to be privatised, and urban co-operative banks are under threat of de-licensing.
Several government schemes were being passed on to public sector banks without giving them proper infrastructure and manpower, causing harassment to the bank staff.
Venkatachalam said members of the All-India Bank Officers’ Association, Bank Employees Federation of India, Indian National Bank Officers’ Congress, National Organisation of Bank Workers, Indian National Bank Employees’ Federation, National Organisation of Bank Officers, All-India Co-Operative Bank Employees’ Federation, All-India Gramin Bank Employees’ Association, All-India Gramin Bank Officers’ Association, All-India RRB Employees Association, All-India Reserve Bank Employees’ Association and All-India Reserve Bank Workers’ Federation would go on strike on September 2.

FinMin notifies second and fourth Saturday as public holiday for banks

OUR BUREAU MUMBAI, AUG 20:
The Finance Ministry, in exercise of powers conferred under the Negotiable Instruments Act, 1881, on Thursday issued a notification declaring the second and fourth Saturday of every month as public holiday for banks in India, with effect from September 1.
What this means is that the first Saturday holiday for banks will be on September 12, which is a second Saturday.
Second and fourth Saturday holiday for banks is as per the 10th bipartite wage settlement between the Indian Banks' Association and banking sector trade unions




RBI gives licence for 11 payments banks





Vodafone, Airtel and Reliance on the list; Kishore Biyani, Videocon d2h miss out

BUSINESSLINE, MUMBAI, AUG 19:
Paving the way for revolutionising cashless payments services in the country, the Reserve Bank of India on Wednesday granted payment bank licences to 11 firms.
This includes telecom companies Vodafone and Airtel; non-banking financial company Cholamandalam Distribution Services Ltd; large conglomerates Reliance Industries and Aditya Birla Nuvo; and individuals Vijay Shekhar Sharma, founder of Paytm, and Dilip Shanghvi, Managing Director of Sun Pharmaceuticals.
The Department of Posts, Fino Paytech, Tech Mahindra and National Securities Depository Ltd also made the cut.
Of the 41 entities that applied for a licence, the prominent names that did not make it in this round include Future Group Founder Kishore Biyani, Videocon d2h and MG George Muthoot.
Payments banks differ from conventional banks as they are not allowed to lend to customers or issue credit cards. They can, however, accept deposits of up to ₹1 lakh and can offer current and savings account deposits. They can also issue debit cards and offer internet banking.
Rollout plan
While the 11 companies have been given 18 months to comply with all the conditions laid out by the RBI, most of them have already put in place a robust roll-out plan. Telecom operators with their vast retail presence would be the first off the block.
Sunil Sood, Managing Director & CEO, Vodafone India, said, “The payment bank licence will enable us to offer a more comprehensive portfolio of banking and financial products and services, accelerating India’s journey into a cashless economy.” Norwegian telecom company Telenor announced that it was partnering Dilip Shanghvi along with IDFC.
Reliance Industries and Aditya Birla Nuovo will ride on their respective telecom ventures Reliance Jio and Idea Cellular. They would also leverage their existing businesses in retail and financial services to quickly roll out payment bank services.
For entities like Paytm, Fino PayTech and Cholamandalam, this is a natural progression of what they are already doing.
Vijay Shekhar Sharma, founder and CEO of Paytm, said: “It is truly a privilege to be one of the youngest ones in this lot of 11. We believe that led by mobile and data analytics technology, we will be able to change the face of financial inclusion opportunity in India. It is about bringing half a billion Indians to the main stream of economy.”
Vellayan Subbiah, MD, Cholamandalam Investment and Finance, said, “This is a transformative step in fulfilling the financial inclusion goal of the government and the RBI. We currently have over 534 branches spread across the country and a captive base of over 7.5 lakh customers, which is an immediate opportunity that can be tapped into.”
“I am very happy to learn that the Postal Department has been given a payment banking permission. I have been trying since I became the Minister to energise and make the vast network of Postal Department for financial digital inclusion and e-commerce activity. I would expect the Postal Department to prepare itself properly and effectively for this,” said Telecommunications and IT Minister Ravi Shankar Prasad.

26/07/2015

BUSINESS DEVELOPMENT MEETING WITH ELIGIBLE UNIONS / ASSOCIATIONS ON 17.07.2015 IN CHANDIGARH ZONE HELD AT REGIONAL OFFICE, JALANDHAR



Summary: In the business development meeting held on 17.07.2015 at Regional Office, Jalandhar, a joint appeal was made by the Management and the majority unions exhorting all the staff members to put all out efforts to attain the business goals of their branches for the FY 2015-16 and curtailment of NPA.



At the outset, the Filed General Manager welcomed the representatives of the Unions for attending Business Development Meeting and he shared the business figures of the Zone as on 30.06.2015 through Power Point Presentation. He elaborated that Zone as a whole has achieved its CASA target including Saving and Current individually. The NPA level has been contained below March, 2015. As regards Credit Portfolio, Zone is positive as compared to figures of March 2015.However, far behind the target; it shows that branches apprehensive of lending. Among all the Regions, Jalandhar Region is showing lower growth except increase in saving deposit. Punjab, Haryana and Himachal States are prosperous states with high disposable and per capita income. As such it is desired that Bank will have better business here as compared to other states. The business parameters of our Zone are certainly lower than the other Banks in the states. He requested the Union representatives to suggest strategies business plan to improve the business in the Zone, as Unions can play big role in business development.



Sh. G K Joshi, General Secretary, AIBEU (NZ) thanked FGM sir for holding Business Development Meeting. He expressed hope that the change will take place in the zone with the strategies /motivational approach adopted by the management and hoped that the zone will come upto the expectations of worthy CMD. Mr. Joshi also suggested some changes in the functioning of Regional Office, role of Regional Manager, Marketing Techniques, approach of Branch Managers for handling the customers etc. He also suggested that all Regional Managers should motivate Branch Managers during Branch Visits. Union Representatives assured that their members will work hard to achieve the targets & for marketing the different deposit & advances products launched by the Bank.





-2/-
-2-



After due deliberations, the gist of points agreed for implementation during current financial year are as under:

1. To sensitize all the members for their role in Business Development & achievement of targets. A joint appeal will be made by the Management and the participating Unions for exhorting all the staff members to work in unison and put forth their extra efforts to attain the business goals for the current financial year.

2. The branches to be kept neat & clean and to provide proper sitting space and other facilities to customers.

3. To encourage staff members to use social media and adopt Alternate Delivery Channel for the development of business.

4. In order to provide proper knowledge on marketing, two days locational programme on marketing techniques shall be conducted by Zonal Office.

5. Business meeting with Chartered Accountants at leading centres to be conducted by Regional Office.

6. The Regional Manager shall visit branches with Business orientation and shall move in the market with the Branch Manager to strengthen marketing efforts in the catchment area.

7. Customers’ Meet to be arranged at cluster of branches (2 – 3 branches) wherein valued customers both for assets and liabilities products need to be called with high tea/dinner.

8. The behavior of Branch Manager to be more businesslike and Regional Managers shall suitably sensitize the Branch Managers on the same.

9. To motivate Branch Manager and staff for issuance of Debit Card and other delivery products.

10. As far as possible, Regional Manager shall visit along with marketing staff to the branches.

11. The branch focus will be on new customer acquisition, retaining existing customer and cross selling banking product to them.

Union representatives Sh.G.K.Joshi ,Sh.Sanjeev Bhalla ,Sh.J.B.Aggarwal and Sh.S.K.Phull assured their full co-operation and support for mobilizing new business and curtailment of NPA in the zone .It was further decided to issue a joint appeal on the above issues in the Zone.

The meeting ended with a note that all the staff members will work together in a team spirit to take the bank to new heights.



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It is decided to hold the meeting in the next quarter also.


MANAGEMENT REPRESENTATIVES OF UNIONS /ASSOCIATIONS

CBOU (CHD ZONE) CBIEU(NZ)



(AJAY VYAS) (Sanjeev Bhalla) (G.K.Joshi)
Field General Manager Gen.Secretary Gen Secretary






(RAJESH KUMAR) (S.K.Phull) (J.B.Aggarwal)
Asstt. General Manager President President

26/07/2015

For a greener planet, please don't print this unless necessary


Squashing NPAs can Juice up Growth: Panagariya

Niti Aayog vice-chair says with inflation in range, rates can come down more; bad loans need radical solutions

Economic Times 23 Jul 2015

“Within the agreed range of 2% to 6% target range of inflation, there may now be scope for further cut in the interest rate and…RBI (Reserve Bank) will likely take necessary action,” Panagariya said, when asked whether rate cuts should have been more aggressive. On bad bank loans, the former Columbia University professor was even more emphatic: “Clearing of bank NPAs (nonperforming assets) is an essential reform necessary to accelerate growth.” He added that a number of solutions to the bad loans problem must be thought of.
“I would not rule out any instruments at this stage, including a bad bank,” Panagariya said.
A bad bank is an institution set up specifically to buy bad loans of existing banks and thereby clean up the latter’s balance sheet. Bad loans have been identified as among India’s biggest macroeconomic problems and no sustained government effort has yet been undertaken. RBI has warned about the problem a number of times.
Panagariya didn’t rule out that the rupee’s appreciation against the euro and the yen could be one reason behind worsening export performance. “…the rupee has surely appreciated against the euro and yen recently in both nominal and real terms. Basic theory suggests that this must have had an adverse effect on our exports to Europe and Japan,” he said.
But he saw a silver lining in China’s growth slowdown. “In so far as the slowdown of China may lead to some vacating by it of export markets in products in which we could emerge as the alternative, it could work to our advantage,” Panagariya argued. He pointed to China again while discussing whether India could grow rapidly when the global economy was soft.
“For us, the critical step is to wrest some of the share of the vast export market from China and other competing countries. Remember that the OECD (Organisation for Economic Cooperation and Development) countries have grown no more than 1.5% per year during 1991-2013 when China managed to register a near-doubledigit average rate,” Panagariya said, arguing in effect that slow growth in rich countries doesn’t prevent an emerging economy from growing fast, provided it can find markets for its goods and services.
More confident than most economists on India’s ability to withstand the dollar outflow that will happen if and when the US raises interest rates, Panagariya was also, unsurprisingly, vehement in his defence of the Modi government’s record so far. “...the present government has done more in its first year to advance the cause of reforms than the previous government did in all its 10 years put together,” Panagariya said.


Stop filing FIRs against bank managers for not sanctioning farm loans: Finance Ministry
By ET Bureau | 23 Jul, 2015,
MUMBAI: The Union finance ministry has written to the Maharashtra government, directing it to stop filing FIRs (first information report) against bank managers of nationalised banks who didn't sanction loans to farmers.
The finance ministry's letter terms the state government's move as "catastrophic", and warned that it could have "unintended consequences".
The letter, a copy of which is with ET, has been written by Hasmukh Adhia, Secretary in the Ministry of Finance, Department of Financial Services, on July 8 to Maharashtra chief secretary Swadheen Kshatriya.

The letter was written after district magistrates of Akola, Bhandara, Yavatmal and Chandrapur served notices under Section 188 to branch managers of 10 nationalised banks and 14 cooperative banks for not clearing loans to farmers.

Adhia told the chief secretary that "while banks need to be sensitive and responsive to the needs of farmers, particularly in times of distress, the idea of using criminal act for such matters is catastrophic. It is certainly not going to achieve the purpose for which it is being used", wrote Adhia.

He warned that the state government's move could be counterproductive as employees of banks would not cooperate with the government which could have unintended consequences.

Adhia has politely reminded the state government that since the Reserve Bank of India (RBI) is the regulatory body for financial institutions and banks, the state should take up the matter with the central bank if it has an issue.
Former Maharashtra finance minister Jayant Patil of the Nationalist Congress Party has criticized the state government, saying that the situation could have been avoided if the state had simply followed up its earlier assurance that it would reschedule loans given to farmers by banks.

Maharashtra chief minister Devendra Fadnavis has asked collectors to file FIRs against bank managers after farmers began complaining that they were not getting bank loans in the state.


Centre tells Maharashtra government to go slow on action against banks
Prafulla Marpakwar, Times of india | Jul 23, 2015, MUMBAI:

The Union finance ministry has told the Maharashtra government to refrain from taking coercive action against erring managers of nationalized banks for their failure to extend loans to aggrieved farmers.

Union finance secretary Hasmukh Adhia has written to state chief secretary Swadheen Kshatriya that the row over providing financial aid to the farmers should be resolved by dialogue, instead of initiating criminal proceedings against the banks' branch managers.

Adhia told Kshatriya to set up a coordination mechanism between the state government and heads of nationalized banks to settle disputes over release of financial aid as the decision to initiate criminal proceedings will have a demoralizing effect on officials of financial institutions.

A month ago, while addressing a meeting of farmers in Dhule district, it was brought to the notice of chief minister Devendra Fadnavis that the managers were not granting loans to the farmers. The chief minister had told district collectors to initiate criminal proceedings against the erring branch managers. Fadnavis's contention was that at when farmers in Vidarbha and Marathwada were facing the worst agrarian crisis, it was the responsibility of nationalized and district cooperative banks to liberally release loans. At a high-level bankers' meet too, Fadnavis had emphasized the need to take quick steps to provide the aid. Fadnavis had found that most financial institutions had failed to achieve their targets and farmers were suffering.

In the second week of July, when Amravati collector Kiran Gitte found that many managers were reluctant to provide the loans, he had told the district administration to initiate criminal proceedings under Section 188 (refusing to follow orders of public servant) of the Indian Penal Code.

Notices were issued to more than a dozen managers of nationalized and district central cooperative banks.

A senior bureaucrat said that in view of the Centre's letter, divisional commissioners have been told to go slow on action against the erring managers.



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