Regulations
Action against Vijay Mallya will have chain reaction, says INBEF
According to the bank employees union, action against liquor baron Mallya will definitely have a chain reaction and the state machinery will have to take similar steps against all wilful defaulters of banks
 
The Indian National Bank Employees' Federation (INBEF), banking wing of INTUC (Indian National Trade Union Congress), has demanded state machinery to take appropriate steps to prevent Vijay Mallya from leaving the country after creating a non-performing asset (NPA) of about Rs7,000 crore in nationalised banks and also recover the public fund from the assets created by him. Any action against the UB group chief will have a chain reaction, the bank employees' union says.
 
"We are of the firm opinion that the action on the liquor baron (Mallya) will definitely have a chained reaction in as much as the state machinery shall have to take similar steps in case of all wilful defaulters. Though the steps initiated by Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) are encouraging, lot more has to be done and swords are needed to be more sharpened against such defaulters before it is too late. Detailed investigation is also needed into why banks took so long for any action (against defaulters) and officials responsible for the delay, also should be booked," Subhash Sawant, General Secretary, of INBEF said in a statement.
 
He said, "It is also a welcome feature that other bank unions like the All India Bank Employees' Association (AIBEA) are demanding action against Mallya. However, it also raises a question as to why unions are a passive onlooker when INBEF was bleeding due to unwarranted attacks of the bank managements."
 
According to the statement, on 10 December 2014, INBEF had filed a public interest litigation (PIL) in Bombay High Court about rising NPAs in public sector banks. "However, other bank unions have not come forward and given any support in the Court matter," Sawant added. 
 
He said, "We feel that till date the bank unions have the capacity to confront the conspiracy of unscrupulous borrowers and a section of corrupt bank officials combined and stop unabated looting of public money. We also need to ask as to what the workmen directors, representing unions, were doing on the bank boards, when such doubtful loans were being doled out.” It is a fact that bank unions have workmen directors on bank boards, but very few of them, if any, have raised their voice or recorded dissenting notes.  
 
Last week, INBEF held a dharna at Jantar Mantar in New Delhi for several long pending demands as well as for introducing an agriculture loan restructuring policy for farmers. Prashant Bhushan, senior counsel at the Supreme Court, while congratulating INBEF for taking up the issue of the recovery of NPAs of banks, criticised functioning of the government, particularly, in the banking sector.  
 
INBEF says it is on the path of agitation since long on the burning issue of NPAs, writing off of huge quantum of bad debts, one time settlement of mounting bad debts in a throw away price in the banking industry, which are paving the way to big corporates to enjoy the public funds at their whims and caprices.

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COMMENTS

Dhanaji Kenjle

1 year ago

Enough is enough.....ever since the disease of nationalization gripped India in the late 50's, PSU's gradually but steadily immersed themselves into the cesspool of corrupt practices and and became as opaque as possible in their dealings. This sickness became chronic in the PSU banks and the malignancy now is exhibited as the Mallya Syndrome. The best cure is first consolidation of several different banks under fewer names. Yearly forensic audits and severe punishments to defaulters and corrupt bankers.

Anoop Chaudhary

1 year ago

Mallya should not bailed out and bank needs to recover the tax payer money as we do not want to pay again Mallya cess in next budget

Sriramkartik

1 year ago

Mallya will never be brought to book. If he is, the names of aome very rich and powerful politicians as well as the past and present senior management of various PSU and private banks will be out in the open for their corrupt practices in allowing Mallya to first take such huge sums with negligble collateral and then brazenly default without fear of penal action.

Ramesh Bajaj

1 year ago

Now that the Government is thinking of taking action against defaulters, that is indeed good news.

The Government should also start studying loopholes is Registration act, where so many fraudulent deeds are being registered.
This act is over 100 years old (1908)

REPLY

Nalin Patel

In Reply to Ramesh Bajaj 1 year ago

like

Ashok m Rane

1 year ago

Instead of fighting in the Parliament on the issue" Who allowed Mallya to escape from the country", the opposition and the ruling party/ Govt should take action for bringing him back and investigate the matter and should recover the amount from disposing off the assets.
If Unions try to raise the matter they are harassed/ victimised by the managements through vindictive actions.
The acts of Banks CEOs/CMDs are not punishable as they are President's appointees.Unless and untill the rules are framed for making them accountable, it will be very difficult to stop the loot of Public Funds through such Loans.

REPLY

Nalin Patel

In Reply to Ashok m Rane 1 year ago

like

manoharlalsharma

1 year ago

flight of fancy POLITICAL will ignores the 11 lac crores bank NPA because this was the PURE profit earned to ERADICATE Poowarity from the country but it is distributed as POLL funding.

REPLY

Nalin Patel

In Reply to manoharlalsharma 1 year ago

delink economy from politics, why india is behind? political disruptions, disrupts economy. as result econ omy suffers and political parties are unable to contrubute to political thought of india.

MG Warrier

1 year ago

Sharing such views held by unions with media is welcome. Perhaps, instead of scaring stakeholders about 'chain reaction', unions could take up with the managements of organisations they represent, the harm delay in action against wilful defaulters can cause to the financial sector.

Digital inequality warning sounded for urban India
Recent indications that India's Internet use is low and not reflected in the numbers of mobile phone connections and growth are buttressed by a new study that points to digital inequality in urban areas.
 
Carried out in Pune, a rapidly growing metropolis of 5.92 million people, its economy driven in large part by information technology, the study found:
 
- 82 percent of people surveyed in low-income neighbourhoods don't use Internet
 
- 56 percent of households have no Internet users at all
 
- 41 percent of non-users have never heard of the Internet
 
- 43 percent of people between 16-25 years of age do not use Internet.
 
The results are likely to be similar in more prosperous cities, such as Bengaluru and Delhi, worse in poorer cities.
 
Although Internet users in India are increasing rapidly, and the country is Asia-Pacific's fastest growing smartphone market, only 22 percent of the adult population in India uses the Internet, compared to the global median of 67 percent, according to this survey by Pew Research Center, a US research institute.
 
India lags behind most major economies and performs worse than Nigeria, Kenya, Ghana and Indonesia, among other countries, the data reveals.
 
Yet, in absolute numbers, India likely overtook the US and became the country with the world's second-largest Internet market, with 402 million active Internet users in December 2015. These figures clearly hide great variations, the Pune study revealed.
 
The study, "Towards Digital Inclusion: Barriers to Internet Access for Economically and Socially Excluded Communities", conducted in low-income and socially excluded neighbourhoods by the Centre for Communication and Development Studies (CCDS), a Pune non-profit organisation, provides rare empirical evidence of digital inequality.
 
Pune has grown rapidly over the last two decades to become the eighth-largest urban agglomeration in India. In 2015, Pune ranked second only to Bengaluru in software exports from India. The city has as many as 3.6 million Internet users (a 34% year-on-year growth), according to "Internet in India 2014", a report from Internet and Mobile Association of India.
 
These are the six main observations the study made about Pune's digital inequality:
 
I. 84 percent of women do not use Internet compared to 42 percent men. Only 26 percent of all Internet users were women, and 84% of all surveyed women do not use Internet, compared to 42 percent of all men.
 
There are several stereotypical beliefs that augment this gender digital inequality, according to the CCDS study. For instance: It is primarily men in the household who acquire smartphones, while women are handed down older, basic phones without data access, or feature phones that allow only limited Internet applications.
 
Parents believe that girls don't need mobiles, since they stay at home more than boys. There is also a widespread feeling that mobiles made available to women will lead to unwanted romantic liaisons and "exploitation".
 
Boosting Internet access for women has the potential to boost their participation in the labour force, according to this Mckinsey study. Recently, several villages in Gujarat banned mobile phones for girls and single women, a confirmation of widespread patriarchal norms hindering gender equality.
 
II. Better education increases chances of Internet access. As many as 56 percent of households with at least one member with a class 10 education or enrolled currently were "connected", meaning at least one Internet user, as compared to 14 percent of households without anyone with similar education.
 
The number of non-Internet users decreases with increasing education levels. Of those who never attended school/had any primary education, only 3 percent access the Internet, compared to 83 percent of those who are graduates and above.
 
III. Wealthier households are more likely to use Internet. Only 29.4 percent of households in the first wealth quintile (poorest) were connected, compared to 62.8 percent of households in the fifth quintile (richest).
 
IV. Younger people are more connected to the Internet. 53.5 percent of all Internet users were between 16 and 20 years of age. The percentage decreased with age, as the chart below shows.
 
V. Occupation plays a significant role in increasing access. 46.5 percent of Internet users were students, while 26.2 percent were in the service sector, establishing a link between occupation and access.
 
VI. Having a smartphone increases chances of Internet use. As many as 77 percent of households with a smartphone accessed the Internet, compared to 30 percent in households without a smartphone.
 
"Smartphone users are leading India's Internet growth," said this recent report from Google India. A direct correlation between access to Internet and smartphone ownership was noticeable in the Pew survey.
 
Only 17 percent of Indian adults own a smartphone, according to the survey by Pew Research. Only 7 percent of adults in low-income families own a smartphone; the figure for wealthier families is 22 percent.
 
Other key findings:
 
- As many as 27.5 percent of non-users reported that lack of understanding of the Internet and how to use it was a major reason for not going online
 
- Men are eight times more likely to use the Internet than women
 
- As many as 21 percent of non-users believe that the Internet is not useful for women
 
- The number was 32 percent for Internet users
 
- As many as 35 percent of male users and 24 percent of female users felt the Internet had increased their confidence and enhanced their personality
 
- Only 8 percent of users said they found the Internet useful in finding out about government benefits.
 
The CCDS field research was spread across six low-income settlements, 1,634 households and 5,999 citizens in Ambedkar Nagar, Janata Vasahat, Laxmi Nagar and Patil Estate in Pune Municipal Corporation areas and Anand Nagar, Mahatma Phule Nagar in the Pimpri Chinchwad Municipal Corporation area.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Japan felt over 12,000 aftershocks since 2011 quake
Tokyo : Over 12,000 aftershocks were felt in the coastal areas of Japan since a powerful earthquake struck the region in March 2011, the Meteorological Agency said.
 
Quakes that are considered aftershocks of the magnitude 9.0 temblor are becoming less frequent but their frequency is still at double the level before the great quake five years ago and is expected to remain so for some time, Xinhua cited the agency as saying on Tuesday.
 
As of Sunday, 12,077 quakes that could be felt by humans had occurred in coastal areas stretching from Chiba to Aomori prefecture and farther offshore.
 
During the past year, 615 quakes occurred in the areas, compared with 306 on average between 2001 and 2010. During the first year since the powerful quake, 8,112 temblors occurred, followed by 1,583 quakes in the second year, 1,023 quakes in the third year and 744 quakes in the fourth year.
 
Many of the quakes that still hit have originated in coastal areas. Occasionally, however, a quake with a magnitude of seven or greater hit farther offshore.
 
The agency has not detected a significant change in the number of quakes originating on land before and after the March 11, 2011, quake.
 
After Japan was hit by the powerful quake in 2011, the agency designated as an aftershock zone an offshore area in eastern Japan stretching about 600 km from north to south and around 350 km from east to west.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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