Banking
Bank employees to go on strike on Wednesday
The one-day nationwide strike by bank employees would also affect clearing of about 10 crore cheques worth Rs7.40 lakh crores across the country 
 
Banking operations, including clearing of cheques, across the country are likely to be hit Wednesday as around 10 lakh employees went on a one-day nationwide strike over wage revision settlement and ongoing banking sector reforms.
 
United Forum of Bank Unions (UFBU), the umbrella organisation of five employee unions and four officer unions of state-run banks in the country, had given the call for strike on 12th November. 
 
"In the negotiations held Tuesday, the Indian Banks' Association (IBA) stuck to their earlier stand of 11%, despite the flexibility of United Forum of Bank Unions (UBFU) in scaling down the demand to 23%. Consequently, the conciliation also ended in stalemate. Hence, strike on 12th November and relay strike in December stands," said CH Venkatachalam, general Secretary, All India Bank Employees Association (AIBEA).
 
Due to the strike, banking transactions, including clearing operations, would be paralysed across the country. While bank branches may remain closed at several places, normal banking services are also likely to be disrupted.
 
Market dealers too are bracing for low volumes on Wednesday following a nationwide strike call given by bank unions. The strike is expected to hit all state-run banks, and also some private lenders, and could also impact market functions such as trade settlements to some extent.
 
UFBU had called for a strike on 20-21 January this year. At that time, the IBA increased its offer to 9.5% from 5% with a promise to improve it further. However, during the discussions on 27th January, the IBA increased its offer by just 0.5% to 10%, which was rejected by UFBU representatives. The Union has been seeking an increase of 30% as their wage revision is pending since November 2012.
 
According to UFBU, the last wage settlement in the banking sector expired in October 2012 and hence a revised settlement was due from November 2012.

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Nifty, Sensex trying to break out – Tuesday closing report

A close above 8380 will lead to a further rally.

 

Today after opening with a gap up, the benchmarks moved higher, however its effort to reach yesterday’s high failed and was the indices subsequently moved lower, giving up all the intra-day gains. Although the indices could managed to stay above Monday’s low, the indices struggled to stay in the green. On the positive side, the indices are making higher lows.


S&P BSE Sensex opened at 27,911 while CNX Nifty opened at 8,354. Both the benchmarks hit highs, at 27,997 and 8,379 respectively. For an hour when the indices traded clearly in the red, they hit their lows at 27,790 and 8,322. This was followed by the benchmarks trading near yesterday’s close and ultimately closing marginally higher today. The Sensex closed at 27,910 (up 35 points or 0.13%), while Nifty closed at 8,363 (up 18 points or 0.22%). NSE recorded a volume of 95.01 crore shares. India VIX rose 6.24% to close at 14.8000.


The Ministry of Civil Aviation released the Draft Civil Aviation Policy after trading hours on Monday. The Draft notes that, airports are to be designed as integrated multi-modal hubs so that they provide the best possible service levels, as well as potential for growth. The six metropolitan airports at Delhi, Mumbai, Chennai, Kolkata, Bangalore and Hyderabad would be developed as major international hubs and would be the main access points for international travel to and from India in the future. The Draft Civil Aviation Policy emphasised on rationalizing the cost of aviation turbine fuel.


Ministry of Road Transport & Highways and the Ministry of Railways signed a Memorandum of Understanding (MoU) on policy related to constructions of Road Over/Under Bridges (ROBs/RUBs) on National Highway corridors. As a result of this MoU, there will be speedy clearances for various designs for construction of ROBs/RUBs on National Highway Corridors and clearly defined responsibility for construction of ROB/RUB on National Highway Corridors, the Ministry of Railways said in a statement.


On Monday, the RBI issued the revised Regulatory Framework for Non-banking Finance Companies, with a view to streamlining the regulations for the sector. It also revoked, with immediate effect, its temporary suspension on issuance of certificates of registration to companies proposing to conduct business as non-banking financial institutions.


Amtek Auto (17.12%) was the top gainer in the ‘A’ group on BSE. The stock rose on the news that its subsidiary Amtek Global Technologies is set to raise 235 million euros from global investment firm Kohlberg Kravis Roberts (KKR). Funds raised will be used to meet its long-term financing needs and consolidate its entire debt with a single entity.


SREI Infrastructure (4.68%) was among the top three losers in the ‘A’ group on the BSE. Although its standalone results showed an improvement in its top line and net profits, its consolidated net profit fell to Rs 28.07 crore for the September 2014 quarter, when compared to Rs 41.24 crore for the September 2013 quarter.


Mahindra & Mahindra (2.35%) was the top gainer among the Sensex 30 stocks. Its farm equipment division has increased the prices of its tractors in the range of Rs 6,000 to Rs 10,000 with effect from November 2014. This step is expected to pass on the increase in the commodity prices and conversion costs.


Infosys (1.09%) which had hit its 52-week high on Friday was among the top four losers among Sensex 30 stocks.


US indices closed in the positive on Monday.


President of the Federal Reserve Bank of Boston, Eric Rosengren said yesterday that,  the US central bank should refrain from raising short-term term interest rates until there is “stronger evidence” that price pressures are beginning to rise.


Asian indices showed a mixed performance. Nikkei 225    (2.05%) was the top gainer while Straits Times (0.27%) was the top loser.    


Regulators said that the Stock Connect program, which allows individual investors outside of China to buy Shanghai-listed shares for the first time ever, will start on 17 November 2014.


European indices were trading in the green. US Futures too were trading higher.

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Are you suffering from over diagnosis and over treatment?

Today diagnosis has become a disease in itself. Patient anxiety, doctor worry and the corporate greed have all come together to over-investigate patients even for self-curing minor illnesses that affects the majority of patients

 

A recent editorial in the British Medical Journal (BMJ) last week (7 November 2014) talks about over treatment and over diagnosis and its dangerous fall out on patients. This is a topic very dear to my heart and I have been writing about it for decades even in the BMJ. Today, diagnosis has become a disease in itself. Doctors and their informed patients want to get a label for their illness. Doctors want to label their patients in this highly litigious society today to save their own skin against frivolous consumer claims. Patient anxiety, doctor worry and the corporate greed have all come together to over-investigate patients even with self-curing minor illness syndromes that form the bulk of patients.


A very interesting case comes to mind. I was once an arbitrator in a civil case between an insurance company and a large philanthropic institution that had insured a whole village in their area. A healthy farmer got a small skin tear in his feet while ploughing his field. He went to a nearby hospital. When they found out that he had insurance cover they immediately admitted him for investigations. They used all their technology to do all tests on him only to find that they were normal. They then told him that they were planning to do skin grafting for quick healing; the poor farmer believed them.


They got his pre-operative cardiac assessment, again using all their gadgets. Finally, they did a skin grafting and discharged him with a huge bill. The branch manager of the insurance company rejected the bill and wrote the rejection note on the case sheet in red ink that “skin grafting should not be done for a small fresh skin cut, as it is not indicated.”


I was pleasantly surprised at his note and summoned him to come to me. He was worried that he had committed a serious blunder for which I might reprimand him. When he hesitatingly entered my room, I made him comfortable and congratulated him profusely for his scientific medical knowledge to save his company. I was curious to know as to how a layman could have access to such accurate medical knowledge? He was hesitant to answer my question in the beginning but later opened up to say that he was a qualified veterinary surgeon but was a failure in his practice and got this well paid job in the insurance company!


This story tells us to what extent over-investigation and over diagnosis could go. Another area is cardiac revascularisation. Most, if not all, bypass and angioplasties are not indicated, but are done routinely. Anyone who goes for a cardiac check-up has a good chance of coming home, if he survives, with a stent in his heart!


“Over diagnosis of the well and under treatment of the sick are the conjoint twins of modern medicine." So writes Iona Heath in an essay this week (doi:10.1136/bmj.g6123). She articulates the fears that drive medical excess: our existential fear of dying, and the ever present fear that a serious diagnosis will be missed.


While striving for accurate diagnoses and appropriate treatment, Heath says that clinicians and patients need to acknowledge the limits of medicine and embrace the uncertainty that lies beyond. "Only because we do not understand everything and because we cannot control the future is it possible to live," she says. This is taken from last week’s BMJ editorial.


More than all these that Heath has written, corporate greed and consequent doctors’ greed drive over investigations and over diagnosis. In the area of cardiac revascularisation the culprit is the coronary angiogram which has NO PLACE in the diagnosis of coronary artery disease. (BM Hegde: Bull. Royal Coll of Physicians of Edinburgh 1995; 25: 421) In fact, large blocks never kill. “Less than 30% of the infarct related vessels are more than 50% blocked” wrote Valentine Fuster, a diligent research in this area.


Many other studies have together shown the following finding: “coronary arteries that became totally occluded and resulted in myocardial infarction (MI) had usually not been severely stenosed previously. The culprit artery in most cases had been less than 50% stenosed before the acute event. Several subsequent investigations confirmed that in the majority of patients with AMI, the culprit vessel had been only mildly stenosed before the acute coronary event. (J Am Coll Cardiol. 1999; 34(7):1854-1856)


Even young children have these coronary blocks all of which are intraluminal blocks (blocks inside the vessel lumen) (JAMA 1953; 152: 1090-1093).They are just “Band-Aids” to close the usual injuries to the intima of the coronary or any vessel wall. The killer plaques that attract a clot to produce an acute block (heart attack) in the vessel are inside the coronary vessel wall; the mural blocks, otherwise called the vulnerable plaque.


The latter can never be seen in an angiogram. Their diagnosis depends on blood tests to unravel inflammation there and angioscopy which looks inside the vessel. The ONLY role that the coronary angiogram plays is when one decides that a given patient, based purely on his clinical status, needs bypass surgery for his intractable chest pain relief (when it cannot be relieved otherwise), the operating surgeon needs to have to study the coronary anatomy to know where and how to plumb.


If we can put an end to coronary angiograms for the diagnosis of anginal pain millions will be saved from morbidity, adverse drug reactions (ADRs), and premature death. This was exactly the advice that my former chief, Nobel Laureate Bernard Lown, gave in his article in 1992 (JAMA 1992; 266: 754-757). Any re-vascularisation procedure demands lifelong blood thinner therapy.


In Indian context this could be one of the major risks. Even aspirin in small doses “might or might not reduce non-fatal heart attacks, but will certainly increase the incidence of fatal haemorrhagic stroke.” At the end of the day people who are destined to die will die. We doctors are good at changing the label in their death certificates, from heart attack to brain attack, but not it’s DATE!


Be that as it may, there are other compelling reasons why we should be avoiding over diagnosis and over treatment. Science is change and medical science has changed-naturally. With new physics we now know that the human mind is the human body. Our creating anxiety with a serious diagnosis is capable of advancing the death significantly.


In systems biology today human body is a closed system, where our interventions might interfere with the body’s innate capacity to heal itself with the help of the inner healer, the immune system. Placebo effect, the faith in the doctors’ kind words, is shown to have more power to heal than all the drugs and surgery put together (Sci Transl Med 16 February 2011; 3: 70).


For the benefit of our Resident Non-Indian (RNI) scholars, I have given below the latest thinking in this area by a good professor at Yale, Mary Tinnetti. She wrote: “The time has come to abandon disease as the focus of medical care. The changed spectrum of health, the complex interplay of biological and non-biological factors, the aging population, and the inter-individual variability in health priorities render medical care that is centred on the diagnosis and treatment of individual diseases at best out of date and at worst harmful. A primary focus on disease may inadvertently lead to undertreatment, overtreatment, or mistreatment.”


All potential patients should keep all these in mind when going for treatment. When you are healthy do not go for a check-up. The latter will for sure change your label from man/woman to a patient which might not change for ever. Beware!

(Professor Dr BM Hegde, a Padma Bhushan awardee in 2010, is an MD, PhD, FRCP (London, Edinburgh, Glasgow & Dublin), FACC and FAMS. He is also Editor-in-Chief of the Journal of the Science of Healing Outcomes, chairman of the State Health Society's Expert Committee, Govt of Bihar, Patna. He is former Vice Chancellor of Manipal University at Mangalore and former professor for Cardiology of the Middlesex Hospital Medical School, University of London.)

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COMMENTS

purushotham

2 years ago

I salute Dr BM for his wisdom. His advice is invaluable to millions of people who are constantly vulnerable to misguidance by greedy corporate hospitals.

I hope younger generation medical professionals heed his call.

P Purushotham
Professor,
Department of Management Studies
Vignan University
Guntur 522 213
M: 8179412616
Ph 0863-2344700

Joseph Korah

2 years ago

Thank You Dr. Hegde for enlightening the lay man with this informative article. This is an advice which one should follow all one's life and share it with one and all. The best part was " When you are healthy don't go for a check-up ...".

VIJAY MERCHANT

2 years ago

Thank you Dr. Hegde. Yes as a lay person I agree fear of the unknown pushes many of us to the operation theater especially when the doctor informs us after reading our report about the frailty of our fragile heart. We need many more doctors who are bold to say live life normally and fully and stop fearing of the unknown when you have small ailments as all will die someday. See how animals heal.

M S Prabhakar

2 years ago

While I agree that over-diagnosis and over-treatment should be avoided, this article gives very little information to lay public on how to determine when a certain diagnostic test or treatment is excessive.

Statements such as: "...With new physics we now know that the human mind is the human body. Our creating anxiety with a serious diagnosis is capable of advancing the death significantly..." and "...Placebo effect, the faith in the doctors’ kind words, is shown to have more power to heal than all the drugs and surgery put together..." will only serve to confuse the lay public to avoid even essential diagnostics.

There is no denying that, over the last three decades, diagnostics technology has come a long way to save thousands of lives which would have otherwise been lost. However, the real malady is in misuse of technology for personal gains by a large section of medical professionals. The answer to this is not to avoid diagnostics or to create a fear psychosis of diagnostic tests, but to find solutions that will defeat the greedy nexus between doctors and diagnostic labs.

In this context, I would like to recommend two approaches for long-term benefit to patients without creating an agnosis to diagnosis.

1. Medical experts (like Prof Dr B M Hegde) and professional associations, in conjunction with the Ministry of Health, should come out with comprehensive guidelines for specific types of ailments that Indians generally suffer. For a start, a list of top ten ailments could be identified based on available statistics and then clinical and patient guidelines for diagnosis and treatment could be eveolved (and published/ publicised). An excellent example of such a guideline is the one developed by American College of Physicians for diagnosis and treatment of low back pain (see https://http://www.acponline.org/mobile/clinicalguideli... )

2. Urge the Ministry of Health and the Ministry of Science & Technology (Dr Harsh Vardhan who headed the former is now heading the latter) to make it a national priority to develop inexpensive diagnostic test kits and devices for common tests. The world is experiencing a revolution in sensor technologies and healthcare is poised to gain the most out of it. A specific example is the winner of Nokia Sensing XChallenge where the goal is to accelerate innovation in sensor technologies that address healthcare problems. Dr Eugene Chan's team at the DNA Medical Institute (DMI) has created a portable handheld device that can diagnose hundreds of diseases using a single drop of blood with what Dr Chan claims is gold-standard accuracy. Here’s how it works: One small drop of blood is dropped into a small receptacle, where nanostrips and reagents react to the blood’s contents. The whole cocktail then goes through a spiral micro-mixer and is streamed past lasers that use variations in light intensity and scattering to come up with a diagnosis, from flu to a more serious illness such as pneumonia—or even Ebola—within a few minutes. There’s also a vitals patch that users can wear to get continuous health readings—EKG, heart rate, body temperature—delivered to their smartphone via a Bluetooth link. An app called CHAS (Comprehensive Health Assessment Unit) can walk the user through the process of self-diagnosis. Right now, the technology is reliable for cell counts, HIV detection, vitamin D levels, and various protein markers in the body. THE HOPE IS THAT PEOPLE WILL USE THE TECHNOLOGY TO MAKE MEANINGFUL LIFESTYLE CHANGES BASED ON REAL, ROBUST MEDICAL DATA. (see http://www.wired.com/2014/11/device-diag... )

Narendra Doshi

2 years ago

All readers are advised rightly to understand the contents of this article, lifelong. Its surely will be healthy for self and your dear ones.

rs

2 years ago

The medical fraternity needs to see patients as such and not the one with lot of patience for all their acts, omissions and commissions. Health insurance business aggravated these issues to the advantage of the insurers and medical fraternity.

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