Money & Banking
Bank union opposes new licences to IDFC, Bandhan

According to AIBEA, the largest bank employee union, what India needs is strengthening of public sector banks and not opening up banking sector to private players whose track record is also not appreciable

The All India Bank Employees Association (AIBEA) has objected the Reserve Bank of India (RBI)'s in-principal nod for new bank licences to IDFC and Kolkata-based Bandhan Financial Services Pvt Ltd.

 

"It is a matter of concern that despite protests, the Election Commission (EC) has given its approval to the RBI to go ahead with the process of new bank licenses and immediately the RBI has already given in principle permission to two companies to start their own private banks," said CH Venkatachalam, general secretary, AIBEA in a statement.

 

The bank employee union said its officer bearers will meet on 19th April in Punjab to decide upon the next course of action against RBI's decision.

 

Last week, the RBI gave its approval to IDFC and Bandhan Financial to start new banks following green signal from the EC. Affirming that the grant of new bank licences is a regulatory process and not political, RBI governor Raghuram Rajan had said the central bank sought the EC's nod only to shield the announcement from any political controversy.

 

The process to award new bank licences was initiated in 2011 and it has spilled over to the election season because the due diligence process took a little longer, Rajan said, adding, "All regulatory processes have to come to an end."

 

Mr Venkatachalam said, "It is strange that even though the Standing Committee on Finance consisting of all major political parties has unanimously given its recommendations against the banking licenses at this juncture, the RBI is going ahead in their anxiety to appease the corporates. What our country needs strengthening of public sector Banks and not opening up banking sector to private players whose track record is also not appreciable."

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COMMENTS

Dr Anantha K Ramdas

3 years ago

Babus who work in government or those in which govt has a say, are used to easy life, because, once you get a govt job, you simply cannot be sacked. Babus who are smart, hard working and efficient will not stay for long in govt service and move on to better their lives by getting jobs in private sector.

Babus also do not realise that Unions are controlled by vested interests from outside.

It is time they learnt that it is survival of the fittest - one has to work his/her way up in life. Yes employees union or association to discuss their problems are essential for the progress of both, employee and the employer.

Nothing happens in the govt departments because of corruption influence; those who cannot stand this, simply leave for better opportunities elsewhere and progress in life.

Unless stern measures are in place for handling the corrupt, our progress can be nothing but slow.

Tamkeen Ahmad

3 years ago

Look at how banks were exploiting the poors for the benifits of only rich peoples by atracting the deposit on the promiss of High return and then the bank employees were reluctant to pay back our own money at the time of our need/ after coming the private banks all this has changed and Government Bank Employees are fearing because of not performing in the urban area? Now there is real danger these non performer BABUs of Nationalised banks will be uprooted from the rural area also. Dead Woods must go and the Babu must work for the sallery to earn/

Science & Politics of Vaccines

Malnourished children should not be given vaccination as their immune system cannot respond with antibodies which are proteins

“If liberty means anything at all, it means the right to tell people what they do not want to hear” — George Orwell

Vaccination is for the whole society while drugs to treat illnesses are for a small cohort of the sick at a given time. Obviously, big business will be more interested in vaccination than drugs. But how much of it is beneficial? Lifelong immunity after an infection is accepted science but immunity from attenuated or dead germs is still only a hypothesis.

We have devised an ingenious method of claiming that we have won the war on polio or any other illness—by changing the name of any such disease after the last case was reported. We have a new disease in India, acute non-polio paralytic illness. What is that label? Developing immunity against any illness is the job of our immune system.

Our immune system needs serum proteins for its good health. Naturally, malnourished children, of whom India has the lion’s share in the world, cannot, and should not, be given any vaccination as their immune system cannot normally respond with antibodies which are proteins. Malnourished children must be treated for their malnutrition before being vaccinated. Oral live polio vaccine drops, Japanese encephalitis vaccination and many others are not only useless but dangerous for malnourished children.

Now comes a bombshell from a prestigious government teaching institute where an upcoming young teacher, who has superb academic credentials, has been denied his due promotion as he had written some excellent scientific articles on the rational use of vaccines which had embarrassed the government policymakers. Unfortunately, the details of this problem cannot be revealed as the young teacher fears for his career. It brings to mind that half-page article by Dr Pushpa Bhargava, the then deputy chairperson of Indian Knowledge Commission, in The Hindu some years ago titled Politics of Polio. Dr Bhargava later resigned from his job because of his strong views against polio vaccines for malnourished kids.

I can understand the government’s attitude as they are more interested in the health of the corporate segment and the pharma industry rather than the health of the poor malnourished and dying kids. The latter have no votes anyway! Our sarakari scientists are there to dance to the tune of their political masters to hang on to their posts and also to get ‘cushy’ parking lots after retirement. Many of them manage to get a stint at the WHO or UNESCO, thanks to their earlier connections.

The WHO has even tried to dilute the diagnostic criteria of vaccine-related deaths and disability. What worries a thinking person is the apathy of our so-called champions of freedom of speech and our guardians of science. If science is echoing the sentiments of our masters in the government, science becomes another fanatical religion. We seem to have twisted our definition of vaccine-related deaths and disability to suit the industry.

When small matters like banning a book or so crop up, the great champions of freedom of speech jump in to condemn such a ban. But when people play with human lives to make money, the whistleblowers are not backed by anyone!

Professor Dr BM Hegde, a Padma Bhushan awardee in 2010, is an MD, PhD, FRCP (London, Edinburgh, Glasgow & Dublin), FACC and FAMS.

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COMMENTS

Moreshwar Vanamali

3 years ago

I am usually reluctant to offer adverse comments on the articles by authors with impressive academic qualifications. Yet, in the present case, the author seems to have abandoned the normal method of evaluating, the theory, research and practice in empirical sciences. Like other sciences, the medical science has its own, time honoured rational criteria for evaluation of its theory, research and practices. Often, even the established theories and practices are questioned and re-examined for their validity in the light of new findings. This is why one sees the impressive advances in modern medicine. The author has shown total disregard to this scientific evaluation of medical practice ( in this case , vaccination). The result , one suspects, is a “hate speech” delivered for not so unknown purpose.

Moreshwar Vanamali

3 years ago

I am usually reluctant to offer adverse comments on the articles by authors with impressive academic qualifications. Yet, in the present case, the author seems to have abandoned the normal method of evaluating, the theory, research and practice in empirical sciences. Like other sciences, the medical science has its own, time honoured rational criteria for evaluation of its theory, research and practices. Often, even the established theories and practices are questioned and re-examined for their validity in the light of new findings. This is why one sees the impressive advances in modern medicine. The author has shown total disregard to this scientific evaluation of medical practice ( in this case , vaccination). The result , one suspects, is a “hate speech” delivered for not so unknown purpose.

Suresh Ramasubramanian

3 years ago

This article is even worse, he seems to be a committed "anti vaxxer" besides promoting other hokum like chelation.

I certainly won't be taking my kids to him for any treatment and would recommend that moneylife stop carrying his articles

http://www.moneylife.in/article/vaccinat...

Meenal Mamdani

3 years ago

I agree totally with Suresh Ramasubramanian.
This is not the first time that Prof Hegde has given dangerous advice.
A few years ago he recommended chelation therapy for all kinds of diseases, an expensive treatment that could harm and bankrupt a gullible patient.
If MoneyLife wants to maintain its reputation as a site for trustworthy information, please do not air Prof Hegde's views unless they have been vetted by a knowledgeable scientist in the field.

REPLY

Suresh Ramasubramanian

In Reply to Meenal Mamdani 3 years ago

I fully support your suggestion.

Suresh Ramasubramanian

3 years ago

That is an interesting theory but one utterly unsupported by facts.

This NIH study for example has facts backed by hard data.

http://www.ncbi.nlm.nih.gov/pubmed/73558...

Of 193 children without a smallpox vaccinationscar 97% were successfully immunized against smallpox. These rates of immune response were independent of age, sex, and nutritional status of the children.

***Since measles is a very severe disease, which in malnourished children can carry a case fatality rate as high as 50%, malnutrition should be a prime indication for measles immunization, and certainly not a contraindication.***

There are enough uninformed myths against vaccines that previously eradicated diseases keep coming back to infect people who have little or no resistance to it.

Moneylife folks - I would request that you stick to finance and the stock market if necessary, and cars of course (veeresh malik is very well informed about them), but please stop spreading these frankly dangerous myths and misinformation about vaccination. Thank you.

What the proposed NSA reforms wouldn’t do

All the plans purport to end the bulk phone records collection program, but there are big differences

Ten months after Edward Snowden's first disclosures, three main legislative proposals have emerged for surveillance reform: one from President Obama, one from the House Intelligence Committee, and one proposal favored by civil libertarians.
 

All the plans purport to end the bulk phone records collection program, but there are big differences – and a lot they don't do. Here's a rundown.
 

President Obama's proposal
 

What it would do: As described, the president's proposal would prohibit the collection of bulk phone records. Instead, the government would seek individualized court orders every time it wants American phone metadata. The government would get the data from telecoms, which already keep it for at least 18 months.
 

The proposal would solidify some changes Obama has already made: For instance, since January, analysts have needed to get court approval before searching the phone records database. Also, NSA analysts have only been able to obtain records from people who are two "hops" away from a surveillance target – a target's friends' friends – rather than three "hops" away. Obama's proposal would make both of those policies law.
 

What it wouldn't do: It's hard to know. The White House hasn't released the actual text of the legislation, and lawmakers have yet to introduce it in Congress. But privacy advocates do have a lot of questions.
 

One thing the president hasn't proposed: ending the bulk phone records program now. He could do that without any vote if he simply stopped asking the Foreign Intelligence Surveillance Court to reauthorize the program, as Sen. Patrick Leahy, D-Vt., has suggested.
 

The secret surveillance court's last 90-day order for Verizon phone records has expired. President Obama reportedly wants the court to renew the program at least one more time, to give Congress a chance to pass new legislation. Until Congress acts, the NSA will continue collecting American phone records in bulk.
 

Of course, if President Obama were to act unilaterally, another president could later reverse his changes. If Congress passes his proposal, his reforms will have the force of law.

The president's proposal also appears to address only one of the NSA's many surveillance programs. It doesn't seem to change the FISA Amendments Act, which allows the NSA to sweep up foreigners' communications without a warrant. In the process, the NSA "incidentally" collects Americans' communications.
 

In January, Obama said he would ask the Justice Department to limit the government's authority to use any American communications collected while targeting foreigners. The administration has not offered any details yet. However, even the Senate's biggest NSA critics say the FISA Amendments Act has been an effective counter-terrorism tool, so Congress is unlikely to repeal it.
 

FISA Transparency and Modernization Act
 

What it would do: very little to limit surveillance. Introduced by House Intelligence Committee chairman Rep. Mike Rogers, R-Mich., and ranking member C.A. Dutch Ruppersberger, D-MD, this bill represents the wishes of the NSA's biggest defenders in Congress.
 

The bill nominally bans the government's bulk collection of phone records. Like Obama's plan, telecoms would keep the records, but this in proposal, the government could request the records without a court order.
 

The bill also says it would prohibit the government from indiscriminate collection of other kinds of data, including "library circulation records," "firearm sales records," and "tax return records." But the government could still use search terms to get the records it wants.
 

What else it would do: roll back current protections in the law. The legislation would no longer require that the government get a court order before obtaining American records. Instead, the secret surveillance court would review the privacy procedures before the Justice Department collects any records, and the court could also tell the government to stop collecting records after the fact.
 

Also, under current law, the government needs to show that records are related to foreign terrorism or clandestine intelligence activities. Rogers' bill would change that standard, requiring the government to show that records are for an individual who is associated with a "foreign power" – a broad term that includes terrorist groups, foreign governments and foreign political groups.
 

If the bill passes, a lot would depend on how the secret surveillance court interprets it. For instance, what kinds of "selection terms" could the government use to search for records? The broader the search terms, the more likely it is that innocent people will get caught in the dragnet.
 

Finally, Rogers' bill would not amend the FISA Amendments Act. "I don't believe that foreign collection on foreign soil is something that we need to change," Rogers said.

This bill has House Speaker John Boehner's support.
 

USA Freedom Act
 

What it would do: A lot. First, the bill's authors, Democratic senator Leahy and Patriot Act author Rep. James Sensenbrenner, R-Wis., say the legislation would end all bulk collection of American records. To do so, they'd narrow the language in the Patriot Act to require that the government only collects records that are " relevant and material" to an authorized investigation. To qualify, an investigation must be related to foreign terrorism or clandestine activities, and the records must directly "pertain" to a foreign power.
 

The proposal would also close a so-called backdoor loophole that allows the NSA to search its databases for the content of Americans' communications. Under the new bill, analysts would need an individualized warrant to access any domestic content collected "incidentally."
 

In addition, the lawmakers would also tighten oversight of national security letters, a kind of administrative subpoena that lets the FBI obtain records related to "national security" without a court order. The idea is to make sure that the government can't use the national security letters law to justify bulk collection of American records in the future.
 

What it wouldn't do: The bill covers a lot of bases and has won the support of the ACLU, the Electronic Frontier Foundation, 142 representatives and 21 senators.
 

However, some worry that the bill does not unequivocally ban bulk collection of American records. Again, a lot depends on how the Foreign Intelligence Surveillance Court interprets the statute. While this bill's language is narrower than current law, we now know the secret surveillance court has interpreted the Patriot Act very broadly. The EFF has suggested that the bill's sponsors make their intent more explicit.
 

This bill has by far the most co-sponsors, but its prospects are uncertain – it was introduced in October, and it still hasn't reached the floor.

 

Courtesy: ProPublica.org

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