Citizens' Issues
Ludhiana cancer hospital up in flames, all saved
Ludhiana : A private cancer hospital was engulfed in fire in Punjab's Ludhiana district on Monday, prompting evacuation of over 130 patients, including children, to safety. All patients and staff are safe, authorities said.
 
The fire broke out in the Mohan Dai Cancer Hospital in Sherpur area near this industrial city.
 
Over 130 patients, including children were evacuated to safety as portions of the hospital were affected by the fire. Three patients on life support equipment were moved to another private hospital for treatment, said hospital officials.
 
Officials said the fire started from a laboratory in the hospital early Monday.
 
Efforts by the hospital staff to control it with fire extinguishers failed. The blaze was finally brought under control by fire brigade personnel later.
 
Ludhiana is about 110 km from Chandigarh.
 
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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IDBI employees gang up against privatisation; take the help of convict Lalu Yadav
The government seems to have a tough battle on its hands as IDBI employees have ganged up to protect their salaries and perks and are even ready to take the help Lalu Prasad Yadav, a politician convicted of fodder scam 
 
Employees and officers of IDBI Bank are making full preparations to defeat the government’s move to privatise the Bank by reducing its stake to less than 50%. The employees and officers, during their meetings across the country, are making plans to oppose the move. Some of them have even approached Lalu Prasad Yadav, convicted of fodder scam, to raise the issue in Parliament. The objective, of course, is to continue to run the Bank as it has been in the past. The employees protesting against privatisation are not known to have been as active in demanding accountability for the humungous bad loans for which the top management and the board are squarely to blame. 
 
Moneylife has obtained access to many audio and video recordings of internal meetings where employees are seen to be speaking angrily against privatisation. During one interaction with the management, an employee said, "We are ready to fight. Our fight is not with you, sir. Our fight is with the government. With the so-called fight between management and employees, our main issue is getting diverted. We all are with you (the management) for transformation till there is 51% stake holding by the government. And the day this (51% stake holding) goes down, we will forget that you were the AGM."
 
 
Last month, Finance Minister Arun Jaitley announced that the government proposes to reduce its equity in IDBI Bank to below 50%. "The process of transformation of IDBI Bank has already started. Government will take it forward and also consider the option of reducing its stake to below 50%," Jaitley told the parliament.
 
Lalu Prasad Yadav, the leader of Rashtriya Janata Dal (RJD) has assured the employees that he will take up their issue in the Parliament. 
 
During a town hall meeting of officers with the Bank’s top management, employees are seen to be asserting that that they are not against transformation but against the move to privatise IDBI Bank. "So let me make it clear, we are only against the government reducing its stake below 51%. That is all. We all are with you for the transformation. Are you with us in the request to the govt for not reducing the stake? Please come together and let’s ask the government for the assurance that they will never reduce their stake below 51% in the Bank. They have already given in the past, we are not asking anything new," said one employee.  
 
Replying to this, a senior official said, "We are happy that you are not against the transformation. This is what we spoke with your leaders in my meeting room. Because, even today, the govt has not given any timeline. They have not said from 1st April this bank will be private or this bank's stake will come down to 49%. This process will be quite long. Can we show the government that during this period, bank is actually improving." 
 
 
In another meeting, the management said that the process of transformation is already on in the Bank. "I am not trying to say that your concerns are misplaced," a senior official is heard as saying during the meeting. 
 
Another employee said, "We are ready to work, 8 hours, 10 hours and even 12 hours every day because we are a family and we, together can take the Bank's total business to Rs12 lakh crore from Rs10 lakh crore. We are ready for the transformation but not the privatisation."  
 
"We know, you have certain limitations and restrictions and have to deal with government as well as investors. So please put the blame on our head. You tell the government that employees are not willing to allow IDBI Bank to become private. We will do whatever it takes to grow the Bank but will not allow it to become private at any cost," he added.
 
At a meeting on 12 March 2016 held at Dadar in Mumbai, AV Vitthal Koteshwar Rao, convenor of the United Platform of IDBI Bank unions, and his team addressed the young crowd of IDBI Bank employees. Several Assistant General Managers (AGMs) too attended the meeting. The high point of this meeting was when a group Deputy General Manager (DGM) joined it and he too was given a thunderous welcome like other AGMs for extending their support. 
 
  
In 1964, Industrial Development Bank of India (IDBI) was set up as developmental financial institution [DFI] and the capital was fully subscribed by the Government of India. Subsequently, it became a subsidiary of Reserve Bank of India (RBI). Later in April 2005, RBI sanctioned a scheme of amalgamation of IDBI Bank Ltd with IDBI Ltd as a legal entity. The Central government had a stake of 51% in the entity at that time.
 
Next year, an order of amalgamation of United Western Bank Ltd [UWB] was issued, which became effective from 3 October 2006. In the present structure, there are three entities, IDBI, a subsidiary of RBI, IDBI Bank Ltd and UWB, the old generation private sector bank.
 
"In these circumstances, the statement from Mr Jaitley is bolt from blue, S Nagrajan, General Secretary, All India Bank Officers Association (AIBOA), had said, "Instead of expeditious steps to recover the bad loans, the Finance Minister, unmindful of the assurances given in the floor of Parliament in 2003 by his seniors to have the Government stake of not less than 51% in the capital, repeatedly reiterates to push IDBI to Axis Bank model."
 
While the flame of protest is being actively fanned, it is not clear what anyone means by "transformation", which employees are willing to support -- the key word here is "accountability", but it hardly finds a mention. 
 
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COMMENTS

s kumar

11 months ago

IDBI Capital Ltd, a subsidiary of IDBI Bank solicited subscription for equity of Universal Commodity Exchange Ltd (UCX) in 2011-12. The main promoters of UCX siphoned off the whole capital of Rs 100 crore within an year of launch of the company and it is closed now. IDBI people should be brought to justice for that fraud.

nginx

11 months ago

If one looks at it from the point of view of IDBI employees, you can hardly blame them for the opposition. Everyone has to look out for their own benefit afterall. If I was an IDBI employee, I would have joined in the protest as well since a government job is a privilege and nobody wants to give it away.

I think the employees should be given targets to meet and do whatever it takes to reduce NPAs and bad loans. A review should be done after 1 year and if no improvement shows, then privatization may be the only option left.

Mohan Krishnan

11 months ago

I know of one leader of this corrupt breed of so called Officers of PSB.He has cheaffuer driven car from morning 8am to late night. His family uses the car. He poses like a feudal lord and I cannot stand the sight of his explicit show off. These are mini Mallayas working for their self greed and care little about nation. Who finances their life style?

S SRINIVASA RAJAN

11 months ago

I do not know the reason or logic why the employees are against privatisation. If you are sincere, hard working you will get far better remuneration and compensation under private sector than being a PSU Bank. Do the IDBI bank employees know how prosperous employees of banks like HDFC Bank, ICICI Bank have become because of stock options etc. Yes - There will be accountability after privatisation and public money cannot be looted like what IDBI Bank did with Kingfisher Airlines after their internal notes had clearly informed that the airline had become bankrupt.

REPLY

Subramanyam Kaminiboyana

In Reply to S SRINIVASA RAJAN 11 months ago

Personal Prosperity alone is not the only thing which the employees look for. PSBs are more accountable than Pvt Banks do. PSBs have been the back bone of the Indian Economy. Okay, even if the illogical logic of "increased accountability with privatisation is accepted", then all the PSBs need to be privatised to increase the accountability of the entire banking system in India.

Babubhai Vaghela

11 months ago

Who Funded http://timesofindia.indiatimes.com/news/...
BJP Gujarat Chief Minister Narendra Modi in 2014 to Fly 3 Lakh Kms Private Jets to Address 437 Election Rallies in India?

REPLY

NANDAKUMAR M S

In Reply to Babubhai Vaghela 11 months ago

Why are you raising unrelated issue here. This is not the forum for this! You should approach election commission.

Babubhai Vaghela

In Reply to NANDAKUMAR M S 11 months ago

(1) I quoted High Level Corruption by Narendra Modi here in response to the caption of this article containing "take the help of convict Lalu Yadav". (2) I already complained to the concerned Authorities, including Prime Minister, and my Complaints are in Public Domain - https://groups.google.com/forum/#!searchin/right-to-information-act-2005/437/right-to-information-act-2005/xNt1DC8UH0o/kX57FblzAgAJ
#
https://groups.google.com/forum/#!searchin/right-to-information-act-2005/437/right-to-information-act-2005/NtwI8kqQ-gg/XSPxP9YYAzEJ
#
https://groups.google.com/forum/#!searchin/right-to-information-act-2005/437/right-to-information-act-2005/mJiGcfQcXRg/VabDF2dMCwAJ Let them take action.

Anupam Naik

In Reply to Babubhai Vaghela 11 months ago

Here we are talking of status of bank as PSB or private Bank.
As far as Narendra Modi is concerned there are truck load of material for and against him and now that he has been democratically elected let us not waste time on meaningless and unfruitful discussions.

What I am driving at is that private Banks are more accountable to the stock-holders and there is no reason for the employees to be unduly scared.

If they have a job security problem then they can discuss with the Govt/ Concerned people but at the same time they will have to really perform and get the better service conditions in the competitive environment and give up the attitude of agitation and opposing just for the sake of it.

Anupam Naik

In Reply to NANDAKUMAR M S 11 months ago

I agree with you totally.

Anupam Naik

11 months ago

How employees are concerned who owns the bank. The problem with the Govt-owned bank is that they do not work the way employees of private bank are working. Inefficiency,indiscipline, care-too hoots attitude etc are the common features and over protection that they are used to enjoy makes things worse.
Why they should not be wanting to become likes of Axis,HDFC,ICICI,Kotak etc?
I think the common people will be too happy to see this bank getting privatised and become a better and responsible bank and employees should read the writings on the wall and accept the change gracefully in larger interets.

REPLY

Subramanyam Kaminiboyana

In Reply to Anupam Naik 11 months ago

If PSBs are that inefficient, Indisciplined and bla bla bla, why not privatise all PSBs? why just privatise IDBI alone? Then, the whole banking system will be more efficient and disciplined!!!

Anoop Chaudhary

In Reply to Subramanyam Kaminiboyana 11 months ago

Definitely all PSB to be privatized.Sooner the better. But to ensure that all bank employees of all banks do no gang up, this is being done one by one.

nginx

In Reply to Anoop Chaudhary 11 months ago

All PSBs should never be privatized. The numbers of PSBs should be trimmed down but we still them to keep the private banks in line. PSBs like SBI tend to have the lowest lending rates and if they vanish, private banks can charge whatever they like due to lack of competition.

We have already seen that RBI has not much control over banks despite being a regulator. Banks do not fully pass on repo rate cuts to customers.

Babubhai Vaghela

In Reply to Anupam Naik 11 months ago

Private Banks are Not Holy Cows. Fined by RBI for KYC Violation and Money Laundering. Directors of ICICI Bank, HDFC Bank, Axis Bank should be in Jail. Read - President of India - Please dismiss RBI Governor Mr D Subbarao for Corrupt Practice : "ICICI, Axis, HDFC Bank fined over Rs. 10 crore for violating KYC norms".. https://groups.google.com/forum/#!searchin/right-to-information-act-2005/kyc$20axis$20hdfc/right-to-information-act-2005/8ahrE6ZczWk/jV_1UELYYG8J

P b Sarma

11 months ago

Govt is diverting attention from recovering political NPAs and political interference.Why govt is blind in allowing political manipulation in appointments ,promotions,loan sanctions,recovery,write off,restructuring etc.For all the problems of PSBs only politicians are responsible.Now they want to escape accountability by privatisation.Some executives are behind NPAs.But who influenced them and who got benefitted ultimately.That should be properly investigated.In most of the NPAs the beneficiaries are politically connected Industrialists and businessmen.The rot is continuing for 4 decades which reached its peak during 2004-14.

REPLY

NANDAKUMAR M S

In Reply to P b Sarma 11 months ago

can you say how somebody can escape accountability by becoming private? It is in fact the other way around!And the way the banks have been milked in so many schemes right from Indra Gandhi days it would be herculean task to open all the issues (which may prolong till all the concerned croak or disappear from public life). The best way forward is to have self accountability which will happen only if becomes private when Govt.(read politicians) can not use it as milk cow.

Neeraj Goyal

11 months ago

The privatisation is to save skin of officers who are involved in extending loans to companies like Kingfisher and many such other companies. Who are living life king size using the hard earned money of India public. DO NOT ALLOW THE PRIVATISATION

Aditi Saurabh Arora

11 months ago

Its very easy to sit back and comnment but plz think about those employees whose jobs are at stake.. Privatisation will lead to retrenchment.... Pls help IDBIans to save their jobs.....

REPLY

Sucheta Dalal

In Reply to Aditi Saurabh Arora 11 months ago


It is completely bizarre to think that privatisation will lead to retrenchment. It could lead to rapid growth and better share prices and huge value in ESOPS.

Are IDBI employees not confident of making IDBI Bank another HDFC? Why not??

Babubhai Vaghela

In Reply to Sucheta Dalal 11 months ago

(1) Privatisation of Organisations is Not the only Solution. (2) Both Private and Public Sector should Co-Exist and made to Compete. (3) Transparency and Accountability is Needed in All Sectors using Public Money. (4) As a Concerned Shareholder, I asked 57 Questions in SBI AGM in 2013 https://groups.google.com/forum/#!topic/riseindiarise/3LV0RWrzqa8 (5) https://http://www.facebook.com/photo.php?fbid=10207525... Please read SBI Response to my Question No. 9 on Top 10 Loan Defaulters.

Babubhai Vaghela

In Reply to Babubhai Vaghela 11 months ago

URL https://http://www.facebook.com/photo.php?fbid=10207525... AND https://06317670011745547775.googlegroups.com/attach/411b2343fd884a36/Top%2010%20Defaulters%20not%20Named%20SBIAGM2013%20Answers%204%20to%2013.jpg?part=0.1&view=1&vt=ANaJVrF8pI6r3qZZzEZd3VV8zkNgX2mTLFXinG8mJrkONqjU7btbL1cGQ4TCc0F07pZg9C8t_RtStlrFdQVtCeU97TzB7ecgS9WO_n4Y4XXo_ZvKzlug8_U

Parimal Shah

11 months ago

Well,
IDBI guys are providing the fodder to Lalu. :)

REPLY

D S Ranga Rao

In Reply to Parimal Shah 11 months ago

And Lalu is happy to have it once again!

Anoop Chaudhary

11 months ago

Why bank should not be privatized? There is better accountability in private banks to shareholders. In PSU Banks actually public is share holders.PSU Banks and their employees are not accountable to public. They don't come to office in time. At present IDBI is having NPA of more than Rs 18000 crores in addition to Rs 9000 crores already written off previously. Bank must pay regular dividend to shareholders and NPA should not be financed through taxpayers money.

REPLY

P b Sarma

In Reply to Anoop Chaudhary 11 months ago

Politicians are mainly responsible for NPAs.So they must be punished but not the Bank or its employees.Public sector units incur losses due to political manipulation only but not otherwise.

Abhijit

In Reply to P b Sarma 11 months ago

Why this is considered as punishment to bank employees?
This will be good for the bank, as they don't have to heed to orders of political bosses and their crony industrialist friends, unless one likes the company of politicians such as Lalu.

rajivahuja

11 months ago

I think it is a prudent decision.

SuchindranathAiyerS

11 months ago

What the PANGOLINs created were a large number of junior partners in crime, who, in their image, received sinecures without accountability or performance. IDBI is just one of the many PANGOLIN made gangs that loot and plunder India on their behalf. Why after two years, has Narendra Bhai been unable to deliver on any of his promises? Because the Politician-Bureaucrat-Police-Judge-Journalist-Crony Kleptocracy constructed by the Reservations-Extortion Raj begotten by the grotesque Constitution and laws, has locked arms to stop him from working for the benefit of the country and the people of India as this would threaten their personal pomp, pelf, pleasure, perversions, and perpetuation at cost of the National weal.

Nothing will change until: (1) Inequality under law and exceptions to the rule of law are expurgated from the Constitution and laws of India. (2) Bribe Taking is defined as criminal extortion or treason and made a capital offense with special rules of evidence and special courts with summary powers (akin to a Military Court Martial). (3) All court proceedings are video graphed and archived for public viewing and can be used as evidence to prosecute Judges and Magistrates at all levels under special laws and special courts with summary powers akin to a military Court Martial, for insouciance, negligence, tardiness, dereliction of duty, disregard for law and propriety, behaviour unbecoming of a Judge such as lack of etiquette and manners, (4) every job on the "Public" i.e. Government Pay Roll has specific and unique Key Responsibility Areas, Key Performance Parameters and Objectives for which they are held accountable on pain of summary dismissal for non-performance or life imprisonment for treason for sabotage under special laws and special courts with summary powers akin to a military Court Martial and (5) India creates an Ombudsman Service of reemployed and retrained military officers (Colonel and Below, JCOs and NCOs) who retire before 50 to serve as presiding officers, investigating/prosecuting and enforcement officers at the afore mentioned "Special Courts", one for every tehsil with powers to arrest, incarcerate, try and punish any and all from the President of India to a peon in accordance with the Special Laws framed therefor.

Note: PANGOLIN: An enemy of India who believes in inequality under law, exceptions to the rule of law and persecution of some for the benefit of others. At present, the sole purpose of the Indian Republic, Constitutional or otherwise, is to pamper and provide for certain constitutionally preferred sections of society who the British found useful to hold and exploit India at the cost of those who the British hated and persecuted. The Pangolin is a creature that is unique to India and feeds on ants that are known in nature to be industrious and hard working if not quite as fruitful as bees who flee to better climes. (PANGOLIN is an acronym for the Periyar-Ambedkar-Nehru-Gandhi-Other (alien) Religions-Communist Consensus that usurped the British Mantle and has worn it with elan to loot, plunder, and rape India since 1921 and re write History and laws to their exclusive benefit since 1947)

Modi to meet bankers, insurers on crop insurance
New Delhi : Prime Minister Narendra Modi is set to meet senior officials of all banks and insurance companies in Mumbai on Tuesday to discuss the implementation of the government's crop insurance scheme, an official source said on Monday.
 
The finance ministry source said Finance Minister Arun Jaitley will also attend the meeting at the National Bank for Agriculture and Rural Development office along with officials of the finance and agriculture ministries.
 
The meeting will discuss ways to bring more loanee farmers under the 'Pradhan Mantri Fasal Beema Yojana' (PMFBY) so as to realise the target of 50 percent insurance coverage.
 
Of the farm credit target of Rs.8.5 lakh crore set for this fiscal, only Rs.75,000 crore is under crop insurance. 
 
Currently, only around 25 percent of the country's total crop area is covered by insurance.
 
Drought and unseasonal rains last year forced the state governments to seek over Rs.10,100 crore from the National Disaster Response Fund.
 
Under the new crop insurance scheme to be implemented from April 1 for kharif crops to be sown from June and available to both loanee and non-loanee farmers, the premium is a low two percent of sum insured for all kharif crops and 1.5 percent for all rabi crops.
 
For annual commercial and horticultural crops, farmers will have to pay a premium of 5 percent. The remaining premium share, as was the case with previous schemes, will be borne equally by the central and state governments. 
 
Addressing farmers at the Krishi Unnati Mela here on Saturday, Modi explained the benefits of PMFBY and said it had been evolved after wide-ranging consultations.
 
The 2016-17 budget has increased the allocation for agriculture, irrigation and rural infrastructure in order to help farmers cope with the impact of two successive years of poor rainfall.
 
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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