Money & Banking
Opposing merger with SBI, unions in associate banks to strike work on 20th May
Opposing the decision of boards of directors of five associate banks of State Bank of India (SBI) to close down and merge with SBI, the All India Bank Employees' Association (AIBEA) has called a strike on May 20.
 
In a statement on Tuesday, AIBEA said it has called an all-India strike in the five SBI associate banks -- State Bank of Travancore (SBT), State Bank of Mysore (SBM), State Bank of Hyderabad (SBH), State Bank of Bikaner and Jaipur (SBBJ), and State Bank of Patiala (SBP) -- on May 20.
 
According to AIBEA, at the board meetings of the five SBI associate banks held in Mumbai on Tuesday, an agenda was brought to close down the associate banks and for acquisition by SBI.
 
"Despite opposition and protest by all the AIBEA's Workman Directors and a few other independent directors about the proposal and the procedure adopted, the resolution has been approved in this regard," the statement said.
 
"It is shameful that when the government is talking of corporate governance and good governance, board agenda is brought without intimation on such a serious matter and decision is taken," AIBEA added.
 
According to the statement, the decision of the five banks is not in consonance with what Finance Minister Arun Jaitley had suggested to the union at their meeting on March 23 and April 25 this year.
 
"He opined that all the five banks can be made into one single entity. But what SBI and the Associate Banks are trying to do is the opposite to what the FM (finance minister) had suggested," AIBEA said.
 
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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COMMENTS

TIHARwale

9 months ago

only workman directors are opposing this move as their seats will become redundant as and when merger happens

134 arrested at Simhastha Kumbh posing as sadhus
As the 'Simhastha Kumbh Mahaparv' -- one of the four Kumbh Melas celebrated as one of the largest spiritual gatherings in the world -- draws to a close, the police have arrested 134 people posing as sadhus and indulging in criminal activities, Additional Director General of Police V. Madhukumar has said.
 
The authorities have initiated proceedings against these people as per law, Madhukumar said on Monday.
 
The ADGP said there have been incidents of theft, vandalism and even a murder attempt at the site of Simhastha Kumbh. Some of the incidents were targeted against sadhus -- religious renunciates -- belonging to various 'akharas' -- an order of such renunciates -- which get a pride of place in sacred bath rituals of a Kumbh pilgrimage.
 
Madhukumar said the third and last 'Shahi Snan' (royal bath) of Kumbh on May 21 would be a big challenge for the police on account of large crowds of devotees that are expected.
 
The Simhastha Kumbh, that began on April 22, will conclude with the Shahi Snan on May 21.
 
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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77 percent Indian parents expect to live with sons in old age
Almost 77% of Indian parents expect to live with their sons in old age while seven percent want to live with their daughters, according to the India Human Development Survey (IHDS), conducted jointly by researchers from University of Maryland and National Council of Applied Economic Research (NCAER), New Delhi.
 
These are the findings from the IHDS-2 (2011-12) data-set, covering a representative sample of 41,554 households across 33 states and union territories in both rural and urban areas.
 
In Haryana, the state with India’s lowest child sex ratio (834 females per 1,000 males), 90% of respondents said they would prefer to live with their sons in old age rather than their daughters.
 
Maharashtra was next, with 85% of parents saying they expected support from sons.
 
Sons vs daughters: Many Indians want at least one daughter
 
While 73% of the people surveyed said they should ideally have one daughter, 11% said they should ideally have two daughters.
 
While as many as 60% said they ideally wanted one son, 26% said they wanted two sons.
 
While more people (73%) want at least one daughter, when asked preferences for an extra child, only six said they wanted daughters.
 
The survey was based on indirect questions to test people’s attitudes. Some questions asked: How many sons or daughters would they ideally prefer to have? If they were to have an extra child, what sex would they prefer?
 
IndiaSpend plotted the preference for sons as the extra child with the sex ratio across Indian states.
 
Maharashtra has a low child sex ratio (894 females per 1,000 males) and a high preference for a son (39%) for an extra child.
 
Sons as support for the declining years
 
The main reason Indian parents prefer sons is that Indians expect to depend on them in their old age.
 
More than three-fourths (77%) of the respondents said they expect to live with their sons when old. Only 16% Indians said they would consider living with their daughters.
 
States in the south see higher percentages than the national average.
 
Tripura has the highest percentage of parents (72%) preferring to live with daughters in their old age, followed by Tamil Nadu (17%).
 
The perception that parents can live with daughters has improved over the last seven years: Asked if they would consider living with daughters, 14% said yes during a survey in 2004-05; 16% said yes in 2011-12.
 
Can’t ask daughters for money.
 
As many as 74% of Indians expect sons to support them financially during old age. Only 18% said they may consider taking money from daughters in old age.
 
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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COMMENTS

Dr Anantha K Ramdas

9 months ago

There is now the tendency for a growing number (percentage wise) for the sons to take care of their parents via old age people's homes, rather than taking care of the parents themselves, simply because of their own preoccupations. In most cases, both the son and daughter in law work to bring about better prosperous conditions for their own children and feel that they do not have the time or energy to spend on looking after ageing parents. It becomes worse if either of the parent falls sick and children find it extremely difficult to give medical attention as well.

The tragedy is that the Old People's Homes are a new way of life that has come into being in our country in the last couple of decades. This is following the western system of family, where, the parents themselves make the first mistake of sending the children away when they reach adulthood and ask them to fend for themselves. This is actually good because it makes the Kids stronger as they grow up; but, in a likewise manner, they too send the parents off to Old People's Homes, when the time comes!! In the west, this is a "normal" practice, while in India, this is not easily "digested" and parents want to stay with sons, because of affection and of course, the Hindu religious needs of doing "karma" the final rites for parents!

In the long run, the government must do something to build Old People's Homes, which are now done on a commercial basis by mostly real estate industry.

Jyoti Dua

9 months ago

Old Indian traditions die hard. In Hindu religion, it is the son only who is supposed to conduct last rights of parents. Hence, the keen desire to have at least one son. Present middle class is financially well off to take care of their expenses in old age. Still they prefer to live with their son to enjoy the love of grandkids and take care them in the scenario where son and daughter-in-law, both are working.

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