- Check the address you have typed.
- If you still don't find the information you are looking for please use the search box.
More in Moneylife
Sensex Rally: Winners and Losers as the index challenges the high of 2010 +2004 views
TODAY'S TOP STORIES
This topic has been closed for comments.
VIDEOS
Keep your Money Safe: Avoid money traps and MLM
LATEST COMMENT
Broadly, fundamentals of the company/industry has reflected in the above table. 2010 was euphoria of lesser inten.. Ramesh Poapt
MORE
|
|
|
- Is the interest in Gold ETFs waning?
- OMCs to stop LPG deliveries to houses with multiple-connections from 1st June
- Sun TV Networks announces 11% jump in its net profit
- BSE to shift 29 scrips to T group category for failure to comply with demat norms
- COMPAT orders cement cos to pay 10% of the Rs6,307 crore penalty
- S&P cautions India of rating downgrade; retains negative outlook
- ITC net profit up 19.4%, aided by non-cigarette and agri-business segments
- Vikram Pandit to buy stake in JM Financial, to head its proposed banking arm
- Phaneesh Murthy: Let off by Infosys, sacked by iGate over sexual harassment charges
- MMM India, another MLM taking people for “double-your-money” ride
- RBI tells HDFC Bank not to make up its own KYC verification rules
- Why I-T returns of Pawar, Jindal and Gandhi are exempted from RTI?
- The draconian LBT: Local Body Tax explained
- How much longer can the FM, RBI ignore HSBC in India?
- Aadhaar: Private ownership of UID data- Part I
- Aadhaar: Who owns the UID database? –Part II
- Did HSBC Bank resort to toxic churning and illegitimate transactions to earn commissions?
- PNB Metlife refunds Rs25,000 to the correct policyholder: another Moneylife victory
- The draconian LBT: Local Body Tax explained
- Goa’s Advocate General is the highest paid across the country, reveals RTI
- Mass mis-selling: 59,000 investors in Kolhapur are alleged to have lost money in LIC ULIPs
- Do FIIs buy high and sell low – I? Maximum buying at peak index levels
- Investors lost Rs1 lakh crore due to poor regulation. Will there be a CBI probe?
- Directors of public sector banks: The ground reality
- Do FIIs buy high and sell low–II? Momentum-chasing
- Do FIIs buy high and sell low–III? Panic-selling during declines
- Has Rakesh Maria tried to salvage his image through Ram Gopal Varma’s film on the 26/11 attack?
What's your say?
What you said
Thanks for casting your votes! View Previous Polls
Join 22, 000 Others
Membership Benefits
- Daily & Weekly newsletters
- Access to www.moneylife.in to comment, create alerts
- Your own profile in Moneylife.in
- All special mailers
- Basic membership to MSSN, our new initiative
- Free ebooks
- Invitation to events
- Invitation to round-table meets
- Access to Insurance helpline
- Access to counselling sessions
- Access to Reading room in Mumbai
Foundation Events
Comment
Bandyocharya 1 year ago
May I first refer to Ms. Dalal's expose in an earlier issue:
http://www.moneylife.in/article/4/11832....
SBI helps sick Ispat Industries with fresh money to prevent loan being classified as ‘bad’
December 02, 2010.
It is important to note that the reported instance is nothing exceptional or new as, right from the nascent days of the Public Sector in India, it has remained and been nurtured and groomed up as the personal fiefdom of the IAS, a private milch cow of the bureaucracy, a private parlour for the hardworking IAS-CSS babus to enable them to unwind themselves at the PSUs' cost. And, as regards the sanctioning of doubtful loans to dubious parties-loans of huge proportions-, much against the perception of Anna Hazare and his "honest" advisors, in most of the cases of corruption, it is the bureaucrats who prepare the crime and an unsuspecting minister commits it. Truly so, and the blame goes to the minister as the bureaucrats of the IAS-CSS feed the opposition as well with fodder and fuel to start the fire whenever suited to the bureaucracy! And DFS' instructions would most likely be unwritten while the PSB chiefs must also pay the price for ascending the throne to feel that they are the emperors of all they see! So, it is a quid pro quo, and the politician collects the bill for corruption charges. In reality, ministers are totally crippled by the cartel and are not permitted to function independently. If any minister dares to do so, that minister's orders are bound to be ignored by the Secretary down to the personal staff of the minister. In a recent case, a minister cut a sorry figure in shifting the APS thus triggering a show cause notice to the minister!
Nisban 1 year ago in reply to Bandyocharya
Bandyocharya should have added, in the context of the reference to the previous article by Ms. Dalal, that, to be able to head a PSU of Schedule-A category is prohibitively expensive. One should not blame the IAS who ultimately decide the fate of the country and the course of its political economy. With too many seekers for too few "green valley" postings with high revenue potential", and all bringing all types of pressures from all types of people, the posts are bound to be put on auction and the highest bidders must get. Just the opposite of L-1 principle in the case of awarding of contracts.
As regards ministers' helplessness, this also is inevitable as ministers may come and go but bureaucrats run (like the rivers) for ever--in fact, it is truer in respect of the CSS than even the IAS as many IAS may not finally retire from the centre, but the CSS is totally insulated against any political turmoil. They handle the central ministers only, whereas the IAS have to oil the ward politicians also-depending upon which rowdy group belongs to the ruling side!
India's administrative malaise and the true cgharacter of corruption are beyond the perception of Anna Hazare who really knows only about the local goons in the govt. or municipality or water/electricity supply office or police stations. The South and North Blocks are not his cup of tea and are a world far beyond his comprehension. The stakes there are too huge, risks unthinkably high and the resultant transactions are invariably offshore!
V THYAGARAJAN 1 year ago
hippocratus truths/oaths: the whole world medical community was aware that pace maker implanted patient not to be exposed to mri/ct scan as magnetic field of the machine would impair the pace maker & would prove fatal tothe patient. only recently siemens announced improved verson of scan machine which would not affect the pacemaker. but alas doctors who recommend ct scan seem notaware of this. though surgery was successful, my mother within 15days of discharge died in sleep. i believe her exposure to ct scan in older version machine before and after surgery resulted in hastening her departure to heavens. AROUND SIX LAKHS GONE DOWN THE DRAIN.SATHYAMEVA JAYATHE.
Alok Kumar Jha 1 year ago
A poor display of the governance and the leadership by this government. Any one knows what all happen in state insurance companies and what IRDA does, just imagin? We need one satyamev Jayate episode on this.
sohan modak 1 year ago
looks like the government has a license to loot public funds! There must be an ombundsman to overlook the directives. Doesn't RBI get involved in this? Afterall, PCB's contribution to pubic sector projects must be in form of loans as the actual money accumulated belongs to the public.
SANarayan 1 year ago
In all PSUs and PSBs the story is the same. The controlling Ministry is almost invariably manned by the IAS and promotee Officers who have no domain knowledge of the industry or sector that they control and monitor.All that they have in their armoury is arrogance and power and they think that suffices for effective monitoring. They also believe in the credo of one size fits all in all their policy decisions. As far as Boards are concerned, one bureaucrat , referred to them as 'Carrom Boards' when it was pointed out that proposals must be cleared through them and the CEO could not promise action on a particular issue when demanded!
Tira T 1 year ago in reply to SANarayan
Mr. SA Narayan is so very correct in his comments. As one other reader has also opined, yes, these PSUs are the private properties of the generalists from the IAS/CSS (promotees), without indeed any domain knowledge. I know about an SO in an economic ministry who merely used to issue the sanction letters for release of funds to the plants under the ministry after the DFA/FA approved of the proposals or reqwuests. The SO (and many other IAS/CSS officers) in that ministry made money like hell. This was in the late eighties. The quantum must be running in billions now!