1056 Tirumala Tirupati Devasthanams Executive Officer seems to have acted inaptly and imprudently in depositing Temple Funds with Private Banks

Here is a Times of India News Report which indicates that Tirumala Tirupati Devasthanams (TTD), Tirumala, deposited Rs. 1,000 crore (RS. 10 billion or approx. $200 million) with a Private Bank by name IndusInd Bank, tempted by an additional interest of 0.33% p.a. offered by them when compared to Public Sector Banks like Andhra Bank and Vijaya Bank. This act of TTD and its E.O. appears to be an imprudent step. First, I shall provide a link to the Times of India News Report: Click here to go to https://timesofindia.indiatimes.com/city/vijayawada/ttd-dismisses-charges-of-bank-deposit-scam/articleshow/63586776.cms. The Report has also mentioned that the TTD's Executive Officer, Shri Anilkumar Singhal has justified his action. Here are quotes from what Shri Anilkumar Singhal was reported to have said:

TTD executive officer, Anil Kumar Singhal, condemned the allegations. Singhal, addressing a media conference here, on Monday, said that the TTD is following guidelines given by state and Union governments in depositing temple money in banks.

Singhal said that the TTD had called for sealed bid quotations for depositing its money in nationalised public sector, as well as private banks, according to the directions of the investment committee. Officials who opened sealed cover quotations sent by banks on March 24, 2018 had asked the banks to revise quotations with best possible interest rates by March 27, he said.

“We have deposited Rs 4,000 crore acquired through interest in various banks, in which Rs 3,000 crore were deposited in public sector banks and Rs 1,000 crore in IndusInd bank, which accepted to give 7.66% interest per annum,” said Singhal.

The TTD has deposits of Rs 10,589 crore in various banks as of now, and every transaction is done transparently following guidelines, he said.

ybrao a donkey's personal views which are not intended to be imposed on others. No love or hatred towards any individual or institution. Exceptions: Atheism and Marxism.

"That the TTD is following guidelines given by state and Union governments in depositing temple money in banks." cannot be a reasonable explanation, which can be given by I.A.S. Officers. Reason: I.A.S. Officers are supposed to be Cream of the Intelligent brains in India. They are supposed to guide even their Superior Bureaucrats and Politicians, when they go wrong (pramAdO dhImatA api-- English: Even brave and wise persons can accidentally go wrong). And these suggestions of Prudence are to be given by IAS-IPS-IFS-IRS Officers, irrespective of the consequences they may face, in case bosses get annoyed. The IAS-IPS-IFS-IRS Officers are not glorified Clerks. At the same-time, they cannot disobey their bosses continuously. That means, they have to bring facts, possibilities, and consequences to the notice of bosses, and in spite of the subordinates' suggestions if the bosses persist with their wrong Orders, the Subordinates may have to comply with as long as the Orders are reasonable, not against Natural Justice, not against Laws, and not Unconstitutional.

Question: Why depositing Public (Government, quasi-Government, Fiduciary and Trusts etc.) Funds with Private Banks can be dangerous?

Ans: When Banks burst/broke (this has not happened in recent years in India, but still it is possible. Nothing is impossible), the Deposit Insurance Protection available to Depositors is Rs. one lakh (Rupees one hundred thousand only_. This 100,000 Rs. is total amount indemnified for all deposits of the customer with all Banks put together. That means, if two Banks become bankrupt, the Depositor cannot get protection of Rs. 200000/-. His total cover will be limited to Rs. 100,000/-. This protection will be available only when the Bank involved pays the Insurance Premium regularly to the Deposit Insurance Credit Guarantee Corporation. This DICGC seems to have become somewhat inert, as some banks seems to have stopped paying premium and taking cover. This Rs. 100,000/- limit is applicable both to Private Banks and Public Sector Banks.

However, in respect of Public Sector Banks, there seems to be a 'maDi guDDa (Engl: Sacred cloth used in some Indian Homes for Worship purposes, and is not touched or allowed to be touched except during worship.), or 'siggu biLLa' (a peepal-leaf-shaped silver ornament worn by babies, particularly female babies, as a sort of cover for their private parts to hide from the glare of visitors).

What is this sacred cloth or modesty plate? Ans: A hope of some believers, and a promise by Finance Minister in Parliament, that Public Sector Banks in India will not be allowed to go burst. That means, if Public Sector Banks face difficulties, either RBI or the Govt. of India is likely to come to their rescue. Though a Finance Minister's Assurance is not written Law, for the time being it will be like a log of wood for a Depositor floating in a Sea of Hardships.

Will Govt. or RBI come to the rescue of Private Banks, Foreign Banks in India if they fail?

Ans: There does not appear to be any legal obligation either for the Government or for the RBI. Private Banks and Branches of Foreign Banks operating in India, come under the category of Scheduled Banks. As per the Banking Regulation Act, they maintain some Deposits in Current Accounts with RBI, called 'CRR'. RBI may allow the Banks to withdraw these moneys intended for CRR. Similarly, Scheduled Banks have to maintain some Term Deposits/Approved Securities / Government Bonds with Approved Institutions, total of these being called 'SLR' "Statutory Liquidity Ratio". When Banks face difficulties, RBI may allow loans against the SLR Securities / or allow Repurchase-Resale (popularly called Reverse REPO and , REPO). Under ordinary circumstances, these may be sufficient for Banks to tide over funds crunches / crises. Suppose the Liabilities (Deposits from customers are also liabilities) of Banks become an unwieldy and too-much-of-a-burden, will RBI support, beyond what are permitted under-against CRR and SLR. This has not been adequately tested. We have to wait and have a taste of it.

Question:Will High Courts and Supreme Court direct respective State Governments or the Union Government to come to the rescue of Depositors?

Ans: Though inspecting and supervising all Scheduled Banks in India (all-- private banks, Public Sector Banks, Foreign Banks operating in India, some Co-operative Banks), is the right and the responsibility of RBI, to ensure their health, it is not clear how far RBI can be made accountable or liable or responsible for lapses of its Officials. This has not been sufficiently tested in Courts.

Though Sahara is not a Bank, SEBI and Supreme Court seem to be doing an impeccable job in protecting the Indian Public. Similarly, in case of Agri Gold Scam, Andhra Pradesh Government is selling some assets and making some payments to depositors under directions of AP High Court. A similar instance is yet to arise in respect of Private Banks in India.

Question: In various State Level Bankers' Meetings, the Hon. Chief Minister of Andhra Pradesh threatens Public Sector Banks that AP Government will direct its Departments/Corporations to withdraw their deposits from Banks which do not lend as per the Government's Expectations. Though, strictly, TTD is not a Government Organ, did the Chief Minister exert his Policies on TTD, so as to make its Executive Officer to divert some funds to the Private Bank i.e. IndusInd Bank.

Ans: It appears to be so. But Mr. Naidu appears to be busy with his travails on Special Status and Special Packages, Utilisation Certificates issues with the Centre, and the Parliament. He may not have that much of time. But, somebody from CMO (Chief Miniser's Office at Amaravati) might have used his sly hand.

Incomplete. To be completed and corrected soon.

1054 (2 of 10 series) Some Musings on retired IAS and IPS Officers entering Politics

Trigger for this: News Reports that Shri J.D. Lakshmi Narayana, IPS Officer, Additional DGP, Maharashtra, and formerly CBI Joint Director who looked after the Corruption Charges against Shri Y.S. Jaganmohan Reddy, YSRCP Party, President, -- has applied for voluntary retirement and that he will shortly be joining either Jana Sena or BJP shortly. To start with my writing in this post, my Clarifications: I neither love or hate Respect Shri Lakshminarayana or anybody else. Nor am I here, to pass value judgements, enhance the character or assassinate the character of anybody. I always try to restrict the scope of my writings only to spread the principles Atheism, Marxism (and its extensions Socialism, Communism, etc.). Occasionally, I may write on my other pet subjects such as Indian Economic Problems, Java and PHP Languages, Carnatic and Hindusthani Music, Sanskrit and Telugu Literature, some approach-studies on Historical Analyses of Mythologies of India etc. etc. What I anticipated was that: Shri Lakshminarayana would join BJP someday or other. It is not because I have any special intuitive powers or clairvoyance, but because, I thought that as Mr. Narendra Modi is a lover of Swami Vivekananda and inasmuch as Shri Lakshmi Narayana is a lover of Swami Vivekananda, they have something to share commonly. It is a different thing that, I had somewhere in my blogs expressed a feeling that neither Shri Modi or Shri Lakshmi Narayana might have read Swami Vivekananda's Complete Works in depth.

Links to my previous blogposts relating to the work of Shri Lakshmi Narayana:

Click here to go to https://problemsoftelugus.blogspot.in/2013/10/024.html

Click here to go to http://problemsoftelugus.blogspot.in/2016/03/704-part-110-india-can-probably-change.html

Click here to go to post No. 706, at this blog.

Click here to go to post No. 719, at this blog.

Click here to go to post No. 733, at this blog.

There are five more posts, continuation of the above link. I shall try to pick those links and give them here.

First my apologies to my Readers. I could not regularly make my postings here, owing to numerous personal reasons. Consequently, I missed some important events which have taken place during my interregnum. I know that I have very few readers. Hence, I can say with much confidence that as nobody will be eager to read me, I need not be too much apologetic about my erratic working methods.

Question: You seem to be a 'dog' of Shri Y.S. Jaganmohan Reddy?

Ans: It is also necessary to re-clarify that I am not a supporter of Shri Y.S. Jaganmohan Reddy, though I have not written much criticism against him at this blog. I have not criticised Shri Jagan enough because his Disproportionate Assets Case is sub judice. Besides, in the Disproportionate Assets and Quid Pro Quo cases, there is ample evidence to convict Shri Jagan, unless Shri Jagan, through his protege and A2 in his cases Shri Vijaya Sayi Reddy, Rajya Sabha Member succeeds in winning the grace of our Hon. Prime Minister Shri Narendra Modi, and gets a boon from him, so as to weaken the CBI's side of arguments in the Disproportionate Assets Case. Courts will become helpless whenever Prosecuting Agencies and Witnesses renege.

Shri Jaganmohan Reddy may benefit if the Cases are dragged on for some years, at least beyond 2019; in the meantime if some witnesses die, or something else happens to dilute the cases. With overt or covert support of BJP and Jana Sena, he may even become Chief Minister of Residual Andhra Pradesh. If that happens, he can get some of his sins washed.

Are you a 'dog' of the TDP and Shri Nara Chandra Babu Naidu?

Ans: Why should I be? Am I in any sinecure or serfdom job in the Establishment of our Hon. Chief Minister? Do I run any Media House, which will compel me to kneel and prostrate, before the Powers that Be? I am an apolitical individual, with independent views. If I criticise TDP or BJP, or Govt. of A.P., or the Govt. of India, my criticism will not ordinarily be against Shri Naidu or Shri Modi, as individuals, but it is against their Policies and Practices, especially those which hurt the Poor and Lower Middle Class People on the Streets, of our Towns and Cities, and in our Villages. Nothing beyond that.

There are numerous allegations of corruption against Shri Chandra Babu Naidu, even before the Notes for Votes case. Unlike Jaganmohan Reddy who seems to have invested all his funds in easily identifiable assets in India, Shri Chandra Babu seems to have invested wisely abroad (Evidence needed. This is only an indication of a possibility), tracing of which requires co-operation of the respective Governments in those countries. Some 18 applications are reported to have been filed in Courts by Jagan's family members/supporters seeking inquiry against the Corruption of Mr. Naidu, and they are reported to have been stymied by obtaining stay orders. As Shri Jaganmohan Reddy himself was facing CBI Cases, involving huge amounts, the Writs filed by him and his Family members might not have been received well in Courts. A pot cannot call kettle black.

Another problem is, everything revolves around evidence. Courts can do something, only when there is solid evidence. Politicians before undertaking Corrupt Transactions will have to ensure that they do not leave evidences of their Corruption on the path, so that pinning them down becomes easy. This type of error apart from Jaganmohan Reddy, Shri Lalu Prasad Yadav too seems to have committed. One reason for leaving trails of evidence for Investigators, seems to be a sense of over-self-confidence tantamounting nearly to arrogance, believing that "Nobody can do anything to me. I can hoodwink anybody."

Question: How do you view the great Investigation Job done by Shri Lakshmi Narayana?

Ans: Basically, almost all the IAS, IPS, other All India Service Officers, non-IAS-IPS Officers in State Governments (referred to as Group I Officers in Andhra Pradesh), watch for Orders from their Superiors , and keep an Eagle's Eye on what their Bureaucratic and Political Superiors expect from them. Pleasing the Boss was, has been, is, and will be the Work Culture in India. If they fail to dance according to the tunes of their bosses, ordinarily they will be pushed aside into loop-line posts, or entangled into cases of negligence or failure to follow some rare instruction in the Rule Books.

Hence, every Bureaucrat will try not only to perform exactly as per the Expectations of the Bosses, but also try to ensure that adequate publicity is given to their acts of "Compliance and Conformity". It will not be sufficient if a person does his duty diligently. He-she should also arrange for some Publicity to ensure that his Work goes to the Notice of the Bosses.

The Writ petition which led to cases against Mr. Y.S. Jaganmohan Reddy, as far as I can remember, was filed by a Congress M.L.A. from Telangana by name Shri Shankara Rao. Court's Orders on the petition led to CBI Investigations. In the meantime, Shri Jagan had revolted against Top Congress Leadership, and the Top Congress Leadership too might have wanted that Jagan should be, somehow, entangled. The then Chief Minister of United Andhra Pradesh Shri Kiran Kumar Reddy seemed to be neutral. Anyway, Communication Lines from both Central Political Bosses, and Bureaucratic Bosses were very clear that the CBI Investigating Officials should work hard, and should not be lackadaiscical or non-chalant in their approach towards those cases. This might have resulted in Shri V.V. Lakshmi Narayana, exercising exra - diligence in discharging his duties. Else, he might have been changed, and replaced with some other obliging person.

At the same time, the top two Telugu News Papers and TV Channels of United Andhra Pradesh spent extra pages and extra screen hours, eulogising the Work of Shri Lakshmi Narayana. Shri Lakshmi Narayana too may be a Media Savvy Officer. Or his Assistants might have made available all the Information sought by the Top Two Media Houses, who gave top priority to any news which highlighted the Corruption of Shri Y.S. Rajasekhar Reddy and his Son Shri Jaganmohan Reddy. Thus, the CBI JD of those days, seems to have got larger-than-life-size Publicity from the Media. It also suited the Central Rulers of those days.

Question: You seem to be eternally cynical / pessimistic / frustrated.

It is possible. I might have become eternally cynical / pessimistic / frustrated after seeing the happenings in this country post-independence.

Anyway, the above reflections of mine, on the work done by IAS/IPS/Group-I Officers indicate the behavioral trends of bureaucratic and political bosses, and their subordinate bureaucrats and political followers.

I am not belittling the work done by Shri Lakshmi Narayana. His work was praiseworthy. At the same time, it will be apt to point out that, if any other IPS Officer was in his place during that same period, that particular IPS Officer too might have performed with similar efficiency and diligence. Reason: Need to satisfy Superiors, both the Superiors in the Line Management Ladder, and also the Superiors in the Political Arena who decide the Postings and Transfers. Though promotions of IAS and IPS Officers seem to be guaranteed based on Seniority as per the Custom, there is no such guarantee in respect of Postings. For this reason only, in any State in India, there may be ten DGPs, 20 ADGPs, 50 IGs, some 100 DIGs and innumerable number of SPs. But the Actual DGP who calls the Shots at the top, will be only one, and that person, we can call Line Supremo, whereas all other DGPs and most other ADGPs may only be heading what are called 'Staff' Functions in the Terminology of Business Management. In other words, they may be rankwise, and for payment of salaries and perquisites, they may be DGPS and ADGPs, with no enough real Controlling Work. They will have to hybernate and wait for an Opportune moment, till such a time the Deciding Supreme Top Political Bosses change.

Shri Lakshmi Narayana is reported to be holding the Post of ADGP Planning and Development in Maharashtra. He might, or might not have pleased / displeased the Political Rulers of that State. And, he will have to wait for his turn to become one of the DGPs, and then further wait to become Truly Controlling Line DGP (Supreme Police Boss). That wait may sometimes be really frustrating, and full of uncertainties and humiliations.

Prima facie, Shri Lakshmi Narayana seems to be a very diligent, efficient and ambitious Officer. If that is true, waiting indefinitely for a Line Post may be full of uncertainties. He might have had aimed really big, just as Former President Late Abdul Kalam advised children and College Students to aim high.

Will he succeed in Politics?

To continue in the next post.

This will be completed shortly.