967 Musings on Miscellany

Do Private Sector Banks in India have horns? It is understandable if Private Sector Companies embrace and encourage Private Sector Banks. But, the same thing cannot be said about Public Sector (Govt. owned) Companies embracing and encouraging Public Sector Banks. Public Sector Companies and Public Sector Banks are supposed to have affinities and synergies. Both the PUblic Sector Companies and the Public Sector Banks can survive only if they stand together and support one another. This Government Insurance Company "New India Assurance Company, Mumbai", largest among the five Govt. Insurance Companies in India, as on date, seems to be allergic to Public Sector Banks. Okay, some PUblic Sector Banks may be villains, lackadaisical and lethargic, and above all UNBUSINESS-LIKE. There are nearly 25 Public Sector Banks in India, with wide demographic and geographical spread. It should not have ordinarily been difficult for the New India Assurance to pick up five Public Sector Banks to handle its IPO (Initial PUblic Offer). Or at least, it could have had a mix of 3:2 i.e. 3 public sector banks and, two private sector banks, or vice versa. Strangely, it selected all the five fellows-- Private Sector Banks.

RELATED LINKS

Click here to go to http://timesofindia.indiatimes.com/business/india-business/new-india-appoints-five-bankers-for-ipo/articleshow/58466718.cms

ybrao-a-donkey's views not intended to be imposed on others

If Public Sector Banks are not offering New India Assurance, attractive and competitive terms/tariffs, New India Assurance, could have then reported the matter to its Holding Company, and the Government of India, seeking competitive and reasonable terms. Public Sector entities both Banks, and other Corporations, cannot be 100% business-like and socially irresponsible like their Private counter-parts. They have a dual burden of working profitably, and also responsibly. Acting in harmony and cohesion with one another should be an uncompromisable strategy of all Public Sector Units and Undertakings, in whichever industry/service/business they may be engaged. Supervising organisations like Government of India's different Ministries, Reserve Bank of India, Bureau of Public Enterprises, etc. have to continuously monitor this area,of mutual support among public sector units.

Quotes from the related links

"...Responding to speculation of merger of government-owned non-life companies, Srinivasan said that there was no concrete move and there has been only unconfirmed news reports. "As far as we are concerned there is no such thing and we are going ahead (with the public issue) in our present structure," said Srinivasan. ..."

yb-donkey: There seems to be some communication gap between the Govt. of India, and the New India Assurance. Govt. should be transparent to the Board of New India Assurance, about its future, i.e., about whether there are going to be some mergers, if so, likely with whom, on what terms etc. etc. Even if the Govt. of India is reticent, the New India Assurance's Chairman ought to have written an Official letter to the appropriate Govt. Ministry, seeking some information about the Company's future prospects/fate. Secretiveness can lead to the 'Controller' and the 'Controlled' working unintentionally in opposite directions. This will not be a good management practice.

Pakistan's inhuman acts of mutilating bodies of Indian Soldiers

Battles, wars, squabbles and squirmishes take place between countries, and as a part of it, sometimes, unfortunately some soldiers may die on both sides. But mutilating the bodies of slain soldiers is an extremely reprehensible practice which all Nations have to condemn. Pakisthan seems to be ruled by ISIS and Taliban, rather than by a democratically elected Government. Besides, Pakistani Generals and Military Officials seem to exercise undue authority and dominance on their Civil counterparts. In addition, Pakistani Army seems to be infested with from ISIS and Taliban militants, who do not have any scruples about military traditions. Religious Fanatism is blind to everything sane. We should not expect any sort of civil behaviors in such situations.

India should go for more drones, robots, missiles and unmanned aircraft like Lakshya

India cannot continuously afford to sacrifice the noble lives of its brave soldiers. there will also be no use of Prime Minister and Defence Minister, repeatedly expressing dismay and taking lofty pledges and vows. It must find out ways of unmanned, less-manned, attacking and defensive methods using latest equipment, vehicles, and systems.

Posting of Mr. Anil Kumar Singhal as the Executive Officer of TTD (Tirumala Tirupati Devasthanam), the largest and the Richest Temple in India

TTD is an All India Temple. Pilgrims visit not only from all parts of India, but also from other parts of the World. It will, therefore, be natural to expect the E.O.of the Temple to know the International Link language English, India's National and Link Language Hindi. Mr. Anil Kumar Singhal fulfills these two needs.

The TTD Shri Venkateswara Temple, situated in South India, is surrounded by the cultures and traditions of the four South Indian languages Telugu, Kannada, Telugu, and Tamil. Among these four languages, Telugu and Kannada have some affinities of vocabulary, grammar, script, and many other practices. Tamil and Malayalam have a similar relationship. It will, therefore, be apt to expect that Mr.Singhal will try to learn at least two of the four languages, one each from Tamil/Malayalam, and Telugu/Kannada. TTD follows Vaikhanasa Agama (scripture of worship methods) method of worship. Mr. Singhal will have to study these AAgamas and try to establish a close working rapport with temple's priests, and their working modes and moods. Managing a Temple, will be totally different from managing other Government Departments and Offices, in administering which it will be sufficient to know law, Management science, and some behavioral methods.

Mr. Singhal to apply his mind to the problem of VIPs, contractors and business persons intruding into the Temple's Systems, claiming special treatment. This is leading to grave injustice to the ordinary pilgrims.

Enriching Contractors or depriving contractors from their due profits cannot be a duty or pastime of a Temple Management. Temple Managements cannot become slaves of contractors, particularly those having political patronage, for earning kickbacks, or promotions.

TTD also seems to have an insatiable urge to entertain donations of 'gold' and 'precious-stones' from its devotees. Accumulation of gold will only divert the attention of the Temple Managements, from their main object of maintaining a 'divine' and 'serine' environment in Temples. Security will become another problem. Employees and Priests themselves, however honest they by nature are, may be tempted to steal gold/precious stones. Cash/gold/precious-stone donations given by persons and Corporates who earn them through corrupt, dubious, illegal means and methods, as Commission /share of booty to God-- the Temple should refuse to accept such tainted donations.

Nations and Societies have to learn from history. We should not forget that Ghazni Mohd. from Turkey invaded India 17 times from 1000 CE to 1017 CE, almost every year, to rob the Somnath Temple at Gujarat. Mohd. Ghori to robbed hundreds of maunds (Maund=100 Troy Pounds) gold and precious stones after vanquishing Prithviraj Chauhan in 1171. Even today, temples and their deities are dug up by unscrupulous persons in search of treasures hidden beneath the idols and phallus-es.

It is a banal cliche / jargon in India to say that 'All are Equal before God'. Along with other Temples in India, TTD's Venkateswara Temple also proves that 'some people are more equal than others'. I believe that in India, even on cremation grounds/ grave yards, we cannot find equality though the Great Medieval Lyricist Annamacharya sang:--

తందనాన అహి, తందనాన పురె tandanAna ahi, tandanAna pure
తందనాన భళా, తందనాన || tandanAna bhaLA, tandanAna

బ్రహ్మ మొకటే, పర brahmamokaTE, para
బ్రహ్మ మొకటే, పర brahmamokaTE, para
బ్రహ్మ మొకటే || brahma mokaTE.

కందువగు హీనాధికము లిందు లేవు kanduvagu hInAdhikamu lindu lEvu
అందరికి శ్రీహరే అంతరాత్మ | andariki SrIharE antarAtma
ఇందులో జంతుకుల మంతా ఒకటే indulO jantu kula mantA OkaTE
అందరికీ శ్రీహరే అంతరాత్మ || andarikI SRIharE antarAtma

నిండార రాజు నిద్రించు నిద్రయునొకటే ninDAra rAju nidrincu nidrayu okaTE
అండనే బంటు నిద్ర - అదియు నొకటే | anDanE banTu nidra - adiyu okaTE
మెండైన బ్రాహ్మణుడు మెట్టు భూమియొకటే menDaina brAhmaNuDu meTTu bhUmi okaTE
చండాలుడుండేటి సరిభూమి యొకటే || canDAluDu unDETi sari bhUmi okaTE

అనుగు దేవతలకును అల కామ సుఖ మొకటే anugu dEvatalaku kAma sukhamu okaTE
ఘన కీట పశువులకు కామ సుఖ మొకటే | ghana kITa paSuvulaku kAma sukhamu okaTE
దిన మహోరాత్రములు - తెగి ధనాఢ్యున కొకటే dinam ahOrAtramulu - tegi dhnADhyunak okaTE
వొనర నిరుపేదకును ఒక్కటే అవియు || onara nirupEdakunu okaTE aviyu.

కొరలి శిష్టాన్నములు తిను నాక లొకటే korali SishTAnnamulu tinu Akali okaTE
తిరుగు దుష్టాన్నములు తిను నాక లొకటే | tirugu dushTAnnamulu tinu Akali okaTE
పరగ దుర్గంధములపై వాయు వొకటే paraga durgamdhamulapai vAyu okaTE
వరస పరిమళముపై వాయు వొకటే || varasa parimaLamu pai vAyu okaTE

కడగి ఏనుగు మీద కాయు ఎండొకటే kaDagi yEnugu mida kAyu EnDa okaTE
పుడమి శునకము మీద బొలయు నెండొకటే | puDami Sunakamu mIda polayu enDa okaTe
కడు పుణ్యులను - పాప కర్ములను సరి గావ kaDu puNyulanu - pApa karmulanu sari kAva
జడియు శ్రీ వేంకటేశ్వరు నామ మొకటే || jaDiyu Sri Venkateswaru nAma mokaTE

Approx. Engl. gist for the benefit of Readers who do not know Telugu language

తందనాన అహి, తందనాన పురె tandanAna ahi, tandanAna pure. This is chorus, in group singing.
తందనాన భళా, తందనాన || tandanAna bhaLA, tandanAna. This is chorus, in group singing. Approx. Engl: you are right. It is correct.

బ్రహ్మ మొకటే, పర brahmamokaTE, para. Supreme Spirit is one. (Telugu, Sanskrit word para= Supreme. brahmam= Spirit which is infinite. It is formless=nirguNam).
బ్రహ్మ మొకటే, పర brahmamokaTE, para. Supreme Spirit is one.
బ్రహ్మ మొకటే || brahma mokaTE. Supreme Spirit is one.

కందువగు హీనాధికము లిందు లేవు kanduvagu hInAdhikamu lindu lEvu. There are no distinctions of 'abominable' and 'venerable'.
అందరికి శ్రీహరే అంతరాత్మ | andariki SrIharE antarAtma. For all Lord is the Inner-Soul.
ఇందులో జంతుకుల మంతా ఒకటే indulO jantu kula mantA OkaTE. In this all the fauna is one.
అందరికీ శ్రీహరే అంతరాత్మ || andarikI SRIharE antarAtma. For all, Lord is the Supreme Soul.

నిండార రాజు నిద్రించు నిద్రయునొకటే ninDAra rAju nidrincu nidrayu okaTE. Sleep of a King is same.
అండనే బంటు నిద్ర - అదియు నొకటే | anDanE banTu nidra - adiyu okaTE. Sleep of a servant is same.
మెండైన బ్రాహ్మణుడు మెట్టు భూమియొకటే menDaina brAhmaNuDu meTTu bhUmi okaTE. Land on which a Priest (Brahmin) resides is same.
చండాలుడుండేటి సరిభూమి యొకటే || canDAluDu unDETi sari bhUmi okaTE. Land on which an outcast lives is same.

అనుగు దేవతలకును అల కామ సుఖ మొకటే anugu dEvatalaku kAma sukhamu okaTE. The sexual happiness of Gods(Goddesses) is same.
ఘన కీట పశువులకు కామ సుఖ మొకటే | ghana kITa paSuvulaku kAma sukhamu okaTE. The sexual happiness o the insects and cattle is same.
దిన మహోరాత్రములు - తెగి ధనాఢ్యున కొకటే dinam ahOrAtramulu - tegi dhnADhyunak okaTE. Days and nights of a Rich person is same.
వొనర నిరుపేదకును ఒక్కటే అవియు || onara nirupEdakunu okaTE aviyu. They are same even to a very-poor person.

కొరలి శిష్టాన్నములు తిను నాక లొకటే korali SishTAnnamulu tinu Akali okaTE. The hunger which nourishes on succulent foods is same.
తిరుగు దుష్టాన్నములు తిను నాక లొకటే | tirugu dushTAnnamulu tinu Akali okaTE. The hunger which eats remnants and stale foods, is same.
పరగ దుర్గంధములపై వాయు వొకటే paraga durgamdhamulapai vAyu okaTE. The wind which blows on obnoxious-odious smells is same.
వరస పరిమళముపై వాయు వొకటే || varasa parimaLamu pai vAyu okaTE. The wind which blows on sweet perfumes and scents is same.

కడగి ఏనుగు మీద కాయు ఎండొకటే kaDagi yEnugu mida kAyu EnDa okaTE. The sunlight which falls on an elephant is same.
పుడమి శునకము మీద బొలయు నెండొకటే | puDami Sunakamu mIda polayu enDa okaTe. The sunlight which falls on a stray-dog is same.
కడు పుణ్యులను - పాప కర్ములను సరి గావ kaDu puNyulanu - pApa karmulanu sari kAva. To save the great virtuous, and the sinners
జడియు శ్రీ వేంకటేశ్వరు నామ మొకటే || jaDiyu Sri Venkateswaru nAma mokaTE, the name of the Supreme God is same.

Though the poet has used the name 'SrI Hari' as the name of the Supreme Godhead/ Supreme Soul (para brahmam), any name, including Christian, Islamic, ... ... names could be substituted here. We can give a benefit of doubt to the Great Poet Annamacharya that he did not intend only one ABC God, as the one who treats the Virtuous and Sinners equally. A person of such deep intellectual thinking, cannot NORMALLY / ORDINARILY view from the narrow walls of a particular religion, caste, region, language, inheritance, wealth and thousand other creators of inequalities in this world. This type of literature of Great Equanimity and Balance of Mind, we do not ordinarily find in European languages.

To continue adding / deleting / modifying. सशेष. ఇంకా ఉంది.

924 Why should India give undue value to the predictions made by Fitch Rating?

India is a Sovereign Country. It can conduct, manage and organise its own Economy in the best manner, which it deems fit, keeping in view the welfare of its People. Whoever in the Government of India has first started this practice of approaching Credit Rating Agencies such as Moody's, Standard and Poor, Fitch Ratings for getting the country rated by them, didn't/do not seem to have taken into consideration that this country of ours is a Sovereign Nation. The Rulers of India of those days, might have, in their haste and hurry, and idiotic craze to mobilise foreign investments, might have succumbed to the temptation of approaching International Credit Rating Agencies such as Standard and Poor, Moody's, Fitch Ratings etc. India may be, unnecessarily, paying them some fees every year, towards their services. India, may be lobbying using services of some Consultant Lobbyists with the Rating Agencies for getting improved ratings. But, this type of this do not befit a Sovereign Country, which claims to be the 6th Largest Economy in the world, and wants to become the World's Largest Economy in near future, at a phenomenal speed.

Context. Observations made by Fitch Ratings

Fitch Rating is reported to have commented on the capabilities of Indian Public Sector Banks:-

Fitch Ratings-Mumbai/Singapore-08 March 2017: Some Indian banks remain at risk of skipping coupon payments on capital instruments over the next couple of years; despite measures by the Reserve Bank of India (RBI) to ease pressures, and injections of government capital into state banks, says Fitch Ratings. Mid-sized state banks are the most at risk of breaching capital triggers.

Distributable reserves at small- to mid-sized state banks were down by one third in 9M17 compared with financial year 2015 (FY15, to March 2015), reflecting persistent losses and weak internal capital generation. Five state-owned banks suffered losses that were equivalent to more than 30% of distributable reserves in 9M17 alone. The RBI's recent decision to allow banks to make additional Tier 1 (AT1) coupon payments from statutory reserves may have helped mitigate short-term coupon-deferral risks, but state banks' reserves are likely to continue falling.

The RBI has made several regulatory adjustments in the last few years to avoid potential damage to sentiment in the domestic market for capital instruments. These changes have been applied to the sector as a whole and are not unique to India, but their timing suggests the RBI has felt pressure to provide headroom to state banks.

Some banks are also at risk of missing coupon payments on capital instruments as a result of breaching minimum capital requirements. Fitch's analysis indicates that the total capital adequacy ratio (CAR) of 12 banks was at or below the 11.5% minimum that will be a prerequisite for payment of coupons on both legacy and Basel III AT1 capital instruments by FYE19. There were also 11 banks with CET1 ratios at or below the 8% minimum that will be required to make coupon payments on AT1 instruments by FYE19.

We estimate that banks require around USD 90 billion in new capital by FYE19 to meet Basel III standards - state banks account for around 80% of that. State banks are constrained in raising new equity due to heavy discounts on valuations while limited market depth remains a hurdle to issuing capital instruments domestically. Banks which are capable of tapping overseas markets have been reluctant to do so due to pricing concerns. This leaves state banks largely reliant on the government for recapitalisation. The USD10.4bn that the government has earmarked for capital injections into state banks is unlikely to be enough to support balance-sheet growth.

yb-donkey's personal views, not imposed on others. Criticism is welcome.

ARE ALL THE EUROPEAN BANKS AND AMERICAN BANKS, PARAGONS OF VIRTUE?

These International Credit Rating Agencies rate European and American Banks quite favorably, overlooking their exposures and short-comings. Many Euro and American Banks fudge their Balance Sheets. Yet, these rating agencies consider the Western Banks as paragons of virtue. If they were really paragons of virtue, and exemplary Bankers, how could the 2008 Wall Street Crises take place? How could the 2008 Recession threaten the whole world? Even today, American Banks have not rectified their sub-prime lendings, either through recoveries, or by strengthening their Credit Disbursement and Supervision Methods.

It is my humble personal view that India should shed this ugly lust to get foreign investments from abroad, by getting good ratings from International Credit Rating Agencies. India should not pay any fees to these rating agencies. India should not lobby for good ratings. If no foreign individual / institutional investors do not want to invest in India, because ratings are not good, India can leave their decisions to their own wisdom(s).

It is my humble personal view that Indian Public Sector Banks need not abide even by the Basle (Basel) Capital Requirement Norms. Reason: People of India, trust Indian Public Sector Banks greatly, whether they have adequate Capital or not. The accumulation of Non Performing Assets of Indian Public Sector Banks is mainly owing to failure of Legal Enforcement Apparatus for issuance of decrees, and sale of Stressed Assets. Indian Banks should take the task of selling Stressed Assets on a war footing. Government of India should take steps to plug the loop holes in the SARFAESI ACT 2002 ( Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ) which empowers banks to auction residential and commercial properties to recover loans. Public Sector Banks should be permitted, and they should not hesitate, to sell assets even at BELOW RESERVE PRICE. Once Indian Public Sector Banks start selling high value assets both primary and collateral securities even below Reserve Prices, willful defaulters get shivering feets, and they will recycle their diverted stashed funds, to save their stressed assets.

This is a thousand page subject. Some other day, some other time.

To continue adding / deleting / modifying. सशेष. ఇంకా ఉంది.

922 The Story of 'Pingali vAri pEki' in the context of Demonetization and Remonetization of High value Currency Notes in India

Our readers are aware that from Nov. 8, 2016, to-date, nearly 1300 million Citizens of India have been undergoing the travails of demonetization and remonetization of high value currency notes. In the place of Rs. 1,000 denomination notes, Rs. 2,000 denomination notes have been introduced. A new design notes of Rs. 500/- denomination have been introduced. Indian Citizens in possession of the old notes were forced to surrender all their notes to Banks in India, and were thereafter permitted to withdraw their monies, subject to some limits. Initial teething troubles of replacing old currency notes with new notes were expected to end after 50 days i.e. from 1st Jan. 2017. It appeared as though the difficulties were going to end. The Central Government and also some active (over-active? overzealous?) State Governments took up on their shoulders, the task of (nearly) forcing people to opt for digital payments with debit cards, credit cards, aadhar cards, different types of apps on mobiles, etc. etc.

About Pingali Surana

Shri Pingala Surana was a great poet of Telugu language, of 16th Century CE. He was in the court of Vijayanagara (Karnataka State, India) Kings. It is believed that he was in his youthful years, made a late entry into the Court of Shri Krishna Deva Rayalu, who died in 1531 CE. Surana is considered as one of the 'ashTa diggajams' (ashTa= eight (Indo-European origin word) dik gajam = Elephants bearing the burden on this this Earth in the Eight directions i.e. East, South East, South, South West, West, North West, NOrth, North East). The other seven elephants were: Allasani peddana, Nandi Timmana (also called mukku timmana), DhUrjaTi, mAdaiah gAri mallana, Ayyalaraju RamabhadruDu, rAmarAja bhUshaNuDu (also called bhaTTu mUrti), and tenAli rAmakrishna.

Distinction between Telugu Poets and English Poets

Telugu poets (like their counter parts in other INdian languages) were vegetarians, teetotalers, had great memories, had great control over poetic metres, prosody, and vocabulary. These characteristics are essential ingredients for all Indian poets, even for those who adorned the courts of Sultans and Moghul Emperors.

These characteristics also make the INdian poets different from English and European poets, many of whom were paedophiles (like some Catholic Christian Missionaries), drunkards, debauches or love-lorn birds, sufferers of consumption and TB. Hence, we rarely see the themes of melancholy, revenge and retribution, in the Indian Poetry. As Medieval Indian Poets did not visit taverns or pubs, they were not involved in drunken brawls. Most of their only weaknesses were self-boasts, and flattering of their patron kings.

Particularly, Telugu language verses have very difficult meters, though most of them have only four lines. Writing one poem, in compliance with the rules of prosody (called chandassu), itself was very difficult, unless the persons trying to write poetry have very large treasures of vocabulary, and patience. Incorporating the words into the verses and meters was like a work comparable to inserting diamonds and precious stones into gold ornaments. Telugu poets not only wrote thousands of verses complying with meters, but some of them like Pingali Surana, Ramaraja BhushaNuDu specialised in writing verses with two meanings e.g. a verse with one meaning of Ramayana and second meaning of Mahabharata. Not only did they write one or two verses, but they could write whole books of verses with two meanings.

Not only the poets in the Courts of Vijayanagara Kings, but also most of the Telugu poets were 'AaSu' (Telugu word Aasu = instantaneous, spontaneous) poets. That means, they can render verses of difficult meters instantaneously, and spontaneously, ORALLY EX TEMPORE, without writing on papers. They can bless or curse with Spontaneous verses, as circumstances and situations may require. (e.g. poet: vEmulavADa bhImakavi).

The Telugu land is very fortunate, though such fortunes are receding, that we have poets who can spontaneously render verses in difficult meters. There is a public process-procedure called 'avadhAnam' where the poet will stand to tests by eight scholars (ashTA avadhAnam), 100 scholars (SatAvadhAnam), 1000 scholars (sahasrAvadhAnam), 5,000 scholars, 10,000 scholars etc., on public fora.

THE STORY OF PINGALI VARI PEKI

PingaLi is the surname (family name) of sUrana's ancestors. sUrana is the first name of the poet, given by his parent. sUrana means "SUN".
There are two versions of this story which may be a fantasy, but it can generate laughter.

FIRST VERSION

Pingali Surana (or his ancestors) were going in a forest. We shall take it as Surana himself was going. On the forest path, he found a bead. He picked it up, and took home, quite casually, without thinking of consequences. When he reached home, he found a woman waiting there at his home. She said that her name was 'pEki'. She wanted to work as a servant in Surana's home, without taking any salary. Her only condition was that under no circumstances, she should be kept idle. 24 hours, she should be given work. Surana and his wife didn't / couldn't foresee the difficulties ahead. They gladly took her into service. Intially, everything went on well, because there was lot of pending things and chores. Whatever work was given to her, she was finishing in few minutes, and was asking for more work. Surana's wife was unable to provide more and more work to pEki, who was pestering them for work.

One day, sUrana's wife delivered a baby, after pregnancy. pEki was also sleeping in the same room as sUrana's wife. In those days, there were no electric lights, or remotes. As the oil lamp was getting exhausted, sUrana's wife asked pEki to push up the wick slightly, to make it burn better. pEki suddenly felt lazy, and not ready to get up, stretched her tongue from the place she was sleeping, and pushed up the wick with her tongue. Seeing this, sUrana's wife was flabbergast (astonished), and started believing that pEki was not a human, and that she might have been a ghost.

Next day, sUrana's wife narrated the incident to her husband. After sending pEki to fetch water from river, in order to escape from pEki, they tried to shift their family to a neighboring village, taking all their belongings in carts. When pEki returned from the River with water, she found that sUrana's family was missing, and neighbors told her that they shifted to the neighboring village, taking their luggage on carts. pEki found that there was a grinding-stone which was left out by sUrana's family, owing to its heavy weight. She took it up on-to her shoulders, and went to the neighboring village, in search of sUrana's new home. She reached there, and again started pestering them for work.

Finally, sUrana and his wife were so tired with pEki that they asked her, how she would leave them. pEki asked for the 'bead' which sUrana picked up in the forest. sUrana gave the bead to pEki, and she left.

SECOND VERSION OF PINGALI VARI PEKI'S STORY

More is ready to be added here in the evening.

To continue adding / deleting / modifying . सशेष. ఇంకా ఉంది.

839 Mr. Chandra Babu Naidu should stop riding over the backs of Public Sector Banks in Andhra Pradesh

One common factor Mr. Narendra Modi, our beloved Prime Minister of India, and Shri Nara Chandra Babu Naidu, our beloved Chief Minister of Andhra Pradesh share between themselves is, they cherish to ride over somebody else. While, Mr. Narendra Modi wants to pontificate to the Supreme Court Chief Justice, Supreme Court Justices, High Court Chief Justices, and Judges of States, Mr. Chandra Babu Naidu wants to ride over the backs of Public Sector Banks in Andhra Pradesh. Mr. Narendra Modi, soon after his coming to power, conducted a seminar for all judges in Delhi, and tried to impress upon them, so as to make them more ductile, malleable and pliable to the new BJP Rule. Mr. Nara Chandra Babu Naidu, frequently uses the monthly State Level Bankers' Meets organised under Lead Bank Scheme, to make the State Level Bank Bosses more ductile, malleable, and pliable. Though no judge in case of Delhi, and no banker in case of States have openly spoken about their resentment against political and bureaucratic intrusions into their terrains, strains can be read direct, or between the lines from the Media Reports.

Our Telugu newspapers and TV Channels have forgotten or deliberately omitted, to report the problems of Andhra Pradesh I.A.S./I.P.S. Officers, and the State Level Bankers, owing to long review meetings (a sort of lengthy haranguings?) by Mr. Chandra Babu Naidu. If any of the reporters care/cared to have at least an informal talk with the I.A.S./I.P.S. Officers and State Level Bankers, they MIGHT/WOULD have at least, off the record, expressed their dissatisfaction over the manner in which Mr. Naidu is hammering them with too-many, and too-long-hour review meetings video conferences / as well as personal-attendance jumborees, as a result of which the Officials are unable to attend to their legitimate duties prescribed by Indian Constitution, Indian Laws, various Government notifications and circulars.

If all their time spent in Conference Chairs, ears glued to what the CM says, with water bottles, and probably some cashew nuts to munch in front of them, by the time they go back to their offices (if they chose to go back to their office direct), or to their homes (if they chose to go back to their homes after the tedious-tiresome-monotonous-unilateral meetings, they will be ending with bloated stomachs filled with mineral water, some badam/cashew nuts/cookies and some intestinal gases. It is, none of our concern, after that, they may or may not be going to some night clubs or bars to unwind themselves from the morning's debacles / proceedings.

Deccan Chronicle News Paper Print Edition dated 23.11.2016, Page 1, has highlighted the problem with the heading CM MEETS, A PAIN. Lengthy talks make babus, bankers unhappy. I am unable to, at this moment, provide a link to this news report. I quote below some of the relevant things:

*A Senior IAS Officer said that the State Government has no role in banking affairs.

He said: There is no use holding meetings with local bankers and officials.

The bankers said that they have to act according to the directions of RBI,

Every meeting conducted by CM Naidu takes not less than four hours.

Monday's meeting took six hours.

CM trying to boss over Bank Officers, without any jurisdiction

Mr. Chandra Babu Naidu, also seems to have a habit of "instructing" State Level Bankers, for which he has no authority or powers. State Level Bankers are nodding to Chief Minister's utterances, only out of due courtesy, for the Head of the Government of the State.

NO LONGER, THE LURE OF FLIMSY, IMAGINARY DEPOSITS

Besides, earlier, State Government used to place some Term/Fixed deposits with various banks as "baits" and "lures". Now, as the State Government has transferred most of the funds in Term Deposits/ Bank Savings Accounts to GOVERNMENT PD ACCOUNTS OF TREASURES, State Level Bankers have lost their incentives to be the slaves of the State Governments. Earlier, Bankers used to be apprehensive that if they displease the Chief Ministers, the concerned State Govt. Departments may withdraw their Fixed Deposits. Now, there is no such fear.

NON-CO-OPERATION BY STATE GOVERNMENT IN RECOVERY OF BANK OVERDUES

Even in respect of the agricultural debt waiver scheme promoted by Andhra Pradesh / Telangana Governments, as the Governments have laid numerous impractical conditions for implementing the scheme, it appears that Banks are saddled with NPAs in respect of farmers who expected to get benefit, but could not qualify for the Debt Relief. In respect of these overdues, the State Government has at least a moral responsibility to help the Bankers in recoveries. Instead, Ministers of Andhra Pradesh seem to instigate farmers to question their Bankers.

RBI is the boss for BANKS IN ANDHRA PRADESH, NOT CM.

State Level Public Sector Bank Officers have to abide by the instructions received from their Central Offices, Reserve Bank of India. Even Government of India is not expected to directly instruct State Level Bankers. Central Government has to route its instructions through proper channel i.e. RBI, and the Central Managements of Banks, most of which are in Mumbai, and other Metros.

CM'S CONTRIBUTION TO CHAOS IN AND COLLAPSE OF, RURAL INSTITUTIONAL CREDIT DELIVERY AND RECOVERY SYSTEM

Mr. Chandra Babu Naidu, by asking farmers not to pay Bank Loans during his 2012 Election outings, has done great damage to the Rural Institutional Credit System in Andhra Pradesh and Telangana. So far, both the Telugu States have not recouped themselves from the damage caused by mass-defaults of farmers. It is a different thing if some debt-bitten farmers, or drought/flood struck farmers default in repaying their loans. Even those farmers who got good crops, good prices, good markets, defaulted, because Mr. Naidu had given a call.

POST-DEMONETIZATION SUFFERINGS OF FARMERS IN ANDHRA PRADESH AND TELANGANA

Now, after the demonetization by Mr. Narendra Modi, the sufferings of the poor farmers in Andhra Pradesh and Telangana aggravated. They are unable to pay wages to agricultural laborers, harvest-machine owners, rabi-seed suppliers, etc. because everybody insists on small denomination new currency. Mr. Chandra Babu Naidu's Assistants say that they have written many letters to RBI, seeking supply of notes.

when will new Rs. 500 notes appear in Andhra Pradesh?

But, not much seems to have emerged. RBI seems to have its own road map and schemes of priorities among States. Rs. 500 denomination new notes seem to have been released and reached in other States, while in Andhra Pradesh, we are not so far able to see them. Rs. 500 new notes could have eased the situation substantially. Mr. Naidu can ring up to mr. Narendra Modi, and Mr. Arun Jaitley, who are his pals, and Mr. Venkaiah Naidu, who is his bossom friend, to do something real.

To Continue. सशेष. ఇంకా ఉంది.

691 Part 3 of the Episode of Mr. Vijay Mallya

Mr. Vijay Mallya, the Indian Industrialist, who has borrowed from 17 Indian Banks, and is said to have become a Willful-defaulter to the extent of Rs. 90 billion ($1.3 billion approx.), has been issued summons by the Supreme Court of India. He has tweeted that he has not fled away from India. He does not want a Media Trial. His reported remark about the Editor of "Times Now" Channel is worth noting: "...The editor of Times Now needs to be in prison clothes and eat prison food for libel, deceit, slander and absolutely sensational lies. ..." — Vijay Mallya (@TheVijayMallya) March 10, 2016.

LINKS TO PREVIOUS POSTS ON THE SAME SUBJECT

Post No. 443 of March 2015. Highlighted, banks' lethargy in recovering overdues from Mr. Vijay Mallya.

According to the News Reports, bulk of the wealth owned by Mr. Vijay Mallya, has been stashed abroad. Only paltry amounts and properties, are available in India, for attachment towards satisfaction of his debts.

If Mr. Mallya is so sincere, so honest, so indignant, so much of a lover of Indian Judicial System and Indian Law Courts,

1. he can repatriate to India, all his funds stashed abroad. He can also make available for attachment all his foreign assets to Supreme Court of India.

2. he can attend every hearing of Debt Recovery Tribunals, High Courts and Supreme Court, without making frequent representations of his "non-availability" on medical grounds, or business grounds.

3. he should not enter into any secret arrangements with foreign Corporates and industrialists to fraudulantly transfer his assets, so as to escape attachment by Indian Courts.

4. Airlines Business is a highly risky business, this everybody knows. As a seasoned business-person, Mr. Vijay Mallya knows this, and he also knows that his liquor empire is highly profitable, and less risky. Thus, with a high risk Airline, and low risk liquor business (apart from other low risk businesses such as Fertilisers, Real Estate, Resorts, etc.), Mr. Mallya has sufficient hedging, and cushion, to overcome unforeseen losses. But, by entering into gambling sort of businesses such as purchasing Cricket Teams, Formula Racing, he seems to have squandered the public funds with the help of 17 Banks, which failed in their Credit Delivery and Supervision duties.

5. Anyway, here is a great opportunity for Mr. Mallya to resurrect the whole situation, which is not beyond redemption. The only thing is, he should be willing to co-operate with the judiciary, and the Banks. By doing so, he will be proving to the world a) the honesty of Indian Business persons b) the Respectability and Trust which Indian Judiciary enjoys c) the Business-Judgement-abilities (Credit Appraisal, Project Appraisal etc.) of the Indian Banks.

6. If he acts with 100% honesty, though he loses all his assets, he will have his honor in tact. In Indian History, his name gets written with Gold Letters, as an Exemplary Business Person. He can live with peace of mind in India, rather than living like a fugitive and a thief in England and dying there unsung. In reality, if he chooses to settle in England, after evading all his loans in India, though the Foreign Governments, Foreign Banks may respect him externally and superficially, he will, still, be regarded as a thief, notwithstanding Media Trials.

7. Leaving aside the politics of Congress, BJP and other parties in Indian Parliament and outside, Indian intellectuals are watching with bated breath, what Mr. Mallya is going to do.

8. This will also set a trend and role-model, to other Defaulting Indian Industrialists.

9. If Mr. Mallya avoids Indian Banks and Indian Judiciary, and goes further to fish into England and its London Den of Global Financial-Offenders, one wishes that Govt. of India, State Governments, Indian Courts, Indian Banks, INdian Share Markets and Bond Markets, whether they learn long term lessons from their errors of judgement, omissions and commissions, or not, for sometime to come, must exercise great caution in taking up fresh Corporate Loan proposals.

Indian Banks will have to reveal the details of other large Indian Corporate Defaulters and deal with them sternly. Else, Other Defaulters may take Mr. Mallya as their Leader. They may even form an Association of Indian Industrialists being hounded by Indian Government, and may seek a REFUGEE Status in Europe, North America, Australia and New Zealand. Foreign Governments may support such nefarious Associations, for the fun of teasing the Indian Government, and also extract some concessions under each head of G-8/G-20, WTO, IMF, World Bank, BIS etc.

Every Corporate Applicant is going to be viewed with suspicion and X-Rayed about his-her personal integrity, by Indian Banks, till their old wounds heal. Of course, Time though is not the best healer, it is a definitely, a sort of a healer.

ybrao-a-donkey's humble comments. वैबीराव एक गधे के विनम्र राय . వైబీరావ్ గాడిద వినమ్ర వాణి. You have every right to differ with me. I respect your right. आपको मेरे मत से भिन्न राय रखने के संपूर्ण हक है। मै उस अधिकार को परिपूर्ण रूप से गौरव देता हुँ. మీకు, మీ భిన్నమైన అభిప్రాయాన్ని కలిగిఉండే సంపూర్ణ హక్కు ఉంది. దానిని ఎంతో నేను గౌరవిస్తాను. However, pl. examine this donkey's views also. परन्तु एस गधे के दृष्टिकोण को भी अनुशीलन कीजिये. కానీ ఈ గాడిద దృష్టికోణాన్ని కూడ ఓర చూపుతో కంటజూడుమీ, క్రీగంట జూడమీ.

Media Trials are well known for their overzealousness. Anchors, and Moderators of Discussions, often behave as though are HIgh Court and Supreme Court Judges, or even above them.

The Anchors and Moderators of Discussions may be doing it, under pressure from their Corporate bosses, who themselves are not above suspicion. The Anchors and Moderators, are after all, just paid servants and slaves. The Circus Masters are the owners of the Media Channels. Anchor-Moderator Lions and Elephants will get their marching orders and pink slips, if they do not dance on the stools provided by the Ring Masters.

TAILPIECE धूमकेतु తోక చుక్క

In Telugu language, there are two proverbs.

1. "kukka tOka vankara." Approx. English: "A dog's tail (always remains) is twisted". Anecdote: A person wanted to straighten his dog's tail, tied it with bamboo slices and ropes, just as fractured legs and hands are bound with bandages. After some months, hoping that the dog's tail might have straightened, he opened it cutting the ropes and removing the bamboo. The dog's tail went back to its spiral shape. Indian (Why Indian? even Global) Industrialists, are like irreparable dog tails.

2. "akka ASE kAni bAva batakaDu". Approx. English: akka = elder sister. bAva = elder sister's husband. A bAva became sick. He was being taken to numerous doctors and hospitals by "akka", and her younger brother. After several visits of several Cities and Towns, and several hospitals, the younger brother might have been exhausted and become wiery. When villagers inquired from him, about his bAva's health , the youth said : "akka ASE kAni bAva batakaDu". Gist: Sister hopes, but Brother-in-law will not survive.

We, Indians, are like "akkAs". We hope, hope and hope. But our industrialists, business tycoons, Banks, Courts, Lawyers, of course Media which is also run by Industrialists, all let us down. This happened in the past, is happening now, and is going to happen in future.

Subject to substantial Revision, additions and deletions. To continue and revise this, with more proof.. सशेष. సశేషం.

567 Indian Public Sector Bks should not be asked to cut lending rates. भारतीय प्रभुत्व बैंकों को ब्याज रेट्स कम करने के लिये दबाना नहीं चाहिए। భారతీయ ప్రభుత్వ రంగ బ్యాంకులను వడ్డీ రేట్లను తగ్గించమని వత్తిడి చేయటం ప్రమాదకరం.

RBI Governor, Mr. Raghuram Rajan, seems to be a courageous person, when news reports indicate that he is resisting constant continuous nudging + prodding by the Finance Minister & the India Inc. to cut lending rates. Simultaneously, we see him his nudging the Bank chairpersons to cut Bank lending rates, probably to show that he is pressing the Banks, but Banks are not heeding to RBI and the Govt. One gets an impression that he does not want to keep the blame for himself.

As a Finance expert, he may also be aware the present turmoil and tumult which the Indian Banks, particularly the Indian Public Sector Banks are going through. He may also be aware, that Indian Public Sector Banks operate with a very narrow spread between the interest rates paid on deposits and the interest rates charged on their lendings. He may also be conscious of the great difference between the roles expected to be played by Public Sector Banks and the Private Sector Banks. It is true that an RBI Governor is not expected to be a pugilistic punching bag for the Govt. and the Finance Minister. Nor is he expected to be an extremely empathetic agony aunt for the chair persons of Public Sector Banks. It is unfortunate that Finance Minister and Finance Ministry are not paying enough attention to the health of Public Sector Banks, which if they burst can cause irreparable damage to Indian Financial System. Providing funds to sick banks, is just one measure. There are numerous other things which deserve immediate attention from the Government, particularly the Credit Recovery Arrangements.

As the communications between the RBI Governor and the Finance Minister at top level are confidential, it is very difficult to gauge whether RBI is adequately representing the problems faced by PSBs to the Govt. of India. At least there is one reason to believe that he is conveying the pathetic problems of the Indian PSBs, as can be deduced from the willingness of Govt. of India to provide additional Capital to Public Sector Banks. This alone may not be adequate to say that everything is being represented upwards. Besides, the Government of India, may be either through RBI, or even directly under pressure from Institutions such as IMF, World Bank, Bank of England or Federal Reserve Bank (America's Central Bank), BIS (Bank for International Settlements) to increase the Capital(s) of Indian Public Sector Banks quoting some BASLE Convention or something else. Govt. of India seems to wilt relatively easily to international pressures, when compared to its understanding the domestic needs.

Some quotes dated 20th Aug 2015, at SBI Economics and Banking Conference, which are attributed to Mr. Raghuram Rajan, RBI Chief:

"...There is a need for banks to cut their lending rates anticipating the benefits which will be accruing from the central bank's rate cuts. ..."

"...I think there is something to be said for the fact of the slow pace of transmission, that some front loading by the banks themselves may be useful. ..."

Some other valuable quotes related to this subject attributed to the Banks:

"...A 75 bps cut translates into 40-45 bps cut in cost of funds for banks. You've already seen a 30 bps cut. Transmission will never be a one-is-to-one correlation with monetary policy rates. ...--Ms. Chanda Kochhar"

ybrao-a-donkey's humble views. I shall not insist that you agree with me. वैबीराव एक गधे के विनम्र वचन. आप मुझ से सहमत होने के निर्बंध नहीं है। వైబీరావు గాడిద వినమ్ర అభిప్రాయాలు. నాతో ఏకీభవించమని మిమ్ములను వత్తిడి చేయను
1. Interest Rates prevailing in Indian Financial Markets where individuals, firms and Corporates lend to one another have mostly remained over 24% and rise even upto 120% p.a. depending upon security perceptions, need of the borrower, repayment program, etc. etc. Considering this hard reality, even a lending rate of 18% p.a. should not be considered as high. It is strange that India Inc. makes a hue and cry when Banks charge rates as low as 12% p.a. and demand large reductions in rates. It is really detestable that they ask for cuts in lending rates.

2. Indian Banks both Private Sector and PUblic Sector, have very poor credit appraisal, delivery, supervision, and recovery mechanisms. It is common for Corporates both industrial and non-industrial to divert borrowed funds for purposes other than the intended purposes. For this reason only we see hoarding of essential commodities, speculation in real estate, gold, silver, stock market speculations, cricket betting, with funds diverted from Bank borrowings. Once, the amounts leave the Corporates to their affiliates and subsidiaries or to the family members of the promoters, there is very little which Banks can do, to bring them back into the main stream of Finance. What the Corporates, both Indian and the MNCs operating in India, seem to want, apparently are cheap funds for short, medium and long term speculation. Else, except for those goods and products which have long production cycle, or stagnating markets, there should be no need to carry huge stocks, and pay interest to Banks. Corporates will not tell, but the interest amounts they pay, are for the moneys they block themselves in their hidden real estate or speculative investments, or in inter-corporate ventures. The best example we can get for this type of behaviors we can see from King Fisher, or the defunct Satyam Computers. In case of Satyam Computers, fortunately Mahindra came to the rescue of the Govt. and bought the I.T. dud. In case of King Fisher nobody knows what is happening and what is going to happen. I am also unable to recollect what happened to the dues of Indian Banks recoverable in case of Dabhol Power Project, Maharashtra.

I feel that it is high time for RBI Governor and the Finance Minister to ENABLE the Public Sector Banks to recover all their dues from the large Commercial and INdustrial borrowers. Court processes are cumbersome and time-consuming. Recalcitrant borrowers will use the time gap of nearly five years taken in courts for issuing decrees, to use the funds for their own purposes, though there is a procedure for attachment before judgements, it seldom works. Besides, attachments before judgements are intended as a sort of emergency method rather than as a recovery or loss minimisation proceedings.

Efforts made by banks with police help to forcibly take possession of secured assets where borrowers were non-coperative, were shunned by the court indicating that Banks cannot take law into their own possession. Even courts are unable to execute their own decrees, because they do not have staff or police of their own, and they depend on advocates appointed as Receivers/Assignees who ask Bank Staff to arrange transport and food for them. It is hightime for the Central Government and the respective State Government to constitute to post additional special Armed staff with crime and law & order powers, at, at least, Sub-Division Headquarters to help Banks in taking possession of securities, and their sale. Besides, RBI can ask Public Sector Banks, to set up a common Armed Security Force for enforcement and sale of security assets, by pooling funds and make Armed teams available to needy Banks when they need such services, and the Maintainer of the Security Force levy charges for providing the Security Enforcement and Recovery Armed Guard Services. Perhaps, it may be necessary to make some amendments to the Indian Penal Code, Civil Procedure Code, Criminal Procedure Code, Evidence Act, to make these things really work. Debt Recovery Tribunals alone cannot serve this monumental and monstrous task.
It is imperative that RBI treats and should treat Public Sector Banks differentially and preferentially from Private Sector Banks. This is simply because Private Banks and Public Sector Banks have different goals, different approaches, and different problems.

RBI should encourage Banks to mobilise their own lendable funds more and more from public and not depend on RBI's REPOS, by paying attractive interest rates to customers. Repos are intended to be emergency help, and not as primary lendable source of funds for Banks. Govt. or RBI or Banks or Industrialists should not have that impression that Banks will borrow from RBI at Repo Rates and add a measly margin for thier services.

If, under pressure from industrialists -> Govt. -> RBI, in case Banks reduce their lending rates and automatically, obviously, deposit interest rates, public will go elsewhere i.e. to unorganised sector or money-laundering institutions. Or they will buy gold or indulge in speculation. Not reducing interest rates on Bank deposits is particularly important, considering that Govt. is levying income tax on meagre interest which Banks pay on Bank deposits and insisting on TDS on Bank Deposits which are already low-yield investments owing to Deposit interest rates not matching with inflation.

(To continue. और लिखने का है। ఇంకా వ్రాయాల్సింది ఉంది.