• ‘My Story’ by Com. Jyoti Basu
  • About
  • Settlement of Medical Bills of Pensioners
  • Historic Victory!
  • Disclosure Policy

VAN Namboodiri's Blog

~ Welcome to V.A.N. Namboodiri's blog…

VAN Namboodiri's Blog

Tag Archives: PSU Banks

Don’t Merge Public Sector Banks – CPI(M)

15 Tuesday Jan 2019

Posted by VAN NAMBOODIRI in General, PSU

≈ Leave a comment

Tags

Merger, PSU Banks

New Delhi, January 15: The Polit Bureau of Communist Party of India (Marxist) has issued the following statement:

The Polit Bureau is deeply concerned at the un-seemly haste with which the government of India has been going ahead with the merger/amalgamation process of three nationalized banks viz., Vijaya Bank, Bank of Baroda and Dena Bank ignoring the collective opposition of the employees and officers together of the entire industry.

The merger of banks is being justified by the Government on ground of strengthening and consolidating the concerned banks; but in reality, such a merger will further weaken all the three banks post merger. Problems of public sector banks emanate from the deliberate default in loan-repayment by the big corporate houses. The solution lies in stern action by the Government for outright recovery of the huge loan amounts from these defaulter corporates with penalty instead of the futile exercise on merger.

However, the Government has been displaying a totally indulgent attitude to the defaulter corporates and through the Insolvency and Bankruptcy Code (IBC) procedure public sector banks are being forced to accept big reduction of the defaulted loan amount.

Such merger of banks, instead of addressing their basic problems, will actually result in squeezing the banks’ operational areas through inevitable closure of several branches seriously affecting employment. It also affects the spread and availability of banking services for common people particularly in comparatively remote areas.

The CPI(M) opposes the harmful exercise of merger of banks and calls upon the government to desist from such moves.

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

In the name of reforms, PSU Banks are being strangulated

30 Thursday Mar 2017

Posted by VAN NAMBOODIRI in PSU

≈ Leave a comment

Tags

Merger with SBI, PSU Banks

The Modi government has now focussed  its attack on the public sector banks, in order to allow a free hand for the private sector. Just look into the following:

  1. 5 Affiliated Banks viz. State Bank of Travancore, State Bank of Mysore, State Bank of HYderabad, State Bank of Patiala and State Bank of as also Mahila Bank are going to be merged with State Bank of India w.e.f. 1st April 2017. SBT, which is headquartered in Kerala has been in existence for 72 years and has got 1,177 Branches all over India, 1767 ATMs, 14,892 employees and a deposit as Rs. 1,60,473 crores, It has got a capital of Rs. 36,123 crore and a profit of about Rs. 400 crore annually. It has got a large customer base. This is the case with the other SBI affiliated Banks. After merger, thousands of branches are going to be closed and about 10,000 workers may became surplus and no new appointment will be made in the vacancies through retirement. VRS/CRS also may be implemented. Thousands of jobs are going to be lost. What is the necessity of merger except to reduce the workforce and close the branches to favour the private sector banks to expand their services and garner profit?
  2. The Central government has directed 10 PSU Banks including IDBI Bank, Central Bank of India, Indian Overseas Bank and United Bank to close down loss making branches and selling their shares in the market. This will not only reduce the area of operation of these banks, but also will favour the private banks to increase their area of service.
  3. Instead of taking serious action to recover the Non-Performing Assets (NPA – unpaid loans) of lakhs of crores of rupees from the corporates, the government is closing its eyes and allowing the borrowers to escape with out payment. Case of Vijay Mallya is only one of such thousands of cases.

These anti – PSU Banks policy and decisions of the government need to be strongly opposed and defeated.

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

Act Strongly to recover NPA – Arun Jaitely, Finance Minister to PSU Banks

22 Saturday Oct 2016

Posted by VAN NAMBOODIRI in General

≈ Leave a comment

Tags

FM, NPA, PSU Banks

Arun Jaitely, Finance Minister, has asked the PSU Banks to take strong action to recover the NPA (bad loans) from the defaulters with out fear. Such an assurance should have been given long ago. The lakhs of crores of rupees of NPA has been accumulated year after year due to the compromising position taken by the Bank Management, Government and interested and influential politicians. The hard earned money of the common people put in the banks are ‘gifted’ to the corporates, rich and influential people through liberal loans without even sufficient and adequate security.

The government and the Banks should not only declare their intentions, but should act firmly. Is it possible when it is from these same corporates and rich that lakhs of crores of rupees are collected as donations for elections etc.? There should be very strong pressure from the people on the government to get it implemented.

It is also necessary that  High level Judicial Enquiry is conducted in the matter of NPAs and the culprits punished.

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

Rs. 5.4 lakh crore NPA (Bad loan) of PSU Banks!

16 Tuesday Aug 2016

Posted by VAN NAMBOODIRI in General, PSU

≈ Leave a comment

Tags

NPA, PSU Banks

The PSU Banks in the country are having  NPA or the bad loans not returned of Rs. 5,39,995 crore as in 2016. For the last 15 years, the NPAs have been increasing every year. These are loans of crores of rupees given to big corporates, business barons and so on. Neither the government nor the PSU Banks are taking any serious action to recover these loans. These are companies who are having sufficient funds to repay. This is a conspiracy between the management of the banks, corporates and ruling political parties.

There is a need to expose all of them. The Banks should publish the list of these corporates. They should be shamed. Government should take serious action against all those involved. It is the people’s savings that have been swindled.

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

Top 10 Corporates alone owe Rs. 5.73 crore to PSU Banks.

03 Wednesday Aug 2016

Posted by VAN NAMBOODIRI in General, PSU

≈ Leave a comment

Tags

corporates, NPA, PSU Banks

Minister of State of Finance, Santosh Kumar Gangwar told the Rajya Sabha yesterday that the top corporate groups in India owe the Public Sector Banks Rs. 5,73,682 crore, the loans taken and not returned. The total NPAs or bad loans by the corporates will come to lakhs of crores of rupees.

This is a clear case of politician-corporates-bank management conspiracy taking away the savings of the people of the country for the benefit of the corporates. Very strong action is required to recover this money.

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

PSU Banks loss about Rs.18,000 crore.

07 Tuesday Jun 2016

Posted by VAN NAMBOODIRI in General

≈ Leave a comment

Tags

NPA, PSU Banks

According to the Finance Minister Arun Jaitely, the total loss to the PSU Banks is about Rs. 18,000 crores. The loss is mostly due to the NPA or bad loans of hundreds of crores of rupees given to the corporates, including almost all the important business concerns in the country. These loans are given without proper procedure, on the recommendations of the political bigwigs and also in collaboration with the top officers of the banks. The indications are that these loans are taken with the full confidence that the borrowers can escape without repaying the loan.It is very much necessary that a high level inquiry should be ordered and remedial measures taken to recover these loans. But since the top politicians, big corporates and top Bank Officers are involved, the chance for any sincere inquiry is doubtful.
The silver lining is that despite these NPAs, the PSU Banks are having an operational profit of Rs. 1.40 lakh crores.

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

Government on the move to merge Subsidiary Banks with SBI

03 Tuesday May 2016

Posted by VAN NAMBOODIRI in PSU

≈ Leave a comment

Tags

PSU Banks, SBI

In the name of consolidation, the government is on  the move to merge its subsidiary banks with  SBI. There are five associate banks of SBI like State Bank of Patial, State bank of Hyderabad, State Bank of Travancore etc. The proposal is to merge them with the SBI.

Merger of one or two PSU Banks in to one is also in the agenda of the government. This can only be seen to weaken the Banks and reduce its functioning. The licence given to many private payment banks has also to be seen in this context.

The great role played by the Public Sector Bank is well known. These decisions are only to help the private banks grow at the expense of PSU Banks. It s certain that the powerful bank unions will not be a silent spectator on these issues and will start powerful agitations.

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

Private Airlines owe Rs.220.16 crore to AAI

10 Thursday Mar 2016

Posted by VAN NAMBOODIRI in General, PSU

≈ Leave a comment

Tags

AAI, Airlines, Mallya, PSU Banks

The private airlines including Indigo and Jet owe Rs. 220.16 crore to the Airport Authority of India (AAI) who owns  and runs most of the Airports in the country. This was informed in the Lok Sabha today, 10th March 2016, by Civil Aviation Minister Mahesh Sharma.

This once again shows that the private companies and corporates are draining the revenues of the PSUs in many ways. The case of Mallya, the liquor baron and owner of King Fischer Airlines is well known to all. He took more than Rs.9,000 crore from the banks and have now slipped away to UK to avoid arrest and recovery of the loan.

The fact is that the government is also not taking stringent action against these corporate honchos. Otherwise how could Mallya escape to UK when look out notice is there against him?

And PSUs are criticised for bad loans, loss etc. All these should be exposed to the public.

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

PSU Banks write-off Rs.1.14 lakhs NPA

09 Tuesday Feb 2016

Posted by VAN NAMBOODIRI in General

≈ Leave a comment

Tags

NPA, PSU Banks

The public sector banks in India have written off loans of more than Rs.1.14 lakh crores during 2013-15 alone as per an RTI reply received from the Reserve  Bank of India. Out of this, more than Rs. 40,000 crore is from SBI alone. 29 Banks have written off such NPAs. The RBI refused to provide even the details of the loans taken of more than Rs. 100 crores.

The non-repaid loans which are called Non-Performing Assets(NPA) have been increasing. These are mainly loans of large amounts coming to hundreds of crores of rupees mostly given to big corporates and business concerns. While the small amount loans of a few lakhs or so are recovered through coercive measures from the common people, the big sharks are let off. The government also keeps silence. The common men’s savings are gifted to the corporates. The PSUs are let to bleed. This injustice has to be put an end to.

 

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

NPA of Public Sector Banks increased to Rs. 2.6lakhs

23 Monday Nov 2015

Posted by VAN NAMBOODIRI in PSU

≈ Leave a comment

Tags

NPA, PSU Banks

It is almost incredible. The 19 Public Sector Banks in the country are having Non-Performing Assets (NPA) of Rs. 2.6 lakhs as in September 2015. NPA means bad loans which are not repaid so far. The NPA in March 2015 was Rs. 2.3 lakhs.

These bad loans are mainly given to corporates and big business. The name of almost every big corporate house and big business concern are in the list of defaulters. They are given hundreds of crores of rupees as loan and they are not repaid. While, the banks take strong action to recover amount from the common man who takes loan, no such action is taken against  the big fish.

On the one side the banks are crying about NPA, but again more and more such loans are given, resulting in the increase of the NPA.

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...
← Older posts

Welcome to my blog…

Welcome to my personal blog. Kindly let me know your comments and suggestions...

Blog Stats

  • 1,553,663 hits till today

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 3,343 other subscribers

Facebook link

Facebook link

Flag Counter (Latest)

free counters

Tag Cloud

78.2% 78.2% IDA AIBDPA Air india black money Bonus BSNL BSNLCCWF BSNLEU BSNL for Better Service BSNL strike Casual labour CEC CG employees CITU closure CMD CMD BSNL Contract workers corruption CPI(M) Cuba death anniversary Defence Delhi Dharna Disinvestment DOT EPF EPFO FDI Forum Gratuity Greece India India corruption Kerala Left Parties Merger Minimum Wage MTNL National convention NCCPA NPA opposition Palestine Parliament. Parliament March penalty pension Pensioners privatisation Protest PSU PSU Banks PSUs Railways Revival of BSNL Save BSNL SBI SC Spectrum Spectrum Auction strike Telecom Telecom TU Movement Tower company TRAI US VII CPC Vodafone W.Bengal Wage revision wages WFTU

Categories

  • 2G Scam Corruption
  • AIBDPA – BSNL DOT Pensioners
  • AUAB
  • B.N.Ghosh Book
  • BSNL
  • BSNL – Better Service to the Nation
  • BSNL News
  • BSNLCCWF – Casual and Contract workers
  • BSNLEU
  • CG Employees
  • CITU
  • coal gate scam
  • Corruption
  • CTU
  • Disinvestment
  • Forum
  • General
  • General Elections 2014
  • History
  • IDA
  • Independence Struggle
  • India Left
  • Kerala
  • Kerala floods
  • Kerala LDF Government
  • Left News
  • Membership Verification
  • NCCPA
  • Neo-liberal policy
  • News
  • Obituary, Tributes
  • P&T TU History
  • P&T TU Movement
  • Parliament
  • Pension
  • Politics India
  • Post
  • Postal Service
  • Price Rise
  • privatisation
  • PSU
  • Railway
  • Railway
  • SAVE BSNL CAMPAIGN
  • SCFWA
  • Spectrum
  • Sustained struggles
  • Telecom
  • Telecom TU Movement 1991-2015
  • Train Journeys
  • TU News
  • TU News – India
  • TU News – International
  • TU News – Telecom specific
  • TUI of P&R
  • TUI of Pensioners and Retirees
  • Uncategorized
  • VII CPC
  • VII Membership Verification
  • VISIT THE PAST
  • Wage Revision BSNL – 2017
  • WFTU
  • Women
  • WORLD NEWS

Blogroll

  • BSNLEU CHQ Website

Archives

  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • July 2010

Meta

  • Register
  • Log in
  • Entries feed
  • Comments feed
  • WordPress.com

Meta

  • Register
  • Log in
  • Entries feed
  • Comments feed
  • WordPress.com

Pages

  • ‘My Story’ by Com. Jyoti Basu
  • About
  • Disclosure Policy
  • Historic Victory!
  • Settlement of Medical Bills of Pensioners
  • RSS - Posts
  • RSS - Comments

Blog at WordPress.com.

  • Follow Following
    • VAN Namboodiri's Blog
    • Join 489 other followers
    • Already have a WordPress.com account? Log in now.
    • VAN Namboodiri's Blog
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Report this content
    • View site in Reader
    • Manage subscriptions
    • Collapse this bar
%d bloggers like this: