Interest’s fair

This refers to ‘There’s no banking without interest’ by Mohamed Ashrafulla (February 22). Interest is nothing but cost of money or funds. If charges for services rendered can be paid as wages and if rent can be collected for premises let out, why can’t we pay for money spared or used? In any financial dealing, there will be charges for funds and they may be hidden or explicit. Changing the mindset will enable Muslims to prosper and to contribute for the development of their community. Long back in India, selling food was considered wrong and there used to be free choultries.

S Kalyanasundaram

Email

Higher taxes work

The results of policy experiments in Kansas and California hold lessons for our policymakers who seem to believe the key to growth is only in tax-cutting and deregulation. (‘Economic arrogance has been let loose’ by Paul Krugman, February 21). Kansas is reported to have gone in for a big tax hike after failing to jump-start the economy with steep cuts; and Californian economy is doing well after taxes were raised. Our policymakers who are clouded by neo-liberal ideas should wake up.

Manohar Alembath

Kannur, Kerala

What women get

This is with reference to the editorial, ‘What women want’ (February 22). Ours is basically a feminine economy, where household savings play a major role in capital formation. Indian women are traditionally good money managers. When demonetisation came into force, the domestic savings went into the accounts. The main reason the money was out of the banking system was community lending and saving. Traditional chits play a major role in saving and lending, which are outside the purview of formal banking.

With the top executives of two big banks being women, there is no gender discrimination, except for the availability of. It is not that banks lend only to beauty parlours and spas. There are concessionary rates for women in housing, and vehicle loans. The success of women entrepreneurs is not limited by lack of finance but by domestic compulsions. Women have many responsibilities: children, aged parents and health issues. What is required is a social mind change rather than financial support.

S Veeraraghavan

Coimbatore

It would be very interesting to know whether the overheads and the administrative cost of the Bhartiya Mahila Bank is more than its business. Before opening banks for women there should be intensive research to determine specific problems and needs. Women borrowers deserve special treatment.

K Ashok Kumar

Kolkata

It starts at the top

Long-time Bengaluru residents still remember it was a land of lakes and greenery (‘Drowned in lakeside controversies’ by Narendar Pani, February 22). This is due to dumping of debrisby vested interests and chopping of healthy trees. The lackadaisical attitude of the people at the helm turning is unfortunate.

HP Murali

Bengaluru

We need best practices

This refers to the editorial, ‘An inclusive India Inc’ (February 21 ). It has rightly been pointed out that the employment base of the public sector is shrinking and that of the corporate sector, expanding after liberalisation.

So, the opportunities of employment for socially excluded classes are getting limited. We can’t expect dramatic transformation in the belief that corporates on its own will follow affirmative action for inclusive growth while negative discrimination is engrained in our socio-cultural system.

In order to ensure uniform inclusiveness in our corporate system it is desirable that some provisions be made in the companies law on the line of corporate social responsibility. To monitor implementation and progress, an equal opportunity commission should be established.

Trupti Goyal

Jodhpur, Rajasthan

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