Banking matters

| Updated on August 16, 2019 Published on August 16, 2019


This is in reference to ‘Bank nationalisation served India well’ (August 16). An honest review of nationalisation of banks has been carried out in its 50th year, and it has revealed how banks travelled to nook and corner of India to serve the country. Not for nothing, former PM Indira Gandhi has been richly credited for this landmark initiative, though there is still a long way to go to achieve some of the intended targets. Nationalisation only helped banks achieve financial inclusion, the incurring of prevalent banking habits, rural and village development. To revive banks from the clutches of the NPA shark, it is better we free the banks from lending to infrastructure and long-gestation oriented project loans.

RS Raghavan


Right implementation

Apropos ‘India to have Chief of Defence Staff overseeing all three armed forces’ (August 16), the appointment of Chief of Defence Staff is welcome but how the three armed forces reconcile themselves initially with the right synergic unity is a matter that requires the PM and the top team to adopt highly diplomatic and tactful strategies. The prime responsibility of PM while implementing his measures is taking taking his team and the nation along with him. Water conservation, plastic-use regulation and Swacch Bharat require cooperation and collaboration of NGOs, the public and the political parties.

KU Mada


Population control

The caution message from the Prime Minister in his Independence Day address regarding population explosion is timely. At the current rate of population growth, providing employment to all is very difficult, and it will be a challenge to meet growing demand of basic needs in the backdrop of shrinking natural resources. The earlier population control propaganda backed by the Red Triangle does not even have recall value now. The Government should spearhead “One Family One Child” norm and disincentivise large families.

M Raghuraman

Mumbai Economy issues

The report, ‘Modi reviews state of economy with Sitharaman, FinMin officials’ (August 16) stated, “Reports suggest 300 dealerships have been shut down and around 2.30 lakh jobs have been axed in the sector. The Society of Indian Automobile Manufacturers (SIAM) says about 10 lakh jobs have been hit in the auto component manufacturing industry”.

The suggestions to lift the auto industry from the morass of chaos sound curiously customary. Reduction in the GST from 28 per cent to lower rates, adjustment to the road tax, cutback of registration fees and dilution of the compulsory three-year insurance, form the core of the proposals. It could happen only by taxing goods and services in other sectors more.

Reserve Bank of India cut the repo rates to boost the liquidity in the banks. Inevitably, these cuts resulted in lower interest rates on fixed deposits; a silent thievery on the common man. Citizens have nowhere to go, as the stock markets look unsteady now and the mutual funds stumble.

Haridasan Rajan



Voter details

This refers to the media reports indicating that the Election Commission has written to the Law Ministry on linking Voter ID cards with Aadhaar. Moreover, the nation’s poll body has also sought amendments to the Representation of the People Act, 1950, aimed at reducing the bogus voters, befitting the government’s idea of ‘One Nation One Vote’. An appreciable step indeed.

However, it may be significant to mention that the SC had reportedly stayed the EC’s earlier guidelines to such a linking in its August 2015 verdict. It is also gathered that the Aadhar details of significantly large number of voters have already been linked with the EC’s data base.

One just shudders to imagine the rationale behind the poll panel persisting with such an idea even when the matter is ‘sub-judiced’. Should it not have waited for the apex court’s ruling for the collection of Aadhaar details of voters and linking them to their database as sought by it in 2017? Could any such ‘systemic’ short-cuts, even if well intended, ever be justified?

Vinayak G


Published on August 16, 2019
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