Letters

Letters to the editor dated June 23, 2021

| Updated on June 24, 2021

Grab this opportunity

With reference to ‘Gupkar Alliance to attend PM meet to demand restoration of Article 370’ (June 23), the Gupkar Alliance, consisting of opposition parties except the Congress in the valley, has decided to accept Prime Minister Narendra Modi's invitation for talks, should be welcomed. This opportunity ought to be gainfully utilized by all stakeholders. But, if one goes by the latest public averments by the Gupkar alliance’s leadership, it is clear that it will insist on the immediate restoration of Article 370 as also the full statehood for J&K. While, as per media reports, the government may perhaps agree on the restoration of statehood but will never ever agree to their demand on Article 370 and 35 A.

All these political leaders, should shed their obduracy and concentrate more on securing a better future for the Kashmiri people rather than worrying about their political survival. The Kashmiri people must no longer be taken for a ride.

Vinayak G

Bengaluru

The invitation by the Centre to the representatives of political parties in both Jammu and Kashmir for talks with Prime Minister Narendra Modi is welcome. The Gupkar alliance leaders belonging to mainstream political parties in Jammu and Kashmir have also made a prudent decision to attend the meeting. It signals the beginning of a thaw in the strained relationship between political class in Jammu and Kashmir and the Centre. Political process has come to a grinding halt following the abrogation of Article 370 and the bifurcation of Jammu and Kashmir in to two union territories in August 2019. The detention of leaders under the stringent NSA and the clamp down on internet and mobility restrictions have only deepened the alienation of people of Jammu and Kashmir. The proposed talks are likely to focus on the ongoing delimitation exercise, which gives a glimmer of hope about the conduct of elections and restoration of statehood. More than the leaders of political parties in Jammu and Kashmir, much of the onus on normalisation of democratic processes now lies with the Centre.

M Jeyaram

Sholavandan (TN)

Depositors’ woes

With reference to ‘Don't ignore depositors’, bank deposits are considered to be safe and liquid and savers park their funds in banks not for interest but for convenience. The real rate of return for government securities and bank deposits are always negative and the nominal rate of return is always below par. This is because of the risk -return trade off and in the case of bank deposits and government bonds it is the safety of funds that drives savers. To penalise borrowers to compensate the higher interest of depositors is not based on economic logic as interest rate on bank borrowings is a function of the monetary policy based on several economic variables.

M.Ravindran

Nagercoil

Apropos ‘Don’t ignore depositors’ (June, 23), the continuous fall in deposit rates is a cause for concern. Especially for the senior citizens, who have invested their lifetime savings in bank deposits expecting a fair return. However, the falling interest rates, coupled with rising inflation and spiralling medical insurance premiums have put paid to their hopes.

Even those who have retired from the organised sector receive paltry pensions, which have not been revised for decades, as in the case of pre-2002 bank retirees. In these circumstances, bank deposits with steady returns are their only hope.

Otherwise there is the danger of their being pushed into investing in the volatile stock market and mutual funds or being sold unsafe investments by the unscrupulous, jeopardising both the principal amount and the interest therefrom. What the senior citizens need are concrete steps for protecting their interests.

V Jayaraman

Chennai

LETTERS TO THE EDITOR

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Published on June 24, 2021

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