Data theft

For the vast majority struggling to make both ends meet, all this fuss over data protection makes no sense. Technological advances have made it impossible for 100 per cent data protection. Therefore, there will always be a possible data theft. The data collected by the government becomes a veritable treasure trove for amateur hackers who can sell it to the highest bidder.

All this must give sleepless nights to those in charge of national security, who are now as important as soldiers guarding our borders.

Anthony Henriques


Dubious ARCs

This refers to ‘ARCs in spotlight’ (December 24). The erstwhile DRT (Debt Recovery Tribunal) system had failed not only due to protracted legal formalities which banks had to follow but also due to unholy nexus which existed between banks and borrowers for recovery of delinquent loans.

It is indeed unfortunate that a similar nexus has crept into the functioning of private ARCs. It clearly establishes a back-door connection between ARCs and defaulters.

Also, the fact that seized assets are sold back to defaulting borrowers proves the murky state of affairs prevailing in the system. It further proves that the defaults by many borrowers were ‘wilful’. Time for the RBI to subject ARCs to stringent monitoring for the public to repose faith in the recovery mechanism.

Srinivasan Velamur


Household debt

This refers to “India’s household debt no cause for alarm”. Though this data is almost six months old, it does provide valuable insights to household debt and financial savings patterns. The first lockdown was unprecedented and most of us learnt our lessons the hard way. Obviously, families in general preferred to save more or spend more on healthcare.

A similar trend of an increase in healthcare insurance was visible. Generally, low interest rate regimes tend to fuel debt but that is not the case at present. So banks can lend while keeping their checks and balances in place.

Bal Govind


Sops needed

Apropos ‘Reduce GST on handlooms, senior citizens’ health insurance premium: MPs to FM’ (December 24), one tends to agree with the group of MPs who met Finance Minister Nirmala Sitharaman to demand a rollback in the increase in the GST rate as it is bound to deal a big blow to the nation’s handloom sector.

Their demand for reducing the health insurance premium in respect of senior citizens also merits consideration.

Kumar Gupt

Panchkula, Haryana

Unprecedented challenge

This refers to ‘Unprecedented uncertainty awaits India Inc’ (December 24). The way our corporate leaders have led their firms in the VUCA environment, complicated further by the corona menace, raises hope that they will cope with the emerging challenges well.

But they will still need government support (much in evidence), collaboration from employees (including trade unions), and encouragement from opposition leaders (instead of frequent allegations of favouritism or corruption in business deals). The acid test will be their ability to create and change strategy in quick time as the unknown hurdle appears on the scene.

YG Chouksey


KYC updation

The news that accounts with banks, finance companies, mutual funds, broking houses, etc., that do not comply with Know-Your-Customer (KYC) norms will be frozen comes as a shock.

While it is common knowledge that one has to submit identity/address proof such as Aadhaar/PAN whenever an account is opened, the account-holders are told to provide the details again and again. Despite providing them on a regular basis, one does not understand why a customer is harassed, humiliated and pressured to give the details yet again?

VS Jayaraman