This refers to my opinion expressed in favour of withdrawal of stimulus package by Government of India. You will observe that our PM also expressed similar opinion during G20 meeting but in a gradual manner starting from next quarter. Similarly RBI governor Mr. Suba Rao expressed the need to withdraw stimulus package in piecemeal as and when adverse impact of global meltdown gets diluted.
As soon as government of India represented by Finance Minister advised banks to explore possibility of merger of banks in unison with policy of reformation to compete with global banks I had expressed my opinion against merger of banks. I opined that financial inclusion; social welfare agenda and interest of common men cannot be sacrificed at the altar of global competition. Yesterday RBI Governor Mr. Rao also expressed his views against consolidation of banks and he categorically told that the time is not ripe for consolidation of banks. SBI Chairman Mr. Bhatt also endorsed the opinion of RBI governor by saying that for a country like India, social objective is the prime target set for banks.
I had expressed my views in the recent past that further lowering of interest rate may cause adverse impact on savings momentum as also interest income of retired person and poor farmers. RBI has also apprehended that interest rate may go up in near future. RBI governor advocated introduction of Base rate in banks to replace prevailing BPLR and PLR. I expressed my opinion contrary to that of RBI and expressed that such change is unwarranted and will prove to be futile exercise and nothing but old wine in new bottle. Government also realised the same in a few days and decided not to push on this agenda and gradually the idea of base rate abandoned.
I have been advocating abolition of Interview for promoting an existing officer from one scale to another and adopt the old rule of promotion based on seniority. It is true that when officer do not perform after promotion as per normal expectation of the management, bank should start punitive action or halt his promotion for a year or two giving him an opportunity to explain and improve.
There is no doubt to me that in near future there will be strong movement against the injustice perpetuated by top executives in the name of interview and arbitrary rejection of good officers. As of now strong lobby of bad officers is active and effective in upper echelon and hence the voice of aggrieved officers is given a deaf ear and even protectors of officers called as union leaders turn a blind eye towards injustices.
Need of the hour is to awaken the sleeping officers, motivate them and give them courage to come forward and voice their grievance strongly and effectively instead of being a silent spectator of all atrocities. For this purpose I congratulate you for taking initiative and inviting the bitter experience of failed officers. I hope you will try your level best to highlight the true picture of top executives and their arbitrary rule prevailing in the baking industry. Best way in my opinion is to collect the opinion of officer community is to send them a list of questions and seek their secret answers on points of exploitation and injustices in promotions and postings. Of course it is a tedious task and seems to be impractical as of now.
I am of strong conviction that wage revision is of not much significance as the value of respectful living is of utmost importance for officers. One should always keep in mind that if money is lost, nothing is lost, if health is lost something is lost, and if character is lost everything is lost.
Officers in general are not getting respectable wage compared to their counterparts in central government and their health is facing erosion due to heavy work load and more than twelve hours working as also due to non-availability of even leave to maintain social relation. Most of the officers and Branch Managers are suffering of high blood pressure, sugar, heart desease, backach and what not due to acute tension they have in performing in bank. What will be left to loose if even their image is tarnished and they have to face humiliation when their juniors become their boss.
25th November 2009
Danendra Jain
Agartala
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