Welcome SBI step to abolish Minimum-Balance and SMS charges
Welcome initiative of State Bank of India to do away with Minimum-Balance and SMS charges should be uniformly followed by all banks especially compulsorily by public-sector banks. Also other charges and interest-rates for loans and deposits for public-sector banks should be uniformly fixed by Reserve Bank of India (RBI) so that public-sector banks may compete through better services rather than interest-rates and other charges.
RBI should devise common and simple forms for all public-sector banks for various banking needs which should be available on websites of all public-sector banks in a manner that duly filled forms may be downloaded from websites replacing concept of hand-filled forms.
Pass-books for all public-sector banks should also be uniformly designed with cover-page depicting all details of account-holders as available with the Bank including about nominees so that nominee-beneficiaries may be aware of claiming money of deceased account-holders.
Account-numbers should be uniformly of 15 digits for all banks with provision of portability of accounts in different banks with account-number remaining the same, if feasible. Presently Central Bank of India has just ten-digit account-numbers while most other public-sector banks have 15-digit account-numbers. All public-sector banks should have a common and uniform most-acceptable and convenient software.
World economy sees paradigm shift
The world economy to a great degree in the 21st century has witnessed a paradigm shift in its economic policy thinking. The global financial crisis seemed to have triggered this.
Such policy shift came in the form of the increasing role of the government has accorded priority over the frenzied pursuits of market reform and market economy. The notion that markets are usually a good way to organise economic activity came under a scanner to only suggest that the government sometimes can improve market outcomes.
Intervention by the government mostly in developed countries from 2008 onwards through periodic intervals by central bank policy measures and legislative/constitutional provisions have reaffirmed the faith in the government.
This periodic intervention can be seen as the `new normal’ in the economy – in the case of India, these are ‘demonetisation’ and ‘GST.’ What is interesting to know is the new normal such as demonetisation was misconstrued as a unique reform that could arrest black economy or the parallel economy running in the mainstream economy.
UP government’s unfair
It is good that Allahabad High Court pulled up the Uttar Pradesh government for the controversial hoardings put up by the Lucknow administration of persons accused and out on bail, but not convicted, in the violence during protests against the Citizenship (Amendment) Act (CAA). But it is regretful that a government commenced to judge and UP government makes such mistakes time and again but media and oppositions parties remain mute onlooker while they should raise voices against it. Their silence gives consent or exposes their cowardice. Hence, people should choose brave leaders who always stand in support to public.
In a slump
The Yes Bank crisis and the subsequent takeover of the bank by RBI have exposed some deep loopholes in the Indian banking system. For example, the withdrawal limit of up to Rs 50,000 per account holder. With this new rule, the common man’s hard-earned money is at stake. Earlier, the PMC Bank rendered depositors helpless, resulting in many deaths, and now it is Yes Bank. People are losing their trust in banks due to some people at the top.
Congress has only itself to blame
No party except one in a self-destructive mode could have let a situation as it availed in Madhya Pradesh develop into one where a leader of national stature had no option but to leave the party and join its rival. Scindia was next to the top leadership of the Congress and was one of its very visible and highly regarded leaders. His decision to leave the party did not come suddenly, and there have been many signs of his disaffection and dissatisfaction with the party. The factional struggle within the state party had been festering for long. The high command does not seem to have done much to resolve the problem. The fact remains that there is a vacuum at the top in the Congress and it is unable to reorganise itself in the face of political setbacks and blows. The family has shown that it is unable to even hold it together, let alone revive and re-energies it, and the party is unable to look beyond the family. Congress is fast being reduced to an idea without leadership, and without ownership and organisation. With such easy and frequent traffic between parties, the very idea of the party system is also losing meaning and relevance. There is certainly personal opportunism and a lack of scruples in this.
(The views expressed by the author in the article are his/her own.)