The budget should aim to bring down fiscal deficit for which some simple solutions are to be attempted.Ensure that all transactions above Rs 5000 are made compulsory through Cheque or card payments. Keep a close watch on all real estate,commodity transactions and ensure that the Income tax returns provide columns to report all assets and liabilities on an year to year basis with proper explanation for variations. Make full use of Information technology to track all transactions in the economy above a cut off limit. Capture all economic activities under GDP. Ensure that all salary and wage payments including payments under NREGS are through bank accounts.and make financial and banking inclusion a reality. Several activities where huge payments are involved go unnticed and they need to be captured officially.Make accounting professionals accountable for manipulation and irregularities whereever they are employed either as auditors or accountants. Time management is missing in all spheres of economic activities and need to be closely monitored. Overrun costs and wastage alone can bring down the deficit to a considerable extent..Will the FM change the mindset of people lacking in commitment , sincerity and integrity through budget? The economy has all resources and its suffering is man made. The FM has to be very imaginative and practical in drawing the budget and make it a healthy and dependable one.There should be no scope for exploitation and manipulation of any kind.
Dr.T.V.Gopalakrishnan
Showing posts with label Financial Inclusion. Show all posts
Showing posts with label Financial Inclusion. Show all posts
Saturday, February 4, 2012
Monday, November 14, 2011
Make the Service Meaningful for self and others in society:
“People , it is said , can be placed in three classes; the few who makes things happen, the many who watch things happen, and the overwhelming majority, who have no idea what has happened”. The bank officials in general and public sector bank officials in particular have to necessarily find their place in the first category as by any standard they enjoy all possible comforts one can think of in a developing economy and they are comparatively in a commanding position by means of resources and support they get from the authorities to be of great service to society.
Corruption has been rampant in India and it has become a subject of discussion even among illiterate masses who are unfortunately the worst victims as they are at the receiving end in the sense unless bribe is given, they do not get their entitlements as citizens of this great nation. It is more than six decades since the country got independence, but have the people got their economic independence and dues for a comfortable and peaceful life is the question lingering in the minds of all right thinking human beings. The bank officials right from top to bottom can do a lot to improve the living conditions of masses and have the satisfaction of serving them in letter and spirit and giving the support system to give a big boost to the economic growth provided they get fully absorbed and involve themselves with commitment in the discharge of their responsibilities. The mandate for this has to come from within and for that everyone has to do an introspection to satisfy himself or herself as to whether justice has been done to the society which takes care of everyone’s need and to some extent greed also.
The celebration of Vigilance Awareness week has been going on for decades and the taking of oath on elimination of corruption has become a ritual and has been taken faithfully by each and every employee of Public Sector during the week. Bank employees, by and large are not corrupt, is a great consolation, but are they fully satisfying the expectations of the economy or the society consisting of around 70 percent of the people living below poverty line? It is not that banks alone can remove the poverty in India, but they can easily come to the rescue of poor people and give them the recognition they badly need in society for their survival.
Banks’ raw materials are basically money and people but they discriminate a lot, not by rule but rather by convention in their day to day business by not entertaining people of less means. This is a fact which cannot be ignored and this is exactly the reason for the financial inclusion not being a success despite persuasion, compulsion, motivation, incentives and encouragement. Why this reluctance and discrimination on the part of a bank official who deal with public deposits and authorities want financial inclusion by all means? There are millions of bank employees scattered throughout the length and breadth of the country and they are better placed to bring people of less means and less privileged under the banking fold. Employees have their own servants, iron wallas, plumbers, electricians and contacts with all categories of people in a society right from pan wallas to Gold merchants .Many people like carpenters, dealers in scraps, waste materials, traders etc do not have bank accounts or do not operate the accounts even if some have. If employees turn their attention a little and no special effort is called for, millions of people can be brought under banking fold. All their contacts can be easily encashed and many can be brought under banking fold. The officials have to take financial inclusion as an opportunity to show humanism and at the same time help the needy to improve their lot. Through financial inclusion bank employees can provide life to many and this will the greatest satisfaction one can derive from service.
KYC is a weapon to serve the customer better by understanding him and his requirements fully and not to kill him. Here the bank officials can perform better and add business to the bank. The present day banking is enjoying lot of freedom, products and advanced technology to improve business. Full understanding of Financial Inclusion and Know Your Customer norms offer excellent business opportunities and help the bank to comply with the authorities’ requirements. By adopting a human approach rather than being mechanical, even the NPA menace which has been growing like a cancer in the banking system can be tackled to a great extent. Mind should be devoted for service and service alone. Will the employees rise to the occasion and be more humane in their responsibilities to the society? By being humane, one derives great mental satisfaction and no money or compensation can achieve that?
I wish each and every bank employee would emerge as a great leader with the qualities defined in Sloka-21 of Chapter -3 of Bhagavat Geetha which says “Whatever action a great man performs, common men follow. And Whatever standards he sets by exemplary acts, all the world pursued”. It is time for each and every bank employee to set standards in his actions.
(Views expressed are personal)
Dr. T.V.Gopalakrishnan,
Corruption has been rampant in India and it has become a subject of discussion even among illiterate masses who are unfortunately the worst victims as they are at the receiving end in the sense unless bribe is given, they do not get their entitlements as citizens of this great nation. It is more than six decades since the country got independence, but have the people got their economic independence and dues for a comfortable and peaceful life is the question lingering in the minds of all right thinking human beings. The bank officials right from top to bottom can do a lot to improve the living conditions of masses and have the satisfaction of serving them in letter and spirit and giving the support system to give a big boost to the economic growth provided they get fully absorbed and involve themselves with commitment in the discharge of their responsibilities. The mandate for this has to come from within and for that everyone has to do an introspection to satisfy himself or herself as to whether justice has been done to the society which takes care of everyone’s need and to some extent greed also.
The celebration of Vigilance Awareness week has been going on for decades and the taking of oath on elimination of corruption has become a ritual and has been taken faithfully by each and every employee of Public Sector during the week. Bank employees, by and large are not corrupt, is a great consolation, but are they fully satisfying the expectations of the economy or the society consisting of around 70 percent of the people living below poverty line? It is not that banks alone can remove the poverty in India, but they can easily come to the rescue of poor people and give them the recognition they badly need in society for their survival.
Banks’ raw materials are basically money and people but they discriminate a lot, not by rule but rather by convention in their day to day business by not entertaining people of less means. This is a fact which cannot be ignored and this is exactly the reason for the financial inclusion not being a success despite persuasion, compulsion, motivation, incentives and encouragement. Why this reluctance and discrimination on the part of a bank official who deal with public deposits and authorities want financial inclusion by all means? There are millions of bank employees scattered throughout the length and breadth of the country and they are better placed to bring people of less means and less privileged under the banking fold. Employees have their own servants, iron wallas, plumbers, electricians and contacts with all categories of people in a society right from pan wallas to Gold merchants .Many people like carpenters, dealers in scraps, waste materials, traders etc do not have bank accounts or do not operate the accounts even if some have. If employees turn their attention a little and no special effort is called for, millions of people can be brought under banking fold. All their contacts can be easily encashed and many can be brought under banking fold. The officials have to take financial inclusion as an opportunity to show humanism and at the same time help the needy to improve their lot. Through financial inclusion bank employees can provide life to many and this will the greatest satisfaction one can derive from service.
KYC is a weapon to serve the customer better by understanding him and his requirements fully and not to kill him. Here the bank officials can perform better and add business to the bank. The present day banking is enjoying lot of freedom, products and advanced technology to improve business. Full understanding of Financial Inclusion and Know Your Customer norms offer excellent business opportunities and help the bank to comply with the authorities’ requirements. By adopting a human approach rather than being mechanical, even the NPA menace which has been growing like a cancer in the banking system can be tackled to a great extent. Mind should be devoted for service and service alone. Will the employees rise to the occasion and be more humane in their responsibilities to the society? By being humane, one derives great mental satisfaction and no money or compensation can achieve that?
I wish each and every bank employee would emerge as a great leader with the qualities defined in Sloka-21 of Chapter -3 of Bhagavat Geetha which says “Whatever action a great man performs, common men follow. And Whatever standards he sets by exemplary acts, all the world pursued”. It is time for each and every bank employee to set standards in his actions.
(Views expressed are personal)
Dr. T.V.Gopalakrishnan,
Thursday, August 25, 2011
Issue of Banking Licence to Corporate Sector
Dr.T.V.Gopalakrishnan (Fort worth, Texas.)
25 Aug, 2011 09:00 AMThe editorial is very apt and to the point. The Governor's concern on the issue of banking Licences to corporates is genuine and justifiable. As it is, the banking sysytem in India is fairly sound, healthy and competitive. Ownershipwise, banks are reasonably well distributed and owned by government, public and private sector, private sector and Cooperative sector and their working has been by and large satisfactory catering to all segments of the economy. In case corporate sector steps in, it may distort the functioning and the present laws will not be adequate to regulate it effectively. Besides, in case Corpo rate sector enters the field,Financial inclusion which has not taken off well in the absence of active involvement of private sector,will become a major casuaty and agricultural sector will continue to suffer further. Tax payers money will have to come to the rescue of many segments if corporates enter banking . Prevention is better than cure should be the approach. Hope wisdom will prevail. The Govt cannot afford to ignore the lessons from past history of banking in the 1960s and the compulsions for nationalisation of banks in !969 and 1980. Let us not experiment again by allowing corporates to set up banking.
(This appeared in ET,dated 25/08/11)
25 Aug, 2011 09:00 AMThe editorial is very apt and to the point. The Governor's concern on the issue of banking Licences to corporates is genuine and justifiable. As it is, the banking sysytem in India is fairly sound, healthy and competitive. Ownershipwise, banks are reasonably well distributed and owned by government, public and private sector, private sector and Cooperative sector and their working has been by and large satisfactory catering to all segments of the economy. In case corporate sector steps in, it may distort the functioning and the present laws will not be adequate to regulate it effectively. Besides, in case Corpo rate sector enters the field,Financial inclusion which has not taken off well in the absence of active involvement of private sector,will become a major casuaty and agricultural sector will continue to suffer further. Tax payers money will have to come to the rescue of many segments if corporates enter banking . Prevention is better than cure should be the approach. Hope wisdom will prevail. The Govt cannot afford to ignore the lessons from past history of banking in the 1960s and the compulsions for nationalisation of banks in !969 and 1980. Let us not experiment again by allowing corporates to set up banking.
(This appeared in ET,dated 25/08/11)
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