Econo-Reflexions: Banks and ATM charges

Econo-Reflexions: Banks and ATM charges: There is absolutely no justification for banks to approach RBI to hike the ATM charges. The banks enjoy a lot of free float funds, low ...

Banks and ATM charges

There is absolutely no justification for banks to approach RBI to hike the ATM charges. The banks enjoy a lot of free float funds, low cost /free funds from SB and Current account holders and they also save a lot in the cost of funds by having ATMs. The technology was encouraged basically to improve the customer service at lower costs, to reduce the cost of funds and enhance efficiency and productivity in banks. The banks have a tendency to exploit the depositors by all means as they are hapless lots and not capable of giving any resistance. The borrowers are allowed to loot merrily and the loss is also passed on to depositors. RBI has to have a serious view of banks inefficient way of functioning before it takes a view in respect of ATM Charges.

 

 

Dr.T.V.Gopalakrishnan 

(This comment has appeared in TOI, Business Line, ET and BS dated 7/1/14).

Audit of Telcom Cos

More Scams will get revealed by auditing Telecom Companies. These Companies take the masses for a ride. They have millions and millions of Customers and and by fraudulent methods, if they hike the bills even by a rupee a month or enhance the bills through some messages uncalled for and unintended by the customer, these companies can make billions of rupees. Many a drop will make an ocean is the policy pursued by these companies and if the audit is serious and not an eye wash, many scams will be revealed. Last five years there is no semblance of administration in this country is a well known fact and loot has been the order every where. This is one of the reasons for Inflation and it cannot be contained by any  economic policy measures.  

Dr.T.V.Gopalakrishnan
(This comment is given in all News papers).

Black Money Will is missing to curb it.

Tax evasion is due to faulty system of taxation policies and corrupt practices. Black Money generation is very high as people prefer cash transactions which provides scope for evasion of taxes. Evasion is rampant in land deals and high value purchases of gold,silver and diamonds. The very fact that only 43000 persons have crossed the One crore limit of earnings as per the tax returns filed is a farce and any average human being in Mumbai itself will not vouch for this figure. The major lacunae in the system is to track the transactions in cash. If there is a ban on cash transactions above Rs 5000, and if all transactions above Rs 5000 are tracked by insisting on aadhar Cards, or PAN numbers and they are tied to the persons' bank accounts, it would be possible over a period to assess the exact number of persons evading tax and track the black money to some extent.The self employed and many business establishments do not issue any receipt against the purchases even if the amount exceeds Rs 10000. The fact of the matter is that the willingness to fix the problem is not there.

Dr.T.V.Gopalakrishnan

(This comment is in response to the article the menace of black money that appeared in ET)

Adarsh Society Scam

The politicians and bureaucrats jointly loot the national wealth taking advantage of the positions they occupy. Now the attempt is to trap only Bureaucrats and allow politicians to escape from follow up measures if any. The corruption is designed by Bureaucrats and they take extra pains to ensure that when ever policies are framed on any issue,there is scope for making money and this has been going on for decades unquestioned. Now the media is alert and keeping a watch on the atrocities committed on both intelligent and gullible public alike.People come to know through bold reports of the media as to  how the society's wealth is looted in the cover of democracy. Money Life has been playing a very active and vigilant role deserving all support and appreciation.

Dr.T.V.Gopalakrishnan

(This comment in Money Life is in response to the Write Up Adarsh Housing Scam: Here is what the probe panel report says that appeared in Money Life dated 4/1/14).

RBI’s strange ways

Your editorial ‘Bond better’ (Business Line, January 2) captures well the reasons for the lukewarm response to the inflation indexed certificates. These are neither attractive nor acceptable to the middle class and lower middle class, which include retired persons and pensioners, as they involve cumbersome procedures, offer unattractive rate of return, do not ensure adequate cash flow and are not intelligible to many among the investing class. Why the RBI should undertake this retail issue of certificates though through banks to small savers is a mystery.

 

T.V. Gopalakrishnan

Aspirants for Bank License

Some of the aspirants for bank License are involved in construction activities and have indulged in all possible mal practices and taken  the buyers of flats for a ride. Fudging of accounts, non payment of Corpus funds collected and violation of the laws of the land particularly  relevant to the land and properties etc have been observed to be a rule rather than an exception  with these construction companies and many cases have been pending against them in various courts. Since banks deal with basically  depositors' money and their safety is the utmost concern of the Reserve Bank and the Government, the aspirants  for bank License have to  be necessarily scrutinized and found  to be  observing and complying with the laws of the land  and have been fair in dealing with all their customers. Adherence to ethics and prudence to the  accounting principles cannot be ignored by any prospective candidate for bank license. Will the RBI ensure this?

Dr.T.V.Gopalakrishnan