MY VIEWS IN TIMES OF INDIA ON BANKS CHARGING HIGH PRICES ON PRODUCTS

The Times Of India Story on 31.12.12: RBI cautions banks charging high prices on products. 

Comments of Milan K Sinha (Patna, India)
31 Dec, 2012 10:31 PM

"Reserve Bank deputy governor K C Chakrabarty has rightly cautioned the Banks against charging high and discriminatory prices on products. We all know that the Central Govt. and RBI had granted lots of autonomy and discretion after the onset of policy of liberalisation in Indian Economy to empower the Banks to take important decisions in order to implement customer friendly initiatives and give a natural boost to its overall business in an efficient and profitable manner. As a result, during the last two decades, the banking in the country effected many changes in its operational model with state of art technology as the major game changer. But, the core issues like pricing of both deposit as well as credit products together with various charges, hidden and un-hidden both, have not been or couldn't be addressed in a sincere and genuine manner to make the banking operations really inclusive & customer friendly. No doubt, the cost of operation in our banking is still reasonably high for multiple reasons, both controllable and non-controllable. If one goes through the expenditure items in profit & loss account of our banks, the areas of wasteful and avoidable expenses can very well be observed and hence can urgently be taken care of. The issue of NPA management has been a perennially serious concern area which has deteriorated further with more severity during the last few months in this fiscal. Consequently, the NIM (Net Interest Margin) is under increasing pressure in case of majority of banks in the country. These factors naturally have a definite bearing on the pricing of products. And on top of it, the discrimination in pricing is adding fuel to fire which must be stopped forthwith by initiating suitable measures by the regulator. In fact, the Central Govt. and RBI have enough room for addressing the grey areas in our banking system which is, otherwise too, urgently needed in order to improve the overall health of banking and also the economy of the country."

                                           Will meet again with Open Mind. All the Best.

P.S: To view full story, pl. click on the link

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MY VIEWS IN TIMES OF INDIA ON COUNTRY'S EDUCATION SYSTEM

The Times Of India Story on 28.12.12:  Country's education system burdened with demands of quantity, quality: President Pranab Mukherjee

Comments of Milan K Sinha (Patna, India)
28 Dec, 2012 11:46 PM

''It is good that the President has voiced his concern over the state of quantity and quality of education, particularly higher education in the country.Undoubtedly, the way a large number of colleges and universities have mushroomed during last one decade in the country within the revised guidelines of UGC and AICTE in the name of providing opportunities of pursuing higher education to more number of students without ensuring the basic prerequisite of establishment of such private institutions, it is bound to have an adverse impact on the quality of higher education. We are now noticing that many engineering and management colleges are putting their shutters down much to the embarrassment of students who sacrificed lots of money to have better & higher education to qualify for  better jobs in the market. The Govt. at the centre and the states, by and large, failed to protect the interest of students as all the malady we have been talking about, has crept in the education space under their nose. I wish and request our President to direct the Govt. and concerned regulatory institutions to revisit the whole issue of providing higher education to millions of students, whether eligible or ineligible, willing or unwilling, when even the elementary education in the country is in shambles even after 65 years of independence. Here, it would be interesting and thought provoking to go through some of the facts as far as the state of elementary education in the country is concerned despite RTE Act, 2009: 1) Presently, more than 5 lakh post of teachers are vacant; 2)To bring the pupil-teacher ratio to 30:1 as prescribed by the RTE Act, 5.1 lakh additional teachers are required; 3) Among the existing teachers, more than 7.5 lac teachers are reported to be untrained who need to acquire necessary qualification within five years of the RTE Act coming into force; 4) Assam, Bihar, Chhattisgarh, Jammu & Kashmir, Jharkhand, Uttar Pradesh and West Bengal are some of the states having untrained teachers ranging from 25% to 55% of their total teacher population; 5) Dropout rate is still a major cause of concern, the main reasons being : Prevalence of child labour as means to supplement parents' income, poor management of Mid-Day Meal Scheme, lack of adequate infrastructural facilities in schools etc.''

                                          Will meet again with Open Mind. All the Best.

P.S. : To view full story, pl. click on the link 

MY VIEWS IN ECONOMIC TIMES ON I-BANKERS & ON PRIORITY SECTOR LENDING

Economic Times Story on 20.12.12: I-bankers no better than matchmakers: UK Sinha, Sebi chief 

Comments of MILAN K SINHA (PATNA)
20 Dec, 2012 07:00 PM

The issues raised by SEBI chief deserve to be complemented, further deliberated and finally addressed by initiating matching actions to make and keep the primary market investment friendly for retail investor. In our country, the equity market in itself is not the sought after investment destination for large section of middle class people who, though wish to associate with the market, yet is apprehensive of losing even his hard earned principal amount. The transparency, objectivity, data integrity etc. which should be the hallmark of any progressive, dynamic and investor friendly primary equity market can be put in place with more seriousness by the collective efforts of promoters of IPO company, investment bankers, equity traders/brokers, market watchers/analysts, auditors/statutory bodies and above all SEBI authorities. We all know that no IPO can withstand the test of the dynamic equity market until and unless having strong fundamentals besides strict compliance of norms of the capital market regulator. The merchant banker can't simply shift the blame to others for any wrong doing as every functionary is expected to perform its duty with due diligence and prudence to ensure safety of investors money and consolidation of investor confidence in the market.

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Economic Times Story on 20.12.12: Govt needs to revisit priority sector lending policy for more effective financial inclusion

Comments of Milan K Sinha (Patna, India)
20 Dec, 2012 10:00 PM

The Govt. must revisit its policy of Priority Sector Lending(PSL) by Indian Banking Sector to make it more inclusive and effective for ensuring sizable contribution of Agriculture & MSME to overall GDP growth of the economy in coming years. Dwindling growth of Agriculture over the last couple of years is a real cause of concern not only for the food security of the country but also for the well being of majority of our population who are still dependent on agriculture and allied activities for their livelihood. Similarly, to sustain and further improve the growth rate of MSME sector is very necessary for employment generation as well as balance growth of our economy which is passing through a rough weather for quite some time. Constant monitoring of PSL figures of Banks by RBI atleast on month to month basis together with its discreet checking and analysis to ensure data integrity and correctness is a must for directing individual Banks for achievement of set targets suitably. NPAs in PSL can very well be contained by need based lending with prudence and transparency. The Govt. machinery must also come forward to help disburse the farm loan etc. by granting various certificates quickly and genuinely wherever required and also lend active support in the recovery efforts of lending institutions. Moreover, as a ground reality, it is easier to recover loans in rural areas as the rural people are still comparatively honest in repaying their loan dues.

                                      Will meet again with Open Mind. All the Best.

MY VIEWS IN ECONOMIC TIMES ON INDIA'S LIFE INSURANCE SCENE

Economic Times Story on 19.12.12 : Standard micro-insurance products to hit market soon

Comments of MILAN K SINHA (PATNA)

19 Dec, 2012 11:56 PM

It is heartening to know that standard micro-insurance products are proposed to be launched soon and IRDA is considering such proposals with interest. IRDA's proposal for having 10 standard products in the market is also a welcome move. But the question is : why IRDA couldn't initiate such normal measures in the past and how it will guarantee that that its current proposal is going to be a reality in days to come? It is really a pity that institutions after institutions which have been established to safeguard the constitutional rights of every Indian, particularly those who have been economically and socially disadvantaged for decades , are not performing their duties as per the laid down norms and principles. If the Insurance sector in the country is not in good shape despite huge insurance potential and lot many players armed with state of art technology to tap the business, the players and their controllers are to share the responsibility of this discouraging situation. Industry watchers and media too didn't pay due attention on the going-ons of this sector closely to identify and indicate the wrong doers for rectifying the errors immediately . To say, serious introspection is the need of the hour at all levels to have standarised products and processes in entire insurance sector to take care of the insurance needs of common man in a sincere and honest manner.

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Economic Times Story on 18.12.12 : Life insurance policy sales fall 8.22 pc in FY'12: Government

Comments of MILAN K SINHA (PATNA)

18 Dec, 2012 08:44 PM

The fall in Life Insurance business during last fiscal in our country is a serious cause of concern for many reasons. We have as many as 24 players in the life Insurance space with giant LIC leading the show. It is a known fact that Life Insurance is the need of every Indian family, particularly the large population of common man and is a prerequisie for ensuring financial inclusion in real sense of the term. To say, we have a huge population who are still to be insured- to be specific, only 20% of total insurable population in the country is covered under Life Insurance schemes; Life Insurance sector is a big opportunity area - the fifth largest Life Insurance market in the emerging insurance economies globally and the Life Insurance penetration in India is only 4.40%. Then why this depressing growth story? It is because of lack of customer friendly environment in Indian Insurance market coupled with frequent but not well thought of interventions by the Govt. and the regulator. The large scale mis-selling of policies which has been the outcome of lack of proper mechanism for controlling and monitoring this important sector of the economy. The service issues have been very serious in this sector. Now, its time to have sincere introspection by all concerned including Govt. and IRDA to do the needful to bring the large uninsured population within social security net by offering affordable policies with proper service bench marks.

                                             Will meet again with Open Mind. All the Best.

MY VIEWS IN ECONOMIC TIMES ON CASH TRANSFER & ON AFFORDABLE HOMES

Economic Times Story on 17.12.12 : We don't agree with the cash tranfer scheme: Mamta 

Comments of MILAN K SINHA (PATNA)
17 Dec, 2012 07:44 PM

The West Bengal Chief Minister is right when she questions the cash transfer scheme without having a full proof mechanism of doing so. It is like putting the horse before the cart. There is no doubt that every one would like the poor masses to receive the benefit of subsidy in a real sense which unfortunately could not happen despite knowing the large scale mal-practice being perpetrated at the ground level with full knowledge of all administrative functionaries and in majority of cases with full involvement of local implementing machinery. Still, the identification of genuine beneficiaries as per the Govt. guidelines is a major area to be taken care of meticulously through out the country. Providing Aadhaar Cards and opening Bank Accounts are other two areas which also need serious attention and constant monitoring. We can't and shouldn't afford to end the existing malady in subsidy delivery mechanism by introducing another scheme by whatever name in a half baked and ineffective manner. After all, every such scheme which involves lacs of crores of public money shouldn't be accepted and appreciated only because it is likely to prove the game changer for X or Y party in the coming elections.

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Economic Times Story on 15.12.12 : Homes no longer affordable: Will builders offer pre-launch benefits?

Comments of MILAN K SINHA (PATNA)

15 Dec, 2012 07:32 PM

It would be better for all concerned including the Govt. to look into the factors which can push the demand for affordable house in this sluggish market. The whole issue of housing loans to middle class segment is also to be revisited keeping in view the interest & EMI factors and also mechanism for handing over flats/houses to the loanees within promised time for obvious reasons. Undoubtedly, housing is the priority of everybody, more so for the middle & lower income people but the realty firms in the country couldn't make proper assessment of segment wise demand supply scenario keeping in mind the affordability factor. They failed to appreciate that takers of high cost properties are limited in our country, particularly when the housing loan interest rate has been higher and so has been the inflation. In fact, the demand for low cost simple dwelling units with basic facilities is still high in many big cities, what to talk of tier -II cities in the country. Under the circumstances, rationalisation in prices of existing properties together with constructing & offering new ones keeping in view the affordability status of larger population would keep the show of real estate business going without much hiccups in coming years.

                                           Will meet again with Open Mind. All the Best.

MY VIEWS IN TIMES OF INDIA ON OLD AGE INDIANS & ON MUMBAI'S SANITATION STATUS

Comments of MILAN K SINHA (PATNA) in  
The Times Of India dt.14.12.12 07:52 PM

Dear Reader,
Your comment on the article ''Indians now live longer, but in poor health in old age: Study'' is now displayed on timesofindia.com.

''Without doubting the veracity of the findings of the study in question, it can be said that its a good news , particularly for policy makers and ruling political class as this kind of news provides them the opportunity to justify the actions governing the country. In fact, majority of Indian population is still living in 65 year old Independent India without even having the basic needs of life such as food, clothing & shelter. Despite our claim to have adequate food grains to feed the poor and downtrodden, more than 25 lac fellow countrymen die of hunger every year.Here, It is quite pertinent to see what United Nations & Indian Constitution promise: United Nations Universal Declaration of Human Rights (U.N.1948) Article 25 states,"Everyone has the right to a standard living adequate for the health and well being of himself & his family, including food."Article 21 of the Constitution of India, 1949 states,"No person shall be deprived of his life or personal liberty except according to procedure established by law."Article 47 of the Constitution of India, 1949 states,"The State shall regard the raising of the level of nutrition and the standard of living of its people and the improvement of public health as among its primary duties.." We all know that in spite of better GDP growth during last few years, the quality of life of common mass has not improved. The per capita income & so the purchasing power of common Indian is still much lower than what it is in China and in other BRIC countries. It is basically the old Indian life style of simple living within the limited means which has been helping the poor masses to manage their life even in difficult times. If the issues related to health, education, sanitation etc. were taken care of as per the provision of constitution and the electoral promises by the Central as well as State Governments, the life expectancy would have been really much higher with far better living status in the old age.''

Thanks for sharing your thoughts.
Regards,Team TOI
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Comments of MILAN K SINHA (PATNA) in  
The Times Of India dt.14.12.12 11:55 PM

Dear Reader,
Your comment on the article ''Mumbai among world's 'dirtiest' cities: Survey'' is now displayed on timesofindia.com.

''Mumbai has been famous as the commercial capital of India.Obviously, it has been the head quarter of many Corporate & Business houses, Banks, Insurance Companies, Govt. offices, Educational Institutions etc. for decades and so has been the place for Bollywood studios and its stars. In the name of town planning, development of infrastructure and beautification of the city, thousands of crore must have been spent , but if one goes little inside the suburbs of Mumbai, the justification of the finding of the survey in question can very well be appreciated. You can yourself see a poor Bharat and a shining India residing side by side in Mumbai. The dirt & filth you find by the side of busy roads besides serious sanitation problems in and around bigger as well as smaller slums spread all over Mumbai will testify the inadequacy of proper planning and effective administration. The rainy season is the best time to see the pitiable condition of the city and its common man. No doubt, these problems can be addressed to make the city far better than what it is today by collective efforts of the civil society and the Govt. The Corporate Houses too are required to perform their role under CSR(Corporate Social Responsibility) or otherwise in a pro-active manner.''

Thanks for sharing your thoughts.
Regards,Team TOI

                                     Will meet again with Open Mind. All the Best.

MY VIEWS IN TIMES OF INDIA ON VRS IN AXIS BANK & ON GIFT OF LIFE AFTER DEATH

Comments of MILAN K SINHA (PATNA) in  
The Times Of India dt.12.12.12 10:09 PM

Your comment on the article ''Axis Bank plans voluntary retirement scheme to cut flab at top'' is now displayed on timesofindia.com.

''To dream and think of having a leaner and younger organisation in Indian Banking space with an aspiration to be the Bank of choice is understandable, but to embark on a short cut path for fulfilling this dream by such measures as trimming the workforce by offering VRS with additional benefits in the name of cutting establishment cost doesn't seem to be a thoughtful decision. The Indian Banking has been different & will continue to be different from the the Banking of Europe or America for many cogent reasons and hence the entire gamut of banking is to looked at from basic Indian perspective. Ms. Sharma who is 53 plus and has  her first top assignment in Banking as CEO of Axis Bank must appreciate the value of relationship in Banking, particularly Indian Banking. We would agree, Banking is not only beautiful premises, files, furniture, computers & electronic gadgets but also (rather more important) its own knowledgeable, motivated, enthusiastic, committed, motivated & loyal staff who makes all the difference in the balance sheet of the bank and creates a brand image in the market by adding more and more satisfied customers for the consistent growth of business year after year. And the senior level personnel in the age group of 35 to 50 are the ones who by their reasonably long experience and knowledge of the trade and market are best suited to plan and perform as team leaders. Moreover, when Banks like Axis Bank has to plan expansion in view of increasing the market share by penetrating the smaller cities & bigger villages with added responsibility of sharing the task of financial inclusion as per the directives of the regulator, it is all the more necessary to have matured people with banking experience at the senior level. Yes, dead woods and non performers must be weeded out by having a defined HR policy on an on going basis without incurring additional cost on VRS etc.''

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Comments of MILAN K SINHA (PATNA) in  
The Times Of India dt.12.12.12 11:57 PM

Your comment on the article ''21-year-old leaves gift of life for 34'' is now displayed on timesofindia.com.

''Undoubtedly, Anmol's accident was a terrible blow, emotionally and otherwise too, for his family, but the sense of bravery and social/human concern his parents and relatives have shown at this trying time is hugely praiseworthy and worth emulating by large section of society. This is going to be the larger than life example of living after death. The Govt. authorities and top medical functionaries in the country must also take a lesson from this incident and do everything possible to develop infrastructure in all cities in the country to ensure harvesting of usable organs in such circumstances and transplanting them in the bodies of matching recipients.''

                                             Will meet again with Open Mind. All the Best.

# Do visit my site : milanksinha.com

WHITHER ELEMENTARY EDUCATION ?

                                                                                - MILAN K SINHA
 "Teach the children so that it will not be necessary to teach the adults" - Abraham Lincoln

     

During last one decade, two major initiatives were taken by the Central Govt. for universalisation of elementary education in the country. It was under the Prime-minister ship of Atal Behari Vajpayee, the famous Sarva Shiksha Abhiyan (SSA) was launched and Right to Education Act 2009 was passed  during the present Central Govt. headed by Prime Minister Manmohan Singh. The other milestones in the direction of making the elementary education accessible to all children up to the age of 14 years after independence till the end of last century were Constitutional Mandate of 1950, National Policy of Education'1986, Supreme Court's historic Unnikrishnan Judgement, 1993 etc. 

          The aim of Sarva Shiksha Abhiyan(SSA) has been  to bridge social, regional and gender gaps, with the active participation of the community in the management of schools. All efforts to support pre-school learning in ICDS centres or special pre-school centres in non ICDS areas are made to supplement the efforts of the Ministry of Women and Child Development. The objectives of SSA  programme has been  an endeavour to provide an opportunity for improving human capabilities of all children, through the provision of community-owned quality education . 

    

    Right of children to Free and Compulsory Education Act (RTE Act, 2009)  which came into force  from 1st April,2010 provides for free and compulsory education to all children of the age of six to fourteen years . As per the provisions of the Act:

• All children  in the age group of 6-14 years will be provided 8 years of elementary education in an age appropriate classroom in the vicinity of his/her neighbourhood. 
• Any cost that prevents a child from accessing school will be borne by the State which shall have the responsibility of enrolling the child as well as ensuring attendance and completion of 8 years of schooling. 
• No donation and capitation fee is allowed. No admission test or interview either for child or parents will take place.
• A fixed student and teacher ratio is to be maintained.Norms for teachers training and qualifications are also clearly mentioned in the Act.
• All private schools shall be required to enroll children from weaker sections and disadvantaged communities in their incoming class to the extent of 25% of their enrollment, by simple random selection. Govt. will fund education of these children. No seats in this quota can be left vacant. These children will be treated on par with all the other children in the school. 
• All schools will have to adhere to the norms and standard prescribed in the Act, failing which penalty will be levied and other actions to be initiated.
• Norms and standards of teacher qualification and training are to be  laid down by an Academic Authority. 
• The National Commission for Protection of Child Rights (NCPCR) has been mandated to monitor the implementation of this historic Right. NCPCR to invite all concerned including civil society, writers, media, members of the judiciary etc. to come forward  to join hands for working  together to build a movement to ensure that every child of this country goes to  school and are enabled to get at least 8 years of quality education.

     We have seen that both  SSA and RTE Act  put lots of  emphasis on  universalisation of education at the elementary level, but it would be interesting to know the ground realities which speaks clearly that there is an urgent need to make the implementation mechanism very effective at the base level to ensure fulfillment of the promises made to achieve the pious goal:  

• Approx 20 crore children fall under the age group 6-14 years. 
• About 80% of all recognised schools imparting elementary education in the country are  Govt. schools(either Govt. run or supported)
• Out of total schools in the country, about 87% schools are located in rural areas.
• Presently, more than 5 lakh  post of teachers are vacant. 
• To bring the pupil-teacher ratio to 30:1 as prescribed by the RTE Act, 5.1 lakh additional teachers are required. 
• Among the existing teachers, more than 7.5 lac teachers are reported to be  untrained who need to  acquire necessary qualification within five years of the RTE Act coming into force.
• Assam, Bihar, Chhattisgarh, Jammu & Kashmir, Jharkhand, Uttar Pradesh and West Bengal  are some of the states having untrained teachers ranging from 25% to 55% of their total teacher population. 
• Although Govt. schools provide free education, yet various surveys point out the growing trend of sending the children to private schools  even  by parents  coming from low income group. 
• Enrollment in schools improved substantially, but dropout rate is still a major cause of concern, the main reasons being : Prevalence of child labour as means to supplement parents' income, poor management of Mid-Day Meal Scheme, lack of adequate infrastructural facilities in schools etc.

                                                     Will meet again with Open Mind. All the Best.
# Published in Bihar Times (Link)

* Do visit my site : milanksinha.com

MY VIEWS IN TIMES OF INDIA ON CAR NUMBERS & ON RESOURCE EFFICIENCY

Comments of MILAN K SINHA (PATNA) in  
The Times Of India dt.07.12.12 10:01 PM

Dear Reader,
Your comment on the article ''Nobel winner calls for check in car numbers'' is now displayed on timesofindia.com.

''Nobel Prize Winner Renowned Environmentalist R K Pachauri has observed very rightly on the issue of growing number of cars which is  adversely affecting the pollution level, congestion and road accidents. The concern of the central minister is also understandable. In fact, the discussion on these issues have been taking place in one or the other forum, some decisions have also been taken but at the implementation level there is lot to be done. In the mean time, problem has grown to an alarming magnitude and is deteriorating very fast. If we consider only the rising level of air pollution in our country, particularly in cities like Delhi, the problem can be well appreciated. Air pollution is causing almost 6.5 lac deaths annually in our country. Even far greater population suffers from lung infections, breathing problems,cancer & heart ailments. Moreover, pregnant ladies & children up to 5 years are very vulnerable to ill effects of Air pollution.Plants, vegetation & animals too are worst affected destroying the ecological balance. The problem can be addressed effectively to a large extent by taking concerted action by all implementing machinery by ensuring vast improvement in public transport system, by encouraging people to drive less and walk & bicycle more and also by strict compliance of emission norms besides many other measures.''

Thanks for sharing your thoughts.
Regards,Team TOI
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Comments of MILAN K SINHA (PATNA) in  
The Times Of India dt.09.10.12

Dear Reader,
Your comment on the article ''Global biodiversity meet calls for committing resources'' is now displayed on timesofindia.com.

''In our country the problem is less of resources and more of execution of existing policies at the ground level. RESOURCE EFFICIENCY IS TO BE ENSURED AT ALL COST AS WE ARE TO DO EVERYTHING WITH TAX PAYERS MONEY AND THE POOR MASSES ARE ALREADY HEAVILY TAXED. The civil society and an independent non governmental body of experts in this field must look in to the critical issues of biodiversity at large on a regular basis. No doubt, awareness campaigns at all levels must be undertaken in this regard on a large scale.''

Thanks for sharing your thoughts, and keep up the good work!
Regards,Team TOI

                                                 Will meet again with Open Mind. All the Best.