Tuesday,
April 30, 2002, Chandigarh, India
|
Bad debts of banks increasing This refers to the editorial “Bankers have no choice”
(April 17). Do you think that efficiency of labour can be improved by paying the lowest wages, by giving them employment on a temporary basis, by creating an atmosphere of uncertainty regarding their employment? These are the essence of proposed labour reforms. Can these changes enhance the said Hindu growth rate of 2 or 3 per cent to 10 per cent? According to the editorial, bank nationalisation was a monumental blunder. The opening of bank branches in remote villages, catering to the banking needs of the poor peasantry, the Green Revolution, the White Revolution, development of small-scale industries and creating a habit of banking among the poor and illiterate people of this vast country are the gifts of bank nationalisation to our nation. Before nationalisation big monopolistic houses used the public money for their own interests. There was only one per cent agriculture advance. Branches were concentrated in big cities. Private bank owners had earned enormous profits but the condition of the bank employees was pitiable. As a bank employee I can say with pride that it is the public sector banks which have created public faith in banking.
From Dr Manmohan Singh (1991) to Mr Yashwant Sinha (2002) and by their reforms, an additional 11 crore people have been pushed below the poverty line. Bank loans of Rs 1 lakh crore have become bad debts. More than Rs 60,000 crore is due as taxes to the government. Profit of the public sector banks for the financial year 2000-2001 was Rs 4317 crore.
|
|
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | In Spotlight | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 122 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |