- The Modi government has planned to introduce Banking Laws (Amendment) Bill, 2021 during the ongoing Parliament session.
- The Indian banking sector is in a deep mess, thanks to typical public sector inefficiency. Despite the best efforts of the government, the banking in the country, dominated by the public sector, improved only a little.
- The Banking Laws (Amendment) Bill, 2021, which will enable the government to privatize a few public sector banks and reduce the share in others, is set to get Union cabinet approval very soon.
- The banking sector at the moment is playing the role of a decelerator in the economic growth of the country given the fact that credit penetration in India is one of the lowest in the world.
The employees of public sector banks, are on a two-day strike against the Modi government’s attempt to privatize smaller banks. The Modi government has planned to introduce Banking Laws (Amendment) Bill, 2021 during the ongoing Parliament session. However, the bank employees, who are feeding on taxpayers’ money and the second biggest burden to the treasury after the government schoolteachers, are opposing the move that would save billions of dollars every year from the government coffers.
AIBEA General Secretary CH Venkatachalam said, “We reiterated our stand that if the government would assure that the Bank Privatisation Bill (Banking Laws Amendment Bill, 2021) would not be tabled during this session of the Parliament, we would be inclined to reconsider the strike but the government could not give any such assurance to us.”
The Indian banking sector is in a deep mess, thanks to typical public sector inefficiency. Despite the best efforts of the government, the banking in the country, dominated by the public sector, improved only a little. Insolvency and Bankruptcy Code (IBC), one of the best resolution and liquidation mechanisms set up by any country, has improved the PSBs on the Non-performing assets front, but the other metrics of the majority of the public sector banks remain poor.
The Banking Laws (Amendment) Bill, 2021, which will enable the government to privatize a few public sector banks and reduce the share in others, is set to get Union cabinet approval very soon. During the AtmaNirbhar Bharat proposals, the Modi government has made it very clear that only 4 large Public Sector Banks will be maintained, and the rest will be privatized.
In the Union Budget in February this year, Finance minister Nirmala Sitharaman repeated the proposal and set a target of disinvestment worth 1.75 lakh crore rupees by privatizing and selling stakes in public sector banks.
With the approval of the Union cabinet, the process will start very soon. The list business for the winter session reads, “To effect amendments in Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980 and incidental amendments to Banking Regulation Act, 1949 in the context of Union Budget announcement 2021 regarding privatization of two Public Sector Banks,”.
Consolidation and privatization of the banking sector are necessary for the expansion and growth of the financial sector of the country. The banking sector is playing the role of a decelerator in the economic growth of the country given the fact that credit penetration in India is one of the lowest in the world. The reason behind this lacklustre performance of the Indian banking sector is the domination of the public sector banks which account for around 70 percent of the country’s banking industry. It has been almost five decades since Indira Gandhi nationalized banking in 1969, with the intention to improve lending in ‘strategic areas’, but since then the banking story of the country has only gotten worse.
Read More: Privatisation of PSBs: Time for PM Modi to right Indira Gandhi’s wrong
The nationalization of banks made them a highly political entity. The loans to corporates were being decided on their coziness with the political establishment. In fact, one can argue that the high time of ‘crony capitalism’ started with the nationalization of banks. The accumulation of bad loans in Public Sector Banks is proof that they are more prone to bad decisions.
The investor confidence in PSBs is so low that the market capitalization of all PSBs is lower than that of HDFC. A single private sector bank is valued more than all public sector banks of the country. In fact, a small unknown private bank named AU Small Finance Bank, which operates more like a non-banking financial company, has a market capitalization of 35,083 crore rupees, more than Punjab National Bank (PNB)- the second largest public sector bank- which is valued 29,948 crore rupees. Bandhan Bank, another small private sector bank founded in 2015, is valued at 64,473 crore rupees, more than double of Punjab National Bank.
This is because the investors have no confidence in public sector banks, which always perform poorly; no matter how much time and money the government puts into these entities.
In the last Economic Survey, policymakers argued that India should have at least 6 banks at the top, while it currently has only one- SBI. Even countries like Finland, Austria, and Denmark perform better than India. The Survey observed, “India’s banks are disproportionately small, compared to the size of its economy. In 2019, when the Indian economy is the fifth-largest in the world, our highest ranked bank—State Bank of India— is a lowly 55th in the world and is the only bank to be ranked in the Global Top 100,”.
The primary reason behind the poor performance of Indian banks is the domination of the public sector in the banking and financial services industry. The PSBs are well known for their inefficiencies and lethargic operations. Most of them operate under public pressure and have been infamous for giving loans on phone calls. The investor confidence in PSBs is so low that the market capitalization of all PSBs is lower than that of HDFC. A single private sector bank is valued more than all the public sector banks of the country.
The only solution to improve the banking in the country is to privatize all PSBs except a few big ones like the State Bank of India and Bank of Baroda and better manage them. These PSBs could act as a hedge in times of financial crisis, as PSBs make management of financial crisis- regular occurring in any capitalist economy- management easier.
By doubling down on efforts to privatize the inefficient banks (privatization of two PSBs was announced in the last budget) and expanding the scope of business for private sector banks, the Modi government wants to ensure that the sector plays the role of catalyst to India’s growth story, not of obstructionist (which it has played so far). Moreover, given the inefficiency of PSBs, they will not survive in the era of exponential fintech expansion unless driven by a private-sector zeal. The government should sell these entities as soon as possible to ensure that it gets a good value for these entities.
The author is an absolute moron, who knows nothing about how public sector banks function.
Exactly !!!
The write has to first understand what is banking industry esp PSU banks before writing any article. Writer has to apologise to PSU bank employees for his vague and impotent writing. I advise him to first visit rural and remote village areas of our country and know their condition before talking anything and taking a stand on so called profitability of private sector banks.
Tfipost wale bhi chamche nikle govt ke..shame on u..
#godi media..
We are getting salary for our work and by our employer. Do you have guts to say that police, army, govt empl are feeding on tax payers money! You are so ashamed to mention the names of the corporates who defaulted millions of psbs. And now you are advocating to put these psbs in the hands of corporates. You are such a looser man. First You need to learn basics of writing news article. And then have some knowledge of the topic you are writing. Dint know which school you have attended.
We are getting salary for our work and by our employer. Do you have guts to say that police, army, govt empl are feeding on tax payers money! You are so ashamed to mention the names of the corporates who defaulted millions of psbs. And now you are advocating to put these psbs in the hands of corporates. You are such a looser man. First You need to learn basics of writing news article. And then have some knowledge of the topic you are writing. Didnt know which school you have attended.
Write to admin@tfipost.com
Lol. He says bankers are feeding on tax payers money and eating into treasury. This clearly shows he is a social media author and doesn’t know ground reality. Lolll😄😄😄😄😄😄
Totally agree…the author and this tfipost.com….is another mouthpiece of GOI….bracket it with Opindia.
Stupidity at the helms, either author is having no knowledge or need to be admitted in some rehabilitation center.
Well said…
Mark spam such articles, first of all the writer doesn’t know the banking itself. And doesn’t having the knowledge what is psu , the timing of banking and workdays. Totally bullshit and immaturity. Learn how to write anything..start with some fiction and then dig into any issues.such issues are not your cup of tea dear writer
I am a huge fan of TFI group. But I cannot support this article. The writer has absolutely no knowledge on banking. In the article it is written that bankers have 5 working days with 6 hours per day which is far from truth. As a banker myself I clock in atleast 10 hours per day.
And regarding the loans made over phone calls it depends on the political bosses that run the nation. If majority of the PSBs are privatized it will be tough for any govt to implement the welfare schemes. Because the private banks are here to do business and business only, not to serve the masses.
I would urge the TFI group to stop writing articles on topics on which they have very little knowledge
For this type of media people the country is in mess
Dear
Drunken monkeys team go and check your facts. Don’t write any have as per your imagination. If you got guts come and work in a PSB for one week then you know.
The 6 hrs a day 5 days a week line got me good. On most days , we clock 8-10 hrs. And it’s not in the unimaginative clichéd sense of burning tax payers money for the fun of it. We deal with the mass of the customer base, no matter his social/ economical standing, whereas in a pvt Bank, he might get turned away coz of the same. The footfall, the number of txns , the push to implement govt policies, i have to say the onus does fall on the PSBs. In a different world, maybe the writer is right, but in the reality that is ours, without PSBs the common man would just get trampled on. His line of credit would be non-existant.
Writer is a burden to the media sector. He has no knowledge of what PSB bankers do for government and for “aam janata”.
Dear author/writer,
I have one humble request to you & your team, please go to a common man & ask, where he/she is maintaing account and getting his/her banking service. Ask a
tenant/small/marginal farmer, where he/she has availed KCC for his/her farming. I hope you can compare better between Public Sector Bank & Private Bank.
Kindly compare performance of Public Sector Banks with customer base, business mix base, physical presence (specially in rural/remote areas) & operating profit angle.
You will get the real result.
Whoever wrote this is an illiterate moron. No facts, no brains, just stupidity. Dude go and try to see. Bankers are the most hardworking and over burduned workers.
Whoever has written this, could’ve mentioned that the work timing written in the post is about the parallel world.
6 hours is the business hours which goes upto 7 every day and working hour of a banker is 8-10 hours per day and 7 days a week. Whoever has told you that bankers work for 5 days a week, go and slap him for telling you a lie.
Mindless writer, Not even having least knowledge in Banking. People like you are more Dangerous to the nation
Half knowledge people are dangerous than no knowledge. Before writing an article one should do some research.
The writer of this article has either no knowledge of the functioning and decision making of PSB’s or has personal vendetta against the PSB’s and its employees.The author is a headless chicken
Very Well said. The author doesn’t have basic facts correct
Very word of this article is far way from the facts .
Dear author,
Your unfathomable banking knowledge is an asset of the media house you belong.
“Indian banking industry enjoy 6hrs/day working 5 days week”
Morning shows the day.
Need not read the full article.
An opinion piece without any substantiating facts and figures… The agenda is amply clear.. Five days and six hours work week…??? More of article based on hearsay rather than actual market research..
Before corona, since 2014, there’s a toe licking highly contagious virus spreading across the media houses of this nation.
But it may take some time to fight back the virus and I hope people will overcome it and get well soon. The only fear and worrying is that it shouldn’t pass on to their own offsprings in their families.
I don’t think that the auother of this propaganda news have little bit knowledge of economy!!!!
Dear writer, continue your stride towards your factless and imaginary writings, but you will always remain a fictional one not a reporter who writes on the basis of facts and not on presonal vandetta or bias
Banks are working to support the rural and backward areas of the country banks are working for the poor and poorest .
All government schemes would not have been possible without PSB banks .
Banks do not work to make the rich ricehr and the poor poorest.
All the private banks work only for profit PSB dosent .you have to maintain minimum 10000 minimum balance in a private sector bank will the poor be able to maintain this .
Will the private sector banks focus on rural improvement focus on msme ..or they will only run after profit and make the rich richer.???
Shame on you
Don’t be a blind supporter of the govt .
Banks are the backbone of the people of india belong to the poor and marginalized and not for the capitalist .
Improve your knowledge first then give lecture about banks ..Shame shame.
Plz go to rural place and see the job psb done there. Msme agriculture pmswanidhi mudra loan are mainly done by psb. Did private bank which you are fighting for give those services?
Dear author,
Only one word for you RIP to your reporting I am common people not a banker but still support PSB because they are our backbone in my village no pvt bank is their but 5 PSB are there to welfare…. Now listen why PVT are not having any branch because our village is not having bread and butter for them.. What PVT entities did for nation can u explain….
Dear Bankers go hard on strike we common people supporting💪 you
And tight slap on author face
Thnx to u. Conscious general public.
If you don’t have knowledge about the psb or the work which has been done by psb in rural areas so don’t putt your one sided thoughts over the internet.
First go in any psb for 2&3 days only and try to find out the real difficulty of their work and the golden work which they are doing within the worst to worst situation
Dear author plz update your knowledge abt PSB before writting this type of bogus things in public forum. You are showing your frustrations it seems you could not compete with others to join PSB.you need some extra effort to update your knowledge abt PSB, Indian economy nd financial matter.
Aren’t writers supposed to do research before writing it down. I guess not because this so called writer knows shit abt banking industry and how it operates. 6 hrs 5 week,
are you kidding. Do you knw what social banking is. Why don’t you take your silly mind and do a little research about it. Save apart the implementation of the govt schemes, not a single private bank shows up in SLBC meetings at district level . Yeah SLBC, ANOTHER THING YOU DONT KNW ANYTHING ABT.
Well I’d request someone with the higher IQ in TFIPOST team if there is any to please get the facts straight before shitting all around the web.
Mr. Author of the article we Public sector Bank employee requesting you first please go through about the Public sector banks working condition and staff strength.
✓ you said that Hdfc market valuation is more than when compared with all public sector Banks.
if you wish to compare then dont expect to perform all the govt vote bank schemes through psb Then our PSB will be the highest valued in market vaultaion.
✓ You said that ” Indian banking sector is in a deep mess, thanks to typical public sector inefficiency.
i request you to visit the rural Branches in india which are only served by the so called in efficient PSB’s. no private Bank in india will open an account for zero balance despite of RBI guidelines, it only PSB’s which are doing it.
✓ Your HDFC the private entity is still not given the information about retail loans to CIbil authorities , No pSB will not do it.
• ✓ the most hiped private Bank Yes bank which was saved by the so in efficiencie Public sector Banks only
✓ dear author before writing please go through the facts and then come to a conclusion. dont be a one sided.
Get some knowledge first before writing anything come out of your dream land
You are such an idiot ….talking bakwaas ..without any research
With out PSBs who implemented all Government schemes dear senseless author??? Without any knowledge dont post these type of nonsense posts……
Is this article written by some school kid working as intern?
The lack of research, the shallowness of language indicates so.
Seems it is coming from some personal enmity with some banker.
Pathetic standard of writing.
He doesnt even dont know what is the purpose of PSBs and Private Banks.
PSBs for service to tge masses with interest of business
Private sector banks are for interest of only business.
This small difference doesnt know this author, and he is every time comparing with stock market share prises which is purely played by big players game.
This type of people pure money minded if someone gives money to this author then he will ckill or fcku his own dashh family
It seems this author is on drugs market cap of pnb on 16/12/21 is around 43000 cr check you facts before vomit looks like sponsored article and do not throw us tax payers jumla every owner puts money in a company and in case of PSB government gets great return in form of social banking still all PSB in profit and we do not need government money to run outlr bank
Aren’t writers supposed to do research before writing it down. I guess not because this so called writer knows shit abt banking industry and how it operates. 6 hrs 5 week,
are you kidding. Do you knw what social banking is. Why don’t you take your silly mind and do a little research about it. Save apart the implementation of the govt schemes, not a single private bank shows up in SLBC meetings at district level . Yeah SLBC, ANOTHER THING YOU DONT KNW ANYTHING ABT.
Well I’d request someone with the higher IQ in TFIPOST team if there is any to please get the facts straight before shitting all around the web.
PSB are unefficient as govt pressurized for 12-330 vala bima to PSB bank …not pvt banks. GOVT pressurized to give PMSVANIDHI loan to PSBs check data…
Ese bakvas karke k liye pesa to nhi mila he na??? Ajkal yahi chal raha he…pesa lo accha bolo tum bhi usi m se ho ..
Me desh nhi bikne dunga…kon bola tha..?????
Whoever has written this post has absolutely no knowledge in banking sector. For example: bank employees work 6hrs a day and 5 days a week, are u nuts every day I return at 8 in the night.
If PSBs are liability, then why corporates are interested to buy. It is the media which is showing PSBs are non performers. Just check the NPA list and your will find many big corporates are in defaulter list. If govt is serious then why giving large concession in the name of haircut to the corporate NPA borrowers instead of helping in recover of dues. In the past there are many Pvt banks vanished. In future also same thing will happen. Only general public will suffer. After privatization of IDBI, min balance amount increased. If min balance and service charges are increased in PSBs, can general public do banking. PSBs have min balance 500/1000 compared to 10000 in Pvt sector banks with higher service charges. Dear sir, before writing this article you should have visited some PSBs how they are managing with low manpower. New generation employees are leaving PSBs to other organization due to high workload. How you comment on the working hour without checking the facts. They are on strike for 5 days working and regulated working hour. By making them private only common people will suffer. Be it banking services or employment.
The entire article is a bunch of lies. The author it seems does not know that the wages of bank employees are not borne by the treasury as mentioned in this article. Further the mess in the public sector banks is due to some 11 lakh crores of corporate loans written off by the incumbent government since 2014.
Itna kuch likh diya bhai, yeh bhi likh dete k bankers aatankwadi hai…bs isi ki kmi reh gayi aapke article mein. Godi media
Where is ur parents crop loans and children education loan please check before writing article
The writer doesn’t have any idea about the topic he is writing. Being a writer and a media person, you should have some responsibilities while writing on something, dont just write blindly. We are proud being a Public sector bank employee. We know what we are, only we know how much work and service we give, only we know how much pressure we go through. For ur kind information, we take salary from our profits, so you better know we dont depend on tax payers. U better know we bankers get salary after deduction of tax on every single rupee we earn. We as a bankers ,we worked every single day from the day one of covid, The fact is No government will not appreciate our efforts but we dont bother about that. You mentioned 6hrs- Five day week, from this i can say that u never visited banks. For ur kind information,we work from 10 am to atleast 6pm and some work even till 8pm and its not five days per week,its only on 2nd and fourth week, other weeks we work 6 days. Being PSB employees we know how much bad loans we have written off and helped many farmers and also other public by giving ots facilities. Last but not the least, Every scheme of the on going government is being implemented and taken into the people by US.
Psb’s 💪💪💪💪💪
Aaj kaal bade bade gadhe bhi columnist ban gaye.
Bhakt log bolo
“Jai ho……. “
Only one question for you idiot reporter… how many family members of your family working in PSBs.
Hahahaha… Author of this article is a complete idiot who has no knowledge of the topic but he is forced to write good things about government action .. bankers also pay taxes and for your kind information we have 6 working days on alternate weeks.. and the government is solely responsible for this messy situation of bank who introduces shitty scheme just to please Voters not for the goodwill of public..
Go get some knowledge dear author and bdw you can get education loan for that from any psb because it feels like your loan proposal has been rejected by some psb that’s why you are such stupid things.
Who so ever wrote it is definitely living in a trance, pls visit the public sector banks and meet d staffs we will surely alay your misguided notion of feeding in public money. For d record pls tell how much tax hv u been paying since last 10 years? 0/0? Do not spit anything that comes in your mind.
The author should first check how much employess of PSB are working and under what conditions and pressures. Just because you can write, you shouldnt be writing anything without checking facts and promoting some propganda. And you are talking about bankers being burden on taxpayer’s money. Firstly we also pay taxes and that too on every single penny. And secondly bankers were coming in lockdown also despite all the other “taxpayer’s” sitting at home putting their lives at risk just to serve taxpayer’s like you. Have some sense and check the facts before writing such nonsense.
Bro,first do some research and write these kind of articles,don’t confuse public.Have some ethics.
The writer is certainly oblivion to facts. Instead of thanking his teachers for making him capable enough to read and write, he takes them as liability. The writer doesn’t have any idea about the topic he is writing and the sad part is that neither the editor (moderator) knows anything, else this article would have never got published.
I guess the author could not clear IBPS to join a PSB..hence the frustration
The author of this article is not having any idea about Bank work hours… Before publishing any article you should do research on that topic and post.. A…. E
Who’s the writer of this shitty post ?? This is an agenda driven post. The writer doesn’t even have guts to name himself/herself.
Hey article writer your article is full of flaws there’s some problem with your mental health kindly consult a psychologist and rest for a while atleast that should make you mental health better please don’t get bothered it would be great for our nation
This article is invalid and meaning because who wrote this article doesn’t have knowledge about public sector banks and their contribution to Indian economy over a period. In which public sector bank he observed public sector bank timings 6 hours per day and 5 days in a week ? By reading this we can understand that this article in meaning of reading.
Who is serving remote places and giving services to common man ? It is public sector banks not private sector. Who is implementing government schemes like Jandhan yojana , PMJJBY, PMSBY, APY , Demonotisation , MUDRA , PMEGP PMSWANIDHI , Street vendor loans , many more schemes ? It is public sector banks not private sector. Who helps and boosted Indian economy during 2007 – 08 financial crisis ? It’s our public sector banks and Indian public sector banks only performed well compare to other countries. Since 2008 from 96000 Crore profit to till today’s 197000 Crore profit our public sector banks showing upward trend profits. When private sector banks in trouble it’s our public sector banks taken over to save the public money( recently you know YES bank situation ) . Privatization of Public sector banks is purely facilitate to corporate people.Its a big loss to common man.
Wow… what an author.., really nice paid performance… before going to write an article do some research dear author… now a days a common man knows about bank working hours,student knows,senior citizen knows,agriculturist knows,street vendor knows, businessmen knows, but as a writer you don’t know. This is for your kind information the above mentioned all people are benefiting from PUBLIC SECTOR BANKS. During 2007-08 financial crisis so many countries affected but not INDIA.why? Our PM Sri Manmohan singh garu announced and felt proud about indian banking system which is backbone of indian economy.. because of strong indian banking system INDIA cameout against crisis.
Why so many private banks are falling? whenever a private bank fails it merges into PUBLIC SECTOR BANK…still PUBLIC SECTOR BANKS can withstand why? PSB’s are that much qualified.
Private banks are failing if all public sector banks privatized… private banks fail… banking system fails,indian economy fails, nation fails.
This article is invalid and No meaning because who wrote this article doesn’t have knowledge about public sector banks and their contribution to Indian economy over a period. In which public sector bank he observed public sector bank timings 6 hours per day and 5 days in a week ? By reading this we can understand that this article in meaning of reading.
Who is serving remote places and giving services to common man ? It is public sector banks not private sector. Who is implementing government schemes like Jandhan yojana , PMJJBY, PMSBY, APY , Demonotisation , MUDRA , PMEGP PMSWANIDHI , Street vendor loans , many more schemes ? It is public sector banks not private sector. Who helps and boosted Indian economy during 2007 – 08 financial crisis ? It’s our public sector banks and Indian public sector banks only performed well compare to other countries. Since 2008 from 96000 Crore profit to till today’s 197000 Crore profit our public sector banks showing upward trend profits. When private sector banks in trouble it’s our public sector banks taken over to save the public money( recently you know YES bank situation ) . Privatization of Public sector banks is purely facilitate to corporate people.Its a big loss to common man.
This article is invalid and No meaning because who wrote this article doesn’t have knowledge about public sector banks and their contribution to Indian economy over a period. In which public sector bank he observed public sector bank timings 6 hours per day and 5 days in a week ? By reading this we can understand that this article is no meaning of reading.
Who is serving remote places and giving services to common man ? It is public sector banks not private sector. Who is implementing government schemes like Jandhan yojana , PMJJBY, PMSBY, APY , Demonotisation , MUDRA , PMEGP PMSWANIDHI , Street vendor loans , many more schemes ? It is public sector banks not private sector. Who helps and boosted Indian economy during 2007 – 08 financial crisis ? It’s our public sector banks and Indian public sector banks only performed well compare to other countries. Since 2008 from 96000 Crore profit to till today’s 197000 Crore profit our public sector banks showing upward trend profits. When private sector banks in trouble it’s our public sector banks taken over to save the public money( recently you know YES bank situation ) . Privatization of Public sector banks is purely facilitate to corporate people.Its a big loss to common man.
Author has no idea about banking industry.
The Author does not have idea about ground reality of Public Sector banking who gives priority utmost to the down trodden,common people and Middle income group who are in more to the proportion and occupy major in our economy. Only 5 % are elite, by privatizing they will be benefitted and 95% will be left out.It is we serve to the nation and after privatising we notice what happened to big corporates such as Yes and ICICI bank.We open account to the farmer and lend to agriculture.We do PMEGP, PMSBY,PMJBY,APY and all government related.from has to aeroplanes we do.
WE BUILD THE NATION AND STOOD STRONG EVEN DURING CRISIS OF 2008
The Non Performing is Corporate which has again in one group of private people.
Please don’t make such rhetorical statements which undermine us and don’t come in to our way.
We do all government and common people social benefits.
SAVE PUBLIC MONEY AND SAVE PUBLIC SECTOR
Before writing this, the author should have recalled that, how the biggest and unexpected thing in the Indian economy which was that The DEMONETIZATION was implemented successfully. Is it done by Private sector banks?
How the Govt. Schemes are reaching to the beneficiaries in the rural , who doesn’t even know the private banks.
You think Will this privatization will help poor in India or people in rural.!?
How the PM Kisan beneficiaries are benefited? are they drawing their funds through private banks? Are they availing their crop loans from private banks!
How the women SHG’ s are benefited.! Are they getting financed by private banks..?
Dear author, you need not to answer these questions to us. You just need to know the role playing by the public sector banks in the Indian economy. You just need to know how the public sector banks servicing to needy. 🙏🙏🙏
Ridiculous…. Height of stupidity…..are u a drunken monkey or donkey……and how these TFIPOST ppl allowed such post….who the hell are thinking that psu bankers are working in very much comfortable environment then come and join us..then only you will come to know….u even don’t have capabilities to clear an exam…and here on social media platforms as our country is democratic your doing shit here…then what about politicians…once they got elected they will get lifetime pension…..for what yaar???…..there are lot of things to discuss about….but no use … nobody cares…. everyone is bothered about the comfort (which word is not there in the dictionary of bankers) of bankers and teachers….You bloody basturd author……go and kill yourself for writing such senseless…. meaningless article….
The author has very very poor knowledge on banking industry. The media also don’t encourage such type of false articles and authors. National media has to Highlight and recognize the hard work of bankers in
so many critical situations and give a lesson to this government, And support the country’s financial Soldiers.Otherwise media will loose their trustworthy in public.
The writer of this pathetic article is an absolute PIMP of Godi… Infact he is one of LOOSER who dint got government job and trying to spill up the nonsense here in this modi stooge TFIPOST nonsense, trying to defame PSUs. HAVE SOME SHAME MODI PIMPS
BLOODY IMPOTENT WRITTER OF THIS C GRADE TFIPOST PIMP MEDIA OUTLET. Kitne mei bikaa hai…????
Mr Author,
On what capacity you are speaking about Public Sector Banks. If you are genuine go through the realities of daily banking life of employees as well as our work for the welfare of the nation. We stand for the nation, we are not profit oriented.We are here to reach ambani as well as common man of India. First do survey then speak. Don’t make false propagation about public sector banks.
Please have some knowledge about public sector financial institutions and banks and then write such an article. Not a single truth in the entire article. Public sectors are the temples of Indian economy. We never felt the heat of world spread global financial crisis only because of public sector banks.Their quality of work is the best.. Very efficient systems always better than any private sector. Post independence, it is the public sector which had contributed money for Indias overall development, in agriculture, infra structure etc… Strongly condemn this article. Feels that the author has some agenda.. to please some one on writing this.
Mind your words bro…!! You are actually posting in public forum with ultimate indecency to all the financial workers!! You actually should get arrested for deforming and Misguiding mass public if law exists!! Every information provided here is false and Misguided. You are actually liable for a criminal case bro…!! I first thought to point it out all misinformation, later after reading the whole post, it’s not misinformation, it’s deliberately written which is actually just the opposite of reality. I petty where journalism these days!!
Please post wisely than blindly get some knowledge on banking first then go ahead with your posts .
One of the worst unrealistic information has been provided.
Act wisely and use common sense .Common sense and facts are essentials of any news or journalism.
First go and see the timings hoarding of any public or private banks it will be 9 to 4pm or 10 to 5pm (only business hours) apart from that tallying.
Time norms hoarding as per RBI.
So please don’t post brainless messages.
The very statement that IBC is one of the best resolutions provided to the banks shows that the writer is very novice to understand banking. Media personnel like these will be remembered for destruction of Indian economy
Kinse writer bana des is Chxxxxtye ko
Sala modi ke chatne wala hai ye chat le shayad kuch kasm mil jaye
Just because market capitalisation is more for private sector bank,( it is more only in a gambling stock market), there is no use for a common man who deposits his hard earned money in a bank. Compare the retail deposit percentage in PSB and pvt. sector bank.
Based on privatisation rumours, many persons withdrew deposits from some PSB. Can a common man enters a PVT bank to get an agricultural loan of Rs. 50,000/- or educational loan of four lacs without security? ( Though RBI insists this) How pvt sector banks achieve their priority sector target of 40%. Simply they purchase from Public Sector Banks.
Before making such comments author need to understand the role of PSB in growthstoryof indian economy. Secondly the government may it be any party has used PSB as per their own sweet will. Recently JANDHAN account were opened by PSB only. No private bank will do such loss making business. In short author has misused the platform to express what is not known to him
Your stupidity is boundless dear author.
Pehle aap apne banking gyan ko sudhare… basic gyan tak nahi h apko or itna bada article likh dala… kisne kaha ki bank me 5 day week hai or 6 hours working. Bank ka time official time 10 to 5 hai but work finish karte karte raat ke 8-9 baj jate hai.. agar banker itne hi kamchor h to kyu modi govt banks ke through hi sari scheme implement karti hai or kisi department ke through kyu nahi.. so pehle soch smjh kar jankari hasil kar hi likha karo article… andhbhakat
1st line 6 hr n 5 day week is itself wrong factually…no point reading further..useless writer..
How come share market capitalization is determining worth of a bank? Paytm market cap is also much greater than public sector banks!! Zomato market cap is worth more than Taj hotels
Author has zilch knowledge
I am not too sure if random and forcible privatisation is needed. Psb has played very important role for small people… including Jan Dhan Yojana.
In cities like Mumbai enter a private bank – you will find one or two customers. Go to sbi or Boi,you will find so many customers depositing 1k to 2k daily cash or withdrawing small amounts.. this is not possible in private banks
After reading the article, I got the feeling that it is imaginary story write by someone, seriously, 6 hour a day and 5 days a week… So a total of 30 hours a week,
But in reality, 55 hours a week I am giving in my bank, which is 10 hours more than when I was working in aN MNC in IT sector… The writer should get his facts checked…
It seems that the writer was consuming highly hallucinating materials before writing such article. I mean 5days week, 6hours working, is the writer even talking about Indian PSUs? Has the writer even visited any PSUs ever or knows what a PSU is? This guy has achieved mastery as a Moron I must say
Dear Author
Don’t worry about privatisation or something else.. just think about the food your are eating.. food is grown by farmers and mostly financed by PSBs.
For Indian youth educational loans are given by PSBs.
Check the fact and keep your dignity…
I astronish, how an Indian writer, rather who has learned to write somehow, writes anything he wishes. They are the real treators of India. You should first know what is PSU and Private bank. Your maid must not have a ICICI bank ac or so….. ask her….. Go to rural area and interiors of India and find a Private bank in service……. How stupid man you are to write those? Your private bank has opened 47Cr Jandhan ac or taken load of funny Notebandhi idea? Rural firming? Infrastructural building of India? Better you admit yourself in primary section of economy…. Try whatever you like, you can not become Adani or Ambani….. You will be counted in fools dictionary…..
Author has no knowledge about working of PSU Banks. I advise first go and check about the role played by psb in financial inclusion, welfare schemes, rural financing and financing of the infrastructure projects. Felt that article is written just to malign the image of psb only.
Most of the comments against the article seems to be from the bank employees or their union leaders. Instead of shooting the messenger they should put forward their ideas for reforms in the banking sector so that our economy move forward in competition with other countries in the world. Simply hurling abuses only exposes their attitudes based on sheer self interest. Let them remember that there are people in every sector of economy who toil and contribute towards nation building. As for their working conditions and other grievances they have been agitating very often and govt had been very benevolent towards their demands. That doesn’t mean they can dictate to the government how to run the economy. Banking is only one part of economic activities in a nation and the bank employees should not consider themselves as a privileged class.
Poda myre
Article is written by a bhakt who has no knowledge about functioning of public sector banks.
Totally political post…
Dear writer kindly gather proper knowledge then write…
May be the article was design by LKG kid, with out any grounding works ,don’t post
Just ask these writers & editors to spend a week at a PSU bank branch choose any work you like and if u want I will pay you one day salary as well.
Just see if its a 6 hour or 12 hour job whether it’s a 5 days or 7 days job.
Just pick up the calls of customers and management and u will get to know your worth as a PSU employees.
Do let me know.
Also if you have any family member in village ask them whether they use HDFC, ICICI bank or do they even know the name of the bank.
I don’t know whether our beloved wise PM and his team made of people like your team will understand the indian economy and its need or they simply privatise the banks just like they did demonetisation. But the effects of this step will be permanent and will weaken the economy from the core. You all will come to know how it feels to live in a economocally weak country.
I just shiver from this thought, but I dont think your teams ignorance can see past their nonsense notions.
Stupid post.
Little knowledge is more dangerous. ….. Stop your mundane analysis.
Really wow TFI become BBC OF INDIA now you people never ever visit a rural branch you don’t even know PSB work you people sit in big big metropolitan cities and you are speaking about PSB. Let me ask you some important questions so-called author any way you are the dumest author I have ever seen and dumest editor too pitty on you ok let’s go to the point how many rural branches does HDFC ICICI and other so-called private banks has atleast do you have any idea about what is rural banking means how many PM SWANIDHI loans sanctioned by your loving all private banks sanctioned and how many PSB sanctioned do you have any Statics No do you what is the minimum balance request to open account in HDFC and other your loving private banks and what are different charges they’re charging in psb many of them don’t have any minimum balance we are working for poor not to the rich people like HDFC every one says farmer is back bone to nation you just you corporate banks how many KCC account thay have and how many PSB have hooo by the may be you corporate author don’t know the meaning of KCC I think it’s kisan credit card author you just google it you will got to know any way your private banks won’t tell what’s kcc because even thay don’t know by I am curious how you got paid for this type of bullshit from your corporates
The author of this post passed out from some malnutritioned Pvt college thats why his /her understanding of credit penetration, working hours, budgetary allocation are not only superficial but also presentation of false propaganda with malafied intention of Godi Media.
He/ She must be a corrupted one who got admission in school, college & got this job through political intervention of father or any uncle or through bribery. He should have atleast disclosed his name if not full identity.
He don’t even know that the apart from 10-12 hours working due to severe staff shortage, the Bankers also undertakes all camps on holidays specially Sundays for NPA Settlement to Acc Opening, Audit etc to name a few.
Request the author to do full study and cross verification before writing any such article else the day is not far off when he will be ashamed of taking his father’s name.
The author seems to be living in his own Disney World who has no idea of real PSU sector. He must be some immature graduate of Management quota college.
Shame on u .
Do some research atleast before commenting on such issues.
May God bless u and give some mental strength to u.
We, the employees of public sector banks..request the respected senseless author to make us get privatised..atleast by that we will get paid for what we do…
If u have any personal grudge on anyone..go nd talk to themm . don’t generalise the issue…
Without any min balance or for a mere balance we are maintaining lakhs of accounts giving them( customers) prime facilities atm, cheque books,mesage alerts etc..go and check the min balance for HDFC account..provide the same min balances, seperate teams for every dept ( loans,operations, marketing,recovery) etc for PSUs as well..then see the difference.
I don’t think your team would understand this small example also..if it happens..u would never posted this ignorantly viewing only one side of only one coin.,.there are more coins and also the more notes as well…
Too sad to see such a post in tfipost..such a baseless post..such reporters should be banned…out of many bullshits, one of his argument was the bankers are fed from the taxes paid by the common man..Dear Sir, should have done research before making such a post..Bank employees are paid from Banks own profit,.not by central or state government..that’s why the wage revision process is entirely different for them…
Articles like this are the bane of journalism. This is not even close to creative fiction. The author has not even tried to hide the sheer lack of basic understanding in this topic.
‘The Indian banking sector is in a deep mess, thanks to typical public sector inefficiency. ” – How does the author measure efficiency? Does he/she has any idea as to how many customers are serviced daily, what is the extent of the reach of PSBs, what is the range of services rendered across the length and breadth of the country? On topp of that they have generated substantial operating profits and have been giving dividends to the government on a regular basis. Can the Private banks hold a candle to even a fraction of this superb efficiency?
The fact is, all flagship projects of the government, starting from the 20-point program, IRDP, KVIC, Jana Dhana Yojana, PMSBY, PMJJBY, APY, PMAY, state level funding for women beneficiaries, SC/ST beneficiaries, widows, pensioners, students and the jobless are done through PSBs only. Private sector banks have ZERO or negligible contribution to these national programs.
“The nationalization of banks made them a highly political entity. The loans to corporates were being decided on their coziness with the political establishment” – Let us remind the author what happened when banks were not nationalised. Bank after bank failed, destroying the life earnings of millions and looting the money of the poor. All these failed private banks were floated by ‘cronies’.
That was when the government had to step in and nationalise these banks – a step that in a single stroke saved the banking system from the pitfalls of vagaries and also directed these funds towards nation building activities. Our economic upturn, the green revolution, the silver revolution and the white revolution started from this step. From an undeveloped country we went on to developing and now a leading economy of the world.
When the financial upheavals hit the western banking industry, several ‘Private’ banks across the world hit the dust, the whole world economy was shaken, Americal and European banks with big names were demolished and had to be ‘bailed out’ by the government. But the Indian Banking industry, dominated by the PSBs, weathered the storm and stood tall. This earned acclaim from the global financial experts. This is the most astounding display of the strength of the PSBs of India.
If political interference is indeed the root cause of the problem, shouldn’t one go for the proper corrective and monitoring action? If monitoring has failed, why doesn’t the author argue for privatisation of RBI and the MoF – both the agencies that should have monitored the banks in the first place.
Instead of the proposal for privatisation, the government must bring in the proposal for nationalisation of all old Private Banks, so that they can be compelled to put in their contribution towards national flagship projects. Serving the rich and licking in the cream has gone for quite a long time. Let them do their bit in nation building.
The fact is, the government has failed to rope in the large corporate defaulters. Instead, they have always attempted to protect them from punitive actions, even they have sought to keep their names hidden. Such defaulters have spoiled the balance sheet of the PSBs and misused the poor man’s funds. And now they propose to sell these profit making entities to these very ‘cronies’ under the guise of this sham of a bill.
“Insolvency and Bankruptcy Code (IBC), one of the best resolution and liquidation mechanisms set up by any country, has improved the PSBs on the Non-performing assets front, but the other metrics of the majority of the public sector banks remain poor.” – what an excellent explanation from this author who has obviously been spoon-fed by the government agencies.
Does the author have any idea as to what a scam this IBC has turned out to be? Instead of recovering the huge amount of bad loans , the IBC mechanism has legalised huge ‘haircuts’ that has benefitted the scamster defaulters and given a pittance to the banks in the name of ‘recovery’. If the author has any brains or guts, he/she should write an article on IBC mechanism and it actual beneficiaries – it will be more hair-raising that any crime thriller.
Public Sector Banks are the banks for the people. For the common man, the farmer, the worker, the labourer, the trader, the housewife, the pensioner, the student, the man who just cannot afford the charges and minimum balances of private banks. An enemy of a PSB is an enemy of the people.
TFI should exercise caution before publishing such frivolous and factually wrong article. They harm the reputation of TFI and may keep away sensible readers from their ambit.
Satyameva Jayate – Truth alone will triumph.
Privatisation of PSB is not a wise move. Those who serve the underprivileged and HNIs with highest dedication deserve to be preserved in Public Sector set up, where sole profit motive is not preferred.
Not sure but I think you born and brought up ,and also have done your study from abroad .You have no knowledge about Indian Economy and Banking sector.You should join Politics and compete against Mr. Tea selling Man who wants to sell India as he lost his mind ,I am sure you will shine…and PLZ dont write anything bcz it is not your cup of tea…..
I’m sorry I didn’t know that Rupee had been discontinued and the treasury has been spending billions of dollars nowadays….😛
And this article seems more like a homework assignment given to a highschool kid considering the way it’s written.
First of all write some points(whatever comes to your mind😛😛😛) and then wrote paragraphs to explain them. As a crutch you can use the same sentences aa many times aa you like…(aa the reader won’t notice it)
This kinda reminds me of a person who got full marks for a 5 number question where he was asked “What is Software Engineering?”
The answer went like this-
Software Engineering is the engineering of software where the software is developed by the software engineer using the technical and theoretical knowledge of software engineering and the past experiences of various engineers written in the book of software engineering……….
And it went on and on…
By the way author… You did good copying the lines but dude even my 9 year old niece writes better by following the fundamental rule of “Do not use the same word or sentence too frequently”
Hope this helps you with your assignments.😘
Author should write fictional stories. I would love to read you then.
The F***g Idiot (TFI) is all I can say about this writer and this portal. You don’t even know how PSBs function and you are writing an article…??
The writer of the article is class 7 dropout, at least the his writing feels that way.
Carry on your stride, I wish you all the best
The comment section itself shows that our country actually supports the Emergency Era policy which were brought forcibly by jailing the Opposition Leaders and gagging the media. I want to ask these people – Are you watching China’s economic downfall right now ? Their own PSUs can’t repay the foreign bonds which were taken from Private Institutions and now their banks have gone rogue and many people are giving argument about “Common man’s interest” , I have one question for them – why countries like Singapore , South Korea , Taiwan , Malaysia which were even more poor than India , grew economically so fast and we degraded ? And why country like Vietnam grew economically advanced ? Answer ? Privatisation of Banks . Those who support nationalisation of Banks , are all bunch commie coakroaches and supporter of “Crony Capitalism” . Let people have Free Choices . This is free market !
After hearing your side , I feel sorry for you and your father . India needs people like you who can say the truth wide and open . I am damn sure that maximum of the commenters doesn’t know the real situation of PSUs and they just sit and relax in their couch and typing non sensical things here and maximum of them are Bengali Socialists. As a Bengali myself , I am ashamed .
I am not a PSB employee but my father was. I know his struggles, his work hours. I myself am a PSU employee. Being a public sector employee I can relate with the issue. Problem in public sector is not the employees but the system. The procedures kill all your enthusiasm to work proactively. Getting a simple work approval is a nightmare. Moreover, you need to implement all age old government schemes running from decades. But the problem is half the employees in these institutes who work in babu style or sarkari style are the real leeches who suck off the blood of the remaining half who actually stretch themselves beyond the duty hours. You cannot even avail leaves as per your eligibility. Somebody who belongs to the second half always say all these PSUs should be privatised. The first half are usually the ones who is striking. Interestingly after working in private organizations and about 15 years in a public organization, just like my father, I feel all public organizations are should be privatized, so that the actual talented working lot of such organizations can get fruits for their efforts and in turn serve society better. On an ending note, one can find really good talented and hands on skilled people in the public sectors most of them are over burdened and subdued by the system. They are the real problem solvers, creators and implementors, unlike the sophisticated modern fashion studded private sector counterparts who are mostly all noise and less substance.