Only a few days back from today - the 44th anniversary of the most momentous event in Indian Banking - Bank Nationalisation of 14 major Banks on 19th July, 1969 by the then Union Govt. headed by Prime Minister Smt. Indira Gandhi, Reserve Bank of India (RBI) penalized some known big public sector banks like State Bank of India, Punjab National Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Indian Overseas Bank and United Bank of India for violating KYC/AML anti-money laundering norms.
The major reforms in Indian Banking space, of course after nationalisation of 14 Banks in 1969, was based on the recommendations of Narasimhan Committee (1991). Important initiatives, such as putting in place the concept of new accounting and prudential norms relating to Income Recognition, Provisioning and Capital adequacy in line with international banking practices, were taken.
With downpour of monsoon rains in a geographically diverse and second most populous country of the world – India, the agricultural activities commence in full swing in rural areas. As the monsoon progresses with moderate to heavy rainfall across the length and breadth of this vast country, reports do start pouring in about the deteriorating flood situation usually in states like UP, Bihar, West Bengal, Assam and Orissa, to name a few.
It hardly needs reiteration that how important it is for the country's real development to have a healthy population, more particularly of women and children. We talk and promise so much on the issue of child and woman welfare and do roll out so many plans and strategies. But malnutrition and under-nutrition have not stopped taking its toll in our country.
So many things contribute to build up and refurbish the image of a bank - things which seem quite insignificant at first sight. Taken together, they add up to that priceless asset-customer goodwill. In fact, goodwill is earned if the customer is reasonably satisfied. And satisfied customer, as everybody knows, has been the best running advertisement for any organisation in this fiercely competitive world including banking. Service delayed is, in a way, service denied.
Finally, face-saving news for a country of 1210 million people -and the news is about International Olympic Committee (IOC) agreeing in principle to lift the ban imposed last year. In fact, IOC agreed to pave the way for India's return to Olympic fold after the Indian Olympic Association (IOA) agreed to have fresh elections and hold another Annual General Meeting (AGM) within a month to select their representatives.
In a sovereign democratic republic like ours which has been registering relatively better GDP growth for some time now and has the largest pool of youth force in the world that claims to have adequate food to feed its population, is it not shameful to find that still millions of poor Indians cannot afford even a single meal and more than two and half million fellow Indians die of hunger every year?
The Indian economy is passing through a difficult phase – GDP growth is lower, inflation is going out of control, regulatory initiatives are not bringing desired results.
It's a common knowledge that the economic growth story of India has been witness of rapid urbanisation and also of consistent migration of rural population to cities which are otherwise facing lot of civic and sanitation problems. The population of cities in India has naturally been increasing fast - a fact which is vindicated by the latest statistics of 2011 census.
"Literacy is a bridge from misery to hope. It is a tool for daily life in modern society. It is a bulwark against poverty, and a building block of development, an essential complement to investments in roads, dams, clinics and factories. Literacy is a platform for democratization, and a vehicle for the promotion of cultural and national identity. Especially for girls and women, it is an agent of family health and nutrition. For everyone, everywhere, literacy is, along with education in general, a basic human right.... Literacy is, finally, the road to human progress and the means through which every man, woman and child can realize his or her full potential.” - Kofi Annan, Former U.N. Secretary General.
"Coming together is a beginning; keeping together is progress; working together is success." - Henry Ford.