4 PSU banks to become private by end of this year
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How is it a loss? They are already a liability for us tax payers. They would get a fair value for their assets. The longer the govt holds them more tax payers money down the drain.
Govt has no business doing business in the present era.
The staff of these banks will be shifted to another government banks.
1. What is the need for govt banks operating 3 or 4 branches of varying brands like Indian Bank, Canara bank etc within a km radius ??
2. Let everyone who earns income pay taxes and then whine about saving these white elephants. While honest tax payers would want to close these off for good.
3. The govt banks except for few exceptions are mostly lethargic and just plain stupid for not evolving and providing user friendly policies. They treat as if you are a liability rather than a asset. Buggers doesn’t know or what if YOU as a customer doesn’t give them business then they would have no ducking job. Grade A donkeys. .
All this can be achieved by simply giving annual targets to bank management and promising the management that the govt will not interfere in their operations/decisions.
But the problem is, when a PSU bank submits annual dividend to govt, no one gets a cut.
No politician sells his soul to work for a mere salary.
The Industrial Credit and Investment Corporation of India (ICICI), a PSU Indian financial institution, was formed in 1955 as a joint-venture of the World Bank, India’s public-sector banks and public-sector insurance companies to provide project financing to Indian industry. In 1994, it formed a subsidiary Bank by the name of Industrial Credit and Investment Corporation of India Bank, and later changed its name to ICICI Bank. It was the first entity to being Internet banking and ATM services to the masses in 1998. The parent company was later merged with the subsidiary bank in 2002. Then the whole entity was privatised.
In 1997 ITC Classic Finance and Shipping Credit and Investment Corporation of India were merged to it.
In 1998 Anagram Finance wasmerged to it.
In 2001 it took over Bank of Madura
In 2002 it took over parts of Grindlays Bank
In 2005 it took over Russian IKB Bank
In 2007 it took over Sangli Bank
In 2010 it took over Bank of Rajasthan
Today, it is the largest Indian Private Bank. So privatisation is not always bad.
Housing Development Finance Corporation Bank ?
Father of Economics Arthat Arthashashtra, Acharya Chanakya once said this thing,
‘Jiska Raja Vyapari, Usaki Praja Bhikhari’
means
King’s duty is to only govern his state and not to run business. Same way modern era government’s primary job is to govern only and not indulge into businesses in the form of PSUs.
If someone thinks that PSUs were created as a part of socialist ideology or for the public good, then you are only partially correct. All these seems goody goody on the front but in reality congress wanted to settle its incapable chamcha govt. officials, relatives, connections etc. in these PSUs. There were bunch of headless chickens and morons working in PSUs and Cabinet. Biggest oxymoron was Nehru himself, that drop out idiot has no brain in the head. Congress was heavily funded by Soviet block, hence toed their ideologies in India.
Congress has also benefitted its chamcha industrialists like Hindujas, Birlas, Bajaj etc. and penalised nationalist businessman like JRD Tata when he has produced more quantity then sanctioned license quantity. There was huge demand out there in the ecowas nomy still manufacturwas highly curbed, imports were b@nned and
AIIMS, ICMR and most other medical facilities that are presently ensuring treatment for Corona were created by same Nehru govt. Lakhs to tonnes of foodgrains are now provided practically free to corona affected people by FCI which was created by the same Nehru. The IIT and IIM again were created by the same Nehru. Majority of the Dams around the country were again planned or creted during the tenure of same Nehru. The Hindusthan Aeronautics Limited also was created by the same Nehru. ISRO and DRDO were again planned during the tenure of the same Nehru.
As for “chamchas”, the same tradition continues even today. Only the Ambanis and Adanis have benefited during the last 6 years. and ZERO new infrastructure has been created during last 6 years, the only thing created were BJP party offices with crores of Rs.
Practically everything that is now being sold off in the name of disinvestment were created during the tenure of Nehru. If they are really worthless, why exactly Adani and Ambani so interested in purchasing them. Nationalist Industrialists like Tata are sidelined even today.
Nehru was no saint. He had his negatives. But he helped create organizations that present day Chamcha Industrialists are hell bent on buying for themselves.
Idiot, I am not high, DD app is getting hanged, hence unable to type complete post.
Plus I don’t talk without proofs and data.
For which AIIMs, IIMs, IITs, ISRO, DRDO etc. you are boasting the dynasty, just see other examples of Israel, Singapore, Japan, S. Korea etc. after WW II.
Israel was shelter for persecuted jews who came mostly from european countries and america, they have to transform a piece of land into nation.
Japan and S. Korea were completely devastated plus SK had constant battles with NK regime.
Even communist china also opened gates of its economy, almost 2 decades ago for capitalist economy like USA.
If India would have embarrassed capitalism then instead of 0 PPE kit manufacturing in 2020, it would have been the biggest supplier of PPE kits.
What Gandhi Nehru dynasty has given to this nation they snatched away thousands of times more from this nation.
Get your facts right. India was not 0 manufacturer of PPE in 2020. It was manufacturing PPEs. In Feb 2020, the export of PPE from India was banned. Then Chamcha Industrialists made sure that the ban is lifted so that they can export PPE to other countries at high price and make a killing. Finally 3 days after declaring countrywide lockdown in March, the export ban was brought back. But in the meanwhile, the chamcha industrialists had exported enough to create an internal shortage within the country. Then the same chamcha industrialists imported from other countries at high prices and made another killing.
PM Cares scam is equal to scam in purchase of rafale…
all these are political lies to earn some browny points among their constantly decreasing vote bank and for dooming congress and its clown prince pappu gandhi….
Blind chamchas will always follow whatever lies this dumb ass is spreading all the time…
Aloo ki factory… ek side se aloo daalo dusre side se sona nikalo…. if someone has spotted this pappu brand potatoes to gold convertion machine then do inform me…
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Only collect taxes and repay financiers of political parties.
How is it a loss? They are already a liability for us tax payers. They would get a fair value for their assets. The longer the govt holds them more tax payers money down the drain.
Govt has no business doing business in the present era.
i do not quite get this rationale.
it is like saying, let ISPR and ISI decide what is best for Kashmir, Punjab “after” successfully inplementing the “bleed India by a thousand cuts” policy.
we, though not a practical ‘socialist republic" .. ARE one on paper.. even now.
knowing VSNL’s internal books and values of the land they held in Maharashtra alone, i was prety p¡$$ed with how the fake ethical group was allowed to loot it.
also have a look at the last line here https://www.desidime.com/discussions/suggestion...
although i am not really starting a capitalism versus socialism debate here
are we really in a position to embrace true capitalism AND WHAT COMES WITH IT?
wondering if you’ll be okay; when/if after privatisation, the new owners of Indian Railways stop operating remote routes to the North East, hinterland and only run services between Tier 1 or 2 towns?
the government (or monarch or dictator) has every business to be in business: if done with “people” (and not personal gains) in mind.
though not the best example to quote, but Suharto (de-facto dictator) DID uplift most of Indonesia in those 3 decades in power despite the usual corruption and interferance of the west.
till the end of the last century, IMO, average Indonesians had it better than average Indians despite the country taking a worse hit of the 1997-98 S.E. Asian financial crisis.
it is the bad governments that need to be toppled, not selling off of the family jewels
Housing Development Finance Corporation Bank ?
That too. HDFC Bank is the largest private bank today in terms of assets whereas ICICI Bank is the largest bank in terms of number of unique customers and ATM/Branch reach and combined financial operations.
Housing Development Finance Corporation was formed in 1977, with ICICI as one of the lead promoters. In 1994, the Housing Development Finance Corporation Bank was formed as a subsidiary, which was later renamed HDFC Bank.
However, the difference is HDFC and HDFC Bank remains separate entities till today and the Insurance, Mutual Funds operations are subsidiaries of HDFC and not of HDFC Bank. While HDFC Bank is a private entity, HDFC is still a PSU.