Poll: Privatisation of govt assets is good for India's financial health?
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Hot Deal Bank privatisation: Centre likely to sell its stake in Central Bank, Indian Overseas Bank

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Bank privatisation: Centre likely to sell its stake in Central Bank, Indian Overseas Bank

https://www.google.com/amp/s/www.timesnownews.c...

Govt’s think tank NITI Aayog has recommended these two names for privatisation. However, sources say that Bank of India (BoI) may also be a potential candidate for sale.

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Any idea what happens to the bank employees after privatization ?

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BlueFlash wrote:

Any idea what happens to the bank employees after privatization ?

Initially they will be taken over by Pvts entity …
eventually most will leave (sarkari babu wont be able to survive in Pvt banks)

Before all this …expect strikes

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What abt other elephants?

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BlueFlash wrote:

Any idea what happens to the bank employees after privatization ?

Lazy ppl becomes slaves 🤘🏼

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Expect more public looting and most imp if bank fails govt will not bail them out like they did with Yes Bank

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SastaRaju wrote:

Expect more public looting and most imp if bank fails govt will not bail them out like they did with Yes Bank

What’s wrong with the way RBI/Govt handled Yes bank?
They will privatise all except 2 3 big banks. If u dont want to be looted you can choose those. They make 1 good decision out of 100, so atleast have a good reason before you bash that too.

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Just watch out who will benifit. Will any pvt bank open Branch in 5000 population village 50km away from city centre having no road or electricity. If yes who is stopping them to open such branch now.

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BlueFlash wrote:

Any idea what happens to the bank employees after privatization ?

They will get vrs wink

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and if all govt banks are gone where poor people will deposit, axisjaise chor toh minus mein kr degeine, who will give the central govt schemes fund to needy, no pvt in history helped govt schemes, bank shd have 50-50 model, half private half govt, then only they can survive catering to every society member, pura bech doge toh adadi ambani le lengi bad mein

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NITI Aayog has recommended” it did not happen. what happened was this:
NIT Aayog has been directed to recommend selling stakes by Sri Modi ji, who has further been directed to recommend by his Gujju Friends.

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int86 wrote:

Just watch out who will benifit. Will any pvt bank open Branch in 5000 population village 50km away from city centre having no road or electricity. If yes who is stopping them to open such branch now.

And why should there even be a need for that. Have you imagined yourself working 9 to 5 in a 5000 population village with little electricity & no 3g/4g signal & enjoying your work? Why can’t post offices in rural areas double up as banks/banking correspondence point when ppl working there are already used to rural life/are already natives of those areas.
@Awake

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What I hate for PSU bank is their employee…otherwise I didn’t find any difference b/w private or govt

But mai khush hoon ki saare babuo ki akal thikane aa jayegi grin

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My father is visiting last 3 consecutive weeks for updating the KYC of his account. Last year before lockdown He has already submitted all the self attested photo copy of documents with KYC form and this time they call him again to complete the KYC for his account. One thing I realise that those sarkari babus are real mastermind to give lame excuses. Today I visited the branch and requested them that recently my father has recovered from COVID-19 and he is not feeling well due to after Covid complications but they continuously ignored that thing & even today they did the same. They giving me a big fake assurance to visit their branch on next Friday to complete the kyc processes.

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Awake wrote:

What’s wrong with the way RBI/Govt handled Yes bank?
They will privatise all except 2 3 big banks. If u dont want to be looted you can choose those. They make 1 good decision out of 100, so atleast have a good reason before you bash that too.

So you want govt banks to be run in a duopolistic competition where end consumers have no choice ?
Yeah will pass

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SastaRaju wrote:

So you want govt banks to be run in a duopolistic competition where end consumers have no choice ?
Yeah will pass

Actually it’s good for overall banking industry

As many defaulters keep on using banking system while not paying dues in other banks where they have defaults.

Their pan , voter id , do, Aadhaar every thing should be linked and traced and they should not be allowed anywhere to park or hide money.

This step will reduce willful defaulters.

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SastaRaju wrote:

So you want govt banks to be run in a duopolistic competition where end consumers have no choice ?
Yeah will pass

Then people should also stop using any credit cards other than from psu banks(sbi cards don’t count as sbi cards is technically a separate legal entity from sbi bank).

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rogerthat wrote:

Actually it’s good for overall banking industry

As many defaulters keep on using banking system while not paying dues in other banks where they have defaults.

Their pan , voter id , do, Aadhaar every thing should be linked and traced and they should not be allowed anywhere to park or hide money.

This step will reduce willful defaulters.

Yeah and pan, voter and addhar cant be forged rolleyes
defaulters will always find some jugaad to default

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guest_999 wrote:

Then people should also stop using any credit cards other than from psu banks(sbi cards don’t count as sbi cards is technically a separate legal entity from sbi bank).

Yeah what kind of logic is this . Not all people who have savings account hold a credit card

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SastaRaju wrote:

Yeah what kind of logic is this . Not all people who have savings account hold a credit card

The logic is this, almost everybody complaining here about privatisation of psu banks is holding at least one credit card from a pvt bank or aim to get a credit card from a pvt bank while those holding only savings acc & no plan of having/using any credit card are almost non-existent here(aka speaking on this issue).

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guest_999 wrote:

The logic is this, almost everybody complaining here about privatisation of psu banks is holding at least one credit card from a pvt bank or aim to get a credit card from a pvt bank while those holding only savings acc & no plan of having/using any credit card are almost non-existent here(aka speaking on this issue).

Privatization has nothing to do with credit cards
Credit cards/loans are business for banks be it private or psu

People are opposing as privatization aims for profit which leads to customer exploitation
Psu banks are more transparent with their charges than a private sector bank

Yes privatize will def make slouch employees work fast at the cost of us consumers paying a premium for the incompetence of the govt

Bank privatization is nothing but a bailout for corporate defaulters

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Awake wrote:

What’s wrong with the way RBI/Govt handled Yes bank?
They will privatise all except 2 3 big banks. If u dont want to be looted you can choose those. They make 1 good decision out of 100, so atleast have a good reason before you bash that too.

Yes bank case was intentionally mishandled by govt , just to loot poor investors money they created chaos by banning withdrawal from electronic means, and looted Yes bank share at Re 1 per share , it was only possible by creating havoc

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SastaRaju wrote:

Privatization has nothing to do with credit cards
Credit cards/loans are business for banks be it private or psu

People are opposing as privatization aims for profit which leads to customer exploitation
Psu banks are more transparent with their charges than a private sector bank

Yes privatize will def make slouch employees work fast at the cost of us consumers paying a premium for the incompetence of the govt

Bank privatization is nothing but a bailout for corporate defaulters

So if people make profits using deals & discount offers then it is alright but if companies make profits then it is wrong, what kind of logic is that. You do know that profit is the basis of doing any business, right? As for psu banks being more transparent with their charges, how many psu bank accounts or their credit cards are you holding anyway to claim this. I hold multiple accounts in pvt banks & never been charged unfairly(or what is already not mentioned clearly in their schedule of charges). Just because axis bank has some hidden charges or people don’t even bother spending 2 min reading schedule of charges doesn’t mean pvt banks charge in a non-transparent manner. Also the biggest corporate defaulters loan is held majorly by psu banks. rolleyes

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guest_999 wrote:

So if people make profits using deals & discount offers then it is alright but if companies make profits then it is wrong, what kind of logic is that. You do know that profit is the basis of doing any business, right? As for psu banks being more transparent with their charges, how many psu bank accounts or their credit cards are you holding anyway to claim this. I hold multiple accounts in pvt banks & never been charged unfairly(or what is already not mentioned clearly in their schedule of charges). Just because axis bank has some hidden charges or people don’t even bother spending 2 min reading schedule of charges doesn’t mean pvt banks charge in a non-transparent manner. Also the biggest corporate defaulters loan is held majorly by psu banks. rolleyes

There is a very small percentage of people who benefits from these Banks via your so called profits via CC, which is not even a profit considering there are multiple factors involved like paying CC yearly fees , late fees etc

Do banks make loss no .They tie ups with online retailers , collect Merchant and transaction fee from them , which they pass onto you as your so called reward point and discount .

In 2020 India had 1.38 billion people and only 55 M credit card users

Now coming back to private banks which psu banks has a mandatory 10k monthly balance to open a account ?

How many people of India has the luxury to keep such high balance in savings account just to avoid non maintenance fee ?

Why lending interest rates are so high in private banks ?

If psu banks are privatized what will happen to these people who depend on these bank just to save their minimum income ?

Stop thinking about only yourself or people here on DD who has the luxury to get a CC there is a whole different world outside

And stop comparing CC with privatization

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OLX Sarkar
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It means, I will be able to get my Cheque Book reached to me within 3-4 days of requesting, from Central Bank heart_eyes_cat heart_eyes_cat

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SastaRaju wrote:

There is a very small percentage of people who benefits from these Banks via your so called profits via CC, which is not even a profit considering there are multiple factors involved like paying CC yearly fees , late fees etc

Do banks make loss no .They tie ups with online retailers , collect Merchant and transaction fee from them , which they pass onto you as your so called reward point and discount .

In 2020 India had 1.38 billion people and only 55 M credit card users

Now coming back to private banks which psu banks has a mandatory 10k monthly balance to open a account ?

How many people of India has the luxury to keep such high balance in savings account just to avoid non maintenance fee ?

Why lending interest rates are so high in private banks ?

If psu banks are privatized what will happen to these people who depend on these bank just to save their minimum income ?

Stop thinking about only yourself or people here on DD who has the luxury to get a CC there is a whole different world outside

And stop comparing CC with privatization

Privatization has nothing to do with minimum balance required in saving account or lending rates. Both SBI and ICICI have MAB based on account type

Based on account variant of saving MAB/QAB is decided, based on RBI rate + your credit score actual lending rate for customer is decided.(eg Home loan with SBI starts 6.8% with ICIC/HDFC it starts 6.75%)…so you see PSU does not give any advantage when it comes to lending rates or mandatory balance required in saving account.

Only advantage of PSU bank is that they cater to rural areas as well which big private players dont.

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int86 wrote:

Just watch out who will benifit. Will any pvt bank open Branch in 5000 population village 50km away from city centre having no road or electricity. If yes who is stopping them to open such branch now.

Who said all Govt bank will be privatised?
SBI, BOB etc will always be there.
In most of the village local Co Op banks are there.

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Sudarshan61 wrote:

Privatization has nothing to do with minimum balance required in saving account or lending rates. Both SBI and ICICI have MAB based on account type

Based on account variant of saving MAB/QAB is decided, based on RBI rate + your credit score actual lending rate for customer is decided.(eg Home loan with SBI starts 6.8% with ICIC/HDFC it starts 6.75%)…so you see PSU does not give any advantage when it comes to lending rates or mandatory balance required in saving account.

Only advantage of PSU bank is that they cater to rural areas as well which big private players dont.

HDFC is into Rural also beers

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