Bank privatisation: Centre likely to sell its stake in Central Bank, Indian Overseas Bank
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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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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
they are in Qatar, please wait. aap kataar mei heiN, kripaya prateeksha keejiye.
Thomas Edison would ensure
that one by one, all elephants (and other beings) are well taken care of😊.
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.
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
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
“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.
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 
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.
It means, I will be able to get my Cheque Book reached to me within 3-4 days of requesting, from Central Bank 
PSU banks have second most lethargic employees, next to state government employees.
Only good things they do are, catering services to rural areas and having more ATM across the country.
In 2014 when govt started linking aadhar with bank accounts, SBI was the 1st bank to deduct 100+tax penalties from all accounts who failed to link. I had icici and some grameena bank account also back then, but they didn’t deduct anything.
After that SBI changed MAB rules overnight, and I read later that they earned some double digit crores just as penalties. After collecting enough fines, they removed MAB conditions now.
Knowing of lazy PSU banks and its employees are. Do you think they will take proactive steps like deducting 100+tax oenalty for account holders who failed to link?
There is barely any performance linked incentive for govt babus and bankers which may motivate them to think out of the box or act proactively.
They work as told by the govt. There discipline is as per the MD/GMs discipline.
If the top officer/minister reaches his office at 9 am or conducts surprise inspections, no babu has balls to not reach by 8.55 am
PSU or “Sarkaari banks” work as per the directions and strictness of the Govt (Finance Ministry and RBI).
They are only a reflection of your government and how serious the govt is about its people.
If you think that privatising these banks would stop wastage of public money or induce transparency. Please refer to following examples:
1. Chanda Kochchar and ICICI loan fraud
2. Axis Bank during demonetisation
Working of PSU banks and even govt offices is a reflection of your government’s efficiency.
If the Minister and his senior officers start coming and leaving on time and do their work dilligently, no clerk or Babu has balls to defy the instructions and discipline coming from top.
Nice you brought Chanda Kochhar and the loan fraud .
What happens next? Her salary was not given..all her shares/ESOP are taken back, she loose all her pensions etc ….tax payer money is not lost…loan is qualified as NPA anyways and still ICICI have lower NPA compared to SBI
Btw..what happens to all the fraud that happens in PSU bank..have you heard any Babu going behind bars? Who is responsible for huge NPA in PSU bank? Who do you thinks pays for money infusion in so called PSU banks.
Wow..so now people things govt is responsible…lol..does RBI and ministry sits in each braches of PSU?? ..yes govt is largest shareholder of PSU banks .but they don’t make all the decisions …most of the issue that I have highlighted are people specific issues …
People cribbing about how psb banks are good and all are forgetting that almost every year govt bail out (by way of recapitalisation) these badly runs banks from the tax payers money. So, that they can further mismanaged and bailed out further.
Exactly…
They have such a huge NPA…all scammed loan…convert it to NPA keep cleaning the book and govt will keep on infusing more and more money
SBI keep doing property sell just like flipkart big billion day sell….
Ati Uttam
Everything will be sold except Narendra modi stadium… Bech do.. Sab bech do….
Except Defense, Healthcare and education yes…everything should be sold .
Govt should not be in any business. Thats they only way forward.
I have some questions about capitalism:
1) why USA, UK need to depend upon other countries for consumer goods, even on your enemies like Arabian countries, Communist countries, India (if you know the history completely) etc?
2) how China become worst nightmare within just 30 years (if you know the complete history)?
3) if you can not bring in transparency within your company, how do you belive you will bring in transparency in private companies in the age of so called Free Trade Agreement?
4) in Capitalist countries government is just a puppet of giant Corporates, nothing changes much with the change of government. USA is good such example. That’s for the benefit of the Corporations obviously, is not it? Corporations are more powerful than the Government!
5) it’s not Government business to do business
6) if privatization is the only solution to bring in efficiency, then we must privatise the government first, why should we pay so much direct & indirect taxes & cess, if their sole purpose is to give lectures day & night, and make the framework to sell each & every bit of my land & body ?
I think, we need TRANSPARENCY & public AWARNESS more than any old religion.
(people support communism, socialism, capitalism as if it’s their family religion, don’t be so blind)
Thanks for reading this big comment. 🙂
1. It is called “theory of comparative advantage”, read it & if you understand it then you won’t be asking at least this question again.
https://www.investopedia.com/ask/answers/09/law...
2. China learned the lesson which India failed to learn & which I quoted in one of my earlier posts too.
Insanity is doing the same thing over and over again and expecting a different result.
China saw the failure of USSR & decided to change its strategy to create its unique model of socialist+capitalist economy.
3. What is this argument with no head or tail?
4. You see glass half empty I see glass half full. It is just like maths, 2+2 always remains 4 & a good business should similarly don’t have to be affected by any govt policy changes. You seem to think that it is govt’s job to decide when 2+2=4 & when it is not.
5 & 6. Mixing two separate arguments to create a misleading false argument. Govt has its own strong points & pvt sector has its own. In last 50 years many govts all over the world tried both the approaches & there is a lot of data which supports that govt is best suited for sectors like healthcare, education & defense while rest areas are best suited for pvt sector.
For all, who are saying Govt Bank employees are Kaamchor, 1st study hard , secure good marks , then compete exam and get selected. You complain about their salary? Shouldn’t he be paid according to his qualification? After that, see the work profile of bank staff. Din bhar kaam karna padta h, upar se rojana 5-10 logo se jhagda hota h. If your documents are not clear, then how do you expect them to do your work? Jese Private bank wale to jate hi CHAI NASHTA KARATE H, phir haath jodke bolte ho, ki kya sewa karu maalik!
Bro I agree with u all folks who scold govt employees they don’t have common sense when govt will privatise all psb private banks will loot public and everyone know about charges of private bank and think about villagers do u think private bank will provide financial inclusion services to these public
And I m govt employees I know how much effort we put coz private bank has 12-15 staff where as psb have 3-4 staff so there is staff shortage but these fellow will only bark
Those who support privatisation of bank should know the following things before reaching the conclusion..
1.The private bank mostly not opening branches in rural areas whereas as PSBs are opening the branches where there’s no good road and remotest area..so that the poor and unprivileged people can avail the benefits of banking
2.PSBs are not in loss due to kamchor employee..Most of the employees are working hard and leaving far away from their families and posted in places where he doesn’t speak the language..the government sponsored corporate loans are main NPA of PSBs which has been sanctioned by the CEO,MD & ED of the banks appointed by Government agency…So don’t blame all employees.
2.Staff shortage and lack of resources are main things in lack of services in PSBs.As the so called Management don’t support the ground level staffs or Branch staffs working in the branches. Most of the time they don’t get proper premises, stationary, staffs and technical support..
1. And how many poor & unprivileged people use bank accounts practically(aka actually using them for something substantial) compared to those who use post offices situated in these very same remotes areas. In case you don’t know there is a bank called “India post payments bank” in this country.
2. Go to your local shopkeeper & tell him to hire an assistant who can’t speak the local language in your area & see his reaction. Posting people in rural areas who don’t even understand local language is as good as no posting at all. Since you already accept that it is govt sponsored corporate loans that become main NPAs of PSBs then do you plan to elect a 100% honest govt in next election so that CEO/MD/ED of banks appointed by govt don’t sanction such loans in future. What a joke!
3. So as per you all the branches located in urban areas should have much better service quality, right? Wrong! I have seen many urban area branches with service quality worst than some branches in semi-urban or even rural areas. Also this so called management don’t drop down from the sky, they come from the same ground level staff which has worked for years in branches.
psu bankers dont get uppdated pension like govt babu
its worst job in govt
@jack1992
U have any idea , how the bank officials behave in rural areas ?
They behave like literal GODS.
Here in my rural area, BOI is there.
They have 2 fiber internet . Airtel and Jio fiber.
They evendont process the Cheques after 15 days to the extent that it came back to me and they charged an amount because of their failure to redeem the cheque.
After complaint, the front lady said , Sir You can close the account after a exchange of 3-4 lines saying Why should I pay the charge.
Made a complaint on their site. Escalated to Branch manager and Nodal officer. Branch manager called he girl and gave him a good speech till the point she cried . Took in wriitten that I am satisfied with the resolution .
And the lady was 25-30.
Such is the mentality of people.
So you get a government job for doing this ?
Prepare your ass off for this ? Eating salary ?
BANK PRIVATISATION ANYDAY
Okay what about the other account holders in that bank..there are lazy people in private banks also..that doesn’t mean all are lazy… Because of few all get doomed..if the bank manager was kamchor he may be behaving you rudely..why he asked the girl and scolded.. it’s not a government job..you get Monthly, quarterly targets like corporates.. Banks employees salary are not coming from the Government, it’s from bank’s own income..So if you not satisfied with the service move on to other banks and leave the sarkari bank to the other people or till it survive..
If privatisation have reached to all people then why there is still SBI holding the largest chunk.. Private is profit oriented and whereas PSBs are for overall growth of society.
Example- In this pandemic no private banks are offering personal loans to salary account holder less than 10-11% whereas the PSBs are providing at concessional rate of 8.50% even to homeloan borrowers and pensioners…So it’s personal choice..Let both the private and public sector players stay.. people will choose what ever they want to be..If the Banks survived then they will grow on their own…
Jitane bhakgan hai sab privatisation k fayde gina rahe hai, modiji ne kiya hai to kuch soch kar hi kiya hoga. 
Those people couldn’t crack bank/ govt jobs and gets their ass handed in private companies daily , will only find faults in Psu banks / Govt jobs /s
Like mass privatization will magically solve all problems and selling of public assets is a solution during this pandemic
People want VIP treatment everywhere and if they were denied some loan or services by Psus , will come and scream for privatization instead of going to a private sector bank to get their job done.
Coz they also know that private players are here to leech their money
And to top that of people are suggesting to trust Businessmen with banks than a federal Govt
Wah Bc wah
Yaar apne desh me yahi to problem hai ki log pyas lagne pe paani nahi cold drink peena chahte hai
private banks do not reduce floating rate loans when interest rate falls like psu banks
People get looted by their gimmics and also nobody even talks about their ulip insurance frauds. PVT BANKS AIM = SELL ULIPS
And how many loans/ulips have you taken from banks to make above statement. My relative was sold an almost 1 lakh ulip policy by the branch manager himself of a sbi branch while my friends who took some personal loans from icici were very happy with the entire procedure & repayment. Of course my friends have got good jobs with good salary.
For customer service, Private banks are ahead of PSU banks. Whereas AMB and other charges, PSU accounts are cheaper to maintain than Private. That’s my personal opinion.
Any idea what happens to the bank employees after privatization ?