Warrier's blog

Base year change pushes GDP growth to 6.9% in 2013-14 - The Hindu My VIEW:  Change in base year may not change realities at the ground level.  But, it is comforting to find that slowly we are moving to a scenario when more authentic and current figures will guide our own planning and assessment of our country’s position vis a vis other developing nations by other countries and rating agencies. The previous RBI Governor Dr Subbarao had often expressed anguish over the obsoleteness of figures which formed the basis for crucial policy decisions. India was late in introducing even the concept of purchase power parity while making projections and comparisons and has been very conservative in assessing the country’s net worth. All these allowed other countries to show India in poor light. We should not further delay creating a reliable record of our country’s resources irrespective of ownership and classifying the gross assets into categories like: (i)                 Assets w

ONLINE COMMENTS POSTED IN RESPONSE TO AN ARTICLE IN WASHINGTON POST: M G Warrier 8:42 PM GMT+0530 Happy to know that Washington Post is taking note of the transformation India is undergoing in 21st Century. About the cost worries in regard to the frequent changing of quality attire by our PM Narendra Modi, one is tempted to recall that M K Gandhi and Motilal Nehru were dress conscious while Vivekananda, Mahatma Gandhi and Jawaharlal Nehru had also signature brands when it came to the dress they were wearing when making public appearance. Our own Rahul Gandhi raised objection about the heavy expenditure on Modi's suit. Perhaps enough had been saved by the generation of Mahatma Gandhi so that present generation can afford luxurious attire! M G Warrier(Author of Banking, Reforms & Corruption: Development Issues in 21st Century India: Available at Flipkart) This is the link: Fashion Savvy Modi . . . . . http://www.washingtonpost.com/blogs/worldviews/wp/2015/01/26/prime-minist

Preamble debate - The Hindu THE DEBATE CONTINUES...

Takeaways from the Obama visit - The Hindu

Debating the Preamble - The Hindu MyVIEW: The Preamble ends with the sentence, “In our constituent assembly this twenty-sixth day of November, 1949, do hereby adopt, enact and give to ourselves this Constitution”. Viewed in this context (the position being as of November 26, 1949), there is a case to revisit Section 2 of the Constitution (Forty-second Amendment) Act, 1976 which substituted “Sovereign Socialist Secular Democratic Republic” for “Sovereign Democratic Republic”. Perhaps, in Article 368, the words “any provision” did not cover the Preamble, and the authors of the Constitution might have envisaged a change in the Preamble when another Constituent Assembly revised the Constitution. Legalities apart, one wonders what change in policies has emerged post the inclusion of the words “socialist and secular”. M.G. Warrier, Thiruvananthapuram

Bankers that India can bank on | The Financial Express

The new entente with the U.S. - The Hindu

Letters: Balancing for growth | Business Standard Letters Submitted version of the letter: Correcting Fiscal Imbalance This refers to the article “Restoring federal balance”(January 28). This short, but excellent and revealing analysis of fiscal management has come at the right time. Right time, because the Finance Minister now preparing his first full-fledged budget has the option to factor in some of the suggestions made by Andy Mukherjee at least in the policy statement he will be making through the budget speech next month, even if the content may not reflect in the projections about sources and uses of funds he may make for the year 2015-16. For policy makers in Delhi, the replacement of Planning Commission by NITI Aayog is a god-sent opportunity to take financial planning to the states and finally to grass roots level. This a second opportunity India is getting after cooperative movement which the country did not take full advantage of. The sustenance and growth o

Andy Mukherjee: Restoring federal balance | Business Standard Column My VIEW: This short, but excellent and revealing analysis of fiscal management has come at the right time. Right time, because the Finance Minister now preparing his first full-fledged budget has the option to factor in some of the suggestions made by Andy Mukherjee, at least in the policy statement he will be making through the budget speech next month, even if the content may not reflect in the projections about sources and uses of funds he may make for the year 2015-16. For policy makers in Delhi, the replacement of Planning Commission by  NITI  Aayog  is a god-sent opportunity to take financial planning to the states and finally to grass roots level. This a second opportunity India is getting after cooperative movement which the country did not take full advantage of. The sustenance and growth of India as a country, in the long term, will depend on inclusive growth across geographical areas and vertically across

The uncommon man: R.K. Laxman (1921-2015) - The Hindu

Thank you, Laxman | Business Line Laxman is being remembered and spoken of by many. But this 'Thank you' is special. M G Warrier

Excerpts from books(MG Warrier’s Library) In an effort to help people who may be interested in refreshing ‘old memories’, posting this at Warrier’s Blog. M G Warrier APAROKSHAANUBHUTI OF SRI SANKARAACHAARYA The central theme of the book is the identity of the Jivaatman(individual self) and Paramaatman(Universal Self). The identity is realised through the removal of the ignorance that hides the truth, by the light of Vichaara or enquiry alone(verse 11) Verse 11 Notpadyate vinaa gyanam vichaarenanyasaadhanaih Yathaa padarthabhaanam hi prakaasena vinaa kwachit 11 Knowledge is not brought about by any other means than Vichaara, just as an object is nowhere perceived(seen) without the help of light.

We are the lowest cost pension providers in the world today, says PFRDA Chairman - The Hindu Please read this in the context of Chapter V-1 National Pension System in my book "Banking, Reforms & Corruption: Development Issues in 21st Century India"(Available at Amazon.in and Flipkart) I will be backwith more comments soon M G Warrier Online comments posted on January 26, 2015: PFRDA came into being long after NPS was introduced and at this point of time, the authority has no elbow-room to reverse history. NPS(introduced as New Pension Scheme through a notification ten years earlier) was brought into being, by a government which was evading reality and was shy of speaking out truth. There were’external’ pressures to fund the defined payment pension scheme, the liability under which was(and even now is) being met on a “Pay As You Go” basis. According to a conservative estimate in 2006, the unfunded liability under the scheme was Rs 3.65 lakh crore(It is incidental that t

Humane, effective medical care beyond intensive care - The Hindu My VIEW: I have no comments, except that, if the following excerpt from Dr BM Hegde's article scares you please use the link provided and read...and think about the concern expressed! M G Warrier "....His introduction, something on these lines, startled me: “Future hospitals will only be intensive care units, and out-patients will all die a natural death. We need thousands of ICU [intensive care unit] nurses. They cannot be trained in a nursing school as there are no patients for them to train on. I have this project to train them on mannequins instead of on patients. We have a group to manufacture these, and then we can sell them for a relatively cheap price in India. Let this body have the pleasure of associating itself with this laudable project for the future of mankind.” The wise chairman and vice-chairman agreed with him totally, and without any further discussion the required funds were granted as the

Reserve Bank’s surprise move endorses the growth story - The Hindu

Doctors for Ethical Practices - Moneylife

Don’t compare | Business Line Also read last letter: The Hindu Business Line, January 22, 2015(Online edition) Safe deposit charges? An SMS alert about an ATM withdrawal using my ATM debit card from my SB Account with SBI concludes with the following warning: “Free SBG ATM txns if AMB>25000.” A quick surfing of SBI website did not make me wiser about the change in the charges for using ATM cards. The recent media reports are indicative of varying practices among Indian banks in regard to allowing free ATM transactions and use of ‘other bank ATMs. In the deregulated scenario this is normal. Still, there is a need for transparency in regard to transaction costs, especially about fees recovered for withdrawal of cash from SB accounts, balances in which earn very low interest. RBI too has a responsibility here as ATM debit cards are being issued irrespective of requests or need. If costs justify charging fees for card transactions, better option would be not to burden

The Economic Times, January 22, 2015 Chat Room Let Banks Pay Tax on Interest Apropos “3-year Bank FDs May Get Tax Exemption”(ET, January 22). It is surprising that no one discusses structural reforms in tax administration. The result is, like the banking sector’s wage structure- the section covered by IBA-union settlements)- every Budget exercise becomes an arithmetical jugglery to make both ends meet. There is a need to simplify tax administration. As regards tax on interest income, government should transfer the responsibility of payment of tax from depositors to banks: make interest income tax-free and introduce a tax payable by individual banks with reference to the size of resources mobilised from public. Banks may have to make good the outgo on this count by adjusting deposit rates. M G WARRIER, Thiruvananthapuram

A portrait of modern inequality - The Hindu MY VIEW: Just to give my readers an idea about theperils of OUTSOURCING! M G Warrier

Five Eventful Years - Moneylife Letters Bottom-Up Approach This is with regard to “NITI Aayog: A Stronger & More Powerful Body” by Sucheta Dalal. Media analysis, so far, has not gone deep into the rationale for revamping the Planning Commission which has come about as part of the reform process. But for the change in name and the announcement in Narendra Modi’s maiden Independence Day speech, perhaps the changes would not have been criticised by the mainstream media or Opposition parties. The previous regime has damaged the system silently, like the withdrawal of pension scheme. After Nehru, planning has remained an arithmetical exercise factoring in whatever was happening in the economy without much involvement of, or concern for, those affected by planning. The new dispensation, which claims to be a ‘bottom up’ approach, hopefully, will allow greater participation of stakeholders at and ensure distributive justice. So far, higher share of resources have been cornered by more

Doctor versus patients’ wants - Moneylife My VIEW: Online comments MG Warrier   Thank you, Dr Hegde, for the effort to create awareness about the grey areas in healthcare. The gradual disappearance of the concept of Family Doctor in India and the transfer of healthcare responsibilities to machines and specialists are causing avoidable agony to those who approach hospitals for medical attention. As for the bus conductor the passenger is a 'ticket', medical profession and pharmaceutical industry are becoming parasites on the ill-health. Some self-regulation and some amount of sharing and caring from government can reduce the agony. I have tried to cover some aspects of universal healthcare in an article sometime back in Moneylife which has been included in my book "Banking, Reforms & Corruption: Development Issues in 21st Century"

A K Bhattacharya: Chasing the growth dream | Business Standard Column My VIEW: Coming from a Prime Minister who told us that ‘dreams are not what you see while asleep, dreams are what keep you awake and working’, this statement should inspire Indians. As an inspired Indian, I venture to suggest a couple of measures that may double the perceived size of Indian Economy, which, the Prime Minister has put at $2 trillion. My suggestions are: (a)   Map the country’s resources using scientific methods. (b) The surface gold stock now estimated at 24,000 tonne(major portion of which is again not accounted or standardised!) may get doubled, if gold and jewellery with private individuals and organisations are accounted. Price of 30,000 tonnes of gold would be upward of $1 trillion. (c)   Rationalise land and real estate prices and get agricultural income and income from real estate, including appreciation in value,   accounted. (d) Have a transparent prices, wages and income po

Bank strike postponed as IBA assures to resolve issues by February - Moneylife

The new name of planning - The Hindu My VIEW: Media analysis, in general, with the exception of Hindu group(yes, I have the Frontline articles also in mind) so far had not gone deep into the rationale of the revamp of Planning Commission, which in reality has come about as part of the reform process which India is undergoing. This article is a continuation of the Hindu initiative. The concluding paragraph(excerpts copied below) which recalls “Aa no bhadrah cratavo yantu vishwatah”(Let noble thoughts come to me from all sides) through Gandhi’s quote says it all: “The abolition of the Yojana Aayog and its replacement by Niti Aayog by the new government is a bold and long overdue initiative. ***  *** The discussion of India in a global context also reminds one of Gandhiji’s sayings: “Let the windows of my mind be open to winds from across the world, but let me not be blown away by them.” Like all new institutions, it will be a challenging job for Niti Aayog to fulfil its hi

The men in khaki did the police proud - The Hindu This is an article published long back. Posting here 'on public demand'(some friends asked for the link!) M G Warrier

IN INDIA, A BANKER ON DEFENSE MODE The following article was published in Newyork Times. A poorly drafted article, based on hearsay and obsolete media reports, does not deserve any response. Posting here, as some colleagues have circulated via email which most of the recipients could not open. The negative picture painted would have had an audience, if it was dished out before May 16, 2014. Actually, I had published an article then asking people to “Stop gossiping about the future of RBI Governor Rajan”(Interested readers may get the article bya simple Google search! M G Warrier NEWYORK TIMES, January 16, 2015 IN INDIA, A BANKER ON DEFENSE MODE MUMBAI — Few central bankers in emerging markets have been as internationally lionized as Raghuram G. Rajan of India. Mr. Rajan, the governor of the Reserve Bank of India, has been honored with awards this winter for his role in helping to bring momentum back to the country’s economy. His unexpected interest rate cut on Thursday helped strengthe

Where Upanishads and Hadith are taught together - The Hindu

Shyamal Majumdar: Keep unions out of IT | Business Standard Column My VIEW: This is a well-argued crisp article which defends the present woes of Indian IT industry. The only major point one would opt to differ with the author is the caption which denies a right available to employees in India by virtue of   a 90 year old legislation(Indian Trade Unions Act, 1926). Tatas are renowned for best HR practices and the controversy about large scale lay off or termination will, hopefully be a passing phase which TCS will be able to take in its stride. TCS may not need the kind of defence provided in the article. If the Indian IT industry does not need trade unions, by the same arguments, one can prove that we do not need political parties in India to run governments. From the grass-root level upwards, ask people to elect the best candidates and build up leadership upwards to both houses of parliament. We should get an ideal system of governance! The high salaries bein

Kiran Bedi joins BJP; to contest Assembly polls in Delhi - Moneylife My VIEW: This is the kind of change we should welcome! If BJP can transform itself to accommodate Kiran Bedi's public views on governance, the day is not far off, when the kind of 'Government by consensus with country's interests in view' will become a reality M G Warrier

Bankers’ Retreat: a good beginning - The Hindu My VIEW: The quick recap of   what brought banking system in general and PSBs particularly to the present predicament and the possible remedial measures made the ‘Gyan Sangam’ unique. Beyond promises, what the clientele of the Indian banking system will be interested would be to know how fast and how best the lost health of the financial system is restored. Even the Gyan Sangam was not very keen to go deeper into the structural and HR-related issues of both public sector and private banks. As RBI Governor once said, issues like NPAs piling up for genuine reasons can be tackled. Provided, systems are in place to prudently manage the operations and to prevent leakages attributable to external reasons. The immediate need is infusion of talent and ensuring continuity at the top level and sending down the line the message that banks will be allowed to do business without directions from political leadership to deviate from

TCS slams rumours of large lay-offs | Business Standard News Tatas are renowned for best HR practices and the controversy about large scale lay off or termination will, hopefully be a passing phase which TCS will be able to take in its stride. The larger issue is totally unscientific and ethically unacceptable Human Resource Management practices in India which have cropped up because of or as part of reforms across government and public/private sector organisations during the last two decades and being accepted by employers and employees as a necessary ingredient of economic development. These include uprooting of an existing pension scheme for government and public sector employees( the substitute National Pension System has none of the social security features of the traditional pension schemes), the hire and fire approach to recruitment even in sensitive positions, total disregard to the skill requirements while making recruitment(engineers and doctors add MBA to t

Court stays termination of TCS staff | Business Line My VIEW: IT’s unfair HR practices This refers to the report “Court stays termination of TCS staff”(January 14) and simultaneous denial of anything unusual in a certain number of involuntary attrition as part of normal HR management in a large organisation like TCS. Tatas are renowned for best HR practices and the controversy about large scale lay off or termination will, hopefully be a passing phase which TCS will be able to take in its stride. The larger issue is totally unscientific and ethically unacceptable Human Resource Management practices in India which have cropped up because of or as part of reforms across government and public/private sector organisations during the last two decades and being accepted by employers and employees as a necessary ingredient of economic development. These include uprooting of an existing pension scheme for government and public sector employees( the substitute National Pensio

You just can’t beat gold! | Business Line My VIEW: The Hindu Business Line, January 10, 2015 Letters A golden opportunity * This refers to the article, ‘You just can’t beat gold!’ by SS Tarapore (January 9). India has traditionally been in love with gold. The writer pleads for increasing the gold component in RBI’s forex four times, referring to the recommendation of the KUB Rao Committee report to build a buffer stock through monetisation of the large domestic private hoard of gold. By making this plea, the writer is not asking for the moon, considering the fact that in November 1994, the share of gold in India’s total reserves was 18.4 per cent; this came down to 7 per cent in September 2014. Though official estimates are not available, India’s surface gold stock has always been guessed at 24,000 tonnes or more. If this stock is accounted for and 5 to 10 per cent is put to use, India will be able to take a two-year holiday from importing gold. M G Warrier Thiru

Watershed in judicial history - The Hindu A welcome beginning. The regime that was happy with status quo which helped concentration of power in a limited circle and enjoyed dependence on a handful of people at the top for decision-making on all major issues has left ample scope for reforms. Once reforms in judiciary and financial sector take off it would be easier to bring changes in other areas. M G warrier, Thiruvananthapuram

Regrets* Bronnie Ware is an Australian nurse who spent several years working in palliative care, caring for patients in the last 12 weeks of their lives. She recorded their dying epiphanies in a blog called Inspiration and Chai, which gathered so much attention that she put her observations into a book called 'The Top Five Regrets of the Dying'. Ware writes of the phenomenal clarity of vision that people gain at the end of their lives, and how we might learn from their wisdom. "When questioned about any regrets they had or anything they would do differently," she says, "common themes surfaced again and again." Here are the top five regrets of the dying, as witnessed by Ware: 1. I wish I'd had the courage to live a life true to myself, not the life others expected of me. "This was the most common regret of all. When people realise that their life is almost over and look back clearly on it, it is easy to see how many dreams have gone unfulfilled. Mos

Is Health Insurance Affordable for All? - Moneylife Do read my letter also(Copied below) Rational in the Real Sense? This is with regard to the book review of Unthink by Anand Desai. It looks interesting. I am looking forward to glancing through it, when I stumble on the book. But I have a comment: “Throughout the book, Paley comes across as a young teenager who believes he always knows better than the old grandfather. The grandfather smiles and continues to smoke his pipe,” says it all. No, I am not that grandfather, still... Empirical evidence and ‘statistics’ can mislead you; so the thinking being branded as ‘rational’ need not be necessarily rational in the real sense. A little bit of confusion helps us to forget some of the really painful realities. MG Warrier

Submitted version of letter published in The Hindu Business Line on January 8, 2015(Title: Wage revision is a reality) Letters Wage revision This refers to the report “ Bank strike put off; IBA raises wage revision offer to 12.5 per cent”(January 7). The wage negotiation in banking industry follows a traditional ‘snake and ladder’ pattern. The unions submit a charter of demands incorporating skye-high demands. IBA comes out with an offer practically offering zero-rise in take home salaries. Then both sides continue ‘negotiations’ for a sufficiently long period to ensure substantial payment of arrears (beneficial for union leadership in terms of ‘levy’ chargeable) and skipping two or three accounting years (beneficial for banks, as during this period they can make ‘provisions’ and use interest-free funds in their business in some form). At some politically convenient point of time, a settlement’ gets announced. It is high time, wage revision across industries and sectors(public and pri

Bank unions defer strike on Wednesday as IBA raises offer by 1.5% | Business Standard News My VIEW: The wage negotiation in banking industry follows a traditional ‘snake and ladder’ pattern. The unions submit a charter of demands incorporating skye-high demands. IBA comes out with an offer practically offering zero-rise in take home salaries. Then both sides continue ‘negotiations’ for a sufficiently long period to ensure substantial payment of arrears (beneficial for union leadership in terms of ‘levy’ chargeable) and skipping two or three accounting years (beneficial for banks, as during this period they can make ‘provisions’ and use interest-free funds in their business in some form). At some politically convenient point of time, a settlement’ gets announced. It is high time, wage revision across industries and sectors(public and private) is accepted as a part of Human Resource Management of individual organisations and done in a scientific and pragmatic way factor

NITI Aayog: A Stronger

Reforms I too am impressed by the communication skills of Prime Minister Modi. I had sent copies of my book "Banking, Reforms & Corruption: Development Issues in 21st Century India" to several people involved in policy formulation in different capacities. I received a communication from PMO conveying PM's thanks for sending the book to Prime Minister. I consider this as an indication of PM's receptiveness to thoughts from public. M G Warrier

Letters: Beyond Gyan Sangam | Business Standard Letters

Do you need that test? | Business Standard News Also read my article Universal  Healthcare (Chapter III 5 in my book 'Banking, Reforms & Corruption: Development Issues in 21st Century India), which I conclude with the following observation: "Till such time systems are put in place, we as individuals should take extra care to ensure adequate funds/medical insurance by providing from our earnings  while we are healthy. Serious thought should be given to post-retirement medical insurance cover sufficiently in advance, as 'running for cover' after retirement can be frustrating!" M G Warrier

Wealth issues - The Hindu Read this article again and again...

The banking agenda | Business Standard Editorials My VIEW: The quick recap of   what brought banking system in general and PSBs particularly to the present predicament and the possible remedial measures recapturing the outcome of the ‘Gyan Sangam’ have been well brought out here. Beyond promises, what the clientele of the Indian banking system will be interested would be to know how fast and how best the lost health of the financial system is restored. Even the Gyan Sangam was not very keen to go deeper into the structural and HR-related issues of both public sector and private banks. As RBI Governor once said, issues like NPAs piling up for genuine reasons can be tackled. Provided, systems are in place to prudently manage the operations and to prevent leakages attributable to external reasons. The immediate need is infusion of talent and ensuring continuity at the top level and sending down the line the message that banks will be allowed to do business without direct

The inevitability of Narendra Modi - The Hindu “ The media and the middle class were tired of a diffident India … It wanted a winner; a stalwart who would understand and transform India from civilisation to a modern empire ”

WHAT GOVERNMENT SHOULD DO • Move from state-owned to state-linked • Fully empower banks on HR decisions • Strengthen and ensure implementation of legal framework in cases such as debt recovery tribunals/willful defaulters • Enable infrastructure for digital banking • Create an environment to defend right decisions and minimise interference • Eliminate market distortions such as debt waivers • Strengthen and simplify the process of credit insurance WHAT BANKS NEED TO DO • Differentiate strategic focus and build on specific niches to optimise capital • Build people capabilities • Strengthen risk management to ensure early warning signals • Digitise top 30 processes, deepen mobile banking and focus on big data and analytics • Introduce and strengthen partner/non-bank channels to reach the financially excluded • Create/strengthen credit bureaus • Provide infrastructure support to better manage business correspondents Source: Finance ministry

Speaking truth to power - The Hindu   “Things that Mr. Modi did do is to give people a sense of faith that things can happen. It may not have been exactly the things that I would have liked but I think this is an achievement. This wouldn’t make my differences with Mr. Modi on issues like secularism go away but, on the other hand, if we don’t recognize it, we’re missing out on something very important.” Amartya Sen The author of this article has critically analysed the above statement made recently by A Sen. M G Warrier

NITI Aayog: Planning Commission's Revamped Avatar - Moneylife

DIAMOND JUBILEE, RBI, TRIVANDRUM January 3, 2015 Thiruvananthapuram office of Reserve bank of India concluded an year-long Diamond Jubilee celebrations with a Grand Finale at the Bank’s Belhaven premises this evening. Established at a rented premises(Rajalakshmi, Pattom) with a single department (Department of Banking Operations) on January 2, 1954, the office has come a long way and has grown into a full-fledged office housed in Bank’s own building at Bakery Junction, Thiruvananthapuram. The function had Shri G Padmanabhan, Executive Director, RBI as Chief Guest who lighted the traditional lamp along with some of the earlier Regional Directors of the office. Prizes were distributed to winners in quiz, painting etc competitions in which school children and RBI family members had participated. After sharing of memories and felicitations by former RDs, representatives of different organisations, cultural programmes were staged by members from employees and their families. A souvenir an

Birth of a new institution - The Hindu My VIEW: Perhaps The Hindu is the only paper that has gone deep into the rationale of the revamp of Planning Commission, which in reality has come about as part of the reform process which India is undergoing. But for the change in name and the announcement in Modi’s maiden Independence speech on August 15, 2014, perhaps the changes would not have attracted the attention of the mainstream media or opposition political parties. There were exceptions like The Frontline which took cognizance and came out with detailed analysis. After Nehru, planning has remained an arithmetical exercise factoring in whatever was happening in the economy without much involvement of, or concern for, those affected by planning. The new dispensation which claims to be a ‘bottom up’ approach, hopefully will allow more participation of stakeholders at ground level and ensure distributive justice. So far, higher share of resources are cornered by more de

Bankers, regulators to discuss ways to revitalise banking sector | Business Line My VIEW: A welcome beginning. M G Warrier

NITI Aayog is new policy body - The Hindu

Opposition parties call it a ‘gimmickry’ | Business Line My VIEW: Revamp of Planning Commission should be seen as part of the reform process which India is undergoing. But for the change in name and the announcement in Modi’s maiden Independence speech on August 15, 2014, perhaps the changes would not have attracted opposition attention. After Nehru, planning has remained an arithmetical exercise factoring in whatever was happening in the economy without much involvement of, or concern for, those affected by planning. The new dispensation which claims to be a ‘bottom up’ approach, hopefully will allow more participation of stakeholders at ground level and ensure distributive justice. So far, higher share of resources are cornered by more developed geographical areas and the development needs of states which did not have a ‘hold’ at the centre were neglected. The responsible opposition should, instead of ‘crying foul’, do more homework and suggest corrections where

The Science of Pranayama - Moneylife

Retire the policy | Business Line The Hindu Business Line, January 1, 2015 Letters ATMs can come together This refers to the news item, ‘Post offices to issue ATM-cum-debit cards for savings account holders’ (December 31). Making services more broad-based and customer-friendly is welcome. However, the proposal to prescribe a fee for issue of ATM or debit card to the Post Office savings bank account holder may end up making the scheme a non-starter. By encouraging use of ATM cards, there will be savings in man-hours. The costing methodology for arriving at profits/losses in ATM maintenance should factor in (a) the low interest paid on savings bank accounts from which ATM withdrawals are made, and (b) the savings in costs when transactions are managed through machines. Even if initially it results in losses on account of high expenditure for installation of machines and so on, this should be met from the normal budget of the organisation and recovery through fees should not be an opt