Warrier's Collage April 12, 2021

Welcome to Warrier's Daily COLLAGE On Monday April 12, 2021 Smt & Shri Kalyanaraman Remembrance Music Concert https://youtu.be/5dKKNYfbPgo (Link shared by: Usha Thorat) Good Morning Nice Day M G Warrier M A Interaction E T Rajendran Chennai How RBI handled the banking crisis of 1950s and 1960s (Collage issue of 11 April) While reading with interest Shri Warrier’s informative article on ‘PSBs : Privatisation, no panacea’ with Shri PRR Nayar’s recollections on the banking crisis of 1950s and 1960s and excerpts from the Bank’s History (1951-67) I recall the exhaustive coverage of the Reserve Bank’s efforts in tackling the banking crisis (in various parts of the country - mainly in Bengal, Punjab, Kerala), consolidation of banks and the various banking developments, chronicled in the Bank’s History covering the period 1951-67, published in 1998. The events leading to the liquidation of the biggest bank in the erstwhile Travancore-Cochin region of Kerala viz. Palai Central Bank Ltd. (incorporated in 1927 and downed its shutters in August 1960) occupied almost 27 pages in the History Volume. It also gave a photo of the panicky depositors agitating at the Delhi branch of Palai Central Bank. Reserve Bank, after prolonged study of Palai Bank’s financial position, through inspections and experts’ reports, came to the conclusion that the bank was not in a position to pay its depositors in full and its continuance would be prejudicial to their interests and accordingly moved the Kerala High Court in August 1960 seeking the winding up of the bank. The liquidation proceedings of the bank dragged on for more than twenty seven years till 1987. Reserve Bank’s action of taking the bank to liquidation was criticised vehemently in several quarters including Parliament. “The then Finance Minister while supporting the Bank’s action in Parliament, privately conveyed to the Bank about his reservations in the Bank’s handling of the Palai Bank affair.”. “The then Prime Minister, defending the Bank as ‘one of the best central banks in the world ‘ maintaining a ‘high level of efficiency’ acknowledged that it may have made a mistake in closing down the Palai Central Bank”. The history volume concluded the saga of Palai Central Bank like this: “The real losers, both due to the bank failure and the prolonged liquidation proceedings, were the unfortunate depositors of the Palai Central Bank who managed in all to recover some two-thirds of their 1960 deposits. In real terms, of course, depositors’ losses were much greater.” If I am right, with the powers vested in RBI to enforce amalgamation/merger of weak banks, by the amendment of the Banking Companies Act in September 1960, the Reserve Bank did not allow any commercial banks to be closed down, except in the process of amalgamation/merger, and make the depositors lose money. The Deposit Insurance Corporation for insuring bank deposits also came into being in January 1962 as an aftermath of Palai Bank closure although efforts in this direction were being made much earlier in 1940/50s. The Bank’s efforts in consolidation of banks resulted in reduction of the number of banks, both scheduled and nonscheduled, from nearly 566 in 1951 to 91 by 1967. Many in this group would have read the history volume either in full or part. I had the good opportunity of associating with this project of history compilation for five years. It was experience of an altogether different kind. B Story Time with S Nallasivan Hyderabad One day Lord Krishna was playing with his queen Rukmani in the banks of Yamuna. Suddenly the Lord told her, "Rukmani, on the other shore of Yamuna, sage Durwasa has come and he is very hungry. Please prepare good food and take it to the sage". Rukmani immediately prepared a sumptuous food and packed it and came back to the shores of Yamuna. Then she told her lord, "Lord, The Yamuna is in floods and there is no boat or boatman in sight. How can poor me, cross this mighty river?" Lord Krishna replied, "Dear Rukmani, that should not be any problem. Approach the river and tell the river that the Nitya Brahmachari (perennial bachelor) has asked her to give way to you. She will surely give you way". Rukmani was surprised and asked her Lord, "Lord, who is this Nitya Brahmachari and why am I not able to see him?" The Lord replied, "Of course, Rukmani, it is myself". Rukmani was surprised. She could not understand how her husband who has seven other wives could call himself, Nitya Brahmachari. Anyway she decided to obey him. She went near Yamuna and told the river, "River Yamuna, my husband, the Nitya Brahmachari has asked you to give way to me, so that I can reach the other shore". The river immediately obliged. Rukmani crossed the Yamuna, met sage Durwasa, saluted him and served him the sumptuous food that she has brought with her. The Sage liked the food and became very happy and blessed her. Then Rukmani told him, "Sir, I am very gratified by the blessing of the sage like you. Now I have to cross back the river Yamuna and join my husband. Can you please help me do it?" Sage Durwasa replied, "Of course Rukmani, that is my pleasure and duty. Go to the river Yamuna and tell her that the Nitya Upavasi (He who never takes food) has asked her to give way to you. She will help you". Rukmani was taken aback. She thought how this sage who has just had a sumptuous feast can call himself Nitya Upavasi. She did not bother to ask him, because he was well known for his short temper. She went near the river and told her, "River Yamuna, now I have to cross you and reach the other shore. The Nitya Upavasi has asked you to give way to me". The river obliged and Rukmani crossed the river and joined her husband. Her face showed that she was terribly confused. She approached her lord and told him, "Lord, as per your direction I served good food and crossed back the river. I told her to give way as per the wishes of Nitya Upavasi. Strangely she did it". Lord Krishna laughingly replied, "I know Rukmani that you are terribly confused to see me calling myself as Nitya Brahmachari and the sage calling himself as Nitya Upavasi. We both were telling only the truth. This is because we both are realized souls and do not attach ourselves to this ethereal body of ours. We both know that we are really the souls within this body. That soul does not marry and does not take food and that is how I (my soul) am a Brahmachari and Sage Durwasa (his soul) is an Upavasi. Once you understand this simple truth, you can lead a very contended and happy life". S.Nallasivan Courtesy: Saija V Bhaskaran C Heritage/Nostalgia* https://youtu.be/1O2CB4UGfok Narration in this Video is in Malayalam. On April 10, 2021 we had a Zoom Family Get-together with representatives from several branches, spread across the world, of Sudha's family. The Video familiarised the new generation with the rich heritage they were privy to. *Link Selection: M G Warrier Mumbai D From here and there 1) Corruption: Root cause of poverty? https://timesofindia.indiatimes.com/readersblog/pracin-jain-academy/challenges-of-corruption-30859/ Posted online comments 2) Climbing the mountain is like meditation: Bibek Bhattacharya https://lifestyle.livemint.com/amp/news/big-story/how-climbing-a-mountain-is-like-meditation-111617975342918.html Prologue: Today I’m on my way home to Cold Mountain. There, I’ll bed down in the creek, just to wash out my ears. —Han Shan, from Cold Mounta 3) Nostalgia Music and magic of rain : https://thg.page.link/PzC1nPXG9reDVhbKA 4) Travel: Himachal Pradesh Restrictions https://www.livemint.com/news/india/travelling-to-himachal-pradesh-people-from-these-7-states-need-to-carry-negative-rt-pcr-test-for-entry-11618139493460.html F Leisure 1) Reshmy Warrier Mumbai: Poem https://www.instagram.com/p/CDmE2JVMKp9/?igshid=1t392wsbendr3 2) Something Fishy https://madrascourier.com/environment/fish-are-very-similar-to-humans-heres-how/ Excerpts: You've probably heard that fish have a three-second memory, or that they’re incapable of feeling pain. Neither of these statements is true, but it’s telling that these misconceptions don’t crop up for other vertebrates. Perhaps it’s because fish appear so different from us. They don’t seem to have any capacity for facial expression, or vocal communication – and we don’t even breathe the same air. Collectively, these differences put fish so far away from humans that we struggle to relate to them. But when scientists have conducted experiments to discover more about fish – including their neurobiology, their social lives and mental faculties – they’ve found time and time again that fish are more complex than they’re often given credit for. Above all, fish seem to have more in common with us than we might like to admit." 3) Forward Planning* SOORYA SOORYA SOORYA DAILY BULLETIN 11 th April 2021 ________________________________ A minister in one country visited a kindergarten and asked them: "How much is the budget for a child's food per month..??" They told him: "$ 400". He told them: "This is a lot .. " They reduced it to 300 dollars! Then he visited the prison and asked them: How much is the prisoner's food budget per month? They said: "$ 400". He told them: "This is a too little .. Increase it to 1000 dollars!" An accompanying minister asked him: Why did you reduce the food of kindergarten children and increase the prisoners' food? He said: "Do you think that after leaving the Government ,we will go to kindergarten ?" *Forward received from Sudha Warrier Mumbai G Quotes about Psychiatrists https://www.brainyquote.com/topics/psychiatrist-quotes Like: "If you're working out in front of a mirror and watching your muscles grow, your ego has reached a point where it is now eating itself. That's why I believe there should be a psychiatrist at every health club, so that when they see you doing this, they will take you away for a little chat." -Lewis Black ( Lewis Niles Black is an American stand-up comedian. His comedy routines often escalate into angry rants about history, politics, religion, or any other cultural trends.)

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