Warrier's Collage September 30, 2021

Welcome to Warrier's COLLAGE On Thursday September 30, 2021 Bharatanatyam Dance Performance https://youtu.be/dZ-x4gPMAmU (Janaki Rangarajan, 6 years ago) Good Morning Nice Day M G Warrier A Messages 1) Dr Charan Singh charan singh (@CharanSingh60) Tweeted: Unity in Diversity - 24 लब विणाहे माणसा जिउ पाणी बूरु वरिए दरगह गुरु की कुदरती नूरु सतै, राग रामकली, गुरू ग्रंथ साहिब Greed destroys human beings as scum, green algae spoils water But Guru is above vices/greed & divine light fills Guru's court 967, SGGS https://twitter.com/CharanSingh60/status/1442944497030033408?s=20 2) J A Gregory* I pray this will find you in good health and cheer. A few days ago, I read the WR issue Jan-March 2021. I write this to thank you for the same and more importantly to convey my deep gratitude to you for reporting/reflecting the obituary notice for my dear friend Dr. G Subramanian, Bank's Medical Officer of yesteryears. Quite some months earlier, I received a cover containing 2 issues of WR July-Sept and Oct-Dec 2020. A double joy for me!!! We “old” retired folk wait eagerly for the WR to come and I for one enjoy the contents. Everything within the WR pages is a thing of beauty- the articles, pictures, news from offices, toons and sketches (latent in our kids)!!! etc. No wonder WR bags all the awards so regularly. Please keep up the good work and GOD BLESS each one of you in the“WR Section". Shri J A Gregory *Source : Without Reserve, RBI's House Journal 3) Dr Rahul Thiruvanantapuram Referring to Collage of September 29 : I'm a regular viewer of Soorya Festival especially for the performance of Mrs Janaki Rangarajan*. And Gazal. I am not able to read Collage fully .. thank you.. *Link for Janaki Rangarajan's performance in today's Collage 🙏-Warrier B Current Affairs Media Response September 29, 2021 Many dimensions of happiness This refers to G S Bajpai's article "In pursuit of happiness" (The Hindu, September 29). My thoughts went back to Bertrand Russell's collection of essays "Conquest of Happiness" I read during 1960's, and a more recent book "Happy At Heart" by a Senior Cardiologist Dr Tiny Nair. Happiness, naturally, has been a subject most discussed from time immemorial. For personal reasons, I have been linking happiness with hunger and poverty which have been accompanying mankind all along. Surprisingly the 40 percent of world population remaining unhappy is almost equal in number to the world population remaining poor and hungry today. Arguably, the people involved may not be the same. I prefer to attribute major responsibility for all unhappiness to mismanagement of resources by the greedy among those who are entrusted with governance. Unfortunately, in any system of government, the rich and the powerful write and enforce laws. We can only wish, the current pandemic has worked as an eye opener for those who have been trying to make us believe that unhappiness is the result of divine intervention. Caring and sharing can do wonders in spreading smiles on the faces of the poor and hungry. M G Warrier Mumbai 2) M G Warrier's Author Page @ Notion Press https://notionpress.com/author/m_g_warrier Restoring TRUST in Governance India's 2020's Challenge Author Name: M.G.Warrier | Format: Paperback | Genre : Business, Investing & Management | Other Details Restoring Trust in Governance : India’s 2020’s Challenge is a companion volume to M G Warrier’s 2018 book “India’s Decade of Reforms” which looked at the initiatives taken by Government of India and RBI to restore the country’s economic health by an appropriate diagnosis of factors that stalled the 1990’s initiatives to introduce economic and financial sector reforms. GOI and RBI are taking forward reform initiatives to revamp the institutional system in the financial sector by infusing transparency and professionalism in policy formulation and introducing structural alterations wherever necessary. This book focuses on policy initiatives necessary to retrieve Indian Economy and the Indian Financial Sector from the present crisis-like situation. Areas covered in this book include agenda for the second Modi government at the centre (2019-24), pros and cons of privatizing public sector, approach towards gold management. Reserve Bank of India’s role in confidence boosting viewed in the context of monetary policy implementation since the setting up of Monetary Policy Committee (MPC), some aspects of macroeconomic policy challenges before the Reserve Bank of India, need for a strong central bank, conflicts in formulation and implementation of monetary and fiscal policies. Finally, in a separate Section, namely ‘Professionalizing Financial System’ we look at measures being taken to professionalize and strengthen the Financial Sector with focus on regulation and supervision of the banking system. C Bharat Rough Book Manifesto https://www.livemint.com/Opinion/acYXkyavl8MbIldelSSqdI/The-Bharat-Rough-Book-manifesto.html The Bharat Rough Book manifesto With the advent of Jan Dhan Yojana and Aadhaar and mobile phones, hundreds of millions of Indian citizens, who hitherto lived their lives in offline anonymity at the mercy of local agents, are now coming online. Photo: Reuters Excerpts : "The Indian Internet is being birthed as we speak. And India's entrepreneurs must answer that call, serving aspirations of Indians with business models that are uniquely IndianWe all had a “rough book" when we were in school. For most people I know, it was their favourite notebook. It didn’t have to be bound, the edges were frayed, and it was probably the only notebook where the pages were filled in from the back. It was the notebook of idle thoughts, punctuated by bursts of inspiration. Doodles, scraps of unrequited love letters, and tic-tac-toe. It was 192 pages of personality. Everyone’s subject notebooks had the same notes, but every rough book was unique. And that’s what made them beautiful. In my rough book these days, I find myself doodling about businesses that should exist but for some unfathomable reason, don’t." D Readers' Contributions 1) : V Babusenan Thiruvananthapuram There is no dearth of swindlers and counterfeiters in modern society, but those who treat their trade as an art which they cannot help repeating, regardless of punishment, are rare. About one such artist the news media are full these days. The reference is to one Monson Mavunkal, a fake antique dealer of enormous proportion who duped a few novo rich to the tune of ten crore rupees. It is said that, like any expert in the field, he had ensured the protection of top police officials and politicians. Yet he is caught. Several years ago, an article appeared in the Readers Digest about a fraudster who sold the Eiffel Tower in Paris. The bare facts are the following : 'Count' Victor Lustig born in 1890 in a small town in Austro-Hungary, under poor circumstances, perfected the art of swindling before he reached the shores of the United States at the end of the First World War.There he soon became rich through the performance of his art. Seeking fresh pastures, Lustig returned to Europe in1925 and, in Paris, through foul means, he acquired a writing pad with the seal of the French government. He got himself accommodated in a posh hotel in the heart of the city. Posing as a senior government official, he wrote letters( he was proficient in five languages) to the top executives of the scrap metal industry for an urgent meeting. At the meeting he announced that the Eiffel Tower, the engineering marvel built 26 years ago, had developed serious defects and that, considering the enormous cost of repair, the government had secretly decided to pull down the tower. Being a very persuasive talker, he had no difficulty to convince them. With the huge bribe he got from one of them, he fled from Paris and returned ultimately to the States. There Lustig continued his adventures until 1935 when he was caught in a major counterfeit banknote case and was given a punishment of 20 years rigorous imprisonment. He made a dramatic attempt to escape but was caught. He died in prison in1947. 'Count' Victor Lustig ruined several people grievously but did not physically harm anyone. His resourceful nature was such that even the protectors of law and order had a soft corner for him. Cheating, for him, was an art which he could not but pursue; money making was only incidental. Interestingly he had the temerity to prepare guidelines for those likely to follow on his footsteps. They were like the ten commandments : Don't appear to be tired, always dress well, never drink and let others talk are a few among them. These are facts. In fiction, we have an interesting character in a Sherlock Holmes story 'The Red-headed League'. Here we see the equivalent of Lustig in John Clay whose grandfather was a royal duke and he was himself an Oxonian. Working as an assistant in a small antique shop, he dug alone an underground passage across the road to the strong room of a bank, in a busy area in London, where the bank had kept 30,000 napoleons borrowed from the Bank of France. He was caught red-handed and, when the police officer approached him with hand-cuffs, he said : "l beg that you will not touch me with your filthy hands. You may not be aware that I have royal blood in my veins. Have the goodness, also, when you address me always to say 'sir' and 'Please.' " 2) Vathsala Jayaraman Chennai Four years back my brother-in-law aged 80 had to undergo a surgery in his brain in a famous Corporate hospital in Chennai. His walking was very much unsteady.He could not lift his foot from the floor. He felt as if it was a magnet fixing his foot to the floor. He had to just pull his feet and drag them with great difficulty while walking.All ortho, neuro and skin specialists were consulted in India as well as USA. He is a Green card holder. (Continued at H1) E Reserve Bank of India Statement on Developmental and Regulatory Policies* This statement sets out various developmental measures including liquidity and regulatory measures. I. Liquidity Measures 1. On Tap TLTRO Scheme – Extension of Deadline With a view to increasing the focus of liquidity measures on revival of activity in specific sectors that have both backward and forward linkages and having multiplier effects on growth, the RBI had announced the On Tap TLTRO scheme on October 9, 2020 for five sectors which was available up to March 31, 2021. Stressed sectors identified by the Kamath Committee were also brought within the ambit of the scheme on December 4, 2020 and subsequently bank lending to NBFCs on February 5, 2021. On April 7, the scheme was extended by a period of six months, i.e., till September 30, 2021. Given the nascent and fragile economic recovery, it has now been decided to extend the On Tap TLTRO scheme further by a period of three months, i.e., till December 31, 2021. (Continued at H2) *Source : RBI Bulletin, August 2021 F Leisure 1) Rough Book* In a school bag, the Rough Book will have the worst condition because it bears the load and responsibilities of all other subjects. Only because of the presence of Rough Book,. Fair Books of all subjects are found very neat and tidy, well maintained and decorated. In our family also.. Because of presence of one rough book, who bears responsibilities for many subjects, individual fair books are enjoying their convenience. Hats Off... to this rough book... Who is the rough book in your family? Have you ever acknowledged their presence? Please do it before the rough book gets over. TO EVERY Mother *Received from S R Badrinarayanan via Group mail G Quotes about Rough Book* https://www.yourquote.in/tags/roughbook/quotes Like : Rough Book "Rough book A bag full of books, Eyes full of dreams School wasn't just a place to study, It was a place with friends like family But that wasn't same for everyone, A few shy to be with anyone For people like them, their books were everything, That feeling was something others couldn't bring Each notebook to each teacher, Playing alone after every lecture But in the bag there was this one book That no teacher took, It was the "rough book" It had many things, From playing flames with Our crush's names To our wildest drawings, It had everything All the thoughts, All the ideas, All the mind was in there It had many things in it, Sums,scribbles, notes many things But the last page of the book, In that, there's a lot to look There was a lot in it, Since in there the mind was free Cause it never judges us If there's time you write in it from Dawn to dusk Having many friends dosen't always mean you are happy, Deep inside you can still be lonely To them the rough book is like an oasis in the people desert Many people give their books, But never their rough books It may not mean anything to others, But like the rough book there's no other Even today I have all my rough books, Helps me remember all the silly things I used to do Cause those are the things that will be with us, For us to remind our childhood and how it was..." *Inspired by S R Badrinarayanan Cheñnai H 1) Continued from D2 At last a neuro surgeon in Chennai, on close examination of MRI etc scans found out that there is excess accumulation of fluid in the brain more than the stipulated quantity that is needed for the brain functioning. In all human beings, excess fluid is secreted but it is drained through a canal attached to the food pipe from the brain. They had so many instruments to measure the exact volume of fluid needed and exact volume to be released into alimentary canal to be excavated through excretion.We were very much impressed by the doctor's step by step explanation with a human body model , with open brain etc etc. After observing for for five days, operation was done without anaesthesia and it lasted for less than half an hour. When the doctor came out of the theatre he used many expressions such as drainage, clogging, attachment of extra outlet pipe etc etc all pertaining to plumbing profession. No doubt nature has gifted us with a built in pucca drainage system. Even after four years, not an inch of improvement is seen.The same unsteady walk and some choking sense in the throat. For one or two months doctor was saying that it is post operative influence. Now he does not know what to say. Now he says that the drainage system he has repaired is functioning pucca and perhaps the unsteadiness in walking may not be due to excess fluid accumulation as he thought,but may be due to other reasons like ageing and malfunctioning of neuro mechanism and suggests another surgery for which the patient is not prepared.If he is not sure of improvement, why should he compulsively convince us into this venture making us spend nearly rupees three lakhs? Recently I read two instances, perhaps jokes. DIFFERENCE BETWEEN HEART SURGEON & CAR MECHANIC A famous Heart Surgeon came to the garage for his car to be repaired. The mechanic while removing the cylinder heads from the car and attending the engine he raised voice and sardonically asked the doctor “Hello Doctor look at this. I also open heart of the car , take valves out, grind them, put in new parts, and when I finish this will work as a new one. So how come you get the big money, when you and me are doing basically the same work?” The doctor leaned over and whispered to the mechanic. Try to do it when the engine is Running. Now on to the story of a Neurologist who had plumbing problem at his house. Naturally he sought the services of a plumber. The plumber arrived in a Rolls Royce had a Rolex watch and dressed not in his work clothes but in expensive clothes. Then of course he attended to the problem and the Neurologist was in shock when it was time to settle the bill; and asked the plumber how come he charge so much when he as a Neurologist he is paid less. The Plumber smiled and told that he used to be a Neurologist too to start with. My brother-in-law actually started having doubts regarding the identity of the surgeon and became more tense.Having retired as the CMD of a top ranking institution ,he shouted at the doctor and hospital administrators.We had to pacify him and bring him out. Exchange of profession is a common feature now adays. All scientists, arts ,Technical and medicos become MBAs and start practising as consultants. Many certificates issued by Chartererd Accountants earlier now have to be validated by legal professionals. Many CAs at the age of 50 are enrolling into Part time legal degrees.Many Universities offer a combined degree of Legal Studies and Accountancy for five and half years making them eligible to practise as lawyer cum CA. Everywhere there is a consultancy Board for all the fields .In some fields it is called counselling and in other fields it is consultant.Right from pregnancy related matters, child birth, rearing children, education,finance, marriage, marital harmony and disharmony, business venture, plantation and agriculture, cattle breeding etc etc.The list is endless.It includes Yoga and spiritual consultants to make one land at the door of enlightenment. Our grandmas who have not stepped into any school, were perhaps better consultants in all matters In the present world of fake identities we are not sure whether the neuro surgeon under question has got any plans to become 'a drain brain ' one day, turn out to be a 'Drain Man' like metro man ,in the event of his successive failures in surgery! Vathsala Jayaraman 2) Continued from E 2. Marginal Standing Facility (MSF) - Extension of Relaxation On March 27, 2020 banks were allowed to avail of funds under the marginal standing facility (MSF) by dipping into the Statutory Liquidity Ratio (SLR) up to an additional one per cent of net demand and time liabilities (NDTL), i.e., cumulatively up to 3 per cent of NDTL. This facility, which was initially available up to June 30, 2020 was later extended in phases up to March 31, 2021 and again for a further period of six months till September 30, 2021, providing comfort to banks on their liquidity requirements and also to enable them to meet their Liquidity Coverage Ratio (LCR) requirements. This dispensation provides increased access to funds to the extent of `1.62 lakh crore and qualifies as high-quality liquid assets (HQLA) for the LCR. It has now been decided to continue with the MSF relaxation for a further period of three months, i.e., up to December 31, 2021. II. Regulatory Measures 3. LIBOR Transition - Review of Guidelines The London Interbank Offered Rate (LIBOR) transition is a significant event that poses challenges for banks and the financial system. RBI has issued an advisory on June 8, 2021 encouraging banks and other RBI regulated entities to cease entering into new contracts that use LIBOR as a reference rate and instead adopt any Alternative Reference Rate (ARR) as soon as practicable and in any event by December 31, 2021. The Reserve Bank has been engaging with banks and market bodies to proactively take steps, as necessary, to ensure a smooth transition for regulated entities and financial markets. In this context, it has been decided to amend the guidelines related to export credit in foreign currency and restructuring of derivative contracts as detailed below. (i) Export Credit in Foreign Currency – Benchmark Rate Authorized dealers are currently permitted to extend Pre-shipment Credit in Foreign Currency (PCFC) to exporters for financing the purchase, processing, manufacturing or packing of goods prior to shipment at LIBOR / EURO-LIBOR / EURIBOR related rates of interest. In view of the impending discontinuance of LIBOR as a benchmark rate, it has been decided to permit banks to extend export credit using any other widely accepted Alternative Reference Rate in the currency concerned. (ii) Prudential Norms for Off-balance Sheet Exposures of Banks – Restructuring of Derivative Contracts For derivative contracts, as per extant instructions, change in any of the parameters of the original contract is treated as a restructuring and the resultant change in the mark-to-market value of the contract on the date of restructuring is required to be cash settled. Since the impending change in reference rate from LIBOR is a “force majeure”event, banks are being advised that change in reference rate from LIBOR / LIBOR-related benchmarks to an Alternative Reference Rate will not be treated as restructuring. 4. Deferral of Deadline for Achievement of Financial Parameters under Resolution Framework 1.0 The resolution plans implemented under the Resolution Framework for COVID-19 related stress announced on August 6, 2020 are required to meet the sector specific thresholds notified in respect of five financial parameters, four of which are related to the operational performance of the borrowing entity, viz. Total Debt to EBIDTA ratio (Total Debt/EBIDTA), Current Ratio, Debt Service Coverage Ratio and Average Debt Service Coverage Ratio, by March 31, 2022. Recognising the adverse impact of second wave of COVID-19 on revival of businesses, and the difficulty it may pose in meeting the operational parameters, it has been decided to defer the target date for meeting the specified thresholds in respect of the above parameters to October 1, 2022. As regards the parameter Total Outside Liabilities/ Adjusted Total Net Worth (TOL/ATNW), this ratio reflects the revised capital structure (i.e., debt-equity mix) as required under the implementation conditions for the resolution framework and was expected to be crystallised upfront as part of the resolution plan. Accordingly, the date for achieving the same remains unchanged, i.e. March 31, 2022. A circular to this effect, modifying the previous instructions dated September 7, 2020, will be issued shortly.

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