Warrier's blog

Media Response Positive signals This refers to the report "Banks' bad loans at 10-year low, resilient to shocks : RBI" (The Hindu Business Line, June 29). Looks, the worst is behind for the Indian financial sector. FY2022-23 saw the central bank also improving it's balance sheet, though not in a big way. This is one side of the story. Time is opportune to look at management of nation's resources in their entirety including government budgets and mobilization of funds by corporates. The banks which created a nationwide network after obtaining banking licences, have become lazy and are using various external arms as conduits for purveying credit. This results in leakages which affects the return on investment for the depositors. Similarly, central and state governments using statutory provisions to retain banks and financial institutions as compulsory buyers of G-Secs delays development of a retail market for government borrowings. Resultant low returns on su

June 27, 2023 Adieu, Goodenough! This refers to the report "Goodenough, co-inventor of Li-ion batteries passes away" (The Hindu Business Line, June 27). The Nobel Laureate's passing away deserved a wider coverage in the mainstream media, perhaps more for the statement he made eight years ago : "I am only 92; I still have time to go." No doubt, more articles will be published in the media soon and perhaps new books will be written about Goodenough this year. But what is preventing us from appreciating the life and work of achievers like this, even before they become celebrities in different circumstances? Adieu, Goodenough, you will be remembered through your contribution to science and technology. M G Warrier Mumbai

Media Response June 26, 2023 Business of banking This refers to the report "'Unsecured' loans handed out to NBFCs come under RBI scanner" (The Hindu Business Line, June 26). One, as a depositor is tempted to ask an innocent question : Who is doing real banking business? The banks which created a nationwide network after obtaining banking licences, or the various arms through which the resources mobilised by banks are dispensed as credit to the end-user? The question arises because, with the increase in the number of pass through agencies, the interest banks are able to pay for the deposits mobilised comes down and the cost of credit for the ultimate borrower goes up. The dilution in security requirements at lower tiers of the credit conduits reduces the recovery rates, cost of which again is ultimately born by the depositors or taxpayers who are not organised and therefore remain silent. M G Warrier Mumbai

Welcome To Warrier's COLLAGE On Sunday June 25, 2023 Yoga Day 🙏 June 21, 2023 Good Morning Yoga Day was observed on June 21, 2023. A report : https://www.livemint.com/news/world/international-yoga-day-2023-live-updates-yoga-pm-modi-yoga-significance-history-theme-11687308821642.html A link for few minutes standing exercises which we had demonstrated and our daughter Reshmy Warrier had recorded and uploaded @YouTube two years ago given below : https://youtu.be/q_nsKip_VLw More than 1,500 views so far. Happy viewing Happy Birthday to all readers having Birthday during the week ending Saturday July 1, 2023. Ayurarogyasaukhyam 🙏 and Best Wishes for all. Conceding to the suggestion from readers, I've tried to reduce the size of Collage. Remember this if you find something missing. Nice Day M G Warrier Collage Editorial, June 25, 2023 Forgive, but never forget* This refers to the article "The Emergency should never be forgotten" (The Hindu Business Lin

Opinion makers have a role This refers to the report "Obama says India may 'pull apart' over minority rights" (The Hindu, June 23). Definitely, there will be an impact on the way world leaders think, if opinion makers of Obama's stature make right noises at right places. Casual observations like this to media persons will take longer time to reach right ears, and sometimes, the delay could be self-defeating. The word 'honestly' used to describe how Biden administration should discuss racial issues with Prime Minister Modi has wider implications, considering that country's approach to such issues at home and elsewhere. Having said that, one cannot ignore the possible proactive role opinion makers like Obama can play, in resolving delicate and sensitive issues involving religion and races, now resurfacing across the globe in different intensities. M G Warrier Mumbai

Forgive, but never forget* This refers to the article "The Emergency should never be forgotten" (The Hindu Business Line, June 22). Beyond the annual ritual of remembering good and bad events, this is a timely reminder to "We The People" to remain eternally vigilant, guarding the spirit of Indian Constitution. The 21 months starting with June 25, 1975 marked a period in Indian history when India existed with the citizens not being aware of what was happening to their friends and relatives, leave alone the happenings in the neighbourhood and elsewhere in the country. That's just to give an idea about what the strange animal, the Emergency was and traumatic experience we went through. We are not sure, it will not repeat, because there's not yet a vaccine that immunises against greed and thirst for power. The only safeguard is eternal vigil of the people who are magnanimous in forgiveness, but seldom forget unreasonable victimization. M G Warrier Mumbai

World Music Day June 21, 2023 https://www.thehindu.com/news/national/kerala/online-music-programme-on-world-music-day/article66990167.ece Know More https://www.livemint.com/news/india/world-music-day-2023-date-history-significance-wishes-and-all-you-need-to-know-11687317174399.html Happy Music Day 🎵 🎶 M G Warrier

https://www.livemint.com/news/world/international-yoga-day-2023-live-updates-yoga-pm-modi-yoga-significance-history-theme-11687308821642.html Happy Yoga Day 2023 https://youtu.be/q_nsKip_VLw

Welcome To Warrier's COLLAGE On Sunday June 18, 2023 Thought of the day : "Aa No Bhadrah Kratavo Yantu Vishwatah" (Let noble thoughts come from all directions)-Rig Veda Good Morning Happy Birthday to all readers having Birthday during the week ending Saturday June 24, 2023. Ayurarogyasaukhyam 🙏 and Best Wishes for all. Collage is changing : Having come back after a short break as "Collage on Sunday", many friends who were silent readers earlier are enquiring whether I've excluded their names from my mailing list. My response has been that I never had a dedicated mailing list or Broadcast Group @WhatsApp for my mails/messages. Collage was, during the pandemic, being emailed to two RBI Retirees groups of which I am a member and being copied to those outside these groups, but were reading/contributing/responding to Collage. Besides I was sharing Collage with WhatsApp groups and my contacts selectively and posting at my Blog and FB Pages. Hope to b

Public debt* This refers to the report "CEA defends growth in government's debt" (The Hindu Business Line, June 16). Let's be clear about basics. World over, debt is not a bad word, so long as the borrower's financial status is sound. The so called developed countries also raise resources using debt instruments. In limited way, the Chief Economic Advisor has explained that all is fine with India's economic growth trajectory and there's no reason to worry about the rising public debt figures. We can trust him. Still, there are certain areas craving for CEA's attention. Both central and state governments are overdependent on RBI and the banks for their market borrowings. The situation adversely impacts the healthy growth of a financial market. Here, time is opportune for recasting the components of Statutory Liquidity Reserve of banks, reducing the share of US dollar in forex reserves, moving to market rates of interest for government borrowings whi

A lost decade?* This refers to the RBI Deputy Governor Patra's observation that "2020s may be another lost decade for global economy" (Report, The Hindu Business Line, June 13). Traditionally, central bankers use audiences like the one at the KLEMS Conference to think aloud about global issues that affect policy formulation and economic growth. Here, Patra's thoughts border on pessimism. In reality, the challenges of 2020's open up opportunities for emerging economies like India and food for thought to do called developed countries to rethink about the self-centred and monopolistic policies they have been following. Financial crises, impact of the pandemic and the war in Ukraine have taught the rich and the greedy, lessons which hopefully will force them to realign priorities. M G Warrier Mumbai *Published in The Hindu Business Line

Welcome To Warrier's COLLAGE On Sunday June 11, 2023 Isavasyopanishad : Recitation https://youtu.be/mzczDkOtk0k Know more : https://shlokam.org/isha/ Nehru's first TV Interview https://youtu.be/iEtmVYYedbM Thought of the day : "I admire people who could have turned cold after everything they've been through but still choose love anyway. There's strength in that." – Keneilwe Dr. Mhlanga Good Morning Happy Birthday to all readers having Birthday during the week ending Saturday June 17, 2023. Ayurarogyasaukhyam 🙏 and Best Wishes for all. The short holiday for Collage from Mid-March 2023 helped me to know my real audience. I had to commit resumption of Collage in some form soon. Hence this Sunday edition. What is in your mind gets expressed in different ways. The caption "A sigh of relief" to my comments on RBI's June 8, 2023 Monetary Policy announcement is an example. The expression had more to do with my mindset on June 9, than the f

Make gold a productive asset M G Warrier I am one of those optimists who believe that India is a rich country with poor resources management. The awareness about the existence of thousands of tons of domestic gold stock and sermons about the advantages of converting solid gold into other monetary assets are nothing new. There are two views about holding on to the yellow metal as a store of value accessible in times of financial stress. A recent media article argued for sale over pledge of gold for raising funds. The motives of money lenders in taking gold as security is a well exposed secret. There is a felt need for a change in our mindset towards gold as a liquid asset. For a change in public attitude, there has to be transparency in government's gold management policy. National Gold Policy should aim at accounting, mainstreaming and purifying domestic gold stock now idling in private vaults and lockers. If Tirupati temple gold can become a productive asset in SBI vaul

Each individual is a specimen This refers to the piece "The simple billionaire" by Veena Venugopal (The Hindu Magazine, June 4). The article sends out a loud and clear message and makes interesting reading. The message is that each individual is unique and all your efforts to standardize their attitude and behaviour will only help to mess up your thoughts. When it comes to "truth; the whole truth and nothing but the truth" affecting oneself, it doesn't go much beyond the oath before the judge. Sudha Murthy is an interesting personality and her attitude to wealth and lifestyle is admirable. To enjoy the writings or anecdotes, one need not do a fact check or biopsy of every word written or spoken. Branding and marketing are not about purity of thoughts and truthfulness in expression alone! M G Warrier Mumbai

Last chapter on a large note? This refers to The Hindu lead story "The short history of a large note" (The Hindu, May 31). It is interesting reading. Well-researched, though restricting the catchment area for research to social media (read WhatsApp forwards) and recent media reports. If memory serves me right, nano chip story implanted in the social media was exposed by mainstream media as early as in 2016. The delay in recalibrating ATMs to load 2k notes was a serious lapse for which RBI is partly responsible. It would appear, for whatever reason, the then RBI governor Raghuram Rajan who was in charge till September 4, 2016 didn't expect demonetisation to happen so soon. Because it has hurt the rich and the powerful, the November 8, 2016 episode will be remembered for long, and like folklore, different versions of the story will do their rounds for decades to come. M G Warrier Mumbai