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Monday, September 24, 2018

Merger is Evil...We should not allow at any cost...


Systematic Destruction of our Public Sector actually started after 2008 not by the US Sub-Prime Crisis but through the Brutal plan of Global Elites through World Bank, IMF and Bank for International Settlements (BIS). To be short, World Bank and IMF are our Creditors whereas BIS is the Central bank for all Central banks in the world including Reserve Bank of India. No central bank of any nation can function freely out of control of BIS.

All the 3 bodies are instituted by Global Elites to Indebt and enslave the entire world. Hence their plans are Cruel, long term but nobody can understand and sense.

Today’s banking reforms are not planned one or two years ago. It was planned some 10 years ago and the Subprime crisis of 2008 was utilized to implement the “Project Death” in India.

Since 2009 PSBs are facing continuous threats to their Existence……most importantly…

1. Prudential Guidelines and Basel II norms 2009

2. Kandelwal Committee on HR reforms 2010

3. Cheque Truncation System & Uniform Holidays 2012

4. Appointment of Raguram Rajan as RBI Governor

5. Appointment of Aravind Subramanian as Chief Economic Adviser of India

6. PJ Nayak Committee

7. Prime Minister Jandan Yojana

8. Gyan Sangam I and II

9. Appointment of Private MDs and Chairmen for PSBs

10. Bank Board Bureau

11. IDBI Privatization

12. Cleaning of Balance sheets

13. Prompt Corrective Action Plan

14. Committee for Campus recruits to PSBs

15. PSB Mergers and subsequent privatization

16. Nachiket Mor Commitee

17. Payment banks & Small Banks

18. AADHAAR Bill

19. Unique Payment Interface

20. AADHAAR Seeding

21. XXXXXXXXXXXX

22. XXXXXXXXXXXX

Comrades, don’t you feel why this many reforms are being introduced one after another in Banking Industry without any pause?

Don’t you realize the force behind this?

The good news as of today is AIBOC leaders are meeting RBI Governor Mr.Raghuram Rajan on 10.06.2105. Almost 99% of nationals know him as RBI Governor only. Some demand second term for Mr.Raghuram Rajan. The probable next RBI Governor is Mr.Arvind Subramaniam if Raghuram rajan wont get second term. Mr. Arvind Subramaniam is presently Chief Economic Financial Adviser for GoI.

But many of us don’t know the other faces of both the persons.

Mr. RaghuRam Rajan:
--------------------------------

He is the only Indian Vice Chairman of The Bank for International Settlements (BIS) since its institution in 1930.

He was the Chairman of the ‘High Level Committee on Financial Sector Reforms’ set up by Planning Commission of India in 2007 when he was Professor, Graduate School of Business, University of Chicago and associated with IMF. He submitted the reported in 2009 in the name of “A 100 SMALL STEPS”. You all will be shocked if you read the report. Because, all the threats listed above were designed and recommended by him only. Some of the recommendations I have listed here.

Proposal 3: Small banks & Finance Banks

Proposal 5: Priority Sector Lending Certificates

Proposal 7: Sell underperforming PSBs; Reduce Govt Ownership below 50%

Proposal 8: Stronger boards with more power to outside Shareholders

Proposal 9 : Delink PSBs from CVC, CAG, CBI and Parliament; Reduce Govt Ownership below 50%

Proposal 10 : Allow Foreign banks subsidiaries to Takeover Indian Banks; More liberal in Mergers and Takeovers

Proposal 11: Branches and ATM expansion by Domestic banks & subsequent Takeover by Foreign banks

Proposal 29 : Unique Id with Biometric Identification to Track Borrowers and Seize their wealth

Proposal 34 : Foreign Asset Reconstruction Companies

Proposal 35: Bankruptcy code which neither protect Debtor nor the Creditor’s right to seize assets

All the above said proposals have got implemented….Still many dangerous proposals are in pipeline…To know them please read the complete report (I have attached it)….Very Dangerous recommendations aimed at “Tracking each and every movement of an Individual of this nation and to seize/transfer their assets with the help of AADHAAR, CIBIL, CERSAI etc.. ”.

Comrades, appointment of Raghu Ram Rajan and Arvind Subramanaiam did not just happen as a normal process. They were sent from WB/IMF with a plan which is not disclosed to many.

This is the possible plan….

Govt of India borrowed $ 2 Billion from World Bank (IBRD) in 2009 just after 2008 Sub-prime Crisis. The World Bank made our RBI as the implementing agency to implement the conditions of the Loan agreement. 

SOME CONDITIONS TO AVAIL THE LOAN
----------------------------------------------------------

1. The Government of India has executed Statements of Intent with each of its PSBs.


a. Kandhelwal committee on HR reforms set up in which Chapter 8.2 deals with ‘Statement of Intent(SOI)’ for CMDs and EDs. The present INDRADANUSH is just a improvised SOI. MDs and Chairman will receive incentives based on reaching the target agreed under SOI.

2. RBI to implement BASEL Committee recommendations


a. Basel norms were made mandatory for all Commercial banks

b. IRAC norms introduced


3. The Government of India, in coordination with RBI, has ensured that elections of directors to PSBs were in compliance with the RBI’s “fit and proper” criteria.


a. The Fit & Proper Criteria concept introduced in 2004 to select Heads of Private banks was extended to Nationalised banks and SBI in 2007



b. Private MDs and Chairman were appointed in 2015 

4. Road Map to Foreign Banks, 2005 should get implemented in Two-Track mode


Track 1: Consolidation of the domestic banking system, both in private and public sectors


Track 2: Gradual enhancement of the presence of foreign banks in a synchronized manner



5. Implementation of report of the Committee on Financial Sector Assessment (CFSA) prepared as per the instructions of IMF.

a. 6 volumes

b. Recommended Privatization, Merger, Foreign Banks, Private campus recruitment

c. Prompt Corrective Action Plan



Still many conditions…..mostly covers the 2009 report of 
Raghu Ram Rajan

On Sep 2013 Mr. Raghuram Rajan was appointed as RBI Governor.



Rajan, Nachiket Mor Committee & Payment Banks
------------------------------------------------------------------


Same month he appointed a committee under Nachiket Mor, a RBI Director to quicken the process of implementing the orders of World Bank/IMF. Nachiket Mor Committee recommended two new banks 1. Small banks, 2. Payment banks. But the truth is Rajan just used the Deceiving game of appointing committees to cheat the public. No one knows Rajan was the first person who recommended for Small banks and Payment Banks in 2009 itself.


Rajan, BIS & Payment Banks
----------------------------------------- 

In Aug 2015 he granted licenses to 11 Payment banks.


In Nov 2015 he was appointed by the Bank of International Settlements(Central bank to all the Central banks of the world) as its Vice Chairman. Interestingly the Nachiket Mor committee used the BIS report of 2004 and 2012 along with that of 2009 Rajan report to give its recommendations for payment/small banks. So the link between BIS and Rajan is clearly established. More interestingly he is the first Indian to be appointed to the board of BIS, since its establishment in 1930.



Rajan, P J Nayak Committee & Privatization
-------------------------------------------------------------


Similarly P J Naik Committee was appointed which recommended many anti-bank reforms like BBB, Holding Companies, Freedom from CVC, CAG &CBI, Privatization, Mergers etc…This time also no one knows it was Rajan who recommended these reforms in 2009 itself. All were blaming P J Nayak and Gyan Sangam.



Rajan & Balance Sheet Cleaning
-------------------------------------------


Prompt Corrective Action Plan (PCA) was introduced in March 2014 which automatically enable Merger, Closure of Banks, stops Recruitment of employees, Branch Expansion etc..



By pressurizing all the banks to clean the balance sheets, he succeeded in making all our PSBs loss making in just 6 months and prompt them to follow the PCA to avoid further penalty.



Rajan & Aravind Subramanaiam
--------------------------------------------


The plan of appointing Arvind Subramaniam, another IMF man as Govt Adviser is to pressurize the Govt to implement the reforms recommended by RBI committees. If Govt fails to implement, then WB can recall the dues with penalty. 


Interestingly Rajan used the paper “The Next One Billion Consumers” published by Mr. Aravind Subramaniam to submit is 2009 report of Financial Sector Reforms. Rajan’s report and Aravind’s matches in many fronts


Rajan will prepare the ground for reforms. Aravind Subramaniam will advise the Govt to implement them. Since the Govt ideology is the same their jobs are becoming easier.


MERGER & PRIVATIZATION
-------------------------------------------


Merger will be followed by amendment in Banking Regulation Act to allow voting rights to foreigners. Ordinance may do that.


Foreign banks including World Bank may take over the assets of merged banks. Ex: IDBI


PMJDY, AADHAAR Seeding….What next as per Rajan report & WB conditions?


Comrades, a year back we were pressurized to open 20 crore PMJDY accounts throughout the country.



Recently Govt has directed all the banks to conduct AADHAAR seeding camps to seed AADHAAR number in the bank accounts of all nationals. Now almost every household has a bank account.



AADHAAR `Bill passed by Parliament to enable private contractors to access AADHAAR server.



If INDIA could not repay the dues in time our bank accounts may be freezed in a single click.



In worst case even the assets pledged by the individuals to avail loans can be freezed or seized. The recent direction of Govt to upload the details of Movable assets in CERSAI portal in addition to Immovable assets is the clue.



Comrades, We are running out of time….Our nation came out of slavery through the Freedom Struggle led by Lawyers. Now we bankers have only two options left. ‘Save the Nation’ or ‘Enslave the Nation’. Histories of trade unions will be erased and new one will be written.



The June 10th meeting of AIBOC leaders should be a turning point in the History of our Nation.



Let us decide.....Who is going to write it and How it will be written?



Comradely,



Sivakumar Duraipandy

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