Privatisation is here — these two public sector banks could be the first ones to be sold

 Privatisation of public sector banks (PSBs) is finally here. On Monday, Finance Minister Nirmala Sitharaman announced that the Narendra Modi government will divest its stake in two PSBs, apart from one general insurance company. Moreover, the disinvestment process of IDBI Bank will also be completed in the next fiscal.

While the FM did not name in her Budget 2021 speech the two banks the government plans to privatise, analysts point out Bank of Baroda (BoB) and Punjab National Bank (PNB) are possible candidates.

Both state-run lenders have seen their balance sheet swell as smaller PSBs were merged with the two. While Bank of Baroda absorbed Vijaya Bank and Dena Bank, United Bank of India and Oriental Bank of Commerce were merged with Punjab National Bank.

After the announcement, BoB shares shot up 8.6 per cent on the Bombay Stock Exchange while PNB shares closed almost 7 per cent higher. Stocks of most commercial banks ended in green Monday following a series of budget announcements to foster banking sector reforms.

“After the government’s last announced merger of 13 public sector banks into five, the government has taken the first step towards privatising state-run banks starting with divestment of two PSU banks, in a bid to expedite long-awaited reforms in the banking sector. We believe merged PSU banks like BoB, PNB or non-merged banks like Bank of India, Bank of Maharashtra, may be on the radar,” said Kajal Gandhi, BFSI analyst at stock broker ICICIdirect.

Bank of India, UCO Bank, Bank of Maharashtra, Central Bank of India, Indian Overseas Bank and Punjab & Sind Bank are some of the PSBs that were not a part of the merger.

Let us ponder on the issue*--No one step back,come what may. Do or Die-

*Let us ponder on the issue* 

Any proposal for Privatisation of any PSBs is retrograde,ill conceived and thoroughly inimical to the interest of the countrymen

We are not waiting to hear the names of 2 banks where disinvestment is proposed. Because any name will have a same effect on us and same response will be from us.

Steps towards disinvestment of  PSU would face stiff resistance from all stake holders. 

Bank Nationalisation was not as a whimsical,sudden and arbitrary policy decision by the Govt but as a culmination of a long standing popular demand  emanating from the various stake holders ,depositors and Bankers .

When Govt.is planning to move in the reverse direction have they asked those stake holders?

Govt. is duty bound to ask and respect their sentiment.

Moreover,in the budget special mention has been made about easy access /availability of the funds to the extent of *DICGC available(upto Rs 5 lakhs)* in banks placed under moratorium/Stress.

Can they name any Nationalised bank which has come accross such a situation from 1969 to 2021? Our reply is big NO.

If it is so then now onwards are they expecting more banks will be put under stress after this privatisation move? 

Any step in the name of disinvestment in any bank will demolish the very structure of PSBs.

Because for that Govt will have to repeal the Bank Nationalisation act ,1969 and Banking Companies acquisition and Transfer of Property act,1980 *which will open the lock gate.* 

It is the duty of every citizen of this country to fight against the recent announcement of privatising two PSBs as the PSBs were responsible for having built up the country's Economy brick by brick and made it self Reliant.

A long way to go with more and more strong Nationalised banks.But as a responsible citizen we can not allow the wheel move in reverse direction.

Time to fight

 We shall fight We shall fight. We are to start Organised movement.

No one step back,come what may. Do or Die....

Sanjay Das.

How many times bankers have booked ticket and waited for leave sanction please read minimum one time

How many times bankers have booked ticket and waited for leave sanction. How many times they looked at the calendar and prepared annual leave plan and waited for sanction. GRANT OF LEAVE HAS TO BE WITH GRACE. Read blog below to know why.

Next month by this time I would have entered my home at Madras.” Hearing this, staff around me smiled looking at each other. Most of them understood how badly I was due for a leave as away at Gujarat, I was waiting for confirmation of service, waiting to be with my culture, language, people and above all food. Now after four decades, the thought of the share of joy by others in my leave linger longer than the happenings during the leave. 

 JUBILATION ON FIRST LEAVE IN SERVICE AFTER ONE YEAR OF PROBATION

But ‘law is an ass’ is a saying and the rules of leave framed as a by-product of law do have little asses in them.

• Leave is not a matter of right
• Leave is subject to approval and sanction
• Leave is also subject to exigencies of work’.

 All these bland impersonal statements are perfectly legal but very imperfect if implemented literally. It is here bosses and HR to understand and appreciate how timely leave fulfills lot of emotions and help sustain relationships in the family which in turn would create satisfied employees at office.

This is how people enjoy and utilize leave particularly while alone and away from family as I have seen and heard. 

·       Enjoy Holi, Diwali or Puja holidays with a huge gathering of cousins and relatives.

·       Attend marriage of a niece or nephew whose parents owe gratitude for financial, material and moral support in crisis while growing up.

·       Visit a familiar market and greet people with newly acquired status of officer/manager.

·       Join the familiar ‘idly corner’ (that is unchanged for years) for a breakfast with old friends.

·       Congratulate the renovated ‘Chat corner’ and spend the evening chatting having a Chat.

·       Simply sleep and eat loved food prepared lovingly by the loved ones.

·       Participate in the village festival singing and dancing forgetting your official designation.

And many many such happy memories are relived during leave.

 

                   LEAVE TO EMPLOYEE, BUT THE WHOLE FAMILY IS JUBILANT

Leave in many cases are needed more to escape the day to day drudgery in tough living conditions and stressful office life normally in the metros and cities. Specific needs like birthday of spouse or children, illness or other pressing issues adds to the stress of life particularly when grant of leave is in doubt and pending. 

NOTHING TO EXPLAIN -- FACE SAYS IT ALL

It is the primary duty of HR and bosses to understand and appreciate these emotions. A de stressed employee would more easily own the target and tensions of the boss and act supportive. Unlike the government most private sectors grant only the statutory minimum in both pay and leave. Hence such employees are even more under strain to have a break and return rejuvenated.

Target crazy bosses have a strong tendency to view such emotional issues as hindrance to their personal achievements and tend to be harsh. An employee with eighteen days of leave per year tends to split it to five or six breaks so that he revives himself emotionally periodically. But that itself turns against him since the bosses interpret it as frequent leave. HR has a much greater role here, to understand, appreciate and differentiate between people who stay with family and away from family.

 I was fortunate because my boss not only granted my leave before, but also ensured that it is honored by the next boss as well when I was transferred out of the branch. My sitting posture in the train en-route home suggested an air of arrogance of a person on first leave and LTC and I enjoyed my leave forgetting office. But such privilege is not available nowadays with technology chasing people who are on leave for honeymoon as well.

Still if the bosses participate with appreciation in the emotion of leave, the employee will reciprocate owning stresses of the boss. Thus, granting leave with grace, without mention of pending work and target would go a long way for employees to convert depressed mood with de-stressed mood.

 

 

 

 

 

 

 

 

 

 

  

 

Leave is the lifeline of employees especially those who are separated from the family. Appreciating this emotional aspect would go a long way in keeping employees loyal and committed. A rejection of leave for usual exigencies of work would hurt an employee emotionally and would be the beginning of disloyalty. Rejected/modified/improper sanction of leave would breed low morale, grouse and dissatisfaction affecting the very target the boss is craving for. 

HENCE BOSSES AND HR BEWARE OF LEAVE EMOTIONS.

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Airport Lic Railway, Psu Bank buyer required you may contact

New Agricultural cess by Modi Govt

Union Budget 2021-22

Union Budget 2021-22

✅ *Direct and Indirect Tax*

1. Senior Citizens: Reduced Compliance burden. 75 years and above. Proposal not to file ITR if only pension income and interest income. 

2. Reduction in time for IT Proceedings: Reopening of Assessments period reduced from 6 years to 3 years except in cases of serious tax              evasion cases- where evasion evidence is 50 Lacs or more than reopening within 10 years

3. Proposal to constitute ‘Dispute Resolution Committee’. (Taxable income 50 lakhs and disputed income 10 lakh).

4. National Faceless Income Tax Appellate Tribunal Centre

5. Relaxations to NRI: Propose to notify rules for removing hardship for double taxation.

6. Tax Audit Limit: Proposal of tax audit increased from 5 Cr. to 10 cr. (Only for 95%  digitized payments business)

7. Propose to provide relief on advance tax liability on dividend income.

8. Propose to include tax holidays for Aircraft leasing companies

9. Prefiling of returns (Salary, Tax payments, TDS etc.)  Details of Capital gains from listed Securities, dividend income, etc. will be prefilled

10. Small Charitable Trusts. Increased from 1 crore to 5 crores (Compliance limit)

11. Late deposit of employee’s contribution by employer will not be allowed as deduction

12. Incentive to startup: Tax holiday exemption for one more year

13. Duties reduced on various textile, chemicals and other products

14. Gold and Silver (BCD reduced)

15. Agriculture Products: Custom duty increased on cottons, silks, alcohol etc.

NO CHANGE IN INCOME TAX SLAB 

NO CHANGE IN EXEMPTION UNDER CHAPTER IX

NO RELIEF TO SALARY PERSON UNDER STANDARD DEDUCTION

✅ *General*

1. First digital Budget in the history of India

2. Vehicle Scrapping Policy. Vehicle Fitness Test after 20 years in case of Personal vehicle and 15 years in case of commercial vehicles

3. 64,180 crores allocated for New Health Schemes

4. 35,000 crores allocated for Covid Vaccine

5. 7 Mega Textile Investment parks will be launched in 3 years

6. 5.54 lakh crore provided for Capital Expenditure

7. 1.18 lakh crore for Ministry of Roads

8. 1.10 lakh crore allocated to Railways

9. Proposal to amend Insurance Act. Proposal to increase FDI from 49% to 74 %. 

10. Deposit Insurance cover (DICGC Act 1961 to be amended). Easy and time bound access of deposits to help depositors of stress banks.

11. Proposal to revive definition of ‘Small Companies’ under Companies Act 2013. Capital  less than 2 Cr. and Turnover Less than 20 Cr.

12. Disinvestment: IPO of LIC, Announced Disinvestment of Companies will be completed in FY 2021-22

BUDGET 2021 Expectations

BUDGET 2021 Expectations

TELECOM SECTOR

* Cut licence fee from 3% of AGR to 1%

* Cut spectrum usage charge by 3%

* Exempt 4G/5G network gear from customs duty

* Cap customs duty on handsets at 20%

REAL ESTATE SECTOR

* Industry status; widen definition of affordable housing

* One-time loan restructuring

* Increase home loan interest, principal payment limit

* More funds like SWAMIH for last-mile funding of stressed projects

CONSUMER DURABLES SECTOR

* Extend phased manufacturing program to all categories

* Incentivise purchase of durables

* Fiscal incentives for energy-efficient products

* Income benefits to individuals to lift demand

ENERGY & POWER SECTOR

* Abolition of cess on Crude from pro-NELP & nomination blocks

* Reduction in royalty on oil and gas production, lower import duty on LNG

* Relief from import duty on solar cells & modules

* Rationalisation of levies on generation of distribution components

AVIATION SECTOR

* Comprehensive relief package

* Bring ATF under GST

* Financial incentive for airlines including low-cost credit

* Airports seek increase in liquor allowance from 2 to 4

FMCG SECTOR

* Measures to boost demand

* Reduce personal Income Tax

* One-time direct fund transfer to weaker sections

* Loan relief to MSMEs

HOSPITALITY & TOURISM SECTOR

* Infra & industry status to hotels, restaurants and resorts 

* Minimum alternate Tax waiver for 3 years to hotel sector 

* Extend investment-linked benefits to hotels; I-T benefits for travel

* Recognise tourism sector revenues at par with merchandise exports

AUTOMOBILE SECTOR

* Incentive-based scrappage policy for automobiles, funding for purchase of buses by states

* Higher 25% depreciation rate for PVs & 2Ws

* Reinstatement of investment allowance for component makers

* Include EV industry in the priority sector lending category

STARTUPS SECTOR

* Widen ambit of ESOP tax benefit to all registered startups

* Remove condition of inter-ministerial board certificate for angel tax relief

* Change regulations for greater capital flow into startups

* Make gains on new investment into startups tax free; Roll-back "super-rich surcharge

RETAIL SECTOR

* Implement National Retail Policy; allow retailers to register as MSMEs

* Encourage states to adopt Modern Shops & Establishment Act

* Decriminalise Legal Metrology Act to improve EoDB

* Expand PM Mudra Yojana to digitalisation in kiranas, small retailers

HEALTH & PHARMA SECTOR

* Setup a health fund

* Incentives for health insurance

* Enhance incentives for R&D

* Cut customs duties on industry inputs