Thursday, 12 July 2018
Wednesday, 4 July 2018
Rajasthan Govt Asks Employees Not To Wear Jeans, T-Shirt To Office
The Labour department of Rajasthan government has asked its employees not to come to office wearing “indecent” dresses such as jeans and T-shirts, inviting criticism from the state’s employees’ federation.
Labour Commissioner Girriaj Singh Kushwaha issued a circular specifying the dress code on June 21.
It is often seen that some officers/employees of the department come to office wearing jeans, T-shirts and other indecent dresses which is disrespectful and against the dignity of the office. Therefore, it is expected of all the officers and employees that they, while maintaining the dignity of the department, come to office in decent clothes like pants and shirt, the circular read.
Justifying the circular, the commissioner said, “It is about maintaining office decorum. I have issued similar directions in the past too.
The officer said that he had received no feedback from any employee on the circular.
The President of the All Rajasthan Employees Federation(united), Gajendra Singh, said that they would oppose the circular and make a representation to the commissioner demanding its withdrawal.
How jeans and T-shirt can be an indecent or ungracious outfit? There are no such service rules in the state, and we will oppose the circular in a democratic manner, he said.
Source : PTI
DECISION OF THE NJCA MEETING HELD AT JCM (NC) STAFF SIDE OFFICE, NEW DELHI ON 3rd JULY 2018.
Representatives of the Confederation took a stand that as two years are already over after the assurances given by Group of Ministers, NJCA should revive the deferred indefinite strike immediately and date of commencement of the strike should be decided. After detailed discussion and after considering the views expressed by other NJCA Members (representing Railway Federations & Defence Employees Federations), it was unanimously decided TO PASS A RESOLUTION against the anti - employee attitude of the Government and inform the Government that if the Government fails to settle the demands of the Central Govt. Employees raised by NJCA including the major demands viz., increase in Minimum Pay and Fitment Factor from 01.01.2016, Scrapping of NPS, implementation of Option - 1 from 01.01.2016 , withdrawal of "very good" bench mark for promotion , through a negotiated settlement on or before 07th August 2018, then the NJCA would be left with no option than to revive the deferred indefinite strike action. The NJCA will meet on 18th August 2018, to decide next course of action.
NO CHANGE IN CONFEDERATION's ONE DAY STRIKE ON 15th NOVEMBER 2018
Keeping in mind the experience with NJCA, Confederation National Secretariat has decided to go ahead with the 15.11.2018 strike and Campaign programmes as decided in the 10th June Hyderabad National Convention demanding settlement of 10 points Charter of demands of Confederation.
Tuesday, 3 July 2018
Who is paying the price for rising NPAs ?
A recent paper by officials of the RBI shows that gross Non Performing Assets (NPAs) rose from 3.4 percent of bank loans in March 2013 to 4.7 percent in March 2015 and further to 9.9 percent in March 2017. The figures for March 2018 are not yet out, but the few pointers that are available all suggest the number will only go up further. The first of these is the quarterly reports put out by the banks for the three-month period ending December 2017. At that point, the combined NPA figure was a whopping 8.4 lakh crore, with about 6.1 lakh crore from the industrial sector. Again, the 20 banks that have announced their quarterly results for January-March this year have seen NPAs rising from 7.2 percent a year ago to 8.3 percent and their combined NPAs were 32.7 percent higher than a year ago. Clearly, the problem is only worsening.
Lest you think that NPAs are only about
categorizing some loans as doubtful and no money is actually lost by the banks
in the process, here are some sobering figures. RBI data presented to
Parliament by the government shows that in the five years from 2012-13 to
2016-17, a whopping Rs 2.5 lakh crore was written off by the banks, the
overwhelming majority of this being loans taken by industrial houses. Of this
sum, Rs 61,640 crore was written off in 2012-13 and 2013-14, which were UPA
years. In the first three years of the NDA government, 2014-15 to 2016-17, the
total sum written off was Rs 1,88,286 crore. What is worse, the figure has
risen each year, from Rs 49,018 in 2014-15 to Rs 57,585 crore in 2015-16 and Rs
81,683 crore in 2016-17. The State Bank of India alone has recorded
losses of over Rs 10,000 crore in the last two quarters, i.e., from October
2017 to March 2018. Punjab National Bank recorded losses of over Rs 13,000
crore in a single quarter, from January to March this year. That’s over Rs
20,000 crore from just two public sector banks in less than half a year.
Finance Minister Arun Jaitley tried to pin the
blame for this on the UPA, saying it was a problem his government had
inherited. It may well have inherited some bad loans. But far from cracking
down on defaulters, the government chose to help the corporates through loan
refinancing and restructuring schemes, often not on sound financial reasoning.
Of course, some corporates are especially favoured. For instance, two power
companies controlled by the Adanis were extended loan refinance worth Rs
15,000 crore by public sector banks. This was done when earnings before tax
of both these companies were not even enough to cover the interest cost on the
loans they have taken. In this sweetheart deal, the previous defaulted loans
were replaced with new loans and the loan repayment date was extended by one
more decade. Similarly, Reliance Gas Transport Infrastructure Ltd (RGTIL),
a corporate entity controlled by Mukesh Ambani, was given a loan refinance of
Rs 4,500 crores and an extension of payment period by more than a decade.
These NPAs affect people in two ways. First, if
banks have to assume that a fairly large chunk of their loans will have to be
written off, they have to increase what they call the spread between the
interest they pay on their deposits and the interest they charge on loans. So our
deposits earn less interest and pay more interest on things like home loans.
Second, when public sector banks start get stressed due to these bad loans, the
government has to bail them out by injecting fresh capital. While the public
sector banks need to be saved in the interest of our people, the route of
‘recaptialisation’ without making any attempt to bring the errant companies to
book and recovering the losses to the banking system from them is really a
device to bail out big business. That is, our money being used effectively
to subsidise defaulting corporates including the Vijay Mallyas and Nirav
Modis.
The other most dangerous development is the
proposed Financial Resolution and Deposit Insurance (FRDI) Bill that would
legitimise the transfer of the burden of risk on banking operations to the
depositors. If Banks fail the money deposited by ordinary people could be
used by the banks to bail them out.
But who is paying the price for this colossal
mismanagement of the economy? Are India’s powerful businessmen the ones getting
ruined by this? As the story of bank loans turning bad reveals only too
clearly, for the most part they aren’t – it is the people who are getting
robbed and ruined.
Monday, 2 July 2018
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