Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Chartered Accountant and Editor of Tamil political magazine 'Thuglak' S. Gurumurthy said he was pressurised to take up the board position in the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>). Gurumurthy told this in an email to the All India Bank Employees Association (AIBEA) General Secretary C.H. <keyword id="215998" type="General" weightage="50" keywordseo="venkatachalam" source="Orion">Venkatachalam</keyword> and also dared the latter to share the mail with the <keyword id="6357801" type="General" weightage="50" keywordseo="union" source="Orion">Union</keyword> members. As a post script in his email, Gurumurthy told Venkatachalam: "You all think that me being in the <keyword id="370514" type="General" weightage="80" keywordseo="rbi-board" source="Orion">RBI Board</keyword> is a big thing. I was pressurised to take up that position as there were not many to put a counter view in the RBI Board." "I did not need it nor did I seek it. For decades I had never taken any position in or from the government. Nor will I ever." "Me, in the RBI Board, was criticised by the Financial media in the West, and I am happy you a communist share their views now," Gurumurthy added. Continuing further. Gurumurthy said he had never allowed anyone in any public fora to state that he is on the RBI Board in the introductory remarks. "You have expressed grave concern about me being on the RBI Board. You may not know that if I am not on the RBI Board it makes very little difference to me," Gurumurthy said. Gurumurthy wrote to Venkatachalam in response to the latter's message in social media condemning him for his comments at Thuglak magazine's annual function about the public sector bankers. Speaking at the Thuglak magazine's annual function, Gurumurthy had said the public sector banks are losing talented officials to the private sector owing to poor pay and lack of freedom. "Only scums and filth are remaining with public sector banks and with them, the country has to compete globally in the financial sector," he had said. Gurumurthy also said that till the government has majority stakes in its banks, it is not possible to encourage talented staff. Reacting to that Venkatachalam said: "We strongly condemn his uncalled for comments and demand his immediate apology. He is unfit to be on the Board of RBI and the government should remove him from this important post." Gurumurthy in his email to Venkatachalam said: "I would not have written if I had not known you and you had not invited me for the AIBEA workshop. Your post has started a campaign against me." Stating that many campaigns were made against him earlier Gurumurthy said: "I have never bothered about the campaigns against me by any, as I don't belong to any party, nor seek or need anyone's courtesy, by the grace of the Divine I believe in. So this is not to answer any campaign." "I have always opposed and will continue to oppose privatisation as I believe with all faults majority bank assets in India have to be in state hands. The Indian economy will be ruined if the major part of the financial sector falls into private hands with the expansion and contraction of the <keyword id="6355302" type="General" weightage="50" keywordseo="rupee" source="Orion">Rupee</keyword> dependent on the Dollar," Gurumurthy said. "I resisted within RBI all efforts to pressure the government to privatise when the previous RBI governors were in command," he added. As regards his speech at the Thuglak magazine's function Gurumurthy said the UPA government's policies of letting huge FII investments into the stock market led to indigestible money in the system. To lend that money the government brought down the customs tariffs to zero for capital goods to attract the industrialists to borrow from banks. Gurumurthy said the government persuaded the industry to go for huge expansions in the hope that India would turn into a high growth export driven economy. According to Gurumurthy, the huge recession that followed 2008-09 made the investments of several lakhs of crore junk and the monies lent, NPA (non performing asset) and which was also later accepted by former Governor of RBI Raghuram Rajan. "That is where the woes of the PSBs (public sector bank) started. Not a single political party, including the BJP and CPI-M or the bank unions spoke the truth about the source of the NPA trouble. The guilty finance ministry officials who ran telbanking were mixed up with both the UPA and NDA governments, to suppress the truth," Gurumurthy said. Continuing further he said, the NPA issue, action against it by the Central Bureau of Investigation (CBI), Central Vigilance Commission (CVC), the prudential norms completely shook the bank officers. "This gave a huge opportunity to the private banks and funds which had a heyday because the best loan accounts shifted to them. They began giving high salaries and attracting capable PSB officers," Gurumurthy said. As a result, several capable officials left the PSBs and he had termed the remaining officials as 'kazhisadai' meaning leftovers or those who could not pass through the filter, remained inside. "It is a fact and I stand by it," Gurumurthy said. Referring to the decline in share of PSB loans in the total banking sector loans Gurumurthy said: "At this rate the PSBs need not be privatised. They will get so marginalised that they will handle only the government and municipal accounts and all corporate accounts will be taken over by private banks. That we are not having and not generating and training the needed talent in the PSBs to handle 60 per cent of national savings that gets into the PSB is indisputable. It is a matter of concern for all -- government included," he said. "If you are a responsible trade unionist you will be concerned, talk about this and not play petty politics. I wrote this because you had invited me to talk to AIBEA and you know our views converge on PSBs in many ways," Gurumurthy told Venkatachalam and also asked whether he has the guts to circulate his mail to AIBEA members. "I will not make this public unless you do it. If you do it, have the courage to publish it in full," Gurumurthy said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/india/news/rising-dengue-cases-in-uttar-pradesh-put-health-officials-on-high-alert/articleshow/91611067.cms">Rising dengue cases in Uttar Pradesh put health officials on high alert</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/four-in-ten-american-users-thought-that-facebook-should-have-blocked-trump-sooner-reveal-leaked-internal-documents/articleshow/91610652.cms">Four in ten American users thought that Facebook should have blocked Trump sooner, reveal leaked internal documents</a>

Tamil magazine editor S. Gurumurthy 'pressurised' to take up RBI Board position

Chennai, Jan 8 (IANS) The All India Bank Employees' Union (AIBEA) on Friday requested Prime Minister Narendra Modi to provide the Covid-19 vaccine to bankers on priority basis. In a letter, AIBEA General Secretary C.H. Venkatachalam requested Modi to include bank employees and officers under the prioritised category along with other Covid-19 warriors for the purpose of vaccination, as they have extended their continuous services to the people during the entire pandemic period. Even when buses and trains did not ply and planes did not fly, bank branches, right from the metropolitan to the small hamlets, remained open to serve the people, he said, adding that many bank employees and officers became a victim of this infection and have lost their precious lives in discharge of their duties. Similarly, many bank staff got infected and managed to get out of it back to normal health. Even now bank employees are working under such threatening circumstances, Venkatachalam said. --IANS vj/vd

Bankers demand Covid-19 vaccine shot on priority basis

Chennai, June 23 () Tamil Nadu should focus more on encouraging agro based industries as sustainable agricultural practices in a post COVID-19 era to enhance farmers' income, an expert at the Madras Institute of Development Studies has suggested. Besides, employment opportunities for non-agriculture households should also be a focus area, Prof L Venkatachalam of MIDS said. There was great potential for developing agro based industrial units such as food processing. For instance, tender coconut water, if processed scientifically, can be exported to other states and countries. Coir and coconut husk based industry can be developed in the coconut belt of Tamil Nadu owing to the export potential and considerable demand for coir and coconut husk, especially in the Gulf countries, Venkatachalam told . Though agricultural production and productivity are relatively high in Tamil Nadu, the value added in the sector has not yet been realised to its full potential. More concentration is needed in that area so that more employment and income can be generated. "Since COVID-19 is going to stay with us in future too, we have a good opportunity to establish units to produce the traditional medicine on a commercial scale by encouraging farmers to cultivate the Siddha plants and herbs and provide them as inputs to such industrial units," he said. This initiative will increase employment and income in the industry and agriculture sectors, apart from bringing substantial earnings to the country on the export front, he added. According to official sources, agriculture is still the largest source of livelihood in Tamil Nadu and about two- thirds of the rural households depend on agriculture. As part of an initiative to rev up the agriculture sector, Chief Minister K Palaniswami had constituted a high- level committee headed by former RBI Governor C Rangarajan to assess the overall immediate impact of the COVID-19 pandemic on different sectors of the state's economy. The committee is expected to submit its recommendations on policy measures that can put the state back on the growth trajectory. Though there is no estimate on the quantum of losses suffered by farmers due to the lockdown, distress sale of vegetables, fruits and flowers was reported from across the state. Initially, some distraught farmers hit by input and output supply chain disruption, dumped their perishable produce on the roads. Some farmers could not harvest the crops dueto sudden labour shortage imposed by the lockdown in the last week of March onwards. Responding to the crisis, the state government announced a slew of immediate measures such as a three-month moratorium for repayment of instalments for crop loans, opening of cold storage facilities, deployment of mobile vegetable and fruit carts and the E-Thottam or E-farm services of the Department of Horticulture and Plantation Crops. COR SA APR RAVINDRANATH APR RAVINDRANATH

"TN should focus more on agro based industries in post-COVID era"

NEW DELHI: Some of the essential services related to banking, transportation, railways and electricity are likely to be impacted during a two-day nationwide strike called by a joint forum of central trade unions beginning Monday. Talking to PTI, All Indian Trade Union Congress General Secretary <keyword id="366518" type="General" weightage="20" keywordseo="amarjeet-kaur" source="Orion">Amarjeet Kaur</keyword> said, "We are expecting participation of over 20 crore formal and informal workers with mass mobilisation of workers across the country during the strike on March 28 and 29 to protest against government policies." She said that the strike is expected to hit the rural parts also, where informal workers of farming and other sectors will join the protest. The strike notices were given by workers' unions of various sectors such as coal, steel, oil, telecom, postal, income tax, copper, banks and insurance. Unions in railways and defence sector will carry out mass mobilization in support of the strike at several places, the joint forum said. The unions' demands include scrapping of the proposed changes in labour laws, privatisation of any form and the national monetisation pipeline. Increased allocation of wages under MNREGA (<keyword id="1194612" type="General" weightage="20" keywordseo="mahatma-gandhi-rural-employment-guarantee-act" source="Orion">Mahatma Gandhi Rural Employment Guarantee Act</keyword>) and regularisation of contract workers are also part of their demands. Workers of roadways, transport and electricity departments have also decided to join the strike in spite of the impending threat of ESMA (Essential Services Maintenance Act) which is likely to be imposed in Haryana and Chandigarh, the joint forum said in a statement. Trade unions, including INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, LPF and UTUC are part of the joint forum. Meanwhile, the <keyword id="6375040" type="General" weightage="20" keywordseo="power-ministry" source="Orion">power ministry</keyword> on Sunday advised all the state-run utilities and other agencies to be on high alert and ensure round-the-clock electricity supply and stability of the national grid. "The Centre of Indian Trade Unions (CITU) have called for a nationwide strike with effect from 06:00 hrs of March 28 to 06:00 hrs of March 30, 2022," an advisory issued by the power ministry said. The advisory has been issued to all states, central public sector undertakings, central electricity authority, national load dispatch centre and regional load dispatch centres. In the interest of the consumers of electricity, it is advised that all the power utilities shall take necessary measures to ensure round-the-clock functioning of the electricity grid and availability of all plants, transmission lines and substations, the ministry said, adding that all regional/state control room executives should be vigilant and on high alert. The ministry also suggested measures to be taken to ensure secure and reliable grid operations. Shutdown activities planned during March 28-29 may be rescheduled to suitable future dates to the extent possible, it said and asked all concerned officials to ensure close supervision of their regional network/control area. Also, manpower may be deployed at all critical sub-stations/power station 24X7 to handle any emergency situation, it said. Power supply to those engaged in essential services such as hospitals, defence, and railways must be ensured, it added and suggested setting up of a 24x7 control room for information dissemination and handling any kind of contingency. Bank employees' unions said they will support the strike. All <keyword id="3658" type="General" weightage="20" keywordseo="India" source="Orion">India</keyword> Bank Employees' Association (AIBEA) General Secretary C H Venkatachalam said the union demands the government to stop privatisation of public sector banks and strengthen them. Bank employees also demand speedy recovey of bad loans, higher deposit rates by banks, lower service charges on customers as well as restoration of old pension scheme for staff. A number of public sector banks, including country's largest lender SBI, have said that their services may get impacted to a limited extent due to the strike. SBI said it has made necessary arrangements to ensure normal functioning in its branches and offices during the strike. "It is likely that work at our bank may be impacted, to a limited extent, by the strike," SBI said. New Delhi-headquartered Punjab National Bank (<keyword id="13478968" type="COMPANY" weightage="20" keywordseo="pnb" source="Orion" meta.marketcap="38923.93999753" meta.tagname="Punjab National Bank" meta.tagpopularcount="0" meta.sectorid="15" meta.entitytype="company" meta.matchtype="exact" meta.aum="0" meta.entityid="11585" meta.tagseoname="punjab-national-bank" meta.sector="Banks" meta.tagnameorg="Punjab National Bank">PNB</keyword>) said, AIBEA, Bank Employees Federation of India (BEFI) and All India Bank Officers' Association (AIBOA) have served notices to go on strike on March 28-29. "While bank has made all arrangements to ensure normal functioning in its branches and offices, it is likely that work in our bank may be impacted to a limited extent by the strike," PNB said. Bengaluru-based <keyword id="13478969" type="COMPANY" weightage="20" keywordseo="canara-bank" source="Orion" meta.marketcap="40836.07197252" meta.tagname="Canara Bank" meta.tagpopularcount="0" meta.sectorid="15" meta.entitytype="company" meta.matchtype="exact" meta.aum="0" meta.entityid="9218" meta.tagseoname="canara-bank" meta.sector="Banks" meta.tagnameorg="Canara Bank">Canara Bank</keyword> said it is taking all necessary steps to ensure smooth functioning of bank branches and offices. However, the functioning of the bank may be impacted, Canara Bank added. Private lender <keyword id="2179992" type="General" weightage="50" keywordseo="rbl-bank" source="Orion">RBL Bank</keyword> said its bank unions are affiliated to AIBOA and AIBEA, and the employees associated with these unions may participate in the strike. "The bank will take all necessary steps for smooth functioning of the bank's branches/offices on the days of strike. However, it is likely that some of our branches would also be impacted by the strike," <keyword id="13478967" type="COMPANY" weightage="20" keywordseo="rbl" source="Orion" meta.marketcap="491.27195140500004" meta.tagname="Rane Brake Lining Ltd" meta.tagpopularcount="0" meta.sectorid="506" meta.entitytype="company" meta.matchtype="exact" meta.aum="0" meta.entityid="21601" meta.tagseoname="rane-brake-lining-ltd" meta.sector="Auto Ancillaries" meta.tagnameorg="Rane Brake Lining Ltd.">RBL</keyword> said. SEE ALSO: <a href="https://www.businessinsider.in/business/news/pvr-and-inox-leisure-announce-merger/articleshow/90476756.cms">PVR and INOX Leisure announce merger</a> <a href="https://www.businessinsider.in/business/startups/news/how-this-former-vedantu-cofounder-is-taking-on-instagram-and-snapchat-to-build-social-media-for-teens/articleshow/90443442.cms">How this former Vedantu cofounder is taking on Instagram and Snapchat to build social media for teens</a>

Two-day Bharat Bandh: Essential services likely to be affected

Chennai, Jan 8 () The countrywide strike called by labour unions pressing for various demands on Wednesday has not disrupted normal life in Tamil Nadu so far, although banking services have been partially hit.
 Bus services and road transport were not affected, police said.
 Southern Railway sources said train services, including the suburban network here, were not impacted due to the stir.
 While shops and commercial establishments remained open, banking services were partially affected.
 According to bank unions, some public and private sector bank employees participated in the dawn-to-dusk strike.
 All India Bank Employees Union General Secretary C H Venkatachalam said banking services were largely affected in the state.
 Cash could not be deposited or withdrawn while many ATMs did not function, he said.
 To a query, he told that bank services were affected in Tamil Nadu except those of the State Bank of India as it has stayed away from the bandh.
 "Cheques clearing and all other banking services were affected in Tamil Nadu," he claimed.
 Meanwhile, an official of Indian Bank said banking services were normal across its branches in Tamil Nadu.
 The central trade unions are protesting against labour reforms, FDI, disinvestment, corporatisation and privatisation policies of the government. They are pressing for a 12-point common demands of the working class relating to minimum wage and social security, among others. SA VIJ ROH ABM
ABM

General strike: Little impact on normal life in Tamil Nadu, banking services partially hit

New Delhi, Jan 8 () Banking services were impacted on Wednesday as employees went on a nationwide strike called by 10 central trade unions to protest against the government's "anti-people" policies.
 Branch activities including cash withdrawal deposit in public sector banks in many places across the country have been affected due to the strike.
 Most of the lenders had informed their customers in advance about the strike call given by All India Bank Employees Association (AIBEA), All India Bank Officers' Association (AIBOA), BEFI, INBEF, INBOC and Bank Karmachari Sena Mahasangh (BKSM), and its impact on banking services.
 Bank employees have extended support to the nationwide strike call given by 10 central trade unions, AIBEA general Secretary C H Venkatachalam told .
 "We have been opposing government policies on bank merger, privatisation, fee hike and other wage-related issues," he said.
 All India Reserve Bank Employees Association (AIRBEA) and All India Reserve Bank Workers Federation (AIRBWF) and some insurance unions have also extended support to the strike.
 Trade unions INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, LPF, UTUC along with various sectoral independent federations and associations had adopted a declaration in September last year to go on the nationwide strike on January 8.
 The trade unions have claimed around 25 crore people are participating in the strike to protest against the government's "anti-people" policies. DP ANS
ANS

Banking services impacted due to nationwide trade union strike

New Delhi, Jan 30 () Orient Green Power Company on Thursday reported narrowing of its consolidated net loss to Rs 39.68 crore for the quarter ended December 2019, mainly due to higher revenues.
 The company's consolidated net loss stood at Rs 65.74 crore in the corresponding quarter of the previous fiscal, it said in a BSE filing.
 Total income rose to Rs 43.01 crore in the quarter under review from Rs 33.62 crore earlier.
 The board of directors of the company also approved reduction of face value of its equity share of Rs 10 each to Rs 5 each by reducing the share capital from Rs 7,507,239,770 to Rs 3,753,619,885.
 This is subject to the approval of the shareholders, National Company Law Tribunal, Chennai Bench and all other regulatory approvals, it added.
 "The proposed capital reduction would not have any adverse effect on the interest of the Shareholders. As there is no outflow of/ payout of funds from the Company, hence the interest of the creditors is not adversely affected," the company said.
 The board also approved merger of wholly owned subsidiaries Orient Green Power (Maharashtra) Private Ltd and Bharath Wind Farm Ltd with Orient Green Power Company Ltd (OGPL), subject to the approval of the shareholders, regional director and all other regulatory approvals.
 Commenting on the results, S Venkatachalam, MD - OGPL, said, "We have had a relatively stable quarter, with revenue growth of 28 per cent, on the back of better availability of Wind...The case for Renewable Energy is getting stronger each day and, as one of the more experienced players and the only listed pure play Company in India, we are well positioned to benefit from the improving industry landscape." KKS ABM

You Searched For "venkatachalam" and got 7 results

Tamil magazine editor S. Gurumurthy 'pressurised' to take up RBI Board position

IANS

Bankers demand Covid-19 vaccine shot on priority basis

IANS

"TN should focus more on agro based industries in post-COVID era"

PTI

Two-day Bharat Bandh: Essential services likely to be affected

PTI

General strike: Little impact on normal life in Tamil Nadu, banking services partially hit

PTI

Banking services impacted due to nationwide trade union strike

PTI

Orient Green Power Q3 loss narrows to Rs 39.68 cr

PTI

Popular Keywords

Buying Guides