I was listening with rapt attention the CNBC TV18 conducted by Latha Venkatesh with 4 Experts including m/s Damodaran,former SEBI Chief, Former Sy DEA,Dept of Economic Affaits,outside expert ,& 1 more today 26/6/2018 530--630pm
Steadily as questions & answers came ,more complicated issues entered & it was explicitly clear that periodic 6/7 year cycle of troubles brewing in Banking industry has not enabled policy makers to take workable judicious decisions.In fact vocal voices alerted that sidetracking the issue became a common feature & somebody else had to pay the price
It was loud & clear that too often Govt wants to lean on LIC & make LIC a scapegoat .Wider repercussions adversely affecting Policyholders interests appears not to have taken the centrestage & this will add to LICs woes as it has its cup full of misery in earlier stints which Govt has merrily imposed .LIC cannot be a milch cow always.
The best that should have been done by Govt ought to have been done many years before when they knew that IDBI is a sinking ship was to have thought of a seachange in management,stitch loose ends in financial ratios which emerged thro many reports of key indices & growing uncontrollable NPAs to encircle the bank & rout it sooner than later.A notable point which 1 critic & commentator said was that luckily India shd be grateful that more often it is bank depositors who saved the situation than Govt policies without rhyme or rhythm & ignoring long term stability for the taker & the merged entity.
It is certainly desirable as 24 July 2018 hearing commences, Sri CSMurty must apply thro RTI & elicit LIC reply.Even if full details may not come, that will be an ALERT & a BRAKE for wrong doings on a good institution by Govt & Hon Judges ,who in other cases,have castigated the Govt in no uncertain terms & so too we earn SYMPATHY,as Elders & Sr Citizens for the tortuous legal battle & this govt also throwing overboard their own National Litigation Policy,at the cost of death of 17000 & more Pensioners & none to wipe their tears
Greetings
RBKISHORE
VP,AIRIEF
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