Jan Dhan Yojana

Our beloved PM sr has realized that many of us Indians are unbanked. no one in the country knew about the deadly fact. being unbanked is much worse than being underpoverty line.

so he announces in the majestic red fort during the Independence day that he is launching a programme to 'bank' India. An overdraft and insurance is the prize money. He then shoots off a mail to every bank employee in the country to 'shoulder' the responsibility and rise to the occassion. PM sir's letter is read in every office and the bank employee signs the letter stating he has read the contents

But the banker is given no choice but to ' rise to the occasion'. PM sir had also sent every banker a white cap. Wearing the white cap every employee from the top to bottom explore the streets looking for any 'un-banked' man. No one seems to be interested, so banked people are banked again by pretending they are unbanked. Photographs are sent to PM sir. I visit my DGM sir in his air conditioned room, he signals me to be silent. A television is broadcasting LIVE the PM sir's flagship programme. Apparently every office has to broadcast the programme live

PM sir has brilliantly used the state machinery to drive the programme. He knew very well the protest comes only when there is an option for the chooser. Better ignore the parallels with a man who lived around Germany some 70 years ago. Meanwhile I hope someone called Finance Minister is still alive

INSURED??

Today had a chance to talk to few branch managers. The conversation veered to some LIFE INSURANCE policies. After the meltdown the insurance people abandoned the ULIP products all together and came with SAFER products.

The plus point is the benefits only kicks in after 60 yrs of age. By the time you will be too bored to chase the scoundrels. Don't misunderstand me, insurance sellers don't lie. But they won't tell the whole truth. The naked truth is there is high chances of you turning penniless

The insurance selling would've been better if left t sellers. But the bosses have come up with a great idea of using the branch infrastructure to sell their wares. The idiot buyers think it's product of the bank bu it's not.

With central government increasing FDI in insurance sector, pressure will go worse to sell. I have known many big time officials who does absolutely nothing but sell insurance. They go untouched and live a happy life, when the others toil.

The same people who says insurance is a tricky product are themselves the top sellers. But then it's another matter to discuss'
Even then it's not the sellers who gets away wth the commission, there are like men of immense wealth who earns in billins as funds flow into his stocks

Going up

After a period of prolonged tussle with various employee unions and some unpopular decisions, the departure of the Chairman was a huge reliefe to an organisation with lakhs of employees spread all over the country

The new chairman came in with a whiff of fresh ideas and some populist measures. Now she has come up with a training program spread from July to  fag end of October. The idea of training every employee all through the country is not simple.

I attended the mandatory program last week. The seesions were not very boring, but everything to the point with group activities and videos.

90% of the session was on dealing with customers. How to talk politely to them etc.
There was also couple of sessions on reduction of waste , teamwork etc.

I strongly believe in reduction of waste. But to think that customer dissatisfaction is root of every malady in the organisation sounds strange to me.
But assurance from the Chairman that employee would be taken care of, sounded soothing

One other aspect I couldn't quite digest was the need to endorse government and impending prosperity. This was repeated atleast thrice

Dance with the devil

Today was reading a news release where Canara Bank expressed it's willingness to sanction more loans to metro projects' i seems a in-principle approval was made in just three weeks. The interest rate is 10.8 floating with a repayment of 20 years and moratorium of 7 years

Sounds so interesting that the bank has chipped in towards infrastructure development of the nation. But looking at it, credit is running to a total of 7000 crore pls and the project has been shooting the deadlines. 7 years moratorium with a floating rate can ensure that total liability may reach astronomical figures, coupled with the fact that Metro projects in India hasn't been a resounding success yet  in terms of profit generation.

May be at this movement the bank officials might be clebrating the success of their achievement. U what if 10 years down the line they end up with a still born in the hands

Thailand Training

No matter how much you abhor it, once you're in the industry, you start liking it to the point where you can't live without it. Bank sucks you in and slowly changes the very core.
The last few years have taught me to be ruthless, shrewd and selfish

I believe everyone around me are. May be they don't realize it anymore

June July months is the period you start flying out for 'training sessions'. You needn't be a big shot for that. I will tell you how

If you ask someone working in a bank if he sell insurance. You  can expect a lecture on how he dropped the business years ago. And how it's for cheating gullible customers
But come December and with  a strange fervour everyone runs around to get 'business'. If you think it's for the national good or to earn profits for the bank, you're sorely mistaken
The strategy this year was to seduce the customer into some pension plan by investing a small amount. The poor guy in the fear of turning penniless at old age puts his money in

After two months the agents stand with a puffed chest, when th results are announced. In another two months he flies to Thailand or Singapore for a 'training session'. I don't understand why it's deemed as training'. May be o outsmart the IT
After the tour the agents announce that they have divorced insurance selling..... to wait for next December

Note to customers: All these training trips is financed from your premium. Most of the star plans a few years ago have bit dust. Keep this in mind when your agent return from his 'training'

The way to outsource Exams

The bank thought it totally unnecessary to let the world  know that they had entered into some agreement with Reliance on 'Banking correspondents' in unreached areas. The bank had stopped the whole exercise a few years back due to financial advantage taken by the BCs. But now the bank changed its mind and thought it would be great t extend the agreement. The news hit in through the newspapers and more noise followed. There was heated discussions at our offices on how we would end up workin for Ambanis.

Apart from bank, every public sector organisation  outsource all their parallel activities today so as to focus on the specialised areas. In the same way, the bank decided to outsource it's recruitment examinations.

Conducting recruitment examination was a matter of pride for the bank. The bank also drives the recruitment process for associate banks and even the intterview process. The whole thing sounds like 'SBI recruits for other bank'.

But managing an examination is no child's play. The question papers have to be checked in, examination centers arranged for. Stationaries brought, seating arrangements made in advance, food and snacks arranged for, officials and others found for the duty, questions and stationeries  all have to be supplied in time, attendance taken & finally everything sealed and sent to Mumbai. The cost and time for the logistics involved is considerably big.

Then TCS, the solution provider for all ailments in the country, comes up with a solution. They would conduct the exams, correct all he papers and publish the results. All bank has to do is pay for each student applying for the exam. From the outset this looks like a win-win situation for all. Since it's a migration to online mode, a  major portion of effort and cost comes down in a single go. So it's all supposed to be smiles and handshakes. This could be the watershed movement for the whole óutsourcing. Industry. Sweet sounds of cost control, Business process re-engineering, streamlining wafts through the air.

And the day of examination  comes near. Lakhs of candidates are fighting for a few hundred psts. I am apointed as one of  the invigilator. The very first minute, there seems to be something fishy.  20 minutes to go and there sems to be a lot of unusual confusion. Attendance has not been marked, stationaries not supplied and moreover invigilators at the exam hall looks so youngish.
Wait a minute, I spotted a guy who I know.. BU he is supposed to be in college and here he is wearing a TCS tag. And he tells me he is here a s a 'volunteer'. Not just him, the whole bunch of people running the critical examination is 'volunteers'. Well volunteering is free though with a fees of 500 bucks and food.

The picture became all the more clear when we learnt the whole gamut. The entire process is controlled by some team in Chennai. There are only two TCS employees as such in a center to cordinate and that too fresh out of college. Rest of the process the biggest IT company in India outsourced to even cheaper labour

In the end what happened was, the entire process got screwed up. Hall tickets were not collected in time. No stationaries were supplied and candidates lost a good 10 minutes.

The story doesn't end here. The very next week the bank asked us officials for explanation on the 'lapses'. We were elieved of our invigilation  duty thereon

As the bank management unilaterally moves to outsource major banking activities to big 'Solution Providers', they may have to do some serious soul searching. Where will they fix the accountability ? Tatas? Ambanis? Or somme poor employee. . Looking at the disastrous human resource management of the bank in recent years, the probablity is very clear

The Taxi Saga

When the decisions of a national organization worth ten of thouands of crore and employing lakhs of people is taken by an individual, you know there's something inherently wrong

I am talking about the nation, largest banker. The former chairman decided across the country all it's branches needed a tax of it's own. That became an emploment opportunity to many. Loans were dished out to all. Nice shiny cars were brought. Branch officials travelled around as kings.

The problem started when the drivers or lease companes started coming up with huge bloated bills. Further there was no mechanism to monitor. Each branch had to shell out a monthly amount of Thirty Thousand Rupees atleast.

The successor to the chairman shelved the whole project. Now the bank has bunch of jobless guys and bad auto loans in their hands