Thursday, August 28, 2014

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

Monday, August 18, 2014

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