'Occupy Dalal Street' protest on Friday in Mumbai

Discussion in 'Politics & Society' started by SpArK, Nov 1, 2011.

  1. SpArK

    SpArK SORCERER Senior Member

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    'Occupy Dalal Street' protest on Friday in Mumbai



    Bank employees here will protest Friday on the Dalal Street - where the country's premier bourse, the Bombay Stock Exchange, is located - following New York's 'Occupy Wall Street' campaign, an official said on Tuesday.
    "The policy represented by Dalal Street is identical to the policies followed at the Wall Street. We, the bank employees, are continuously waging war against liberalization of Indian economy and the privatization policy of the government of India in the banking sector," general secretary of the All India Bank Employees Association (AIBEA) Vishwas Utagi said.
    AIBEA has called upon bank employees and Indian citizens to join the movement November 4 where they will protest the policies of government and the Reserve Bank of India on the street where the stock market is located in south Mumbai.
    "Through 'Occupy Dalal Street Movement' we want to convey that we will not tolerate new licences to corporate houses for opening new private banks," Utagi said.
    "We are also fighting against the growing wilful loan defaulters who are responsible for huge non-performing assets to the tune of three lakh crore rupees in the banking industry," he added.
    "Government's economic policies are for super rich corporates and are against the interest of 'aam aadmi'," Utagi said.


    http://www.dnaindia.com/mumbai/report_occupy-dalal-street-protest-on-friday-in-mumbai_1606166



    :shocked::shocked::shocked:
     
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  3. Dovah

    Dovah Untermensch Senior Member

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    Hope they get the Ramdev treatment.
     
  4. SPIEZ

    SPIEZ Senior Member Senior Member

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    Nah! Such treatment only reserved for Anti-political protests, not for other small things
     
  5. Bangalorean

    Bangalorean Stars and Ambassadors Stars and Ambassadors

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    Is this fuckin' true? Protest against private bank licences? WTF? For a moment, I thought this was a fakingnews article!!

    War against liberalization of Indian economy? Kick their nuts!
     
  6. Param

    Param Senior Member Senior Member

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    I support these guys.
     
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  7. Bangalorean

    Bangalorean Stars and Ambassadors Stars and Ambassadors

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    ^^ You support protests against liberalization of Indian economy? :frusty:
     
  8. LurkerBaba

    LurkerBaba Staff Administrator

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  9. trackwhack

    trackwhack Tihar Jail Banned

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    Privatized or not, the banking sector needs to be the most regulated system in the country. I personally like the current balance between private and public banks in India. I hope they dont change this too much. Private equity infusion into State controlled banks are ok. However, this must be retail equity and not 'Institutional' equity and the government should continue to retain at least 30% stake even if equity infusion takes place. This will keep a check on these rogues as well as make it easy to regain control if they still manage to get out of hand.
     
  10. Param

    Param Senior Member Senior Member

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    No. Only selective stuff like the bolded part.
     
  11. Yusuf

    Yusuf GUARDIAN Administrator

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    Privatization was the best thing that happened in the country and these nuts want us to go back to those dark days.

    The same bank employees were against computerization when it was first talked about.
    The same bank employees would have shares in private companies I am sure.

    I think the govt bank employees are just jealous of the pay package offered. They should jump jobs.
     
  12. Bangalorean

    Bangalorean Stars and Ambassadors Stars and Ambassadors

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    Yes, currently, we have a good choice, and good balance. We need both, the Citibanks and the SBIs.

    And the RBI has proved itself to be one of the most efficient and best regulators, worldwide. Their strict regulations have prevented massive financial crisis in India.
     
  13. Bangalorean

    Bangalorean Stars and Ambassadors Stars and Ambassadors

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    Why? Don't we need both, the ICICIs and Citibanks, AND the SBIs and SBMs? :confused:

    NPAs are due to lack of enforcement by the public banks, and lot of retrograde rules. Ever wondered why private banks don't have much NPAs compared to PSUs? Because they kick the crap out of defaulters, they pursue them. And they don't have to contend with PSU policies of farmer loans, etc.

    Which brings us to another question - PSU banks, i.e. the government, is supposed to go out of their way to help rural masses such as the farmers, isn't it? Are these bankers protesting that - do they want to be a pure for-profit entity like Standard Chartered or Citibank?
     
  14. Param

    Param Senior Member Senior Member

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    Yes we need both ICICI and SBI.But if the govt is give a free hand they'll probably sell of Sbi.
    Why is it that most people prefer SBI over private ones?
    Like trackwhack said we need a balance.
     
  15. Bangalorean

    Bangalorean Stars and Ambassadors Stars and Ambassadors

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    ^^ Don't worry, the govt. cannot sell SBI. It is too dangerous for the government's survival, given the number of loans that SBI extends to sections of society, and in remote places, that the Citibank types can/will never do. :namaste:
     
  16. Param

    Param Senior Member Senior Member

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    Its not just about loans or what govt thinks. Most people in this country prefer nationalised banks for a reason.
     
  17. trackwhack

    trackwhack Tihar Jail Banned

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    Public banks need to dissolve their stake and by quite a bit. Why?

    1) Twats like Sonia Gandhi cant announce a 50K crore debt waiver two months before an election
    2) Politicians cant arm twist banks to give loans to their favoured goons over legitimate entrepreneurs who are starved of capital
    3) Baking penetration will speed up and many more people will be covered by social schemes without babus taking their cut

    There are countless other benefits

    If stake is dissolved, it must be through IPO's and FPO's with 80% of the stake marked out for retail investors. Why?

    1) To ensure institutions do not start controlling these banks and then play with the money saved by the unknowing middle class by diverting capital to "Investment Bankers" and hedge fund gurus whose only job in an economy is to play the markets and squeeze out a cut from the working class through loop holes in the system. These are the politicians equivalent in private banks.
    2) To ensure banks dont start playing the role of venture capitalists, hence making risky investments again with the working mans money.
     
  18. Falcon

    Falcon Regular Member

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    Feel like we are the biggest copy cats..
     
  19. Tolaha

    Tolaha Senior Member Senior Member

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    In 1991, there used to be lengthy articles written in newspapers... all predicting doomsday. Globalization is going to kill our industries, we are doomed, Indian companies cannot stand competition etc etc. 2 decades on, we haven't heard an explanation from those trade unions/leftists/rightists/whoever.

    Ideally, we should have completed privatization before starting with our globalization. Now that we have let in global banks, what's to fear with new private Indian banks!

    The kind of service offered in government banks is appalling. I've had a horrible time at the SBI branch. Private banks are no angels, but hell, even when they are plucking your feathers, they do it quite efficiently!! :)
    And now some of these fellas are asking all Indians to support them against private bank licenses. Aren't these guys hyper-optimists?

    A noble goal. But is this their concern about the banking system talking or just an add-on protest to show that they are really concerned?
     
  20. trackwhack

    trackwhack Tihar Jail Banned

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    All valid points, but answer this.

    Assume all banks are privatized completely and the government exits. Now, I dont trust the bankers in Citibank or ICICI. I dont expect great returns on my savings deposits, my priority is risk coverage. Hence I want to keep my money in an SBI irrespective of the level of service. What are your options for me?
     
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  21. Yusuf

    Yusuf GUARDIAN Administrator

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    We don't need to privatize existing banks and we don't need to restrict private or foreign banks either. RBI has donee a great job over the years to insulate Indian banking system regardless of their ownership from tr troubles of the past.

    I will tell one thing, though I bank with a private bank, I want to open an account with a nationlized bank as if you understand the ways and build a rapport, you will get better service. This not from a savings account point of view but business account. It's a safe bet to bank with nationalized banks and they also offer more services than private banks. For example, if I want to open an LC, no private bank offers what a nationalized bank does. Over the years nationlized banks have improved the way it deals with customers.
     
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