Saturday, July 27, 2013

This is not done, Mr.Chidambaram

It is generally believed that P.Chidambaram is among the more competent and better-behaved ministers in the central cabinet. He is even tipped to be our next prime minister if the UPA is again returned to power. There are some who wish that he would become the prime minister but they want the UPA to lose. A typical example of self-contradictory hopes! So, if such a person does something inappropriate, we have reasons to be disappointed.

Indian Bank is opening a branch at Manamadurai today. Punjab National Bank is opening three branches at Tirupathur, Alangudi and Sivaganga today and tomorrow. Oriental Bank of Commerce also is opening a branch. All these branches are in Sivaganga district. All are inaugurated by the Hon.Finance Minister. He has similarly opened a large number of bank branches in the same district in the recent past.

There are two glaring irregularities here. Why should public sector banks bend over backwards to open disproportionately large number of branches in the minister's home town? Would they open these branches in Sivaganga if someone else is the Finance Minister? These banks are owned by shareholders and are accountable to them. As regulators, RBI and SEBI are expected to prevent this manifestly unethical practice.

Secondly, why is the minister regularly sparing his 'valuable time' to open bank branches? He can inaugurate a bank , say the upcoming Women's Bank. The idea of a Women's Bank may be hare-brained but its inauguration may merit the presence of FM. If the prime minister does not disapprove PC's action, may we expect the PM also to start opening bank branches and post offices in his home district in Punjab and, er, Assam?

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