Before giving our Ethmotican views, we would like to briefly describe what these two schemes are actually. Both the schemes give an individual death cover of Rs. 2 lacs but PMJBY also gives a permanent disability cover as well as death-due-to-any-reason kind of cover for Rs. 2 lacs at a premium of Rs. 330/- plus service tax (which is presently at 12.36%) thus taking the total payable premium at Rs. 371/-. PMSBY provides accidental death cover of Rs. 2 lacs for only Rs. 12/- plus service tax, i.e. Rs. 13.5/- and permanent disability cover of Rs. 1 lac. PMJBY covers persons in the age group of 18 to 50 years while PMSBY covers in the range of 18 to 70 years. There is also Atal Bima Yojana (ABY) which provides pension to the unorganized sector in the age group of 18 to 40 years wherein government contributes a maximum of Rs. 1000/- along with the individual to provide fixed pension to the insured. So far so great - for starters, the schemes are very good if implemented properly and a large number of our populace can benefit from them.
But the fact remains that even the best plans can go wrong if not implemented properly. Our government has again chosen their favorite scapegoats for implementing these schemes - they are none other than The Bankers of our country. Now, the first Ethmotican question that we want to ask is - Why are bankers told to sell insurance when we already have nationalized insurers in our country with a huge army of insurance agents at their disposal? The answer is very simple as we see it. All the insurance companies who hire agents pay them a handsome commission which can go up to 40% of the premium they charge from the customers. But in these low-cost schemes wherein we are charging peanuts from the customers to give them strawberries at the end, how can they share those peanuts with their agents! Hence, the government chose the easier way - put it on the head of the "lazy bankers" who have no work at all do since all the loan customers in our country are very very good who repay their loans well in time without requiring any followups, all our laws are so strong that bankers can recover the public monies by just calling the call center at any local court and getting online decries, the banks are so full of staffs that majority of the staff are working in the branches as if they are on a vacation to Switzerland and are having an extremely laid back attitude towards their work. Kudos to our government to have given such a great job to the already jobless salary-wasting bank employees. Whatever NPA is there in the banking system today (on an average 3%-5% of the banking assets, i.e. loans given by the banks, are NPA - and that is just the official estimate!!) can be recovered in just a few seconds if the bankers so desire but these banker fools are not working hard enough and are not doing any job properly. Hence, let them at least do this job properly.
We hope you have got the point correctly. What happens when you give a non-related work to a person sitting in an important chair like management of public money. Simple - the management aspect goes berserk which results in the mismanagement. When already the banking industry is reeling under staff crunch, burdening them with this work is definitely going to affect not just the customer service but also asset quality of advanced loans, loan disbursal of fresh loans, giving day-to-day service to regular customers, etc. Rather than doing this, had the government entrusted this work or better distributed this work to the government insurance companies and hand-twisted them just like they do with the banks, the government would have got its way without much hassle and that too in a smooth manner.
And now the funniest aspect of this scheme. The scheme will be released by our honorable PM on 9th May 2015 but in the hurry and excitement to get the attention of the PM towards their side, majority of the top officials of the finance ministry as well as the public sector banks want to give a pleasant surprise to our honorable PM by enrolling maximum applications even before the scheme is launched officially. And now all the branches are buzzing with officials no less than branch managers running helter-skelter in search of beneficiaries on whom they can get stick these policies and get their signatures on the consent-cum-declaration forms since they are given small targets just 2 to 3 inches bigger than Mt. Everest to mobilize only 300 to 1000 applications within 2 days so that our top bankers and government officials can get that million-dollar pat on their back from our honorable PM.
Our second Ethmotican question - what about us Sir?? We - the general public who come to deposit their monies, taking loans, repaying loans, requiring answers to some queries like our installment dates, needing to print our passbooks, requiring urgent demand drafts for paying our wards' school fees, and much more - please tell us where should we go for all these needs? Or is our government going to start any new general banking scheme for the bankers so that they are once again reminded of the actual work that they are paid to do?
Your comments - good or bad - are utmost welcome - bad ones are more welcome because that gives us a chance to improve ourselves and may be learn something new in the process.
Happy Ethmos to all
But the fact remains that even the best plans can go wrong if not implemented properly. Our government has again chosen their favorite scapegoats for implementing these schemes - they are none other than The Bankers of our country. Now, the first Ethmotican question that we want to ask is - Why are bankers told to sell insurance when we already have nationalized insurers in our country with a huge army of insurance agents at their disposal? The answer is very simple as we see it. All the insurance companies who hire agents pay them a handsome commission which can go up to 40% of the premium they charge from the customers. But in these low-cost schemes wherein we are charging peanuts from the customers to give them strawberries at the end, how can they share those peanuts with their agents! Hence, the government chose the easier way - put it on the head of the "lazy bankers" who have no work at all do since all the loan customers in our country are very very good who repay their loans well in time without requiring any followups, all our laws are so strong that bankers can recover the public monies by just calling the call center at any local court and getting online decries, the banks are so full of staffs that majority of the staff are working in the branches as if they are on a vacation to Switzerland and are having an extremely laid back attitude towards their work. Kudos to our government to have given such a great job to the already jobless salary-wasting bank employees. Whatever NPA is there in the banking system today (on an average 3%-5% of the banking assets, i.e. loans given by the banks, are NPA - and that is just the official estimate!!) can be recovered in just a few seconds if the bankers so desire but these banker fools are not working hard enough and are not doing any job properly. Hence, let them at least do this job properly.
We hope you have got the point correctly. What happens when you give a non-related work to a person sitting in an important chair like management of public money. Simple - the management aspect goes berserk which results in the mismanagement. When already the banking industry is reeling under staff crunch, burdening them with this work is definitely going to affect not just the customer service but also asset quality of advanced loans, loan disbursal of fresh loans, giving day-to-day service to regular customers, etc. Rather than doing this, had the government entrusted this work or better distributed this work to the government insurance companies and hand-twisted them just like they do with the banks, the government would have got its way without much hassle and that too in a smooth manner.
And now the funniest aspect of this scheme. The scheme will be released by our honorable PM on 9th May 2015 but in the hurry and excitement to get the attention of the PM towards their side, majority of the top officials of the finance ministry as well as the public sector banks want to give a pleasant surprise to our honorable PM by enrolling maximum applications even before the scheme is launched officially. And now all the branches are buzzing with officials no less than branch managers running helter-skelter in search of beneficiaries on whom they can get stick these policies and get their signatures on the consent-cum-declaration forms since they are given small targets just 2 to 3 inches bigger than Mt. Everest to mobilize only 300 to 1000 applications within 2 days so that our top bankers and government officials can get that million-dollar pat on their back from our honorable PM.
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| People rushing for the PM schemes... |
Our second Ethmotican question - what about us Sir?? We - the general public who come to deposit their monies, taking loans, repaying loans, requiring answers to some queries like our installment dates, needing to print our passbooks, requiring urgent demand drafts for paying our wards' school fees, and much more - please tell us where should we go for all these needs? Or is our government going to start any new general banking scheme for the bankers so that they are once again reminded of the actual work that they are paid to do?
Your comments - good or bad - are utmost welcome - bad ones are more welcome because that gives us a chance to improve ourselves and may be learn something new in the process.
Happy Ethmos to all
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