CoWIN

 

India’s largest vaccination drive and World’s largest vaccination drive, to be achieved in the least amount of time or as quickly as possible has been named as CoWin by our hard working PM. The politician in our PM, Narendra Damodardas Modi is the best, much higher above the best. The man born with only the marketing (building narratives) bones in his body. Always thinking about marketing in elections, the name of his schemes are always catchy, short for people to remember with a solid punchline; to show he is working.

 

The world was gasping for breath to know when the vaccine will be launched, so that the world can heal and perhaps start getting back to normal life. India kickstarted its vaccination program on January 16, 2021. On April 18, 2021, PM was addressing the election rally with much thunder and boasting about the number of people who had come in attendance to hear their PM. On the same day, India recorded 2.75 lakh new cases with 1620 deaths. On April 19, 2021, our Govt. opened vaccine for all (eligible group), which means everybody who is eligible to vote is also eligible for vaccine and the mass vaccine drive would begin from May 1, 2021.

 

The speed for taking decisions from our Govt. is commendable. Modi is a man possessed to do so much in as little time as possible. He is always racing against time. They have not developed a think tank to make properly reformed, researched decisions but they just sense in which direction, the wind is blowing and the shoot their arrow in that direction, mostly with blind folded eyes.

On April 6, 2021, IMA (Indian Medical Association) had requested vaccine for all and as the virus spread was again going up and vaccination was the only way to save the citizens from the impending disaster, we are staring at. However, the Centre (on the same day) refused to open up coronavirus vaccinations for all age groups, saying the aim was to cover the people who are the most vulnerable at the earliest. “The approach is that those vulnerable to mortality need to be covered soonest,” Union Health Secretary Rajesh Bhushan said at a press conference. “The aim is to protect the most vulnerable. The aim is never to vaccinate whoever wants, but always on whoever needs.”

 

On April 7, 2021, Rahul Gandhi aka Pappu demanded vaccine to be opened for all age groups. “It’s ridiculous to debate needs and wants,” tweeted Gandhi. “Every Indian deserves the chance to a safe life.”

 

For the past two months, Rahul Gandhi tweets are actually dictating the decisions of the Govt. Whatever the Pappu says/tweets, the Govt. after refuting and mocking his tweets/words makes the exact decision. Decision taking is fast, but there is no planning or thinking whatsoever regarding the execution. I am totally confused, who is Pappu here, our Govt. or Rahul Gandhi or us, the citizens, who are left to die under the able guidance and leadership of Narendra Damodardas Modi. Nonetheless we have to applaud our Govt for making some efforts, even if it's too little too late. May be it is only a charade again to project, they are working and taking care the needs of the citizens for which they were elected with thumping majority.

 

There is vaccine hesitancy, the reason for vaccine wastage in India, wherein States and Centre are playing hockey on data. Distribution is purely and purely States responsibility, it is State Health Department’s responsibility to ensure minimal wastage. 25.35% of 136 Crores citizens were eligible in 45+ category and the number comes out to 34.5 Crs. Total of 12.39 Crs of vaccine doses were administered till April 19, 2021.

 

India remains at number 3 in terms of total doses administered. Well in any case, India cannot go beyond the 10^th place, even if Mexico had covered their entire population. On per capita basis, India is ranked somewhere at the bottom along with some third world country of Africa.

 

When we have barely covered one third in 45+ years category, what was the urgency to open 18 – 45 year age category for vaccination. Was it compulsion for optics or Govt. of India is taking instructions from Pappu? Less than two weeks in May and almost all the States have stated vaccination shortage and closed vaccination for 18 – 45 age until further notice.

 

The decision was fast but no working/study/analysis was undertaken regarding availability of vaccine or it was ensured after checking with States if they can speed up vaccination distribution strategy or not. 45% of citizens in 18 – 45 age group constitute 60 Crs on top of existing 25.35% of population and we have no vaccine. Right now, we are only looking at crashing of CoWIN App.

 

The digital push to Govt. work is another great vision of our PM. The way the Govt. has launched Apps for citizens to avail or take updates on different schemes, programs of the Govt. CoWIN is also part of the Digital India framework. Digital India has more or less failed, except for Jio’s success and the cheaper access of data, they have made for every Indian. But yes GoI has launched hundreds of apps for assistance of citizens.

 

Zero strategy, zero planning, zero execution. When the Govt. knows, they are opening up registration for 18 – 45 age category, the category of people who are most user friendly with smartphone, the same set of people carry the maximum number of smartphones in India or for that matter anywhere in the world. The largest subset of population with 60 Crs (no other country has as much population) number and the Health Ministry didn’t even check with IT Ministry to give them 10x or may be 100x bandwidth for CoWIN App to keep working smoothly.

 

Consultation and planning amongst different departments of the Govt. is null and void, if there is any. This was one of the most brilliant aspect of Modi’s style of working (as CM of Gujarat), he made all Secretaries sit together to sort out the problem instead of files being pushed for consultation and objections from one department to another. Health Ministry cannot complain because they didn’t ask. There are citizens who had predicted the crashing of the App as soon as registration is opened for 18 – 45 age category. And our IT Ministry is busy in blocking tweets, which are critical of our Govt. IT Ministry has its hands full in censorship of information.

 

To get back to Mr Gupta’s tweet, App crashing is a good sign for vaccine hesitancy. But it also implied it was hurried decision from the Govt. without proper thought, knowledge and information or lack of all stated here.

 

The stories amongst the citizens remains the same. Majority of the population is under lockdown, not by Govt. of India; GoI is shit scared about the image of its bearded babaji. Almost all States have imposed lockdown and hence crores of citizens are spending morning to evening on App to get a slot booked.

 

Almost all 18 – 45 age category couldn’t land on the booking page. CoWIN was overwhelmed with issuing captcha(s) or sending OTP(s), which in some cases took a day or two. But as usual Govt claims victory before the race has started by throwing numbers, which possess zero significance to vaccination drive. 80 Lakh registrations in first three hours of opening the booking.

 

If the Govt. couldn’t plan, anticipate the App’s workload, I sincerely and earnestly doubt if the ground situation has any hope of improving. Citizens can look at the slot available and press their choice and App starts processing and all slots gets filled. It is the story across the India. Now Citizens are betting, 70 slots available, booked in a minute, another says 120, third 200.

 

A large subset of marginal population who cannot afford smartphone is left out by CoWIN considering only 55% of Indians possess a smartphone. Is it Govt.’s feeble attempt to generate employment that the computer centre/operators around the country, get the work for getting the poor citizens registered at nominal charge of Rs. 50 – 100.

 

It has always been the essence of Modi Govt. make decisions at lightning speed without any thought process or planning and make crores of crores of citizens of this great Nation suffer. It all started from Demonetisation. A humble reminder to citizens to not fall for fake platitudes of PM but make him accountable for his actions and his lop sided policies and not only the boldness or the intention of the scheme.

 

Right now only WIN remains secluded in the CoWIN. Citizens who have been lucky to get a slot can actually claim victory over the App if not the virus by posing for a selfie with a V sign. We shudder to think of what will happen to CoWIN, when Govt. aims to clock One Crore doses/day in July/August. Will CoWIN go the Aarogya Setu App way? Redundant when its needed the most.

 

 

 

Farmers dependent on Loan Waiver

Our tenant is a farmer, the husband – wife also work as teacher in Govt. school. I got to spend some time with him in my home town at Amritsar due to lockdown. His farm and his ancestral village was hardly 20 kilometres from the city. He would visit his farm often. Though he would spend days and nights together at village only during sowing and harvesting season.

 

I was intrigued, with his attachment to farms and also living in city with safe and secure Govt. job. He said, he can live at village as well but for his children’s education and future, he is living in city. As husband-wife were posted also in rural schools and not in Amritsar Urban. I casually asked him, why doesn’t he use his education and exposure to city to grow crops other than wheat and paddy.

 

He started with his background and the reality of experiments. He had 27 acre farm, fairly big by Indian standards, which was tilled by him and his 2 brothers. He had travelled to Ludhiana to meet professors at Punjab Agricultural University to understand crop diversity. If he can plant some other crops on 9 acres of land, which can offer more productivity (read income). He had travelled to Maharashtra to learn about horticulture crops and undertook trainings as well.

 

He explained for instance, they had planted sunflower in 6 acres to see if it gives better realization and perhaps they could expand this crop next year in terms of acreage. He said, we were mocked at the Village Panchayat by the Sarpanch with questions demanding answers, that what are you doing. You are destroying all the values of the village. Needless to say, his father felt humiliated.

 

He said, our sunflower crop was visible from highway shining and glowing under the sun. The village marveled at the crop. And then one day, parrots attacked the crop and all the petals of sunflower were eaten in few hours before sun down. The output from 6 acres was totally wasted. To avoid further humiliation in the village Panchayat, we three brothers drove tractors with hull cultivator to flatten that piece of land at night.

 

Couple of other experiments with horticulture crops but due to lack of knowledge and without proper guidance, they were not able to make much money from those crops. After wasting few years and few lakhs of rupees, we realized there is a reason why everybody farms wheat and rice, because it is secure system, it is supported by Govt., it is protected by Govt. You cannot operate in isolation, the system which does not possess the blessing of Govt. is most likely not to be a success.

 

Other instance, which is known to every farmer in Amritsar District was an experiment with Nijjer Agro. Nijjer Agro has now defunct plant but in the past decade, they were the largest tomato puree suppliers to Nestle for Maggi Tomato Ketchup. Nijjer Agro needed farmers to grow tomatoes for them. He was offering wholesale price with the produce weighed directly at factory warehouse and payment made in cash.

 

Tomato is horticulture crop. My tenants eyes lit up, a tomato plant grows tomato every week. Once the shrub grows, you keep plucking the tomatoes for next 2 – 4 months, throughout the season. Unlike wheat and paddy, which take 3 – 4 months to grow and ripen and then crop is harvested along with the plant. But tomatoes need care in tilling the soil, pesticides, insecticides on regular basis to uproot plant which are past their life and plant new seeds.

 

Eventually there was so much tomato in Amritsar District that we had to wait for our turn for 12 hours to dump the loaded trolley at the Agro plant. Tomato prices at the agro plant dropped to Rs. 1/kg. Supply exceeded the demand many times over. Farmers stopped growing tomatoes for the agro plant and the plant also closed eventually.

 

He explained, when there are so many farmers dumping their produce, how can one private plant owner suffice the need. It has to be regulated or controlled by the Govt. to balance the demand and supply to ensure the sustenance of farmer, even if it is not highly profitable but slightly more profitable.

 

Another time, he reminded me, a farmer’s life is the toughest. Every business operator keeps his goods under lock and key in safe environment, my produce is standing in the field. There is not way to protect it. Farmers are very fickle to weather.

 

Like we would complain when the weather gets too cold from Christmas to Lohri, he would be smiling, the harsher the winter, better is the thickness of the grain in wheat. After Holi, he would be happy if the summer is hot quickly, he would pray for more harsher sun, my crops will dry properly before harvesting. One heavy sand storm or dust storm, and the farmer is done. It blows away the grain from the plant to the ground.

 

Rain is something a farmer fears in late March, early April, it can damage the ripen crop before harvesting. Accuweather is the most used App by farmers. India’s MET department is always making weather predictions, which are always off target. They never realize, the farmers which feed on this information for their livelihood. Similar is their pattern for rain, they plant the paddy a fortnight in advance before the rainfall. Yet the rainfall cannot get so intense during those time lapses that the dead crop falls flat on the field.

 

What is the insurance of realization I have of roughing it out in the mud to produce the food, if my own family cannot reap some benefits from it? The only flexibility he possesses is in terms of choosing his mandi within the district of Amritsar. He cannot choose a Mandi, outside the district of Amritsar to sell his produce. To be more precise, not the district, but the Market Committee, Amritsar has 100s of Mandis (Grain Markets) and 8 Market Committees. But anybody can contact him from anywhere and he can deliver his produce within 100 – 200 kilometres, because his family is not dependent on only agricultural income. Anybody can collect his produce from his farms at the price they agreed too. Now he is asking me, what is new in this new law, which was not prevalent earlier?

 

Earlier as well, I was free to sell to anybody outside Mandi, with or without the help of middleman or Govt., whether to Corporate or end user. In fact, we also bought small quantity from him. He says, why can’t the Govt. (sub contract to an agency) take the onus of packing and shipping the wheat for us? Arhtiya is also sub contract work, he is taking his fixed commission, so that lakhs of farmers are not exploited.

 

I am assigned a date during which I take leave from my Govt. job and dump my tractor – trolley filled with wheat from my farm to Mandi. I have three tractors and one trolley. The village panchayat gets together and distributes the days for sharing of trolleys amongst villagers. We start dumping my wheat with 80 trips of trolleys. For efficiency, we make 20 trips to mandi with four trolleys filled each time. My designated arhtiya (dealer), weighs the wheat and packs the wheat for the Govt. Arhtiya ensures, I get the Govt. receipt for the tonnage of wheat, I had dumped in mandi. Whether he packs it in 2 days or 20 days, it is upto him and Mandi Board, they have to coordinate, plan and execute that aspect of food grain.

 

He delivers the caveat here, why are we talking about wheat and not paddy? Paddy is also regulated by the Mandi Board but the produce never reaches Mandi. Here I inserted my anecdote, I remember playing hide seek with the sacks of wheat at Dana Mandi (Grain Market) in my ancestral home, my grandfather’s tea merchant business was next to the Mandi, during summer holidays. For rice, even I didn’t know as there used to no holidays during kharif crop. Rice travels from farm to rice processing unit; from processing unit to FCI warehouse. Paddy yields 2/3rds of produce from the crop. Rice processing unit makes money from by products of rice, like Rice Bran Oil which is extracted from the rind, Animal Feed is extracted from the by product of Oil and further by product can be used for generation of electricity.

 

Here I added, we have to be extremely cautious while driving in winters amidst in fog, because of the trolleys which are five times (or hell even ten times) loaded beyond their capacity to transport rice waste to oil extraction companies. Wheat is sieved at the farm with the help of reaper.

 

He questions me, how will I make these 20 trips to where and how or who will come to my farm to collect my produce of 50 tonnes. He said his is large number as compared to other sampler in the State. Leave apart me, even the Sarpanch cannot negotiate for whole village with maximum capacity of 2000 tonnes. An arhtiya himself deals with at least 5000 tonnes of wheat. A small corporate would want to deal with at least ten times wheat of arhtiya to make any business of wheat.

 

He states facts, Mine is 25 acres of farm. There is one crore acres of farm land in Punjab itself. More than a million farmers. How will the Govt. ensure parity of the system across the State?

 

The designated dealer may keep some wheat for his own sale, outside the Govt. channel for which he issues me separate slip or hands over cash. I can ask for cash upfront from my dealer against the Mandi receipt, which he never does. I wait for my payment from the Govt. (FCI) This receipt can be discounted by Bank as well. I do know, my designated dealer does theft of 1% of my wheat during the process of weighing.

 

Mandi Board delivers the wheat to FCI. In lieu of which FCI, issues the Mandi Board the warehouse receipt. During the harvesting season, the work in Mandi goes on for 24 hours. The labour is even packing wheat at night. FCI is taking the cash for payment from the Bank. The Govt. is free to sell the wheat at premium to whosoever they wish to. The Govt. does not carry all its business on its own, it always hands over the work to contractor. Like FCI is one agency, why can’t Govt. appoint one big corporate (or perhaps number of contractors) of its choice to handle this business of procuring, packing, storage and selling wheat, domestic or export.

 

FCI is efficient or inefficient is beyond the purview of farmer. If the Govt. is committed for reforms in farming sector, perhaps they can start with bringing efficiency and overhauling the working of FCI. FCI officers make smooth money from commission for rice processing units to help them procure a little beyond the designated capacity of their unit or fudging the data of the productivity of crop. Similarly they have their own tricks to make commissions from wheat.

 

He further adds, every farmer knows about the leakages in the system. How can Govt. (Centre or State) say, they are not aware of the leakages in the system? If the Govt. cannot rectify the system, which lies in their total control; who else can. How come Govt. expects crores of farmers to operate in free market? Who will ensure the freedom of free market? What is the system to ensure that the farmer will not be manhandled by the system or the corporate? To the level of 2%, we are exploited by Arhtiya/Mandi Board/FCI, the farmer has adjusted to that process.

 

Arhtiya exploited the farmer for decades. After 25 years, Govt. realized it cannot manage all the farmers and all the needs and all the risks of the farmers. Hence they have formalized the arhtiya, who is the Banker of the farmer, who always give money to the farmer, without fail, without security, without collateral.  

 

Today as well, arhtiya takes advantage of those farmers, who don’t save, who run to him for every emergency or use the money for show-off. Arhtiyas stands for more than half of population of Punjab (for all farm families). Now with the corporate system, who will support the farmer in emergency for wedding, for hospital bills. He said, villagers also learnt the tricks of the exploitive arhtiya, if he comes for recovery from farmer in village, he ends up badly beaten up by the villagers. Police have no option and to not take cognizance against the whole village.

 

Mandi (the market) can exist at the source only. He cites the example of steel prices in Punjab, originate from Mandi Gobindgarh. The industry can be concentrated at one location. Yet the same rates are prevailing across the Northern India for retail prices. The product remains the same, its steel.

 

Farming cannot be concentrated at one place. There cannot be one market for wheat. When the farm land is spread across the State. He asks me, name one industry, which is spread across the State. Industry is always concentrated at the source or as per the convenience. Farming cannot be concentrated. Govt. had to set up markets at the source. Paddy is delivered to the closest rice processing unit, logistically, it will be unviable for farmer and rice processing unit to travel long distances.

 

Unviability of delivering the crop across the districts is known to every farmer. How come Govt. doesn’t understand the fact? All through this discussion, the hardened super tanned layer is always visible on the face of my tenant, which is the case with every farmer, due to the time, they spend on the fields under harsh sun.

 

He gave another instance, of an IAS officer dating back to last decade, who had spent a lot of time building the plan and convincing the Govt. to move the farmers of Punjab from wheat – rice cropping pattern, to corn in place of water guzzling rice crop. Corn is the staple food in America. Here the master plan included, ten strategic placed corn processing plant for processing corn crop to packaged food. All the plants would be run by the private company. Govt. would only ensure fair price to farmer and fair distribution of crop amongst the processors. Corn’s market price is four times of wheat/rice. It would result in better realization for farmer. Currently corn is sold at five times (Rs. 100) the MSP (Rs. 20) in retail market and the farmer is realizing 50% (Rs. 9) of the MSP in open market.

 

Needless to say, his proposal did not move an inch, as it would mean Govt. would lose the grip on farmer and farmer would operate independent of Govt. in a decade. Rice Millers (some owned by politicians or political patronage) were wary of the proposal. Arhtiyas were wary of the proposal. Arhtiya (middleman) will always stay relevant in Indian agriculture. Only his form or role/responsibilities may increase/decrease, along with the capital he invests in the process.

 

He further explains the farmers market vis-à-vis industrial products. He takes the case of RIL, the most successful and productive refinery in the world. He says, RIL’s refinery complex is built on 10,000 acres. He doesn’t know, he say let’s assume it is built on 1,00,00 lakh acres. RIL’s refinery turnover is Rs. 3 – 4 Lakh Crores. No doubt, it is industry so complex set of machinery is installed on the land with investment of lakhs of crores. Machinery which is fixed in nature. No matter what, that machinery cannot be uprooted. His acre of land with investment is delivering Rs. 3 – 4 Crs output.

 

Which is that unique factor about farmer’s land, if he can extract 1/10^th of output (in terms of value) from one acre as compared to industrial unit. He said take any crop. Invest any amount of money on that land. My output cannot exceed beyond Rs. 3 lakhs/acre, no matter what I do or Govt. does it for me. Crores of crores of farmers are undertaking the same activity, which cannot be concentrated. It will always be spread. You simply cannot create One Market for even agricultural crop.

 

ITC, Britannia were earlier also collaborating with farmers as they want to offer consistency in their packaged food products to consumers. So hence they were working with farmers in educating them with their input and offtaking output. The new laws offer corporates more flexibility with farmers. But how many companies will collaborate with how many farmers, when there are more than 14 Crs farmers in India producing 60 Crs Tonnes (agriculture plus horticulture) of output.

 

He poses me question, if corporates will help the farming sector, why are tobacco farmers, not able to manage a good lifestyle? Tobacco is a sin product, Govt. collects the maximum profits from this product. A concentrated industry, a product with few lakhs tonnes of output. Why couldn’t Govt. test its “One Market” theory on tobacco. It is not an essential commodity. Tobacco is prohibited in Sikhism, so I have never tried to understand the crop even.

 

Finally he comes to Loan Waiver scheme, before for every State’s election, loan waiver is an election issue, for every farmer’s vote. It is waived to some extent. Farmers waiver is a fraction of the loan waiver’s given to Corporates. Lakhs of farmers take benefit of loan waivers. All these waivers are taken by the farmers, who are already part of the open system of free market. Or outside the MSP system.

 

Govt. (neither Congress nor BJP) brought any policy to bring the sustenance of farmer under any system. Only MSP was the way, under which farmer is assured of security for his produce. Our PM announced cash dole of Rs. 75,000 Crs to 12.5 Crs farmers of Rs. 6,000/- each under Pradhan Mantri Kissan Samman Siddhi, he said, what does it mean, it only means, Govt. is buying the farmers vote for Rs. 6,000. He said, it is gentle reminder, BJP introduced it, Congress will follow it up. Cheap way to wash your hands to find the tenable solution to the farmers. He questions, what is Samman in giving free cash hand outs to farmers.

 

Three laws are a humble attempt of the Govt. to gobble up the votes of farmers for farm loan waiver. It will be regular fair of every 5 years in every State. The only benefit which will accrue from these farm laws, that farmers will now be borrowing more from Bank than Arhtiya, to allow them to avail farm waiver to his maximum capacity. My income will go down, there cannot be One Market for agriculture/horticulture. The house is open for all political parties, whosoever offers the higher bidding of farm loan waivers and markets it well, will emerge as winner. Farm output will go down. The cycle of economy which begins from the crops harvested by the farmer from the earth has been hit on the head with his own hull.

Kill or Murder (YES Bank)

YES Bank drama unfolding is a pure packed action for India is staring at its Lehmann like crisis. The US Govt. had the option to save Lehman Brothers or get it down under, and Govt. let it slide and that was the biggest mistake of the Govt. A lot of names were called to Lehman Brothers CEO for his arrogance, but ultimately companies can die any day, but a bank cannot die, it shakes the economic system to its bone. The bloodbath of 2008 crisis could have been saved had Lehman not collapsed but the US Fed still had lent its support to other strong players.

India as an economy, is doing fairly well, considering the fiasco and scam of IL & FS (AAA) rated financial institution NBFC with book size above Rs. 1 Lakh Crs and so is the case with DHFL. The cloud of crisis, these two have engulfed on the whole shadow lending business. It literally translates to vanishing of more than Rs. 2 Lakh Crores from the system with expected recoveries of 50%, which is good scenario under the crisis. But how it hurts the system and disrupts the economic pattern to govern the growth of developing economy like India.

YES Bank has failed? Clearly so. Will it fall with a thud? The Govt. of India and RBI are working overtime to ensure, it does not die. The Govt. of India has already given a bailout to PSU Banks between 2014 to 2019, now the turn comes of private banks. PSU Banks carry sovereign guarantee, irrespective, how poor they perform, their depositors will stay with them, come what may.

Moving away from YES Bank and the plan, RBI is proposing. We are discussing the other issue of Telecom AGR dues, wherein Vodafone Idea LTD. (VIL) is in soup for its dues of Rs. 55000 Crores and clearly company lacks the capability to raise funds from market and cash flows certainly cannot help. Mr. Kumarmangalam Birla, the owner of Aditya Birla Group, which owns Vodafone Idea has made it clear that VIL will shut its shop, rather pay the whole dues or roughly saying not to take support from other Group entities.

He certainly understands, why ADAG Group, Vijay Mallya went bankrupt, because they continued to pump money in their failing businesses from their thriving businesses. Whatever fails due to market conditions (competition) or Govt. policies or perhaps poor management to some extent, we need not resuscitate by artificial means. A business should be independent in terms of raising capital (equity) or arranging funds from Banks. As usual as our amazing nation is running, without any clear policy or guidelines from the Govt. but every matter is discussed thread and bare as per the whims and fancies of the Govt. So hence, VIL exists currently and they are trying to work out a formula with the Govt. if the Supreme Court allows. Why we are talking Mr. Birla amongst YES Bank is coming up right now?

For YES Bank failing, the question looms large on the regulator of the Indian banking and financial system, that why did they not step in, during the previous quarter. When the time given to YES Bank for raising capital had clearly passed and the management of the Bank failed to generate enough resources to tide over the crisis. Now when the water is almost into the nose, RBI steps in with moratorium on withdrawal of deposits, much needed, otherwise it could have led to Bank Run. No economy can ever afford a bank run, like we saw recently in Greece.

The news of mass level corporate frauds are flooding the newspapers for last two years in bulk, with companies failing with banking exposure of Rs. 500 Crs to Rs. 1.25 Lakh Crs. Only on the basis of those news reports and fact checking with MCA data, we know the hole which is screaming from the YES Bank’s balance sheet. For the bank of its size, the amount of exposure YES Bank had taken in corporates laced with fraud is clear as a whistle. The minimum estimated size of the hole must be exceeding 20% of the advances, we don’t need a genius to suggest that it literally suggests to washing away of half the deposits. Who will put money in YES Bank, who will buy their financial instruments? Bank is managed only by maintaining a high level of churning in their financial instruments.

Now RBI is running pillar to post, working over time to ensure the dooms day does not fall upon the Indian economy and it will not, even if they have to freeze the whole banking infrastructure. But the question remains, why so late? RBI’s current actions also suggest, that they are trying to put the handle on the situation, when it should have been in its grip.

I am amazed why the merger of YES Bank is not announced, it is done, it is evident, there is no way to protect the Bank. A Bank is built on deposits which only emanate from trust. The word ‘Bank’ literal meaning is TRUST. A Bank cannot function without its fundamental. YES Bank does not have left any trust for its deposit holders to keep its money in the Bank, even if SBI is there for the rescue and all the marquee bank names are lined up by RBI. If given the freedom to address the issue, private banks will say, they are putting money in YES Bank out of their CSR fund, it is not an investment. It is charity we are doing with our head stuck to the barrel.

Which depositor will keep its money with YES Bank? They may as well can go to SBI for their bank account instead of sticking with YES Bank, which is hand held by SBI. Of course, customers with fixed instruments have no choice but to stay stuck in YES Bank but not for others, it’s a free world. SBI is made leader of the Consortium, sounded fishy from the day it was announced, though a lot of days have still not passed. Under which false pretense is RBI acting to ensure they can get a good grip on the impending issues with the Bank and which can rip apart the whole Banking system.

The leader of the Consortium, who will participate in this Consortium, LIC or PSUs. RBI is forcing private sector banks to also participate. In the times of crisis, when the water enters the nose, this is what we do in panic. The slam dunk case of one big bank like SBI taking over YES Bank, is scattered and to be played in open field with the best of the private banks also have to sink their money in protecting the Indian banking system. Why can’t RBI takes notes from Mr. Birla? He is acting in the interest of his whole group, not for today but for tomorrow. Ultimately if his other group companies survive one is killed, it only benefits our nation.

On the other hand, we have our banking regulator, whose job is to protect the banking system is after the whole system, which it has built. Killing the YES Bank is the wisest choice and the only choice left at the hands of the RBI with SBI merging the YES Bank with itself. But regulator who has to manage the system is hell bent on murdering the banking and financial system of our great nation. Kotak Mahindra Bank is still advertising Savings Accounts rate at 7%, Kotak Mahindra Bank, the most valued Bank in India (by PE ratio) is struggling to shore up its deposits, after more than 15 years of operations and spent his life time, building his name.

I don’t know, if RBI is following the Govt. or using its independent mind. But the Governor of the RBI is MA History, so I fail to understand if he has not read that how depositors money was saved in previous half a dozen instances. PNB had saved a bank back in mid 90s, which was 8% its book size. SBI should single handedly save YES Bank as YES Bank’s book size is 8% of SBI. Though parallels cannot be drawn right away, but still there is a lesson somewhere there for us to do it right and better than the previous time. What is the use of Governor’s History degree, if he cannot read history of the Organization, he is working in?

SBI’s stock is already tanking because of this additional liability of mess. Let’s see how much other private banking stocks tank when they are made to shell few hundreds or thousands of Crores for bailing out the RBI, which has stepped into the shoes, which are perhaps too big for the regulator.

Killing YES Bank is the only survival strategy but we are working other way round, wherein we are murdering the system (banking and financial) of India.

Rhetoric of a Comic

Kunal Kamra, the not so famous and OK comedian, who erupted into the Indian Comedy scene, which largely developed from 2014 – 2019. Kunal’s face was amongst the thousands amateurs, who take a dig at being a comic, though when he started, there were only hundreds. He definitely is part of the first few artists, who broke out. One of his comic form was taking jibe at the Govt. Of course, we have to understand the Chronology, in which Govt. and PM and BJP party members shoot the Statements, to make sense of the satire that a comic presents in a situation.

Now suddenly, he is a national sensation that everybody wants to know, who is Kunal Kamra?

Not because he was doing his job as a comic or a satire, but he became a Journalist to a Journalist. Imagine the times, we are living in; that we have to question journalists. Trust me, following Kunal Kamra on Twitter is no content, following #kunalkamra is where the comedy and satire is laced and swooped on Twitter. Eventually, when a comic is serious is greater comedy.

Arnab Goswami, is so damn right in his response, by staying silent as he does his job on television by questioning the Opposition or building a false/deceptive narrative for the Govt. Arnab Goswami, was India’s finest journalist before 2015, till the time, he raised and asked questions from the Govt. Though many a times, it was his personal tirade against the Govt. instead of the learned panelists, he called on his show, but he was right. Particularly, his provocative style of delivery, delivered with expressions, disgust and hunger to get his point across. If he is condescending to his guests in the show, the choice lies with the guests.

Somehow, Indian Govt. saw talent of Arnab Goswami to act on live television and channelized his energy and anger on the Opposition instead of Govt. or to build the false or deceptive narrative around every story, every day. It is not easy, you really need to possess that highest level of talent to do it every day. Not even the finest actors (whether Hollywood or Bollywood) act everyday, that too by writing their own script. People forgot how he danced in his studio, when PM Modi was re-elected in 2019, even Modiji, himself or none of the BJP party members danced liked he danced. He was the only one to be seen live dancing on his channel by so many people. To compare, Kamra’s talent hits the line from where Arnab’s talent starts the process. Arnab’s silence needs to be supported and appreciated as a graceful citizen of democracy especially in public space.

The Govt. needs all the support it can garner from media, because today more decisions are taken on media than in the hallowed halls of bureaucracy. So much so, that the libtards (it is new term devised for liberal bastards like me) have started mentioning, Arnab Goswami and his gang as MODIA; because they build a propaganda to advantage the Govt. even if it is speck in the dirt but they spend their prime time show on it. Prime time is the most expensive real estate of television in any country.

The 100 seconds video relayed on Kunal Kamra’s twitter account, which he posted at his own discretion is not the huge piece of the tale. It becomes interesting, as soon as the Aviation Minister, tweets to ban Kunal Kamra from Air India flights as the Minister recommends on twitter with his tweet. Why are rules and regulations made for, if they are not to be followed? Kunal Kamra is banned for flying for his comic post in flight. Neither there is a complaint, nor a restraint, that a flying ban was imposed on him. The Govt. is so serious when a comic became serious; why can’t it be brushed off as sad post from a comic.

It is interesting the Govt. and its Ministers are able to conduct business on Twitter. Shouldn’t the Minister have requested the appropriate authority to investigate the matter and take action accordingly. Ideally, the crew members of the Airline make a complaint against a particular passenger on the request of other passengers. But let’s not talk about the Govt. of India subverts its own rules to justify an action and a decision. We have seen always; whether its demonetization and Article 370.

Our Hon’ble Aviation Minister is the one, who pulled the satire in this whole episode of a comedian, when the comic became News Reporter. And the news reporter did the full scoop of comedy in the days that followed on 30^th January, 2020 by building a false narrative of the news, which is available in black & white for everybody to witness. As if Arnab Goswami should have put a disclaimer, this is the rough class of my comedic act that I am presenting with the authority given to me by the I & B Ministry to twist and magnify the process of reporting as it deems fit to his thought process or the defiant mandate from the Govt. to Modia (Media will be gross injustice).

Still nobody has stated about what Kunal Kamra’s crime is and under which rules and regulations, he is penalized. He is pulling the pun all on himself to be the master of comedy he pretends to be but certainly he is now, do not assume, the ticket prices of his shows are not shooting up. Aviation Minister should be busy in ensuring Air India is sold and the honest tax payers money is saved and not looted further, when his Hon’ble Minister could have tweeted, appropriate authority will take action on the complaint (if lodged).

Aviation Minister had to show the power of his Govt. and the authority Modia possesses not only on channel (under I&B Ministry) but even on streets. You cannot heckle them and get away with it and be proud of it. Who pulled the pun on whom? When the comic became the journalist, journalist is the authority and authority became the comic.