BAWARA MAN DEKHNE CHALA EK SAPNA
Why always this happens to me? It is still incomprehensible. I am just reciting the incident that happened with me few days before. Actually I went to Bank of India ATM to withdraw five thousand and unfortunately only 100 were dispensed and 5000 was debited from my account. I knew that I could not do any thing still I tried my level best to make complain to the concerned authorities. Every body in this system is praising their service and excoriating others. The best thing of their argument is all of them know how to equivocate glibly. In spite of my endless expostulation, no body was willing to take responsibly. Some body was also giving me brilliant idea to file complain to VISA or MASTARCARD. Simply marvelous, that fellow should me made foreign affairs minister to government of India. That time only one song was resonating in my mind “BAWARA MAN DEKHNE CHALA HAI EK SAPNA “.
Those guy made a mistake they think that I would forget my money.
Today I took a copy of Banking Regulation Act and went directly to branch manager and forced him give me a copy of receipt of complain. I cautioned them to take the matter to RBI according to the provision of banking ombudsman scheme. I know these guys are incorrigible and they don’t know I am inveterate incorrigible.
Partially I am also responsible for this because of my lethargic and careless attitude I still have not opened a local bank account. My bank account is still with GREAT BANK “STATE BANK OF BIKANER AND JAIPUR and home branch is Agucha mines, Hurda and I was making transaction with Bank of India. This result was inevitable because it’s a process that perfectly amalgamates two GREATEST BANKs of WORLD.
Lesson learned from this incident: Open a local bank account immediately.
Ab aaj mood nahi kar raha hai kal dekhunga.
Monday, June 16, 2008
Friday, June 13, 2008
Implications of recent hike in repo rate:
The recent move of RBI to increase repo rate by 25 basis points was inevitable after sharp rise of inflation on whole sale price index. It’s certainly a preemptive action from RBI to combat inflationary expectations as the rate of rise in prices touched a 45-month high of 8.24 per cent. No one can deny from the fact that the inflation is going to hit a double digit mark once the increased price of petroleum gets reflected in the official whole sale price index. Clearly it’s a bad sign for economy. This current phase of stagflation is mostly driven by supply side issues.
The repo rate has been raised for the first time since March 2007, when manufacturing was growing at 16% and wholesale price inflation was at 6.7%. Gross domestic product (GDP) growth during January-March 2007 was at 9.7%. In the 14 months since March 2007, manufacturing growth has slowed to 7.5% while GDP growth in the January-March 2008 quarter too has slowed to 8.8%. Yet inflation based on wholesale price index has gone up more than 8%. Clearly, while RBI has been able to slow growth, it hasn’t been able to tame inflation. That’s because much of the inflationary pressure is driven by globally determined commodity prices, about which RBI can do little. At the same time, the repo rate hike seems to indicate that RBI believes that lowering demand is the only way it can have any effect on inflation.
This move from RBI will cause some serious implications on growth .some of the direct impacts that consumer will have to bear are
1. Home loan rates may rise after the Reserve Bank`s step as cost of resources for banks has taken an upturn. It will slightly hurt real estate industries.
2. It may be possible that bank will make a downward revision of deposit rate. Return of fixed deposit will be lowered.
3. This rise in interest rates could hamper industrial growth, which has dipped to 3 per cent in March, as industry chamber FICCI said, "RBI policy is not going to help because the increase in prices is due to global phenomena".
In my opinion RBI has taken a right step by increasing repo rate this time. I completely agree that it will entice foreign institutional investors to invest money in capital market. This move is also justified from the point of view that in recent days capital markets and money markets are highly volatile and FIIs are net sellers. Another thing is that in my opinion there is no ONE TO ONE relationship between inflation and growth. Growth is dependent on many factor not only cost of credit. Despite of 150 basis point hike in Cash Reserve ratio, the recent 7% growth rate in manufacturing sector jettisoned by more than 8% growth in mining sector has authenticated this fact.
So with an optimism of superior future I extol this move from RBI .
The recent move of RBI to increase repo rate by 25 basis points was inevitable after sharp rise of inflation on whole sale price index. It’s certainly a preemptive action from RBI to combat inflationary expectations as the rate of rise in prices touched a 45-month high of 8.24 per cent. No one can deny from the fact that the inflation is going to hit a double digit mark once the increased price of petroleum gets reflected in the official whole sale price index. Clearly it’s a bad sign for economy. This current phase of stagflation is mostly driven by supply side issues.
The repo rate has been raised for the first time since March 2007, when manufacturing was growing at 16% and wholesale price inflation was at 6.7%. Gross domestic product (GDP) growth during January-March 2007 was at 9.7%. In the 14 months since March 2007, manufacturing growth has slowed to 7.5% while GDP growth in the January-March 2008 quarter too has slowed to 8.8%. Yet inflation based on wholesale price index has gone up more than 8%. Clearly, while RBI has been able to slow growth, it hasn’t been able to tame inflation. That’s because much of the inflationary pressure is driven by globally determined commodity prices, about which RBI can do little. At the same time, the repo rate hike seems to indicate that RBI believes that lowering demand is the only way it can have any effect on inflation.
This move from RBI will cause some serious implications on growth .some of the direct impacts that consumer will have to bear are
1. Home loan rates may rise after the Reserve Bank`s step as cost of resources for banks has taken an upturn. It will slightly hurt real estate industries.
2. It may be possible that bank will make a downward revision of deposit rate. Return of fixed deposit will be lowered.
3. This rise in interest rates could hamper industrial growth, which has dipped to 3 per cent in March, as industry chamber FICCI said, "RBI policy is not going to help because the increase in prices is due to global phenomena".
In my opinion RBI has taken a right step by increasing repo rate this time. I completely agree that it will entice foreign institutional investors to invest money in capital market. This move is also justified from the point of view that in recent days capital markets and money markets are highly volatile and FIIs are net sellers. Another thing is that in my opinion there is no ONE TO ONE relationship between inflation and growth. Growth is dependent on many factor not only cost of credit. Despite of 150 basis point hike in Cash Reserve ratio, the recent 7% growth rate in manufacturing sector jettisoned by more than 8% growth in mining sector has authenticated this fact.
So with an optimism of superior future I extol this move from RBI .
Thursday, June 12, 2008
straight from the heart
What I want from my life? Still a mystery for me do I want to become super rich and spend a lavish and lascivious life or simply like a common man? Naturally I want to be a rich man but not by mulcting any body. The real reason to join this was that I did have any other options left with me and may be I was a person who always looked for running into bandwagon. That exactly I did by joining this course. Perhaps I was enthralled by the opulence of corporate culture. Frankly speaking I do not deserve to be here because I feel that I don’t possess the prerequisites to termed as MBA. I don’t know where my life takes me. Surly one thing surly I learned from this place that this world is really cruel and literally stoic. Everybody has become egocentric and it’s not a misjudgment to term them as mercenary. Here also I searched for my true friend. Now I am pretty sure that I have found at least 3-4 good friends here on whom I can rely.
I feel for me this is the crucial time in my life because from here onward I can develop myself into true professional. I don’t know how long will it take but surely I can transform myself from a true dabbler to a consummate virtuoso. I have started this to not give gyan to others or not to belabor things to all but to improve myself. With a glimmering optimism of persisting with this effort, I avow to write regularly.
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