Banking on PSUs

That India8217;s reform process was in the doldrums was evident from the constant opposition by our Left comrad...

That India8217;s reform process was in the doldrums was evident from the constant opposition by our Left comrades to even minor reforms. But what is indeed surprising is that even the UPA government led by stalwarts trained in Oxford and Harvard the PM and FM seem to confine the reform process only to their speeches. Otherwise, how can they allow semi-educated Congress politicians to be nominated to PSU banks as independent directors in this age of hard-core professionalism and stiff competition from private sector banks?8216;Cong opens PSU bank account8217;, IE, October 16. Meanwhile, three cheers to the Express and its daring reporters for a splendid job once again!

8212; G.S. Kulkarni Delhi

8226; Your editorial,8216;Nailing the Board8217;IE, Oct 18, finds fault with politicians for becoming independent directors of PSU banks. Unfortunately even experts fare no better when it comes to matters of integrity. The nominee of a bank on a mutual fund misused his access to sensitive information and withdrew his bank8217;s stake before UTI went bust. Instances of MF managers who work to increase the value of their personal stake sacrificing the interest of investors are common. Therefore what matters is the understanding and commitment of independent board members rather than political affiliation.

8212; J.M. Manchanda On e-mail

8226; The Sunday Express expose followed by your editorial couldn8217;t have come at a more appropriate time. It is not only an unfair but totally uncouth move. Public sector banks are already reeling under massive NPAs 8212; mostly created by political pressure. Now they have a pack of stooges whose only 8220;qualification8221; is their political heritage, being put in charge. We have an abundance of expertise to successfully lead public sector banks to face the stiff competition from private players. Let us induct them on boards. One way to bring the government to its senses is 8220;mass withdrawal8221; of our hard money from those banks that have politicians sans any qualifications on their boards. That may be a surefire way of 8220;nailing the boards8221;!

8212; Kishore Karnad On e-mail

Reckless guardians

8226; The hon8217;ble judges of the Mumbai High Court have opined that 8220;if Mumbai is deprived of green lungs, the city may get a next generation full of idiots and morons8221; sic. I would like to elaborate that the present mess in Mumbai in every department is because the governance of the city is in the hands of idiots and morons who have concrete lungs! How else can one explain the reckless and thoughtless hacking of mangroves along the Malad creek?

8212; Harischandra Parasuram Mumbai

Remember this

8226; I was shocked by a news item quoting Minister Taj Moideen saying, 8220;I am the government, he is a government servant8221; IE, Oct 17. It brought back memories of the early 8217;50s, when G.B. Pant was the CM of UP. Once, some people came to him with complaints against the collector. Pantji said: 8220;The collector is a government servant, and though I represent the government, I am a public servant. In other words, I am your servant. You don8217;t have to complain to your servant against your servant8217;s servant.8221; Moideen would do well to remember the words of one of the stalwarts of his party.

8212; Maj Gen V.K. Singh retd Gurgaon

Loosing it

8226; Was it something our forbears did which caused the language to loose it8217;s beerings 8216;Loose character8217;, IE, Oct 18?

8212; Mukul Dube Delhi