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"Involvement of corporate in a big way for a quicker solution to infrastructure needs will drive the employment of both the urban poor as well as landless villagers and at the same time ensure faster growth of the economy and introduction of agricultural reforms ,are two measures that could mitigate soaring unemployment in India". These views were expressed by dynamic and dashing Chairman and Managing Director (CMD) of Indian Overseas Bank (IOB) TS Narayansami. In an exclusive interview Narayansami told the "whispersinthecorridors.com" that the Bank has already announced its plans to open branches in New Zealand and Vietnam. Though, the IOB cannot boast of a large network of branches abroad like a few public sector banks, its operations are conducted in a sound manner for the past two years, he said. According to Narayansami, "the net NPA (non performing asset) in overseas operations has been NIL. A more important aspect of bank's progress is its ability to improve profitability consistently each year, thereby ensuring internal accretion which, in turn, has improved the Tier 1 capital, without accessing the capital market after September 2003."
In actual terms, the gross NPA has reduced from Rs.1423 crore as of September 2005 to Rs.1388 crore in March 2006 and further to Rs.1219 crore as of September 2006, he informed. Here goes his interview

1) What are your expansion plans in India and abroad?
Reply: The Bank has plans to add 30-40 branches every year in the domestic market. The Bank has already announced its plans to open branches in New Zealand and Vietnam. Depending upon opportunities in the overseas markets, the Bank may expand further.

2) In what way IOB is different from other private sector banks that too operate and have network of branches abroad?

Reply: In our view, the comparison should be with other Public Sector Banks having a large network of branches abroad rather than with private sector banks (both old & new generation) which do not have any significant presence overseas.
Though IOB cannot boast of a large network of branches abroad like a few public sector banks, its operations are conducted in a sound manner and for the past two years, the Net NPA in overseas operations has been NIL.

3) Is IOB geared up to meet their challenge?

Reply: Large network of branches and an increasing loyal clientele have been increasing bank's share of low cost funds as well as the asset base. A more important aspect of bank's progress is its ability to improve profitability consistently each year, thereby ensuring internal accretion which, in turn, has improved the Tier 1 capital, without accessing the capital market after Sep 2003. Consequent improvement in capital adequacy has helped the bank remain adequately prepared to meet Basle II norms.

4) Can you suggest two measures so that economic growth in India gets a fillip, while creating jobs for unemployed people?

Reply: Real GDP growth was at 9.20% in Q2 FY07 as against 8.40% in Q2 FY06. Thrust comes from services and manufacturing which grew by 10.9% and 11.3% respectively against 10% and 8.1% during the same period last year.

Though the lower growth in Agriculture at 1.7% in Q2 FY07 against 3.4% in Q1 FY 07 could be attributed to poor spread of monsoon rains, the policy priorities are to increase both productivity per hectare and the productivity per worker, while simultaneously seeking to foster as many non-farm jobs as possible with a view to absorbing the shift of worker from low productivity employment in agriculture to more productive employment in the non-farm sector.

In my view, the approach should be two-pronged. In order to increase productivity, more arid lands should be brought under cultivation and simultaneously, through appropriate land reform measures, these could be distributed to landless/jobless villagers.

Secondly, level of India's infrastructure facilities, specifically Port, Road and Power sectors, is far below its peers in the emerging economies. Involvement of corporate in a big way for a quicker solution to infrastructure needs will drive the employment of both the urban poor as well as landless villagers and at the same time ensure faster growth of the economy.

5) What steps have you taken to ensure that there were no frauds in Forex collection services?

Reply: Forex collection services are just like any other domestic service, except the involvement of foreign correspondent or an Exchange company in the process. The Bank has systems in place which addresses the operational risk in such processes.

6) What steps you took to arrest the soaring ratio of non-performing assets?

Reply: Ratio of Gross Non-performing assets has been on a decline since March 2006. From 4.85% as of Sep 2005, the decline has been consistent at 3.43% as of March 2006 and to 2.96% as of Sep 2006. In actual terms, the Gross NPA has reduced from Rs.1423 cr as of Sep 2005 to Rs.1388 cr in March 2006 and further to Rs.1219 cr as of Sep 2006.

Among many steps taken to arrest decline of asset quality, significant ones are the measures take to arrest slippages. To this end, information system has been introduced to track sub-standard accounts in order to upgrade them at the earliest. At the same time, the Bank has targeted recovery of at least Rs.1 cr per day in the last two years, which has helped improve its position as shown above.

7) Can you list three major achievements of IOB?

(a) Major achievement of the Bank has been its ability to bring down the cost of its deposits and other borrowings consistently despite market trends to the contrary and at the same time step up credit deployment. The former was possible due to a stiff policy on accepting deposits over card rates. The bank has also been consistently successful in raising market borrowings at very cost effective rates by tapping the market at the right time.

(b)Second achievement has been the segmentation of branches into Resources centre, Profit Centre and Priority Credit centre, which has helped the branches to remain focused in tapping the potential subsisting in their respective areas of command.

(c)Third, achievement has been the product profile of the Bank in terms of what it could offer to the clients. Various insurance products 0(both life and non-life) tailor-made for the bank's clients has helped boost the non-interest revenue for the bank, while at the same time contributing to the low cost funds by way of new savings accounts.

1977 batch empanelment meeting deferred
In the absence of Principal Secretary to the Prime Minister T K A Nair empanelment meeting for 1977 batch IAS has been deferred, Now the meeting is expected to take place some time next week.

Indian Air Force is short of 210 pilots
There is an authorized strength of 3278 pilots in the Indian Air Force and 3068 pilots are in position. It means there is vacancy of vacancy of 210 .

Dasgupta to retire this month
Secretary Small Scale Industries in the Government of India A Dasgupta is retiring by this month end. He is 1970 batch IAS officer of Maharashtra cadre.

Namita Mehrotra is Director Defence
Namita Mehrotra has joined the Defence Ministry as Director Defence. She is 1991 batch Indian Rly Accounts Service officer.

Rajesh Chandra promoted
Kumar Rajesh Chandra has been promoted to the rank of Joint Director in the SPG. He is 1985 batch IPS officer of Bihar cadre.

Tenure Mukherjee expires
Tenure of Bhaswati Mukherjee Permanent Representative UNESCO has expired early this week. Bhaswati is 1976 batch IFS officer.

Tenure of Rajesh Bhushan expires
Deputation tenure of Director Health in the Government of India Rajesh Bhushan has also expired early this week

DDG Prasar Bhari Saxena to return
DDG in the Prasar Bharti G G Saxena is returning to the parent Delhi Administration. He is State Civil Service officer of Delhi Government.

Recovery ordered
Public Accounts Committee in Uttar Pradesh have ordered recovery of Rs 4.81 crore from an IAS officer who is currently on deputation to the Government of India.

Two more suspended in NHAI
Two more senior Regular officers of NHAI have been suspended. A couple of more officers are in line for suspension.

Changes in Indian Railways
A K Nigam Director IRIMEE has been transferred to SC Railway in place of A Bhangra.Praddeep Kumar will succeed Nigam. Arup Bhagra has been moved to ECR.A K Agrawal SAG/IRSME has been shifted to ICF.K P Rao has been transferred to East Coast Railway. S Vijay has been moved to East Central Railway.KrishnLal DLW will join East Central Railway.

Mishra moves to Coach Factory
Rakesh Mishra DRM Malda has been transferred to Integral Coach Factory.

FORUM
Gandhigiri on housing issue

Hope Gandhigiri in context of houing issue is working and people sending 'Get well soon' cards.

Raj

Comments in poor taste
Mr Rajeev Rattan's comments about other services having houses in metros is really in very poor taste.Mr Rattan seems to be living in a world which is far removed from grassrooot realities.

Sarathi

What has the CVC got to do with housing.

Technocrat

What next

Not only the Pawars and the Gills, but the PR Dasmunshis and the Suresh kalmady...who have with their (mis)management gragged Indian sports down to the gutter. Gill deserves special place because he has managed to ensure that after 50 odd years, India does not have a medal in Hockey. What next? India having to qualify in the next Champions Trophy? or being relegated like Zimbabwe .

Sunil

Aaj Ki Aawaz

See what an infertile mind has to say on the SEZ land acquisition,
There is nothing but fertile land in Punjab is the unfertile mind's submission!!

On the acquisition of Farm Land for SEZs Amrinder says that he cannot help it as there is only fertile land in Punjab !!! This shows how much he knows about Punjab !!! Fact is that Amrinder did not bother to check up the availability of unfertile land in Punjab !!! Amrinder was in a tearing hurry......... and like they say hurry is when you have a deadline to meet or you are doing something wrong!!! There was no deadline and so the latter is the reason for the hurry!!!

Will the Commies withdraw support to UPA Sarkaar,

And get ready to fight aar paar!!!

No chance!!! Commies are sitting pretty….. they've got power without responsibility!!! On a personal level many Commies have their skewers in the fire!!!! And Commies still get nightmares of the NDA days ……. those were the lean and mean days!!! Today are the healthy and wealthy days!!!! Nuke Deal has got the Commies worried……. please remember what is good for Commies is not necessarily good for India and what is good for India is not necessarily good for Commies.... the Nuke deal is a glaring example of India being at odds with Communism!!!

Pawar is hell bent on keeping prices of Agri products on the higher side,
He has his formula to stop any price slide!!!

The formula is allow exports!!! Pawar is already talking of allowing sugar exports and is contemplating wheat exports!!! Household inflation is touching 6% and Consumer Inflation is at 7%!!! Another year of Pawar and inflation will touch double digits!!! Pawar is hoarders, Multinationals and exporters and importers idol!!! Farmers and consumers are inconsequential for Pawar... for them he's the worst Agri Minister till date!!!

I have no animosity with Sonia….new googly from Amma???
She'd be more effective if she said that Amar Singh is one number ka nikamma!!!

Fact is Jaya's mind is like a ‘jalebi'!!! Today all that matters to Amma is to come out unscathed in the cases filed against her and so she's saying that she has no animosity with Sonia!!! DMK is putting all the pressure it can to ensure that Amma faces the music!!! So maybe she's trying to get chummy with Sonia again!!! Hope Amma has heard of the adage ‘ Once bitten twice shy'!!!!

Deshmukh should get ready for his ejection,
Deshmukh's plea to be allowed to continue ko milli rejection!!!

Deshmukh has worked the ropes to try to get his ejection stopped!!! Mr. Shanghai has really disappointed!!! Deshmukh is CM or Confused Mantri !!! Is it possible that Deshmukh and Shinde will exchange places!!! Power portfolio and Maharshtra have a choli daaman ka rishta!!!

The next time you see a Japanese lighting cigarette the acrobatically,
He's a Rajnikanth fan should come to mind automatically!!

Japanese really like Rajni!!! Rajni's popularity amongst the youth in Japan is really growing!!! A new martial art is becoming popular…… Rajnido!!!! So don't be surprised if you see Rajni in samurai clothing with a Samurai sword in his hand!!!! Or can you imagine Rajni dressed like a Sumo……… Rajnizuno!!!

Bharat Kumar

Mittal richest Indian as per Forbes list
Steel tycoon L N Mittal held on to his crown as the richest Indian, while the Ambani siblings- Mukesh and Anil are in no two and three slaught pushing Azim Premji to the number four slot on the Forbes List of the India's 40 Richest.  

Sharan is ED HMT
Prakash Sharan has taken over as executive director of the tractor business of HMT Ltd.

Ram Babu is Chairman Sugar Mills Association
P Ram Babu has been elected Chairman of the Sugar Mills Association.