Friends! Much-hyped strikes of two days have gone to history in the usual manner like earlier strikes. But the difference is witnessed, as fear-factor is significantly subdued. For the second day also more than 100 branches reported to have worked in SBM. Congratulations to each one of the officers who have joined duties on the strike day and saved salary for these days and faced the mirror with great pride.
We are reproducing a letter sent by a senior officer, who has put in more than 30 years of service and held many responsible positions in SBM:
Quote//
We are reproducing a letter sent by a senior officer, who has put in more than 30 years of service and held many responsible positions in SBM:
Quote//
I feel/believe as under:
It is not possible for us to survive independently without the LOGO and BRAND EQUITY and capital of SBI. As owners SBI is entitled to have a say in our accumulated Book Value.
Only SBI can sustain the additional expenditure by way of increased wages, perks, pension to all and third benefit and other benefits now being demanded at all India level. WE COULD NOT EVEN GET INTEREST REMISSION ON HOUSING LOANS AND OTHER LOANS IN OUR BANK AS DEMANDED (It is offered by SBI at 6% to its employees). Even if we merge now, only for new loans such lower rates are available. This is one example of effects of delayed merger with SBI.
It is terrible to imagine the effects of delayed merger or no merger. Many PF optees will retire without third benefit. SBI may further delay merger of SBM. Even if they do it, ours may be the last Associate bank to be merged/acquired. Otherwise they may hold us as a Holding Company. If they, as owners, they may sell us also. It will be pathetic to imagine our plight in the post BASEL II scenario, i.e. after March 2009. Some people argue that with such a good intrinsic asset base, SBI cannot afford to loose us. It is self-serving imagination and is self-destructive. Foreign banks, new entrants like Reliance Group, Tatas, etc. may try to enter through inorganic route. They will try to buy out the existing small or ailing banks. By looking at the delaying tactics of young brother, BIG BROTHER may prefer to send us out of their family by selling their stake, which will fetch good lot of money to their Capital Account. Because they want to continue as NUMBER ONE in the post BASEL period also for which they need consolidation and improved market capitalization. They may even acquire another nationalized bank to suit their business needs. It may please be observed that one high-ranking official has told that people at national level want this bank to be out of the scene early, because they want SBI’s reputation to be saved. It is not only shocking and let us accept that we do not have that level of shock absorbing capacity. Having put in 36 years of service in this bank, I feel such a remark cannot be ignored any more. In our own interest we should merge with SBI.
SBI may offer ESOP scheme to its employees to buy their shares. According to me SBI share value will zoom to Rs 2,500 by mid or third quarter of 2009 and will reach Rs 3,500 by 2010 end and afterwards when it is mega bank, it will be anybody’s guess. Had we got interest remission of around Rs 1.50 lakhs at least (from all types of loans on an average) we (officers equivalent to my service) could have bought a site or SBI shares either in small numbers or through SIP route regularly, it would have created wealth for us. ESOP may be a regular feature in any BIG Institution in future with a view to retain talent.
Young/Career oriented officers need to be part of SBI early, very early, very very early.
Merger with SBI is a must and we do not have any other choice. Our ATM, Internet software, etc all belong to SBI. We are using SBI Net and not SBM Net. We are part of centralized funds and FOREX business with SBI at Mumbai. Can we survive without these? Can we think of paying rent in such a building at BKC Mumbai, if we want to function alone? Do we have such an expertise, skilled personnel, material, infrastructure. It is just like separating our own limbs from the main body, if we oppose merger. Our imagination of Maharaja’s Bank does not have the required depth at all India level to get/grab business by competing with other banks. If anybody thinks so, it is like digging ones own grave.
Members were not told clearly why we are opposing merger and what is it we are going to gain from out of such opposition to merger with our own mega Big Brother. It appears to be only to allow UFBU to clinch a deal for the benefit of other banks. Well let them do it. But let the ABOA make it clear that we stand for merger with SBI and we will fight for other issues and demands as listed by all India Level Associations and Unions, which includes us also. Let us understand the pain of SBI Chairman also. We are his younger brothers. He is our big brother who can only help us in our survival by accepting us to his fold.
My appeal to all the office-bearers is that Let us come out of ‘Mysore’, look at ‘India’ and the ‘World’ above all of us.
Unquote//
Fear factor has been fragmented and attacked by brave heart officers and it has made individuals to candidly come out and share their feelings. Such messages are positive aspects of the change, which is inevitable. Change is result of brave, untiring and timely efforts put in collectively. Well begun is half done and beginning is with every individual. Do take the first step and you would be at the doorstep of your destination very soon.
Only SBI can sustain the additional expenditure by way of increased wages, perks, pension to all and third benefit and other benefits now being demanded at all India level. WE COULD NOT EVEN GET INTEREST REMISSION ON HOUSING LOANS AND OTHER LOANS IN OUR BANK AS DEMANDED (It is offered by SBI at 6% to its employees). Even if we merge now, only for new loans such lower rates are available. This is one example of effects of delayed merger with SBI.
It is terrible to imagine the effects of delayed merger or no merger. Many PF optees will retire without third benefit. SBI may further delay merger of SBM. Even if they do it, ours may be the last Associate bank to be merged/acquired. Otherwise they may hold us as a Holding Company. If they, as owners, they may sell us also. It will be pathetic to imagine our plight in the post BASEL II scenario, i.e. after March 2009. Some people argue that with such a good intrinsic asset base, SBI cannot afford to loose us. It is self-serving imagination and is self-destructive. Foreign banks, new entrants like Reliance Group, Tatas, etc. may try to enter through inorganic route. They will try to buy out the existing small or ailing banks. By looking at the delaying tactics of young brother, BIG BROTHER may prefer to send us out of their family by selling their stake, which will fetch good lot of money to their Capital Account. Because they want to continue as NUMBER ONE in the post BASEL period also for which they need consolidation and improved market capitalization. They may even acquire another nationalized bank to suit their business needs. It may please be observed that one high-ranking official has told that people at national level want this bank to be out of the scene early, because they want SBI’s reputation to be saved. It is not only shocking and let us accept that we do not have that level of shock absorbing capacity. Having put in 36 years of service in this bank, I feel such a remark cannot be ignored any more. In our own interest we should merge with SBI.
SBI may offer ESOP scheme to its employees to buy their shares. According to me SBI share value will zoom to Rs 2,500 by mid or third quarter of 2009 and will reach Rs 3,500 by 2010 end and afterwards when it is mega bank, it will be anybody’s guess. Had we got interest remission of around Rs 1.50 lakhs at least (from all types of loans on an average) we (officers equivalent to my service) could have bought a site or SBI shares either in small numbers or through SIP route regularly, it would have created wealth for us. ESOP may be a regular feature in any BIG Institution in future with a view to retain talent.
Young/Career oriented officers need to be part of SBI early, very early, very very early.
Merger with SBI is a must and we do not have any other choice. Our ATM, Internet software, etc all belong to SBI. We are using SBI Net and not SBM Net. We are part of centralized funds and FOREX business with SBI at Mumbai. Can we survive without these? Can we think of paying rent in such a building at BKC Mumbai, if we want to function alone? Do we have such an expertise, skilled personnel, material, infrastructure. It is just like separating our own limbs from the main body, if we oppose merger. Our imagination of Maharaja’s Bank does not have the required depth at all India level to get/grab business by competing with other banks. If anybody thinks so, it is like digging ones own grave.
Members were not told clearly why we are opposing merger and what is it we are going to gain from out of such opposition to merger with our own mega Big Brother. It appears to be only to allow UFBU to clinch a deal for the benefit of other banks. Well let them do it. But let the ABOA make it clear that we stand for merger with SBI and we will fight for other issues and demands as listed by all India Level Associations and Unions, which includes us also. Let us understand the pain of SBI Chairman also. We are his younger brothers. He is our big brother who can only help us in our survival by accepting us to his fold.
My appeal to all the office-bearers is that Let us come out of ‘Mysore’, look at ‘India’ and the ‘World’ above all of us.
Unquote//
Fear factor has been fragmented and attacked by brave heart officers and it has made individuals to candidly come out and share their feelings. Such messages are positive aspects of the change, which is inevitable. Change is result of brave, untiring and timely efforts put in collectively. Well begun is half done and beginning is with every individual. Do take the first step and you would be at the doorstep of your destination very soon.
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