HALLO !
EVERYBODY, HOW ARE YOU ?
I REQUEST ALL OF YOU TO POST YOUR COMMENTS ON MY DREAM PROJECT---as follows-----
BEING A SECOND GENERATION RAILWAYMAN FROM MY FAMILY I CAN NOT REMAIN A ONLOOKER WHILE MY CASH & PAY DEPARTMENT IS BEING GRADUALLY DESTROYED. REFORM DOES NOT MEAN, ‘HANDING OVER EVERY SERVICE TO THE OUTSIDER AGENCIES’. IT IS BETTER TO REMODEL, RESTRUCTURE THE EXISTING SERVICES/INFRASTRUCTURE THAN SELLING OR TRANSFERRING IT TO OTHERS.
THE FAMOUS HISTORIAN, SRI R. C. MAJUMDAR IN HIS BOOK ‘AN ADVANCED HISTORY OF INDIA’ LORD DALHOUSIE CONSTRUCTED 36000 MILES OF RAILWAY AT A TOTAL COST OF 350 MILLION STERLING. TO BEGIN WITH, THESE ENTERPRISES WERE LEFT TO PRIVATE EFFORTS. PRIVATE COMPANIES WERE ENCOURAGED TO UNDERTAKE THEM ON A GUARANTEE GIVEN BY THE GOVERNMENT OF INDIA THAT IF THEIR NET PROFITS FELL BELOW 5 PER CENT, THE BALANCE SHOULD BE PAID BY THE GOVERNMENT. IN RETURN GOVERNMENT SECURED CERTAIN PRIVILEGES. IF THE PROFITS OF THE COMPANY EXCEEDED THE GUARANTEED 5%, THE GOVERNMENT WOULD BE ENTITLED TO HALF OF THE EXCESS PROFITS. FURTHER, THE GOVERNMENT COULD EXERCISE CONTROL OVER THE MANAGEMENT OF THE RAILWAY LINES, AND PURCHASE THEM AT A FIXED RATE AT THE END OF A STIPULATED PERIOD, USUALLY 25 YEARS.
AT THE BEGINNING, AND INDEED UP TO THE END OF THE 19TH CENTURY, THE GOVERNMENT SUFFERED HEAVY LOSSES. BUT ON THE EXPIRY OF EARLY CONTRACTS, MORE FAVOURABLE CONDITIONS WERE IMPOSED ON THE COMPANIES, AND IN SOME CASES THE GOVERNMENT THEMSELVES CONSTRUCTED & MANAGED THE RAILWAY LINES. GRADUALLY THE RAILWAY BECAME A SOURCE OF REVENUE.
HDFC Ltd., A Housing Finance Company has started new ventures in banking (HDFC Bank Ltd.), in insurance (HDFC Standard Life Insurance Co. Ltd.) & SBI the largest PSU bank has started new insurance business (SBI Life). Indian railways management is thinking of closing the departments, handing over the jobs to other external agencies. May be in near future, Indian Railway will be an organization with officers & ministers only with no job in hand.
Indian Railways ( IR ) always borrows money against high interest through IRFC from market whereas IR with 1.6 million employees (means 1.6 million confirmed retail customer) & having the infrastructure of Cash & Pay department can easily start its own Bank to finance its own projects with least rate of interest. Yes, IR needs modern banking technology, approval from RBI & a strong will to start its own bank.
. It is my humble pray to Government of India, not to let the Cash & Pay Department i.e. Indian Railways to be destroyed & its job given to others. Instead, it take reforming interest & initiative to convert the Cash & Pay Department to separate subsidiary company with banking services including the activities of the Cash & Pay Department to let it survive on its own merit.
Indian Rail Bank (Indian Railways Banking Corporation Ltd.)
(Subsidiary of Indian Railways)
Shareholding Pattern: - 1) Indian Railways : 60%
2) Railway Employees : 25%
3) Collaborator/Technology Provider : 15%
--------
100%
Share Holding by Railway Employees
1) No employee can hold more than certain number of shares, and the shares will be offered to every railway employee. The shares can not be sold to public but can sell to other Railway man with intimation to the company. Shareholders can not sell the shares below the issue price to others but to the company (Co. can buy back the shares from the employee at any price that is settled at the Board meeting
2) Employees of Cash & Pay Department must have the priority & confirmed allotment of shares to protect their interest in the new company. For the initial 10 years the Cash & Pay Office’s employee’s representative must have the power of veto.
Collaborator/Technology Provider
1) A well experienced Banker from latest banking world with the latest technology would be invited to join the Indian Rail Bank as the founder member.
2) State Bank of India or Corporation Bank may be the partner/co-promoter of the bank with 15% equity holding.
3) The co-promoter & the technology provider must be responsible for successful launching of the project, training of the existing employees of Cash & Pay Department who opt for the Rail Bank, recruitment of the new management staff, supply of the materials.
Prospect of the existing employees of Cash & Pay
1. The employees of Cash & Pay may opt for the new banking job or may remain with the railways (rehabilitated in the other department of railways).
2. They should be given a pay protection if they give option for the bank, their seniority, priority must be maintained.
3. They must be given advanced training before absorbing in the new company.
THE FAMOUS HISTORIAN, SRI R. C. MAJUMDAR IN HIS BOOK ‘AN ADVANCED HISTORY OF INDIA’ LORD DALHOUSIE CONSTRUCTED 36000 MILES OF RAILWAY AT A TOTAL COST OF 350 MILLION STERLING. TO BEGIN WITH, THESE ENTERPRISES WERE LEFT TO PRIVATE EFFORTS. PRIVATE COMPANIES WERE ENCOURAGED TO UNDERTAKE THEM ON A GUARANTEE GIVEN BY THE GOVERNMENT OF INDIA THAT IF THEIR NET PROFITS FELL BELOW 5 PER CENT, THE BALANCE SHOULD BE PAID BY THE GOVERNMENT. IN RETURN GOVERNMENT SECURED CERTAIN PRIVILEGES. IF THE PROFITS OF THE COMPANY EXCEEDED THE GUARANTEED 5%, THE GOVERNMENT WOULD BE ENTITLED TO HALF OF THE EXCESS PROFITS. FURTHER, THE GOVERNMENT COULD EXERCISE CONTROL OVER THE MANAGEMENT OF THE RAILWAY LINES, AND PURCHASE THEM AT A FIXED RATE AT THE END OF A STIPULATED PERIOD, USUALLY 25 YEARS.
AT THE BEGINNING, AND INDEED UP TO THE END OF THE 19TH CENTURY, THE GOVERNMENT SUFFERED HEAVY LOSSES. BUT ON THE EXPIRY OF EARLY CONTRACTS, MORE FAVOURABLE CONDITIONS WERE IMPOSED ON THE COMPANIES, AND IN SOME CASES THE GOVERNMENT THEMSELVES CONSTRUCTED & MANAGED THE RAILWAY LINES. GRADUALLY THE RAILWAY BECAME A SOURCE OF REVENUE.
HDFC Ltd., A Housing Finance Company has started new ventures in banking (HDFC Bank Ltd.), in insurance (HDFC Standard Life Insurance Co. Ltd.) & SBI the largest PSU bank has started new insurance business (SBI Life). Indian railways management is thinking of closing the departments, handing over the jobs to other external agencies. May be in near future, Indian Railway will be an organization with officers & ministers only with no job in hand.
Indian Railways ( IR ) always borrows money against high interest through IRFC from market whereas IR with 1.6 million employees (means 1.6 million confirmed retail customer) & having the infrastructure of Cash & Pay department can easily start its own Bank to finance its own projects with least rate of interest. Yes, IR needs modern banking technology, approval from RBI & a strong will to start its own bank.
. It is my humble pray to Government of India, not to let the Cash & Pay Department i.e. Indian Railways to be destroyed & its job given to others. Instead, it take reforming interest & initiative to convert the Cash & Pay Department to separate subsidiary company with banking services including the activities of the Cash & Pay Department to let it survive on its own merit.
Indian Rail Bank (Indian Railways Banking Corporation Ltd.)
(Subsidiary of Indian Railways)
Shareholding Pattern: - 1) Indian Railways : 60%
2) Railway Employees : 25%
3) Collaborator/Technology Provider : 15%
--------
100%
Share Holding by Railway Employees
1) No employee can hold more than certain number of shares, and the shares will be offered to every railway employee. The shares can not be sold to public but can sell to other Railway man with intimation to the company. Shareholders can not sell the shares below the issue price to others but to the company (Co. can buy back the shares from the employee at any price that is settled at the Board meeting
2) Employees of Cash & Pay Department must have the priority & confirmed allotment of shares to protect their interest in the new company. For the initial 10 years the Cash & Pay Office’s employee’s representative must have the power of veto.
Collaborator/Technology Provider
1) A well experienced Banker from latest banking world with the latest technology would be invited to join the Indian Rail Bank as the founder member.
2) State Bank of India or Corporation Bank may be the partner/co-promoter of the bank with 15% equity holding.
3) The co-promoter & the technology provider must be responsible for successful launching of the project, training of the existing employees of Cash & Pay Department who opt for the Rail Bank, recruitment of the new management staff, supply of the materials.
Prospect of the existing employees of Cash & Pay
1. The employees of Cash & Pay may opt for the new banking job or may remain with the railways (rehabilitated in the other department of railways).
2. They should be given a pay protection if they give option for the bank, their seniority, priority must be maintained.
3. They must be given advanced training before absorbing in the new company.
Business of the Bank
The daily earnings of the railway stations, booking counters must be directly lodged with the new branches (presently sub-pay offices) of the bank, every railway employee must have the savings account with the Rail Bank & their salary/pension must be paid through Rail Bank, Railway’s other transactions must be made through this bank. Housing Loan, consumer financing to the railway employees would be the other secured & confirm business. ‘Financing to the railway projects, requirements’ would be the main business with the security from the Govt. of India. I am sure one day Rail Bank will replace the IRFC with a huge revenue/interest savings for Railways.
THE BANK WOULD BE ‘BY THE RAILWAYMEN, OF THE RAILWAYMEN, FOR THE RAILWAYMEN’
The daily earnings of the railway stations, booking counters must be directly lodged with the new branches (presently sub-pay offices) of the bank, every railway employee must have the savings account with the Rail Bank & their salary/pension must be paid through Rail Bank, Railway’s other transactions must be made through this bank. Housing Loan, consumer financing to the railway employees would be the other secured & confirm business. ‘Financing to the railway projects, requirements’ would be the main business with the security from the Govt. of India. I am sure one day Rail Bank will replace the IRFC with a huge revenue/interest savings for Railways.
THE BANK WOULD BE ‘BY THE RAILWAYMEN, OF THE RAILWAYMEN, FOR THE RAILWAYMEN’
5 comments:
WE SUPPORT THE CONVERSION OF RAILWAY CASH & PAY OFFICES IN TO A BANK, UNDER INDIAN RAILWAYS BUT UPA GOVT. SHOULD LEARN ABOUT YOUR DREAM FIRST. ONLY MRS. SONIA GANDHI OR DR. M. M. SINGH CAN MAKE YOUR DREAM TRUE. OTHERWISE YOU ARE TO WAIT FOR MR. ADVANI TO BECOME THE PRIME MINISTER. MR. ADVANI CAN GIVE YOU AN APT LISTENING. WISH YOU BEST OF LUCK !
SOME CASHIERS FROM KERALA
ROLLING STONE GATHERS MOSSES!
D.CHAKRABORTY.
It was my dream 28 years back when i was clerk in pay off WAT.i told my senior colleagues about RLY BANK but none were interested because of huge honorarium involved.in those days technology was not improved.now we can do wonders with latest technology.for 9500 staff we need 20 cashiers to disburse their salary and 4/5 days time.where as SBI is posting in 15 minutes with their CBS technology.some private banks are coming forward to do service free of cost.in the present senario the accecptance by Govt,are remote.if materialised my dream will come TRUE.all the best. GVBK PRASAD,DC,ECo RLY,WAT
Tsunami of bank payment in indian rail has affected more in southern belt specially the rail assosiated with the word
south.Why to blame the security provider of indian rail who are seeking their own security .They should be advised to put their arms in the open field and keep watching .However the cash looting is rare instance in comparision to day to day bank lootings .
It is enigmatic that the administration is shouldering the burden and expenditure of the secutity provider inspite of dismal performance . otherwise rail shuld develope their own commando force . These words will not vibrate on the deaf ears of the administration who are engrossed with the introduction of bank payment despite of high court verdict with a view to introducing the hidden agenda of privatisation .Succintly,they want to push the rail employee into the trap of debt .It is a tactical ploy of the administrator to make the staff away from the ground reality.If not then why the railway board from where every notification originate banks on the cash payment.I t is verily more than aggresion not less than privatisation to suit the whims of those concerned with the policy making .W hy to blame the union until we rise from the slumber .W e r not dead ,still alive due to one and only AIRF.The tragedy lies with us that we are still sleeping .Congratulation to those who qualified appendix 2 exam from cash and pay wing pushing the boastful accounts general into sidetrack ......h.kumar .C(DIVISIONALCASHIER)
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