Restriction on Free Access of Third Party Bank ATMs

Earlier, in April this year, RBI had brought out a directive, which gave the consumers a freedom to use ATMs of third party banks, without attracting any penalty. This was being viewed a a great start to the Financial Year and more such consumer-friendly reforms were expected over the coming months. But the news of restriction of this freedom has come as a shocker to the Indian consumers.

August 09, Reserve Bank of India (RBI) has asked the banks to impose restrictions on third part ATM usage from the middle of October 09. This step has been taken, keeping in mind the recommendations of an Industrial lobby, IBA (Indian Bank's Association).

As per the new directive, savings account holders will get 5 free third party ATM transactions per month, with a cap on withdrawal amount of Rs. 10,000 per transaction. Also, this facility won't be extended to the Current Account holders.

Thus, from now on the freedom of entering into any Bank's ATM, other than in which the customer holds an account will become restricted from 15th of October 09. This step is seen as the result of the influence IBA has over RBI, since it made RBI make a 180 degree turn on the directive rolled out by them at the start of the financial year, which was being perceived as one of the best customer-friendly moves by the central bank of the country till date.

This step of RBI has come up as a roadblock towards the implementation of new Basel Reforms that we were so eagerly waiting for. We hope that the RBI would keep in mind the consumer sentiments and give it another thought before the implementation of this new directive, or atleast increase the no. of transactions so that the effect on common man is restrained.

Personal Vendetta???

Tech Mahindra buying out Satyam is old news now. Infact, Satyam's bee rechristened as Mahindra Satyam (How Innovative!!). Satyam also has shown profits for last FY's Q3 results. Its shares are hitting circuits, its bagging big deals. It seems like everything is getting back to normal in this IT outfit. But then suddenly, there's news of Satyam introducing Virtual Pool Program (VPP). ITs nothing but a sophisticated way of kicking out a large chunk of its non-billing associates. Associates who have been transferred to VPP will only be getting Basic & PF components of their slary, which is about 1/4th of their actual salary. Also, they will be in the VPP for the next 3-4 months; hwat happens after this time period is over, is still a secret that only the top officials know about. People weere expecting some interference, but all that was brought to rest when one of the Govt. representatives said that their work was done and now it was upto the officials of TechMahindra & Satyam to take it foreward from here.
In the first list, around 10,000 people got the mail confirming their transfer to the VPP. Another list of around 14,000 associates is expected to come pretty soon. The kind of treatment these associates are getting, all because of their being a part of the company, whose top management was involved in a fraud will make people think twice before shifting to the IT industry. My friends have reported me that their login to the various systems had been cutoff even before their receiving the notice. Also, by informing the employees of their transfer to VPP (read termination) via bulk mails will only tarnish the already soiled image of the company.

Now, Vineet Nayyer could rejoice on the fact that his company has been able to acquire one of the gems of the India IT industry, but with these harsh steps, I don't think he's going to earn many friends in the Industry. Atleast he can count me out of his friends' list. I feel he's got a personal vendetta against me. Earlier he terminated one of my siblings from his company Tech Mahindra, and now he's taken all the pains to acquire Satyam, so that he'd be able to transfer my newly wed wife to the VPP. I think he's gone too far this time and has eaten more than he can swallow. I am going to bring an end to this for once and for all. I vow to avenge my personal loss and make him pay for it. Hope you all will wish luck to me (Atleast I can expect support from the entire bench strength of the VPP)