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  • Category: Miscellaneous

    We need to tighten our belts right now

    The latest issue of Business Today talks about the problem of the huge NPAs of public sector banks. This money is owed by various corporate organizations, each of which has played around with our deposits in these banks. The relationship between the RBI and our Union Finance Minister is going to come under huge strain. Mrs Nirmala Seetharaman is not very likely to give away any more concessions to the middle class. The GST rates are likely to be revised for items like food in branded hotels. This will invariably push up the costs and will have to be borne only by us, the ordinary people who faithfully pay income tax. The political class that rolls in black money will never suffer.

    How and what ways should we tighten our belts and save some money for the future? This one question is going to engage all our minds. Members may highlight some areas that can come under our radar screen immediately.
  • #668530
    Sorry. Since the internet is not working in Chennai properly am unable to edit an inadvertant mistake in the thread above. Please read as "each of which has played around".

  • #668533
    Increasing NPA is a big threat to our economy. This money has to be recovered at any cost. It is all our money, the tax payer's money.

    We have already tightened our belts and I am at my wits end to tight it further. Humor aside, we have a tough time coming ahead when interest rates will go down cutting down the interest income especially for senior citizens who do not have Govt pension. The GST increase on luxuries may not affect us but any increase in the prices of essential commodities will now be disastrous.

    I was hoping a few sops and concessions for the seniors in the coming budget but your alarming post is putting a big question mark on that.

    Knowledge is power.

  • #668587
    NPAs are really bothering a lot. The elected government should see that the loan sanction procedures should be more tight for the companies who are taking very high loans. Even they should ask to surrender the passports of all the top people of the companies or alternatively, their ticketing procedure will involve the banks who financed them so that they will know their whereabouts.
    The interest rates are coming down for FDs and the people who plan to live on these interests especially people retired from private services will suffer a lot.
    Almost the aged people will have a tight plan and they will go as per their plan and they may not waste money anywhere. But the young people who are in their service should review their expenses and cut down wherever possible. Instead of going out every week, they should go once a month. They should be using public transport as far as possible. They should opt for 3rd AC travel rather than 2nd AC travel. The need-based purchase system should be adopted.

    always confident

  • #668629
    How tight can a belt be? We need to give a gap in-order to live a satisfied life. All the NPA is from the rich and high class people. They find it easy to fly away with the pending loan. Most of the action of the banks are up against the normal, middle-class and poor people who take loan for education, emergency or house .
    Why don't the government, RBI and the bank have stringent policy when they sanction loan for corporate and big companies in crores.
    The deposits of common people are put in danger. Many people survive on interest earned by FD's and other small savings but such act in turn has adverse effect on peoples saving.

    “Each day provides its own gifts.” —Marcus Aurelius

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