Don’t take on too many liabilities at once

The Hindu :Suresh parthasarathy:23 June 2012

I am 29 years old and recently got married. My wife is a home maker. My monthly net salary is Rs 65,000 and I get Rs 6,000 by way of reimbursements. My monthly expenses including rent are about Rs 35,000. I am doing a part- time MBA programme for which I pay Rs 90,000 every three months. Six such instalments still have to be paid. My monthly surpluses are used up for this fee. For the shortfall I have taken an education loan of Rs 3.5 lakh. I have certain immediate goals to fulfil, where I need to contribute.

I need Rs 5 lakh for my sister’s marriage seven months from now. I am also thinking of purchasing a second hand car costing Rs 2 lakh. I wish to buy a ready-to-move apartment (after selling off the plot I have), costing about Rs 30 lakh. I wish to save on the rent I am currently paying. Is it feasible to reach these targets? Also, how much do I need to save for retirement? I have a residential plot valued at Rs 11 lakh and ELSS/mutual funds/shares of Rs 2.5 lakh.

My Employee’s Provident Fund balance is Rs 2.5 lakh and I am contributing Rs 3,000 with an equal contribution from my employer. The balance in Public Provident Fund is Rs 50,000. I have deposits of Rs 3 lakh earmarked for my sister’s marriage. I have an endowment policy for Rs 2 lakh with annual premium of Rs 14,000 and Rs 1 lakh policy in my mother’s name. Both the policies will mature in 2031. I have term insurance for Rs 12 lakh with annual premium of Rs 4,000.

Please suggest ways to reach my goals along with any change in asset allocation.

— Aashish

It is possible to meet one’s aspirations through proper prioritising and planning. The tenure of the goal often determines the priority they will receive. It is also the key to go for appropriate asset allocation.

That said, with limited surplus in hand don’t take on too many liabilities at the same time. Your five goals can be prioritised as education, sister’s marriage, retirement, car and buying a house, in that order.

It will take two years to feel the full impact of your education loan because you will currently pay only the interest amount. The principal repayment will kick-in after the course is over.

Do remember that education loans taken for part-time courses do not fit the section 80E deduction criteria. Only full-time courses are eligible for the tax benefit. To fulfil your sister’s marriage needs, you need to borrow as you have very little time to save up. If you take personal loan of Rs 2 lakh (for the marriage) at an interest of 15 per cent for 4 years, your monthly outgo will be Rs 5,560. Along with your education loan commitment, your monthly surplus will be nil. So just postpone the rest of the goals for another two years.

BUYING HOUSE

Your house rent allowance (HRA) benefits will not be equal to your EMI.

Although you have the facility to avail tax benefits for principal and interest, your net benefits of a loan over and above the HRA will be Rs 2,425 per month. For instance, for a 15-year loan at 10.5 per cent interest, your EMI will be Rs 22,108. It means you should have a monthly surplus of Rs 8,000 to buy a house. Hence, we recommend you not to go for a house with immediate occupation. Instead buy a flat that will be ready for occupation after two years. By doing this, once your education commitment is over, you can comfortably meet the EMI.

With cost escalation in key raw materials, many residential properties are not delivered on schedule. Hence, while opting for such a strategy, do check your builder’s track record.

OWNING A CAR

It’s a nice feeling to own a car, that too soon after marriage. But, it should not lead to any financial mess. When you buy a car you have two sets of monthly expenses you will need to bear. One is the regular repayment of the loan and the other is the running and maintenance cost of the car. For a loan of Rs 2 lakh, your outgo at 11.5 per cent for 48 months will be Rs 5,210. Given your currently state, this has to receive priority only after two years.

RETIREMENT

Since you got married recently, it may be difficult to arrive at a monthly household expense. However, assuming household expenses of Rs 20,000 a month, at retirement it is likely to be Rs 1, 24,000, assuming inflation at 7 per cent. To be able to manage this sum till you are 78, you should have built a corpus of Rs 2.69 crore at the time of your retirement. If your EPF annual contribution increases at 5 per cent and continues to earn 8.5 per cent return, your corpus at retirement, along with your current balance, will be Rs 96 lakh.

To meet the short fall you should start investing Rs 9,200 two years from now for the next 300 months and it should earn 12 per cent return. Considering your age and since you are already exposed to equity investments we suggest you to invest 60:30:10 in equity, debt and gold. Debt includes your EPF contribution.

Banks going slow in granting education loans

BL: Hydrabad:Nagasridar:30 June 2012

There is considerable delay in processing and sanctioning of educational loans by banks, according to feedback received by Indian Banks’ Association. The delay affects students from the rural areas more than their urban counterparts, reveals the feedback, which was obtained by the apex banking association through six interactive sessions with over 150 reputed educational institutions.

NO AWARENESS

Even for loans up to Rs 4 lakh, banks insist on collateral and there were cases of rejection of applications on this account.

There were some complaints that banks were charging monthly compounded interest on education loans and were insisting on insurance cover, which is not mandatory.

According to the IBA, some of the representatives from the institutions have pointed out that frontline staff in banks lack awareness about loan schemes.

Banks were not using any common criteria. For instance, while some banks consider giving loans to students wishing to pursue a one-year post-graduate course in hospitality, some take the stand that such courses are outside the scheme.

There were cases where banks stopped loan disbursements in subsequent years when the student failed in one or two subjects but were still attending college.

LOAN RECOVERY

The progress reports might not be ready when students have to pay fees for the new year/term and refusal by the bank to release instalments would cause inconvenience to students and educational institutions, the report states.

To improve the situation, institutions express willingness to assist in loan recovery to the extent possible by helping trace students and to share their academic progress with banks.

“Some even offered online access to academic records. And some colleges were willing to sign MoUs with banks,” the IBA said.

The feedback also shows that the system of fixing uniform EMIs throughout the loan recovery period was not always appropriate.

Flexibility might be brought in by progressively stepping up instalments, starting with a relatively smaller amounts.

Kalam was ready to make Sonia PM

A file photo of the former President, A.P.J. Abdul Kalam, handing over the letter of 
appointment to Prime Minister Manmohan Singh as Congress president Sonia Gandhi 
looks on. Photo: Rashtrapati Bhavan


The Hindu:Newdelhi:Vidya Subrahmaniam:30 June 2012

President Abdul Kalam raised no objection to Sonia Gandhi becoming Prime Minister in 2004. Instead, he had been prepared to swear her in despite intense pressure from various parties and politicians, as that was the only “Constitutionally tenable” option available to him if the Congress chief had staked her claim.

Mr. Kalam says this in his forthcoming memoirTurning points, Tu thus lifting the veil on an episode that has been wildly speculated upon, with right-wing sections till today convinced that he had dissuaded the Italian-born Ms. Gandhi from considering the prime ministership. In the book, the former President reveals that his office had readied a letter inviting Ms. Gandhi to form the government as Prime Minister but that she surprised him by nominating Manmohan Singh in her place: “This was definitely a surprise to me and the Rashtrapati Bhavan Secretariat had to rework the letter appointing Dr. Manmohan Singh as the Prime Minister.”

The former President says he was inundated with “emails and letters from individuals, organisations and parties” asking him not to accept Ms. Gandhi’s prime ministerial claim, all of which he passed on to “various agencies in the government for their information without making any remarks.” Visiting political leaders added to the pressure. But these demands were “constitutionally untenable”, and if Ms. Gandhi “had made any claim for herself, I would have had no option but to appoint her.”

In the same chapter, Mr. Kalam discloses that he wrote out his resignation in the wake of the Supreme Court judgment holding unconstitutional the May 23, 2005 midnight dissolution of the Bihar Assembly. He says he dropped the move after the Prime Minister pleaded with him not to resign as the resulting furore might lead to the fall of the government. The President was away in Moscow when Dr. Singh called him twice and conveyed the Union Cabinet’s decision to dissolve the Assembly based on reports from the State Governor. Mr. Kalam writes that he quizzed the Prime Minister on the urgency to dissolve an Assembly that had been in suspended animation for six months but nonetheless signed the midnight proclamation because he was convinced the government had made up its mind. However, despite his explicit request, he felt the government did not properly present the President’s action in court, leading to adverse judicial remarks on the Cabinet, which is “mine and I have to take the responsibility.”

Some banking giants more powerful than central banks: ex-RBI guv

Indian Exxpress :Agencies : New Delhi, Mon Jun 25 2012, 14:32 hrs

At a time when the financial sector is being blamed for much of the global economic crisis, former RBI Governor Y V Reddy has said that some financial conglomerates are more powerful than even the central banks.

At the same time, Reddy has also flagged the issue of leading rating agencies and accounting firms enjoying an oligopolistic power over the markets, and said that some large international banks enjoy significant influence over political economy in several countries.

"They (international banks) have often been found to deal in financial flows of suspect legality in one country, though not always in both countries involved.

"International banks have the opportunity and incentive to conduct operations involving tax avoidance. Because of these operations, international banks enjoy significant influence over the political economy in several countries," Reddy said, while delivering the Per Jacobsson Foundation Lecture 2012 yesterday in Basel, Switzerland.

"In the prevailing environment of global financial markets, some large global financial conglomerates are larger and, perhaps, more powerful than some of the central banks," said the former chief of the Reserve Bank.

On policy front, Reddy said that "available evidence shows that financial contributions to political activity from the financial sector in many affected countries (from economic crisis) increased significantly in recent years.

"Moreover, large global financial conglomerates seem to be in a position to influence not only political governance but also corporate governance, to suit their own interests."

While Reddy did not name any country in his speech, his remarks mostly appear to be targetted at Western countries.

However, the role of rating agencies and accounting firms have been criticised on various platforms in India as well.

Speaking on the issue of 'society, economic policies and the financial sector', Reddy said that the "concentration of global financial power in a few entities with close mutual connections has considerable potential to undermine competitive forces."

Without naming any entities, Reddy said: "The leading rating agencies and accounting firms, along with few leading business news agencies, have continuous dealings with each other, which tends to reinforce the exercise of their oligopolistic power over markets.

"Further, operations of international banks/conglomerates specialising in cross-border flows, combining traditional banking and risky investment banking operations, have close business and operational links with rating agencies, accounting firms, etc," he noted.

Known for his straight-forward commentary on the state of affairs of economy, Reddy said central bankers have "not merely a stake but also have a legitimate role to play" amid the current global economic scenario.

"There appears to be an erosion of trust in the financial sector as a whole, and banking in particular, in advanced economies," he further said.

Listing out the possible reasons for erosion of trust, Reddy said these include the perception about financial sector players having enjoyed disproportionate benefits, and some major global players in financial markets having discrediting themselves by resorting to questionable practices.

There were concerns about penalties being imposed by regulators without giving details about malfeasance and the losses suffered by the public, while questions have been asked about fat remuneration packages as well for senior management personnel, he said.

Reddy also listed out issues like the finance industry offering "prospects of highly paid jobs for those employed in the regulatory agencies and Treasuries or Ministries of Finance" in many countries.

Also, the regulators, as part of the public consultation process, often depend on the entities regulated by them for consultation, which is a feature common in most industries.

"But the dominant market shares of the few giants in the finance industry, combined with the characteristic externalities of finance, make a difference to the process and outcomes.

"...in cases where academics are advising on the design of reforms, they are often finance experts, sometimes engaged with market participants in remunerated advisory or consulting capacities.

"A large part of economic research on regulation is funded by the financial sector. In fact, most of the analysis of macroeconomic trends available in the public domain is from economists employed by large financial conglomerates. There may be, as a result of several of these factors, a tilt in favour of the financial sector in media coverage too."

"Finally, finance and its regulatory framework are somewhat intangible and difficult for a common person to fully understand. Hence interested groups can tilt the intended policy changes in their favour by presenting their initiatives to shift equilibria between competing considerations as mere technical issues," Reddy said.

Standard Chartered Bank goes digital, introduces India's first instant online Credit Card approval solution

ET :25 JUN, 2012, 03.53PM IST, SAKINA BABWANI,ET BUREAU 

MUMBAI: Standard Chartered Bank, India's largest international bank has gone digital, launching India's first instant online Credit Card approval solution, which will enable a customer to apply for a card online and receive an 'Approval In Principle' (AIP) almost instantly. 

Standard Chartered will extend this process to several other Consumer Banking products over the next few months, making the more convenient for millions of customers. 

"The online Credit Card AIP is poised to revolutionise customer experience with its instant feedback feature," said Sanjeeb Chaudhuri, Regional Head, South Asia & Chief Marketing Officer, Consumer Banking. "Digital solutions are the future of banking and Standard Chartered is leading the way in making digital channels an important and integral part of the way customers bank." 

With the digital application process, the customer can apply for a credit card online at his or her convenience. From a customer-friendly dedicated internet page accessible directly or through our website https://apply.standardchartered.co.in/credit-card, the customer can browse through various options available and apply for his or her preferred card. 

The online application process involves verification of key customer details such as the Permanent Account Number, mobile number, email ID and credit history through CIBIL, and other internal eligibility criteria. 

The AIP will be followed by a final approval after completion of 'Know Your Customer' and credit approval processes. 

Standard Chartered has always been at the forefront in launching technology solutions to provide convenience and improve customer experience using channels of the future such as the Internet and the mobile phone. Standard Chartered's mobile banking application, Breeze Mobile, is one of the leading mobile banking applications in the industry in India and in several other Asian countries.. 

The proposed solution also has a robust Customer Relationship Management feature which will enable us to support the customer in a more holistic way. Standard Chartered will soon launch digital options for more of its popular Consumer Banking products.

RBI eases ECB norms, ups FII investment cap in corporate bonds

ET :25 JUN, 2012, 02.38PM IST, AGENCIES 


NEW DELHI: In an attempt to boost the flaying growth of the Indian economy, The Reserve Bank of India (RBI) has announced a slew of measures to curb the rupee depreciation and improve the market sentiment.

The existing limit for investment by Securities and Exchange Board of India (SEBI) registered foreign institutional investors ( FIIs) in Government securities (G-Secs) has been enhanced by a further amount of $5 billion. This would take the overall limit for FII investment in G-Secs from $15 billion to $20 billion.

The RBI has allowed Indian companies in manufacturing and infrastructure sector and having foreign exchange earnings to avail of external commercial borrowing ( ECB) for repayment of outstanding rupee loans towards capital expenditure and/or fresh Rupee capital expenditure under the approval route. The overall ceiling for such ECBs would be $10 billion.

In order to broad base the non-resident investor base for G-Secs, the RBI has decided to allow long term investors like Sovereign Wealth Funds (SWFs), multilateral agencies, endowment funds, insurance funds, pension funds and foreign central banks to be registered with SEBI, to also invest in G-Secs for the entire limit of $20 billion.

The sub-limit of $10 billion (existing $5 billion with residual maturity of 5 years and additional limit of $5 billion) would have the residual maturity of three years.

The terms and conditions for the scheme for FII investment in infrastructure debt and the scheme for non-resident investment in Infrastructure Development Funds (IDFs) have been further rationalised in terms of lock-in period and residual maturity.

Further, Qualified Foreign Investors (QFIs) can now invest in those mutual fund (MF) schemes that hold at least 25 per cent of their assets (either in debt or in equity or both) in infrastructure sector under the current $3 billion sub-limit for investment in mutual funds related to infrastructure.

Jonathan Cavenagh, Senior Forex Strategist at Wespac said that the RBI's measures are not the 'shock and awe' the market was looking for. "We shall see what else gets announced. Until they address longer term structural issues around capital flows and competition in the domestic retail sector which can help bring down inflation pressures, I think market will be left disappointed," he said.

Commenting on the RBI's measures, M. Natarajan, Head of Treasury, Bank of Nova Scotia said, "The market was expecting a slew of measures. The measures announced now won't have any direct material bearing on the rupee. Unless the RBI comes in with more measures, the rupee will fall back to the 57-58 to a dollar levels."

The operational/ regulatory guidelines for these measures under Foreign Exchange Management Act (FEMA), 1999 will be issued separately.

SBI to reduce lending rates to exporters soon

Wed, Jun 20, 2012 at 19:29 |  Source : PTI



Within days of the Reserve Bank massively increasing the export refinancing limits of banks, State Bank of India today said it will soon bring down interest rates on loans to exporters.


"We will surely cut lending rates to exporters following the RBI enhancing export credit refinance limit to 50% in the policy review. However, the quantum of the reduction will be decided by our Alco (asset liability committee) meeting, which will be held next Saturday," SBI Chairman Pratip Chaudhuri told PTI over phone from Guwahati.


When asked about the impact of the RBI move on liquidity, Chaudhuri said it will have some impact in future, but did not say how much.


The Reserve Bank on Monday, while leaving the key interest rates and cash reserve requirements of banks unchanged at its mid-quarter review, enhanced liquidity to exporters by increasing the refinancing limits of the outstanding rupee export credit for banks called export credit refinance (ECR) to 50% from 15%.


The move, which the RBI claimed was a 0.50% indirect Cash Reserve Ratio (CRR) cut, will release Rs 30,000 crore into the system, thereby increasing the overall liquidity conditions.
Banks on an average have been borrowing nearly Rs 1 lakh crore from the RBI daily due to tight money supply conditions.


"With a view to enhancing the credit flow to the export sector, it has been decided to enhance the eligible limit of the ECR facility for banks (excluding RRBs) from 15% of outstanding export credit eligible for refinance to 50%, effective fortnight beginning June 30. This will provide additional liquidity support to banks of over Rs 30,000 crore," RBI said in its mid-quarterly policy review.


The interest rate charged on the ECR facility is equivalent to the repo rate, which is currently 8%. The move will provide some kind of leeway to banks to borrow up to Rs 30,000 crore.
It may be recalled that SBI had last Friday announced up to 3.5% cut in lending rates to top-rated corporates, SMEs and farm loan borrowers but not for individuals, effective June 1.
Announcing massive rate cuts, SBI Managing Director and Group Executive, national banking, A Krishna Kumar had said the bank would be reprising advances to the tune of 0.50-3.50% but left the base rate unchanged at 10%.


Interest rates for borrowers under agriculture segment were brought down by 0.75-3.50% in view of the need for credit flow to sustain the growth, he said.


Direct and indirect farm borrowers with limits above Rs 25 lakh and up to Rs 100 crore would be offered finer rates to encourage credit flow to the priority sector.
  

Express Newspaper group enters hotels biz

BS Reporter / Chennai Jun 21, 2012, 11:09 IST




Will start with 50-room, 4-star boutique property in Chennai at a cost of Rs 30 cr

Express Infrastructure Pvt Ltd, a subsidiary of Saroj Goenka-led Express Newspaper Pvt Ltd, is entering the hospitality business. The company is starting off the business with a 4-star boutique hotel in Chennai. The business will come under a new company.

R R Aroon Kumar, chief financial officer, Express Infrastructure Pvt Ltd said that the hotel will be named as E Hotel and will have 50 rooms. It will be set up near the Express Avenue Mall, one of the largest in Chennai. The hotel will be ready in the next three to four months. Investment will be to tune of around Rs 30 crore.

He was talking on the sidelines of Chennai Retail Summit – 2012, organised by the Retail Association of India (RAI). The hotel and the mall business would be mutually beneficial and the company will look at setting up more hotels in future, depending upon the performance of this project, he said.

Even though the mall houses a food court at a space of around 50,000 sq feet with around 22-25 kiosks, the dining and bar and restaurant would attract a set of customers, since it would offer different cuisines for the customers.

The mall also houses office of several international firms and the company is expecting to attract these customers to the hotel. However, the hotel business would be a separate division under the company.

Besides owning the hotel, the company has also acquired talent to operate the hospitality business and would manage the E Hotel on its own, he said.

Express Avenue Mall, launched in 2010, has been developed on 11 acres of land with 9,00,000 sft of retail space which houses 210 premium national and international brands. Built at a cost of 750 crore, the mall is occupied by several national and international brands, including Big Bazaar, Lifestyle, Marks & Spencer and Volvo cars along with other luxury and premium brands

Banks may not have to file FIRs on detecting fake currency

K Ramkumar :BL:20 june 2012

FinMin wants sorting machines at branches with Rs 25 lakh and above cash receipts

 

The filing of first information report by banks when fake currency notes are detected may be waived, according to a Finance Ministry report. This is aimed at improving reporting of such cases.

Reporting of fake notes should be limited to making the information available to the Reserve Bank of India/Financial Intelligence Unit – India, said the report.

Banks’ branches are generally hesitant to report fake notes to RBI/FIU-IND and in lodging first information report (FIR) with the police. This is primarily because of the fear of police harassment, said the report on reforms in currency chest operations and management.

The report suggests that employees of banks need to be assured that mere reporting of fake currency notes would not land them in trouble and they should be encouraged to promptly report such instances without any sense of fear.

CURRENT DISPENSATION

As the situation obtains now, commercial banks are required to impound all counterfeit notes detected by them and send them to the police for lodging an FIR.

The Criminal Procedure Code requires every person, aware of the commission, or intention, of any other person to commit certain offences, including those relating to counterfeiting of currency, to immediately give information about such commission or intention to the nearest magistrate or police officer.

As per RBI data 4,35,607 fake notes were detected in 2010-11 against 4,01,476 in the previous year. Almost 90 per cent of the counterfeit notes identified were detected at bank branches, with the balance being detected at the RBI.

RECOMMENDATION

The report has recommended that the central bank frame a policy for mandatorily providing note sorting machines (NSMs) at all bank branches with average cash receipt of Rs 25 lakh and above so that the detection of forged notes can be made at the point of entry at each counter.

Further, the RBI should incentivise banks to use of NSMs and other fake note detecting devices.

தாமதமாக தகவல் அளித்த வங்கி அதிகாரிக்கு ரூ.25 ஆயிரம் அபராதம்!

ஒன்இந்தியா :சனிக்கிழமை, ஜூன் 9, 2012, 14:41

சென்னை: தகவல் அறியும் உரிமை சட்டத்தின் கீழ் விவரம் கேட்ட நபருக்கு தாமதமாக தகவல் அளித்த வங்கி மேலாளருக்கு மத்திய தகவல் ஆணையம் ரூ.25 ஆயிரம் அபராதம் விதித்துள்ளது.

சென்னை பெசன்ட் நகரை சேர்ந்தவர் ரஞ்சி ஆனந்தன். இவர் சென்னை எத்திராஜ் சாலையில் உள்ள ஒரு வங்கியில் தகவல் அறியும் உரிமை சட்டத்தின் கீழ் சில தகவல்களை கேட்டு கடந்த 2011ம் ஆண்டு செப்டம்பர் 19ம் தேதி விண்ணப்பித்து இருந்தார். ஆனால் அவரது மனுவிற்கு வங்கியில் இருந்து எந்த பதிலும் அளிக்கவில்லை.

இதையடுத்து தகவல் அறியும் உரிமை சட்டத்தின்படி, வங்கியின் செயல் இயக்குநரிடம் ரஞ்சி ஆனந்தன் அப்பீல் செய்தார். ஆனால் அவரும் தகவல் வழங்கும்படி பொது தகவல் அதிகாரிக்கு உத்தரவிடவில்லை.

இந்த நிலையில் வங்கியின் பொது தகவல் அதிகாரியான பாலசுப்ரமணியத்துக்கு எதிராக மத்திய தகவல் ஆணையத்தில் ரஞ்சி ஆனந்தன் புகார் செய்தார்.

இவரது புகார் மனுவை விசாரித்த மத்திய தகவல் ஆணையம்,

மனுதாரர் ரஞ்சி ஆனந்தன், தகவல் அறியும் சட்டத்தின் கீழ் 2011 செப்டம்பர் 19ம் தேதி விண்ணப்பித்து உள்ளார். அவருக்கு 2011 அக்டோபர் 19ம் தேதி தகவல் வழங்கி இருக்க வேண்டும். ஆனால் 2012 மே 18ம் தேதி தான் தகவல் வழங்கப்பட்டுள்ளது.

எனவே பொது தகவல் அதிகாரி பாலசுப்பிரமணியம் தகவலை 100 நாட்களுக்கு மேல் காலதாமதமாக வழங்கி உள்ளார். தகவல் பெறும் உரிமை சட்டம் பிரிவு 20(1) ன் படி காலதாமதமாக தகவல் வழங்கியதற்காக வங்கி அதிகாரி பாலசுப்ரமணியத்துக்கு ரூ.25 ஆயிரம் அபராதம் விதிக்கப்படுகிறது. இத்தொகையை அவரது சம்பளத்தில் இருந்து வங்கி நிர்வாகம் பிடித்தம் செய்ய வேண்டும் என்று அந்த உத்தரவில் கூறப்பட்டுள்ளது.

புதிய லோகோவை அறிமுகம் செய்திருக்கிறது ட்விட்டர்.

Gizbolt : 7 june 2012

புதிய லோகோவை அறிமுகம் செய்திருக்கிறது ட்விட்டர். ரெக்கைகட்டி பறந்து கொண்டிருக்கும் சமூக வலைத்தளங்களில் ட்விட்டருக்கு எப்போதுமே ஒரு தனி இடம் உண்டு.

ட்விட்டர் நிறுவனம் தனது ப்ளூபேர்டு லோகோவை புதிதாக வடிவமைத்திருக்கிறது. இந்த புதிய லோகோவிலும் அதே ப்ளூபேர்டு தான் இருக்கிறது. ஆனால் ட்விட்டர் நிறுவனம் இந்த பறவையின்
வடிவமைப்பில் சில மாற்றங்களை செய்திருக்கிறது.

இந்த பறவையின் அலகு வானத்தை பார்த்தது போல் வடிவமைக்கப்பட்டுள்ளது. இந்த ட்விட்டர் பறவை ஐந்து இறகுகளை கொண்டிருந்தது. அதில் ஒரு இறகுக்கு கத்தரி போட்டுவிட்டதால், இப்போது இந்த புதிய லோகோவில் நான்கு இறகுகள் தான் உள்ளது.

அதுமட்டுமல்லாமல் இந்த பறவைக்கு ஹேர்கட்டும் செய்யப்பட்டுவிட்டது. தலையில் இருந்த குருவி முடியையும் இப்போது காணவில்லை.

இருப்பினும் இந்த ட்விட்டர் பறவையின் இந்த புதிய லோகோவை பார்க்கும் போது, மிக சுதந்திரத்துடனும், நட்பு பாராட்டும் வகையிலும் பறப்பது போன்ற உணர்வை கொடு்ப்பது போல் வடிவமைக்கப்பட்டுள்ளது.

எல்லையில்லா சுதந்திரத்தையும், தன்நம்பிக்கையையும் குறிக்கிறது இந்த புதிய லோகோ. இந்த புதிய ட்விட்டர் பறவை அதிக உற்சாகத்துடன், இன்னும் பல தேசங்கள் பறக்கும் போல் தெரிகிறது.

Keep busy, stay young@80

M.P.K. Nair, octogenarian former banker, runs the Ayuryogashram resort. - G.K. NAIR


BL: 6 june 2012

Hard work meets creative thinking in this meticulous journey from successful banking to ayurvedic tourism.

What is born out of fire will not wither away in the sun, goes a Malayalam proverb. Fifteen years ago, M.P.K. Nair lost his wife, his companion of forty years. Following this he had to undergo major surgery. Yet, despite being emotionally and physically challenged, this venerable octogenarian picked himself up and today carries within him the spark of youth.

The former Chairman of Federal Bank is full of cheer, even though it is clear he misses his wife terribly. They were an enviably happy couple. But that's the law of nature, Nair says, adding that the one way to pull yourself out of melancholy is to keep yourself busy. “Once you are engaged in some creative activities you will not have time to think about anything else,” he points out.

But even he did not imagine that his decision to renovate his nalukettu ancestral home built according to the Thatchu Shastras with an inner courtyard would lead to setting up an ayurveda resort. “It is all destiny,” says the former banker, who had originally planned to retire in the house in which he was born and brought up. But his wife's passing away was a turning point.

REJUVENATING HOLIDAY HOME

That's when he conceived the idea of converting his home and 2.6 acres on the Thrissur-Shoranur State highway as a resort with facilities for ayurvedic treatment. Four partners invested Rs 35 lakh (excluding the cost of the building and the land) and the idea became a reality in 2001. It was registered as a private limited company in 2003 and Ayuryogashram was born at Parlikad, 15 km from Thrissur.

Dr Muraleedharan Pillai, a senior physician and Principal of Ayurveda Medical College for over 15 years joined Nair as Technical Director and Dr Anitha as Resident Medical Officer. After initially running at a loss, today, Ayuryogashram provides full-time employment to 24 people. It makes profits. And why not, given the healthy, homely food it provides and the ambience it offers? Imagine reclining on a balcony running around a mango tree, breathing unpolluted air, and gazing at blue skies above. And at other times visiting the yoga centre or gymnasium or panchakarma treatment rooms, which are only some of the services on offer.

People who want to spend holidays in ‘God's Own Country' and want to also undergo ayurvedic treatment for stress related ailments, obesity, hypo and hyper diabetes, backache and so on, come to Ayuryogashram. It's easy to find on Google and Nair is more than happy to clarify potential clients' doubts and apprehensions before they actually arrive. Sometimes correspondence around clarifications can go on for a year! “Even then there used to be problems with a few guests who will find fresh issues after checking in. But, we have to adjust and make them happy,” says Nair.

FROM BANK CLERK TO CHAIRMAN

“Even while working in the bank as a new entrant, I used to look for any work pending on other tables and if I found any, that was cleared and then I left,” This is a habit that continues to sustain him. He does not wait for others to come and do what's pending, he does it himself. For him, it's time that matters. “Timely reply to an inquiry from overseas, prompt response to the demand of an inmate – all these are very important,” Nair points out.

It's not surprising then, that it was hard work, patience and perseverance that elevated him from being a clerk in a small Cochin Commercial Bank in Kochi (then Cochin) to becoming Chairman of one of the major scheduled banks in the country. The ability to grasp things quickly and possessing terrific memory power helped, he says.

Of course, they don't explain all that he achieved as a banker. Nair was instrumental in expanding the capital base of Federal Bank by bringing the ICICI Bank as a partner. His contribution to the Cochin International Airport Ltd by helping it in land acquisition is remembered by all. His decision to purchase land to construct the Federal Tower for the bank in the heart of Mumbai on Marine Drive is one of his great achievements. He is said to have laid the foundation for the bank's growth to its present stature.

After leaving the bank, he spent some 30 months to help set up Asianet Communications. From there, the next step was Ayuryogashram.

HIS FITNESS MANTRA

“I don't feel now that I am a retired person. Nothing else would have given me the amount of happiness I am enjoying here. Here I am not in seclusion. Geriatric ailments are not affecting me except for a little hearing problem. The present environment helped me to regain balance and composure. Even at this age I work for long hours except for the six hours when I sleep,” says Nair who goes for a morning walk every day. He has a piece of advice to share: “You should have control over your food. Eat only what is needed for the body and which can keep you slim and fit. Undergoing a rejuvenation treatment at least once a year, as I do ever since I started this establishment, is essential.”

Those interested in exploring the environs around Ayuryogashram, can go for walks along the serpentine roads cutting across paddy fields, and rubber and coconut plantations. Provided, of course, you are willing to be up early, 6 a.m. to be exact!

Paul Gregg and his wife Yoshiko, who have come down from London, say it is “an amazing experience and an amazing place”. It had long been Yoshiko's dream to visit Kerala for ayurvedic treatment. This is the couple's first visit to India. “I had never expected it would be as beautiful as it is in reality... and also the wonderful hospitality and welcome accorded to us,” says Gregg. Three days into his treatment, he feels it is a good place to detoxify and reduce weight. But he is still struggling with vegetarian food because of the smell of spices. So for the time being, it's salads for him. But “we are physically and mentally relaxed”.

Dasha and Emil Viskupic from Slovakia have no problem with the food, though. They find it “delicious”. They got to know about Ayuryogashram from the Internet. For about a year they corresponded with the resort management and clarified everything before arriving here.

“We are going to stay for three weeks to undergo the prescribed treatment,” says Viskupic. “My wife feels much better after a week's treatment now. I really believe in this science.”

Although ayurveda is becoming popular in Europe, he feels it is commercialised and so it is difficult to find genuine places which strictly and scientifically follow the ayurvedic practices.

Ever the banker, Nair points out: “Our motto is to keep the image of ayurveda and the country in high esteem without inflicting any financial loss to us.” Clearly his team is succeeding because many guests keep coming back every year.

Besides, M.P.K. Nair is Ayuryogashram's best advertisement. As Yoshiko says, she cannot believe he is 80 years old. “He doesn't have wrinkles on his face and he runs up the stairs,” she exclaims.