Request for Enhancing of interest rate on Term Deposit and Lowering of bank interest rate for Lending in Nationalized and Schedule Bank.

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1) The President, Puducherry
Physically Handicapped Youth Association, 15/07/2011
152/A.Patcha Muthu Mari Amman Koil Street,
Kumaragurupallam, Puducherry – 605011.

2) The Secretary,
Pondicherry Auto Drivers’ Association,
Puducherry – 605013.

To
Mr.V.Narayanasamy,
Member Of Parliament.
Puducherry.
Respected Sir,
Sub: Request for Enhancing of interest rate on Term Deposit AND Lowering of bank interest rate for Lending in Nationalized and Schedule Bank.

The P/H persons and Registered Members of the Unorganized Sector humbly request you to take up their case with the Finance Ministry for Enhancing the interest rate on Term Deposit in Nationalized and Schedule Bank by at least 5% over and above the normal bank interest. On the Lending / Borrowing side the lending rate should be Reduced by 5%. For example. if the stipulated interest rate is 7% then they should get 7% + 5% = 12%.... so on. On the lending side ,it should be5% less i.e if the base rate is 9.5% then the lending rate should be 9.5%-- 5% = 4.5% only. Similarly for Bench Mark Prime Lending Rate –BMPLR, it should be 14.25% -- 5% = 9.25%.

We have already made a detailed representation to the Governor, RBI, Mumbai in this regard vide letter dated 16/11/2009 sent by Speed – Post. – Xerox enclosed. In addition, we had approached a Schedule Bank – Tamilnad Mercantile Bank Ltd, Puducherry Branch. There was no response.

No TDS should be done from the accrued interest for P/H and Unorganized Sector.
On 11/07/2011, State Bank of India announced new interest rates for Term Deposit and Lending. We sent an E—mail -- contactcentre@sbi.co.in plus a written representation State Bank of India, Main Branch, Puducherry for enhancing the interest for Term Deposit by 5% and Reducing the Lending rate by 5%.

During elections, all strata of people cast their vote for M.P or MLA or Municipal Councillor. But the persons who benefit after the election are the government employees and public sector employees. We find the government servants and public sector officials are the only ones who are pampered with fat pay cheques / arrears after every pay commission irrespective of their efficiency or ability. Not to be left behind, even our elected M.Ps, MLAs are united and quietly cut across party lines when it comes to increasing their own salaries.
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We are the neglected class of people. Our grievances are never discussed or heard in Parliament. Even after 16 years no Rules and Regulations have been framed by the State Governments under ‘The Disability Act 1995’. The government has not done a study regarding
its implementation. The urge to help or assist the P/H persons and Registered Members of the Unorganized Sector by the elected leaders is neither spontaneous nor inherent nor voluntary.

On the contrary, we have to constantly remind the elected leaders of our very existence. At present, we are treated as vote banks. The P/H persons are in a state of limbo due to non-implementation of 3% reservation coupled with poor transport facilities in Puducherry. The three wheeler used by P/H has come to a halt due to steep hike in petrol prices.

Lately, according to the media, the Rangasamy Aiya Government removed 4000 persons employed by Vaithalingam Aiya Government. The employment provided by the Vaithalingam Aiya government was illegal and virtually a back door entry. What is more intriguing about this matter is even when 4000 persons were employed; there was not a single P/H person in the list. At least 120 P/H persons should have been given employment. Mr Vaithalingam is now accusing Mr. Rangasamy for high handedness but he was insensitive to the needs / feelings of the P/H persons. Amidst the clash of egos and battle for supremacy between Rangasamy Aiya and Vaithalingam Aiya, as usual, the P/H persons are the casualty. The Special Employment Exchange for P/H persons is a farce.

Enhancing the interest rate on Term Deposit and lowering the Lending rate may give a psychological satisfaction of being heard plus a feeling of being wanted in society. Moreover, deposit in Nationalized Bank and Schedule Bank is safe and secure. The Central /State government employees, public sector employees are in a bargaining position to raise their salaries. They can hold the government to ransom till their demands are met. Whereas the P/H persons and Registered Members of the Unorganized Sector are always at the receiving end. They are used as doormats to serve the selfish needs of the elected leaders.

Whilst at this, we would like to inform you that we are approaching you after exhausting all avenues of redressal. In other words we expect you to show some humane consideration.

Now that you have gauged our frustration, disparity and depression, we are confident that you will voice and give priority to our grievances at all times. We humbly request you to furnish the question No. when our grievances are raised in Parliament.

Thanking you,
Yours truly,