top of page

By:

Kaustubh Kale

10 September 2024 at 11:37:15 pm

Modak and the Art of Investing

As the aroma of freshly steamed Modaks fills homes during Ganesh Utsav, the festive spirit comes alive instantly. My mouth is already watering at the thought! The humble Modak, prepared with love to honour Lord Ganesha, may look simple from the outside. But anyone who has tried making one knows that a good Modak depends on several things coming together - the right ingredients, the right recipe, patience with the process, and finally, enjoying the result. Investing is surprisingly similar....

Modak and the Art of Investing

As the aroma of freshly steamed Modaks fills homes during Ganesh Utsav, the festive spirit comes alive instantly. My mouth is already watering at the thought! The humble Modak, prepared with love to honour Lord Ganesha, may look simple from the outside. But anyone who has tried making one knows that a good Modak depends on several things coming together - the right ingredients, the right recipe, patience with the process, and finally, enjoying the result. Investing is surprisingly similar. Choose the Right Ingredients A Modak is only as good as the ingredients that go into it. Fresh coconut, good-quality jaggery, properly prepared rice flour and the right flavours all contribute to the final result. Our investments and financial products are the ingredients of our financial plan. Equities, mutual funds, fixed income, gold and other investments each have a specific role to play. The objective is not to pick whatever appears most exciting at the moment, but to select suitable, good-quality investments that match our financial goals, time horizon and ability to take risks. Health and life insurance are equally important ingredients. Adequate coverage helps protect savings, the family, and their financial goals and dreams. Good ingredients provide the foundation. But ingredients alone are not enough. Get the Recipe Right You may have the finest ingredients in the kitchen, but if the proportions are wrong, the Modak may still not turn out well. The same applies to investing. Asset allocation is the recipe of a financial plan. Too much of one ingredient can spoil a Modak. Similarly, excessive concentration in one asset or too much money in low-return products can spoil a portfolio. Balance is key. A thoughtfully constructed portfolio brings different investments together in the right proportions. To keep asset allocation very simple - short-term goals can be planned through bank fixed deposits, recurring deposits and debt mutual funds. For long-term goals, one can consider hybrid mutual funds, equity mutual funds or direct stocks. Trust the Process Once the Modak is shaped and placed for steaming, constantly checking whether it is ready will not make it cook faster. Investors often make the same mistake. We keep checking markets, reacting to every correction, chasing recent performers or changing strategies because of short-term noise. Good investing requires patience and discipline. Invest regularly, review periodically and allow your financial plan enough time to work. Compounding is powerful precisely because it rewards those who remain invested for long periods. Sometimes, the best thing an investor can do is simply avoid unnecessary interference. Enjoy What You Have Created Finally comes the most important part - eating the Modak! The purpose of investing is not merely to accumulate the largest possible number on a statement. Wealth should eventually help us fulfil our goals, support our families, create financial security and enjoy life with greater peace of mind. A good Modak needs the right ingredients, the right recipe and trust in the process. A good investment journey needs exactly the same. This Ganesh Utsav, may Bappa bless us with the wisdom to make good financial choices, the patience to stay disciplined, and the prosperity to enjoy the fruits of our efforts. Ganpati Bappa Morya! (The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

Private banks bigger employers than PSBs

Quaid Najmi
Mar 23, 2025
3 min read

In 10 years, private banks added 6 lakh staffers, PSB’s slashed 1.4 lakh employees

Mumbai: In a worrisome development, the overall staff strength of private sector banks almost quadrupled in 10 years, while the public sector banks (PSBs) have notched a sharp reduction in the number of employees during the same period, officials said.


Revealing the data, the United Forum of Bank Unions (UFBU) Convenor Devidas Tuljapurkar claimed that PSBs recorded a considerable short-fall of clerical and sub-staff between 2013-2024 which has severely hit their routine operations.


In 2013, the clerical cadre strength of PSBs stood at 398,801, but it fell by 151,835 to 246,965 in 2024, while the sub-staff numbers dropped by 59,280 – from 153,628 (2013) to 94,348 (2024).


Citing the figures of the total banking staffers, the UFBU said that the PSB staff strength plummeted by 139,811 – from 886,490 (2013) to 746,679 (2024).


In contrast, the private banks' army of employees ballooned from 229,124 (2013) to 846,530 (2024) – or an increase of 617,406 in just a decade.


“This was because the private sector banks expanded by opening branches in many areas, including semi-urban centres. On the other hand, the PSBs have failed to multiply as they are bogged down by non-performing assets and hence shut down many branches,” Tuljapurkar told ‘The Perfect Voice’.


With the stress and strain of the dwindling employee strength at various levels, the UFBU has demanded adequate recruitments on priority to ensure sufficient staffers in all banks’ branches to reduce the workload on existing employees and help provide satisfactory customer services.


Tuljapurkar added that unlike the private banks, the PSB’s are entrusted with implementing many state-central welfare schemes, extending government benefits to the masses but the yawning staff shortages hampers the public service efforts.


Curiously, UFBU leaders claim that many private sector banks’ employees are actually keen to join the PSBs to escape from job uncertainties, steep performance targets, contractual or hire-and-fire policies in some private banks, disparity in pay and other disadvantages.


However, data released by the Centre in Dec. 2024 shows that the number of branches of all banks grew from 117,990 (March 2014) to 160,501 (Sep. 2024), and of these, 100,686 were located in semi-urban or rural areas.


In order to protest against this and other issues affecting the banking sector, the UFBU had called for its first strike action of 2025 (midnight of March 23 to midnight of March 25).


“On Friday, the Centre held talks with us and the Labour Commissioner and sought one month’s time to resolve our grievances. So, we have postponed the strike agitation for now,” Tuljapurkar said.


Besides the staff recruitment for all cadres, the UFBU wants regularization of all temporary workers, implementing a 5-day work week for the banking industry, put a stop to outsourcing of permanent jobs in banks, and ending unfair labour practices in the banking industry.


Bankers seek withdrawal of a recent government directive on performance review and PLI that threatens job security, creates rifts, discriminates among employees and officers plus undermines the autonomy of PSBs.

The bankers also worry about the safety and security of bank officers/staffers against abuses or assaults by unruly public and local politicians, as was witnessed during the implementation of Maharashtra government’s pet scheme ‘Ladki Bahin’ in mid-2024.


The UFBU has asked the government to fill up the vacant posts of Workmen/Officer Directors in the PSBs, resolve the residual issues pending with Indian Banks Association, amend the Gratuity Act to hike the ceiling to Rs. 25-Lakhs, similar to other government employees along with income tax exemption, and not to levy IT on staff welfare benefits or concessions extended to the bankmen.

Comments

bottom of page