State Should Check Unproductive Expenses for Economic Prosperity - UBI Director Vijaya

India is a great country and is fortunate to have many outstanding personalities striving for the common good of fellow citizens. For any economy to grow self-reliant and get the recognition as a strong nation, the economic policies should be framed and promulgated on a concrete way. Notable among the countable few economists stands Mrs Vijaya Purnachandra Rao. She is presently holding office as Director with Union Bank of India.

This expert analyses the reason for the industries in Andhra Pradesh to go sick and finally into doldrums as, improper ratio between skilled labour output – work allotted vs. time spent. She aptly opines that control on unproductive expenditure opens the doors for economic prosperity.

In spite of being welcomed into political arena by Chief Minister Mr N Chandrababu Naidu by giving her membership in the ruling Telugu Desam Party, Mrs Vijaya with all her sincerity to the state, finds fault with the welfare scheme implementations through Janmabhoomi programme by the State government.

Furthermore, there is another twist to her life. In her younger days, she always aspired to become a physician or a surgeon. Suddenly, her ideals and goals took a sharp curve away from medicine and towards economics, where she is successful now. The reason behind this is the present Chief Minister Chandrababu Naidu again. How you ask? Get the answers from her directly in this exclusive interview of HamaraShehar.com with Mrs Vijaya. In her words, women are better managers of business than men. She opines that a woman managing her family efficiently can also manage an organisation successfully with ease. A little more effort is needed that is all.

Here are excerpts of the interview

Q: As a Director how are you serving the banking sector in particular and as an economist to the people at large?

A: The Union government supervises the management board of Union Bank of India (UBI). The Government nominates intellectuals and economists as directors, in conformity to the Reserve Bank of India guidelines on to the boards. When we look at the position responsibilities distinctively, the board of directors are required to forward their advice to the government for strengthening financial institutions. These suggestions also include strategies about proper implementation of the Legislation's given shape. In addition to this, we frame economical and statistical designing for the welfare schemes brought out by the Government from time to time.

Q: How strong is the UBI network in the country, state? What about expansions in the near future?

A: UBI is having 2,053 main branches in the country and is spread in every nook and corner of the country serving the people. Branches in the state are networked with three regional zones. Similar to any financial institution, UBI is always working for expansions.

There is an important issue to be remembered by the people here. If they check wasteful expenditure and divert all their sums to nationalised financial organisations, branches automatically sprout. When unproductive and waste expenses are cut down, it also curtails intermediaries system and makes sure to eradicate counterfeit currency in the country.

Q: What measures, according to you, are required for countering waste and unproductive expenses? Do you think there is a possible way out?

A: Rulers should adopt measures to directly linking up people with nationalised financial institutions. This should be done with a basic system that irrespective of the sector you are working with, public or private, all the earnings or salaries etc., should be disbursed through bank accounts. The account holders should be issued with ‘cards’ to meet their commitments.

People should not have liquid money on hand. All transactions should be processed through banks or other similar financial institutions. Hence, wasteful expenses can be drastically brought down. In case, consumers are finding insufficient funds for meeting their commitments with the earnings deposited into their accounts, they can avail the facility of over draft. By taking advantage of this facility, people are rescued from approaching moneylenders for borrowing at higher interests.

With these simple possible economic strategies, there are many advantages. Primarily, the overhead for handling disbursement of salaries, transportation of currency under high security and many other expenses can be slashed off. Such facilities are being implemented in many countries.

If we have a look at the Janmabhoomi programme and the welfare schemes being taken up through it, most of the programme is running on unproductive and wasteful expenses. Instead, if ‘Cards’ are designed for beneficiaries and the system of drawing the amounts required from time to time on periodical basis is implemented, both the government and the beneficiaries will have an upper hand in properly taking advantage of the schemes. A similar phenomenon can be seen in administration also. Government should identify all the unproductive spending points and seal them. Thereby, the existing work force can be utilised as if we have additional work force. The reason behind majority of industries going sick and then into dissolution is improper usage of the work force and financial tuning. Work allocation should be done according to the skill of the worker and a close to perfection order should be maintained between the time utilised by the worker in the industry premises to that of designated output. Any industry, big or a small for that matter will advance if minor care is taken about these major issues. It is the job of the Government to locate the loopholes and choke them for better industrial growth in the state.

Q: What is the reason behind UBI falling back in performance in South compared to North India?

A: There is no issue of falling back in performance. Financial institutions do not have regional disparities in thought or action. However, any financial organisation works after recognising the potentiality of the specific region.

Q: How do you go about providing financial assistance to various organisations?

A: First of all, we estimate the efficiency and repayment capacity of the organisations. The size of assistance depends on the analysis we arrive at in that study.

Q: To what extent is UBI utilising the information technology and Internet?

A: Internationally we are operating stock exchange, foreign currency, export and import marketing management through 193 centres interconnected on-line.

Q: How is the response for your e-banking from NRIs?

A: UBI is standing on the summit concerning e-banking function in the total banking sector. We have immense and encouraging response and participation of NRIs in transfer of funds to India.

Q: What prompted you to step into political arena?

A: I had no intention or inclination towards stepping into politics at any part of my life. It just happened so; I attended a public meeting of Chief Minister N Chandrababu Naidu. At the venue, Mr Naidu invited me and gave me party membership. Before talking about this incident, I should tell you about an incident that changed the direction of my life.

I was pursuing my Intermediate course with Bi.P.C. group at Andhra Mahila Sabha College in 1975. I had strong intention of becoming a doctor in those days. The same year, Mr Naidu addressed a gathering at Osmania University on Economics. In his speech, he focussed on the subject about the role of men and women in the economy up to the year 2000. The whole speech of Mr Naidu attracted and influenced me so deep that, the very next day I approached my college principal and requested for a change of group from Bi.P.C. to H.E.C. Later, I graduated and post-graduated with Economics as the lead subject.

Then I did business administration with international marketing. I had the goal to grow. At the same time, I worked for upliftment of women, their development, empowerment, and self-existence in backward regions. While my life was flowing like this, all of a sudden I was welcomed into politics by the Chief Minister Naidu.

Q: Is political arena suitable for women these days? How women activists are being treated?

A: If we look in general, from the early days, independence, violence and crime grew largely in politics. None of the leaders are owning responsibility and doing things right. The framework to safeguard and consolidate their position restricts politicians, who do not bother about anything. With the throat cutting competition atmosphere, one is not having time to take care of another.

Q: In spite of many legislations and Governments at work, how come atrocities on women are uncontrollable?

A: Economical independence, unity, self-confidence and self-existence among women are lacking. Even if the Governments are making so many legislations they are gathering dust on the shelves, for short of direct women participation.

Q: What best can be done regarding solving this problem?

A: Women should be educated on grounds of understanding their rights and privileges provided in the Constitution. Moreover, they should be given courage to face the consequences and combat the situations instead of succumbing to them.

Q: Would you like to give any message to women, as a Director of UBI?

A: Solution should be found when and where there is a problem. Every problem comes with a solution within. The women of the country, world for that matter, should develop their skills and abilities. Once one attains the skill and ability to lead something, it follows with demand and market. The role of financial institutions immediately comes there.

They should remember one important issue. A woman should not live for self. She should attempt to give life for ten other people. This identity automatically gives protection, social elevation, and image in the society.

Profile

Name: Mrs Vijaya Purnachandra Rao
Designation: Director, Union Bank of India
Educational: M.A. (Economics), M.B.A. (International Marketing)
Spouse: Mr Purnachandra Rao
Parents: Chennupati Venkateshwara Rao, Mrs Chennupati Vaahini Kumari
Native of: Govindarajula Peta, Mulugu Mandal of Warangal district
Entry into politics: On February 14, 1995
Party associated to: Telugu Desam Party
Others: Participating in social activities from 1975 and functioning as Director Union Bank of India from November 24, 2000
Hobbies and interests: Reading, experimenting in formulating newer economic strategies

Address

Ch. Vijaya Purnachandra Rao, Director, UBI

Flat No. 306, Imperial Castle, Near Y.M.C.A., Narayanaguda, Hyderabad – 500 029. Phones: 040 – 6548494 / 7552402