If you thought that only banks in the US were going bust in the economic meltdown, think again. As per a business daily, when banks in US were falling like ninepins, some cooperative banks in India were not far behind. In fact, for every five banks going bust in the US, there were two in India that were going belly-up. It may be noted that as many as 19 Indian co-operative banks collapsed in FY09, as against 44 American entities. The newspaper report also states that the RBI’s credit insurance arm had to pay over Rs 1.4 bn to depositors to cover the liabilities of these 19 entities. Under the insurance norms of the Deposit Insurance and Credit Guarantee Corporation, a wholly-owned subsidiary of the RBI, a maximum of Rs 1 lakh is paid to a depositor in case his bank becomes insolvent.
The more things change, its turn out to be the same as it ever was. A new book about the history of work reveals that today’s workers have much in common with all those who have come before them over the past 12,000 years. People’s appetites drive them to produce more than they need, and they build political and economic institutions to help them do it. Then those institutions drive them to do more. NYT ( see the story in the link) also talks about Gluttons for punishment. We work so much because we want so much. That was anthropologist James Suzman’s conclusion after studying hunter-gatherers in the Kalahari Desert who satisfied their survival needs with roughly 15 hours of weekly labor. But modern, urban societies cause us to develop unlimited desires, which lead us to endless labour https://www.nytimes.com/2021/06/29/podcasts/transcript-ezra-klein-interviews-james-suzman.html?cid=other-eml-onp-mip-mck&hlkid=38845d000b404e829c41b7395739f39a&...
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