Financial Daily from THE HINDU group of publications
Monday, Dec 26, 2005


News
Features
Stocks
Shipping
Archives
Google

Group Sites

Industry & Economy - Natural Calamities


Disaster taught savings habit

Rajesh Nair


FUTURE NEEDS: Selvanathan of Periakalapet showing the receipt of his fixed deposit. — Photo: T. Singaravelou.

Pondicherry

The sea had always been their past, present and future. There had been no uncertainty about the future as the sea was to them an abundance of wealth. For a majority of fishermen, a day's earnings were meant for that day alone.

The `no-to-savings' attitude of many fisher folks has changed after the devastating tsunami, which made them roofless; wait for outside help for drinking water, food and shelter.

Coupled with personal experiences, the subsequent vagaries in the sea, monsoon and rumours of another tsunami had compelled many in the coastal hamlets of Pondicherry and Karaikal deposit a portion of their daily earning in banks.

"It was never part of our lifestyle. Now many of us fear the sea. After the tsunami whenever we venture into the sea, it gives a feeling that the water level has risen. We also hear that there will be another tsunami. We are unsure of what will happen tomorrow", says Vadivelu of Pattinacherry, who had lost his one-year-old daughter, his wife and mother in the tsunami.

He has deposited Rs 50,000 from the relief amount in the name of Shalani, his seven year-old-daughter, for a period of seven years in a bank.

His friend Veramuthu says, "earlier we used to go to the sea and stay there for one day and come back. But now after five to seven hours of fishing we return to the shore". He also deposited same amount in the name of his three children.

Selvanathan of Kalapet, whose wife and children had a narrow miss, is unsure whether in future the government and NGOs would show the same generosity if such calamities happen in future. "I deposited Rs.25,000 for six years in a Mumbai-based financial institution,'' he said.

Saravanan, marketing manager of the financial institution, who is from Kalapet, said he got deposits to the tune of Rs 45 lakh from the four coastal villages of north Pondicherry.

Inquiries with banks, chit funds and local fishermen in Karaikal reveal that in villages such as Karaikalmedu and Kilinjalmedu, a majority of them have ATM cards and deposits.

For example, a private bank has issued 80 ATMs in Karaikalmedu and got fixed deposits to the tune of Rs 50 lakh.

More Stories on : Natural Calamities

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
Seamen's PF: NUSI strike threat rocks the boat


SC order on overloading — Truck rentals go up
Let not the claimants be put to undue harassment
Despite flooding, investments buoy TN hopes
`Three-fold strategy likely to raise GDP growth'
INSA meet on stem cells in Hyderabad
Oil Ministry favours realigning fuel prices to phase out subsidies — Final decision on pricing after Rangarajan panel report
Drug cos may not have to swallow a bitter tax pill — New policy may prescribe sops for filing patents, clinical trials
Seminar on Kerala energy sector
CCEA okays cost estimate of Tehri transmission system
Tax on garments in Kerala criticised
Compensation for VAT: Rs 274 crore disbursed to Kerala
Seminar on HR issues in textile industry at Coimbatore
Palladam weaving park achieves financial closure
Textile cos' concern over high ELS cotton prices
Book on SSI released
Conservation council for small-scale water bodies
`FMCG sector will see 40 pc growth in urban areas'
Prasar Bharati to have a new financial structure
Real estate convention to be held from Jan 22-26
Poddar takes over as FICCI President
CUSAT plans seismic station, tidal gauge
FICCI award for missile scientist
Ministry opposes captive iron ore mining by steel producers
AP Govt plans medical insurance for poor
`Demand for professional managers to increase'
Tea prices down on fall in exports, rise in output
All-round praise for TIFAC's community sheds built in tsunami-hit coastal hamlets of Nagapattinam dt.
NGOs play a vital role in tsunami rehabilitation
Disaster taught savings habit
Waves of nightmarish memories yet to recede — People of Thanjavur coast recalled the fateful with a sense of terror
`Global interest in ayurveda growing'
56 sites identified for eco-tourism in Kerala


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line