Banks looting consumers
One of the few commendable reforms during former PM Indira Gandhi’s time was nationalization of banks. Only after that bold step, did the banks that had restricted their services to rich, opened their doors to the poor people. When the impoverished went to banks for loans during the ‘loan melas’ that were held as part of that reform, people even mocked that Indira Gandhi was treating banks like her ancestral property. These loan melas were widely criticized and held responsible for the anticipated collapse in economy. But now, one is understanding in true sense as to who is looting the bank and where they are hiding from the public eye, escaping repayment.
If Indira Gandhi nationalized the banks to bring in revolutionary economic reforms while Narendra Modi is conspiring to privatize them. More than anything else, the damage caused by the likes of big borrowers such as Mallya and Modi is going to be met by the hard earned money the general public have invested into the banks.
The financial institutions that existed on the trust of public, today have lost their reputation.
The nation now knows the motive behind note ban was never to find black money. By then, the industrialists who had raised thousands of crores as loan from banks were beginning to leave the country after hoodwinking the system. The banks were almost a sinking ship. The government used note ban as a method to fill the coffers of banks to make up for the damage caused by big borrowers. The ban of widely used Rs 500 currency that was used by common people on a daily basis, turned the lives of people upside down.
The note ban didn’t bring out black money from the lockers of Ambanis and Adanis. No rich man stood in the queue to change his currency or did anyone come to streets because of this sudden decision by the government. The middle class suffered the most. They had to stand in queues to get their own hard earned money. Cottage and rural industries fell flat. People would listen to stories of persons looting banks, but this was the time when banks looted the people and they stood there, watching it unfold, helplessly.
After that, the government used another method to safeguard the interest of banks. Till then, banks worked to serve the people but now people were used to save the banks. Robbing the common persons under different headers became a strategy. Now the banks have put out their figures and this must be the biggest achievement of Narendra Modi government.
More than 21 public sector banks have penalized people who have not maintained minimum balance in their accounts. Three major private banks have collected penalty to the tune of Rs 5000 crore. State Bank of India had restarted the practice of penalizing deposits on reducing balance. All banks put together have been able to collect Rs 4,989 crore from all the customers who didn’t maintain a minimum balance.Half of this amount is the contribution of SBI alone. The same SBI has indirectly waived off the loans of 63 major industrialists including that of Vijay Mallya, stating these were ‘irrecoverable loans’. This is a rather soft term used to indicate loan waiver. Bank has even issued a clarification stating this should not be mistaken as loan waiver. Recovering loans is a massive challenge in our country. Would the banks try hard enough to recover loans that have been set aside as ‘irrecoverable’? If they are going to be recovered, why would they be classified under that header?
Banks are projecting this extortion in the name of penalty of Rs 5000 crore overall for not maintaining minimum balance as their major achievement. Whose money is this? Who are those people who have not been able to afford minimum balance in banks? They cannot be Ambanis, Adanis, Birlas or Tatas for sure. They are the salaried class or even poorer than that who are toiling to make ends meet. The middle class and the lower middle class. They fear the loss of reputation over financial mismanagement. They are not the ones who extracted loans from the banks.
The farmers and labourers who have less idea about banks respect the institution more than misusing it. They do not have any idea about the new rules and regulations since they are almost illiterates and they do not own android phones to receive updates from the banks and understand the gist of it. Their ignorance has turned into a bliss for the banks. SBI deducts penalty even if the minimum balance goes down by a mere Rs 50. What is the fault of the customer? Is he paying the price for trusting the banks? Industrialists like Mallya are enjoying their lives abroad even though they have a loan of thousands of crores they took from Indian banks that rightfully belongs to the people of this country.
Sparing him and penalizing a commoner who hasn’t been able to maintain minimum balance in his account and showing it like an achievement is inhuman to say the least. This shows the desperation and plundering depths of a financial system in the country. The effect of note ban is hardly over, and people are suffering a big blow time and again. People would refer to fly by night finance companies as ‘blade companies’. Looks like banks have successfully replaced them. This also shows where the economic system of the country is headed.
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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
