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Thursday, March 1, 2018

Bank ke Achhe Din Ane Wale Hai

It is a matter to be appreciated by all that Government of India has taken many  wise, fast, bold and effective steps to recover money from not only Nirav Modi like bad persons  but also by ordering closure of 35 foreign branches opened by Indian PSU banks. It should not be astonishing  that many foreign branches were opened only  to facilitate bad borrowers who gifted hugely to bank CEOs in India.

Indian bankers who are unable or who  failed to protect banks in India  from frauds and bad debts cannot be expected to keep their banks  risk free in foreign land.  Bank officers in general enjoyed foreign posting as paid LTC.

Similarly  government  should stop reckless expansion of branches and stop brainless promoting officers based on flattery and bribery.
Rapid expansion of branches by various banks just to please politician ruling this country in the past decades has slso caused immense loss to banks and resulted in huge jump in bad loans.

I appreciate proposed bill to regulate auditors who are at root of deep rooted malady  in PSU banks and who are largely responsible  for rise in black money and bad loans in banks .

Past government  is fully responsible  for  present  pathetic position  of PSU banks as also that of Indian economy .  But I am fully confident that Modi led NDA government will do commendable job in curing critically sick banks. Coming events cast their shadow before.

In the history of 50  years of banks and 70 years of Indian freedom , none of government  took such a quick and effective action against economic offenders as Mr Narendra  Modi PM led government  has taken against fraud master Nirav Modi, Choksi and Kothari who cheated several banks. 

Had government  learnt some lessons from Harshad Mehta scam , Ketan Parikh scam , Satyam computer scam, Global Trust Bank Scam , Cobrapost exposure, IOB FD scam, various cooperative  bank scams, LIC housing loan scam, united bank bad loan escalation, SBI sudden jump in bad loan, banks running in loss, Regional Rural Bank scams and other bank related frauds and bank loan defaulters, I am sure Indian banks could have been safer and person like Nirav Modi could not dare defraud so many banks.

UPA government and RBI did not learn lessons from Syndicate Bank bribery case in which a CMD of bank allegedly took bribe to lend additional money to Bhusan Steel. 

I and many others had several times expressed that if government  of India make honest assessment  of assets all EDs and all CMDs of all Public banks of last ten years, working or retired, they could  understand the gravity of evil culture propagated,  promoted and irrigated by them down the line.

Unfortunately the then UPA government, the then ministers, the then RBI officials, auditors, CBI officials and Vigilance  officers were  also of evil nature in general.  Perhaps this is why no solution was visible to anyone of them and neither did they take  any preventive  or curative  step during  10 years of their rule to stop relentless rise in bad loans and bad officers in public banks  . Birds of same feather flock tohether.

During last ten years hundreds and thousands of letters have been sent to hundreds of key dignitaries including  to PMO by several well wishers depicting  irregularities and about evil culture prevailing in PSU banks. But none of them were given any value.

 IT would not be an exaggeration  to mention here that hundreds and thousands of Nirav Modi and Kothari like fraud masters and bad borrowers are still  hidden in the system with the help and nexus of mischievous and evil minded  bankers sitting at helm of affairs.

It gives me immense pleasure that Narendra  Modi Prime Minister and Arun Jaitley Finance Minister  led government has taken many bold and beautiful  steps and many proposals are in pipeline   to teach lessons to bad borrowers and fraud committers.  They have yet to do a lot to teach lessons to top officials of banks as well as to politicians who have contributed  a lot in spoiling health of public sector  banks as also that of Indian economy.

 Indian judiciary and administrative  officers are also big contributor in non recovery  of money from bank loan defaulters. 

It is true that as government  speed up cleaning the system , credit growth and GDP growth will face immediate hit. But in the long run it will help in boosting up growth in credit qualitatively  as well as quantitatively. Besides , defaulters of bank loans will make their best effort to repay banks dues in time to get rid of punitive action. Problems  related to liquidity faced by banks will also be solved to a great extent. Bad officials of banks will now  refrain from bribe led lending or target oriented lending. Honest officers and good performers will get chance to sit at top posts and to protect banks. GOD BLESS all.


Last but not the least, if banks are safe and progressive there is no doubt that bank staff ( excluding  top few )will regain their lost image and will be rewarded with best possible  wage hike.

United bank episode

Bank pension scam

Sczm after scam

Fraud and scam

Which bank is first in NPA

1 comment:

  1. Latest action taken is
    The government is finally going after corporate fugitives like Nirav Modi. On Thursday, the Cabinet approved a new law to confiscate assets of those who get away with unpaid liabilities.


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