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Monday, April 2, 2018

We Are Affected Banks may be Private or Public

Chanda Kochhar’s brother-in-law advised ICICI borrowers on their foreign loans..Indian Express

Avista Advisory, founded by Rajiv Kochhar, who is the brother-in-law of Chanda Kochhar, got the mandate to restructure foreign currency-denominated debt deals worth over $1.7 billion of seven companies over the last six years.

Link to Indian Express

Chanda Kochhar & Shikha Sharma: Two bank bosses in the eye of the storm

As reported in newspaper  Indian Express today Avista Advisory, run by Rajiv Kochhar, Chanda Kochhar’s brother-in-law (Deepak Kochhar’s brother) was engaged in restructure of every single deal in respect of big clients like Essar, Jyoti Structurals, Suzzlon etc etc and similarly sanction of loans to big companies  were also, as reported , routed through this so called loan syndicator and each loan used to be passed without adequacy of scrutiny. It may be true that Avista used to get some  fee for each deal. 

It’s widely known in icici bank that Chanda Kochar  herself used to pitch for these loans in the credit committee. Most of these loans have turned NPAs - but that’s a different story. 

What is the common pattern is the web of corruption and enrichment so cleverly and intricately woven by the Kochhar family around icici bank. Videocon issue is just tip of the ice berg. 

Let investigators simply examine Avista’s books to know how much of its advisory income has come from ICICI bank loans.

Let government  verify the assets of CMD ED and GMs of each PSU bank, that of CVOs CBI bosses  and CVC of last decade and then that of senior officials  of banks, of CAs, of values, of legal advisors, advocates, politicians etc to assess how much deep rooted is the virus of corruption and that of flattery and bribery in bsnks as well as in politics.

Now people and government will at least  realise that private banks are more risky than public sector banks.

Some business groups and some politicians who were demanding privatisation of PSU banks will very soon  realise their guilt .

Politics is one thing and economics is entirely a different subject.

Modi haters may try to divert the attention  from real issue pertaining to credit discipline to emotional issues .They may try to wash their dirty hands by putting blame on Modi and BJP government. But bitter truth cannot be changed by making false noises and baseless allegations.

Banks  , private and public both run on strength of public money and if any bank sinks or become bankrupt it is people whose money is endangered.
Roots of irregularities  in bank credit goes back to eighties when the then state finance minister used to build pressure for organising loan mela to disburse loans in mass gathering . Then politicians like Devi lal and VPSingh added fuel to fire by announcing  loan waivers. And finally hollow minded and evil minded media men always  try to change the real agenda to serve their own TRP.

After deregulation of banks, RBI became dormant and government led by Congress party fully used banks for selfish motive and for gaining political advantages.

BJP government  led by Modi is now facing the consequences of ill motivated policies and lack of governance of the past two to three decades.

There are thousands of Nirav Modi like cheaters inside and outside banks.

Let us wait for few months and we will witness how truth of mismanaged banks comes into light.

It is not a matter whether banks are private or public but it is a matter related to character and culture of human resources who were and who are are in politics or who are sitted on key posts in banks or who are playing key roles in judiciary or in administration or in other relevant agencies.

Politicians  of the past committed mistakes and now we have to bear the burden of consequences of their sins. Congress party has been ousted from power from nany parts of the country  due to its misdeeds resulting in many hugh valu scams

Now ordeal of Modi government has started and we have to see whether it can get desired success in punishing all guilty persons and in recovery of all dues from defaulting persons and companies.  But we have to give adequste time  to present government to accomplish this Himalayan  task. It is true that the intention of present  government  is good. They have to explore ways and means to get rid of sins of past three decades. 

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