Banks & Financial Institutions – Losing their Credibilities

1. #ReserveBankOfIndia#RBI CANCELS Banking Licence of Mumbai-Based #CKP Co-Operative Bank Limited from the Closing Hours of 30th April 2020;

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2. Bank Depositors shall be allowed repayment of an amount NOT exceeding Rs 5 lakh only, out of the total deposits made by them in the said Bank;

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3. Public Trust in our Fragile Banking & Financial System has been completely eroded;

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4. Government wants us to pursue Digital Transactions, however, there is no guarantee that the amount kept deposited in the Bank would remain safe after a considerable amount of time;

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5. Government & RBI must give Guarantee to the public for all the deposits lying with any Indian Bank / Financial Companies, if they want the public to prefer #DigitalIndia. Merely cancelling Banking Licence is nothing but an eye-wash. Their responsibilities does not end there. Even arrest of Promoters or filing of charge sheet or prosecution does not give the desired results nor compensates for the loss incurred by the Public;

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6. If RBI grants banking licence, conducts audit, inspects books of accounts & gets periodical report, then how can they shed their responsibilities by asking public to forego their hard-earned money beyond a stipulated amount permitted for withdrawal;

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7. The necessary and stringent criminal actions must be taken against the #CoOperativeRegistrar, Department of Co-Operation, RBI Officers, Actual Defaulters, Concurrent & Statutory Auditors if there are lapses in carrying out their relevant duties. Their properties must be confiscated and sold to realise the loss of public funds lying in the said Bank;

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8. The IAS Officers or Bureaucrats concerning the State or Central #FinanceMinistry must also be made accountable for their goof-ups. Lets not allow them to go scot-free under the prejudice of #SovereignFunction;

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9. Somewhere down the line, the trust and confidence of the public must remain with the Banking System, otherwise people should go for dealings in Cash as far as the household & other related expenditures are concerned. If the Government cannot guarantee the funds of the public, then they have NO RIGHT to levy taxes and penalties on cash dealings or related cash transactions. Let them put their house in order first. All the political parties have failed in this endeavour; and instead they have kept themselves busy over Political Theatrics for their personal fiefdom.

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10. By only faking talks on Farmers & Poor will not prove prudent in the long run. It is the middle class & above who contributes to the exchequer of the Treasury. For vote bank politics, they cannot over-look the basic fundamentals of economics. The ignorance & illiteracy of the Government & their Bureaucrats are exposed. What would one expect from an IAS Officer (from the stream of History & Anthropology) to achieve desired results for Commerce & Industry Ministry???

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11. Do #SHARE this post if you deem fit. Let us make Government, Statutory Bodies & Other Regulators responsible for the funds of the Vulnerable Public. Even Cyber Crime & Digital Fraud must be made Cognisable & should be dealt by a Fast Track Court. Each such case must have a logical & legal end compatible with the desired justice.