Continues from the previous post -
Gamblers – this is one more class of financially active group who wants loans at lowest rates. They may be putting their money on horses, motor race, cricket matches and many such places of gambling. Their need is of short-term type and they make a lot of black money out of that. This group joins with the other groups we have just discussed.
Speculators – this group works in the similar manner and need easy money from banks. Generally, they are the people who could be defaulters of their loans. Shares Market, Grain market, Cotton market such are places where they put their stakes and work on the same lines as forward traders. They insist to have loans at lowest possible rates. They join the group just mentioned in my earlier discussion.
Crony borrowers – this group takes loans from banks and never wants to pay back. They are friends of Bank directors, bureaucrats or politically influential persons. Most banks are duped by this category of borrowers.
All these gambler group type borrowers are behind the conspiracy (all over the world) to reduce bank interest rates. When bank interest rates reduced everybody, (all borrower groups) benefit and so they all try to justify the reduction.
When we cannot implement social security considering enormous population we cannot allow reduction in interests on bank loans and bank deposits. In many developed countries, they have social security of many types. India does not have social security provision therefore, citizens need provide for themselves. That is why in India we cannot advocate for reduced rates on bank deposits. In most advanced countries have this facility of many sorts; therefore, there this reduced rate is justified by gambler groups.
Helplessness of bank depositors as being most neglected society, both Banks and depositors are principle victims of reduced interest rates. There is no protector for this section of society. We need rise against this aggression of gambler group in a typical democratic ways such as demonstrations, coming on street and other agitations. We should bring awareness amongst public on this issue so that fooling of people by gambler group by using their smart arguments we can control.
Continues in the next post –
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