Catastrophe of bank interest rates – 20

Continues from the previous post -

Moreover, who control banks? Some big businesses and they want to use your money for their business at very low saving bank interest rates. They have all the money of all the account holders to do their business activities. Saving bank account interest rates are the lowest. Therefore, you should know what business interest remains in such policies. These policies have nothing to do with any economic revolution as he and his team claim. Modi wants these bank owners to use public money for, free and then donate large sums of money to the political parties. All political parties have certain rules and by them, they are giving commission to those members who deposits funds for that party. The raters could be as high as 25% of the donations. This is a big business of many political activists.

Modi declares that our money is safe in banks. How he can say this? Several banks have been duped by their directors and bureaucrats right under nose of RBI. How many account holders got their deposits back on closer of the bank? Large number of account holders has been ruined by that. RBI is supposed to look after the interest of these account holders but it does not do anything to protect them. RBI appears to be the most irresponsible bank on that account. Unless there is a law such that, RBI must return all deposits of all account holders with due interests accruing from that, incase of such mishap; we cannot accept that our money is safe in any bank that is working with RBI license to do banking business.

Is Modi government ready to enact such a law? So long as such law does not exist, we cannot say our money in banks is safe. Modi has a habit of taking too many things for granted. This is not acceptable to people for obvious reasons. There is a meager provision of some return up to the amount of one hundred thousand rupees in such eventuality but that is not enough. Should we say our government has been trying to fool us?

Let us see what social security practice in other countries is. This concept originated by Church in America for the benefit of Christians. Later on, it was accepted by many countries as given here below:

Social security is a concept enshrined in Article 22 of the Universal Declaration of Human Rights UN, which states:

Continues in the next post –

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