By Shameem Faizee
After destroying the national economy by shamelessly pursuing the pro-Corporate economic policies, the Narendra Modi government in last year of its power is bent upon conducting loot and loot of the remaining national wealth to save its skin as well as spend the looted national wealth in a manner that the people are hoodwinked.
The present government came to power because the corporate houses had openly declared that they want Narendra Modi led NDA to replace the UPA-II government. They had exploited the Manmohan Singh government to the extent possible. They had also realised that the Congress led UPA will continue to have reservations in meeting all the demands of the Corporate capital. They wanted a regime that is totally under their control. Narendra Modi was the only choice.
Since its formation, the Modi government has been pursuing the policies dictated by the corporate capital. Its surrender before corporate houses was clear as the banks were forced to advance loans to those companies that were on the top of the list of defaulters. In the beginning when the question of increasing quantum of Non-Performing Asset (NPA) was raised the propagandists of the government tried to give an impression that most of the NPAs are those that were loaned out during the past ten years. But they never explained as to why new loans were sanctioned to those companies and entities that were defaulters in paying back the loan amount. Net result is that the last four years of Modi government has seen maximum increase in quantum of NPAs and most of the government controlled banks are on the verge of bankruptcy. Whatever was left in the banking sector was totally destroyed by the so-called “surgical strike” of demonetisation.
Though it was claimed that it will end the parallel economy of black money, the reality is that the black money in circulation has doubled during the last two years since demonetisation. Even the supporters of this economic misadventure have started admitting that demonetisation was aimed at providing opportunity to black money holders to whiten their wealth. This has further weakened the economy of the banking sector. To sustain the functioning of the banks, government is imposing conditions after conditions on those ordinary depositors who had their money in banks. If somebody withdraws from bank more than four times in a month, banks are levying charges on depositors.
Banks are really in distress but the government has no clue as to how to overcome this situation. Number of times it has been suggested that like the farmers, the government should take stringent measures to recover the NPAs from the big business, particularly the corporate houses. But this government is not ready to even name these defaulters. Last week, the Chief Information Commissioner has served notice to RBI governor as well as the PMO to publish the list of defaulters of NPA.
It may be recalled that the previous governor of the RBI Raghuram Rajan had sent a list of the NPA defaulters to the Prime Minister’s Office (PMO) requesting appropriate action to recover the money. In place of taking any action, the government refused to share the information given by RBI with public. Now the CIC has asked for the list. But be rest assured this government will not disclose the names of defaulters as most of them are their cronies. Numbers of companies belonging to Anil Ambani are on the top of defaulters list.
In this background, the recent move of the government to pressurise the Reserve Bank of India to hand over one third of its reserves to government to meet its financial requirements need to be resisted. According to reports in Media, the Modi government is forcing the RBI to hand over one third of its total reserve that approximately is Rs. 3.6 lakh crore to the government. Though the present brass of RBI is resisting this move, one is not sure as to how long it will stand against the government pressure. Keeping in view what all is happening in banking sector, it is necessary that the real game plan of the Modi government is exposed and the public is made aware of the dangers that the national economy faces.
It is high time that the Bank employees, particularly their organisation, All India Bank Employees Association (AIBEA) launch a public awareness campaign on the issue of sinister designs of the Modi government to destroy the entire banking system. (IPA Service)