SUICIDE DUE TO BANKS

 Jobs are lost. Salaries are cut down to the tune of 30% to 50%. Pay packages are getting degraded and unemployment number as per various estimates is whopping around 2 cr. Suicide number have taken a sharp spike and there is no tendency of getting the same down.  This research article is not for those who feel we are not part of the Moratorium world and their sufferings.

Banks have become merciless to charge Interest on the moratorium period and make life next to miserable. Those who started a new business in the last 1 year have now lost of having their own business in this life.  Credit card payments are not getting converted to EMI. The government have made many proposals and many big announcements but what about the common people. The Indian banking system and finance ministry will say that waiver of Interest will be a big loss to the economy.

The Finance Minister comes with a lot of announcement but did she pass the order to the banks not to charge Interest over the interest during the moratorium time? Do we know how many people finished their life due to banking rejection of moratorium? Do we know how many people just sold everything to pay banks dues in the last 6 months where business just got stopped? Do we know how many people lost their bread and butter who were rejected moratorium? These numbers may not come in the public domain and hardly anyone is focussed towards the same.  The hard and bitter truth is that people who died paid their debt through term Insurance payment to the banks.

If we make a quick glance on the number of loss faced by the Indian Banks and Finance ministry we find that recently a total of 222 bank frauds involving Rs 27,000 crore, were reported by the Central Bureau of Investigation in 2018-19 according to the annual report of the Central Economic Intelligence Bureau (CEIB). Indian banks lose Rs 70,000 crore due to frauds in the last 3 financial year’s up-to March 2018.

These are banking frauds and do not include numbers of DHFL, PMC Bank, Nirav Modi-PNB Banks and Vijay Mallay numbers. Hence the factor of loss is totally wrong in these times of pandemic.

Indian banks never faced any loss from common people of India. Another way round they have been duped and cheated and robbed of many things. PMC bank is a classic example to brush up the old memories of the Banking Industry. Moratorium rejection was business just like the Road Permit corruption were at every checkpoint police demanded ransom money for giving a pass.

In India, we have a system where we have seen that the Finance Ministry gives an overwhelming announcement but the final decision lies with banks only. This has happened with many people who went to banks during the moratorium time and there were simply rejected. Many private Banks in India behave like Foreign Banks when treating their own people.

Well while writing on the scams and type of harassments being faced by common people through the Indian banking system let me highlight another grey are of scam. Which is hidden under the guidelines of the RBI.

In the housing loan market, the biggest scam which makes millions of earning for the system is that processing fee being charged to the client for checking the eligibility of funding. You all must have noticed that banks or NBFC charge around Rs. 2000 to Rs.4000 for eligibility checks and documentation checking for loan eligibility. Now the scam begins that when the banks or NBFC rejects the file then they don’t return back that fee or neither any partial pay-out is being made to those who are not eligible as per the individual banking or NBFC rules. Millions are made by the banks and NBFC simply by rejecting even doable case.

The up-to 2cr waiver is yet to be heard by the Indian Banking system. They are blind and deaf when it comes to common people.