No doubt, it would end the sufferings of poor customers who just don’t seem to know how to get back their hard earned money from the bank. But, would this Rs. 225 Crore revival package indeed revive the sick state owned Apex Bank? Does this package really ‘pro-poor customer’s’?
Let’s glance over the statistics. Out of this Rs. 225 Crores, the bank has to cough up about Rs. 160 Crores that it owes to its depositors and I’m pretty much sure that the depositor would not want to keep their amount further in the bank and would withdraw whatever amount is left in their accounts and close their accounts at the first given opportunity. Also, as I was told, Rs. 40 Crores has to be deposited as a security to retain license to run the bank. Then there are outstanding salaries to be paid to the employees of the bank and other office expenditures. So, where is the amount left to revive this sick state owned bank? Is the whole initiative just an eyewash? In case the bank wants to carry on its business, there is little scope that it would return all the money of the depositors. Then, how is this initiative pro-poor customer’s? How would it end the agony of the customer’s? I don’t have a clue.
And when the management of the bank and the politicians are hands in glove for this entire mess, I don’t understand the logic behind mortgaging the future interest of the state. How is this justified to use the revenue of the state to cover-up for their interest (to divert attention of public from loan defaulters) instead of putting the revenue in development of the state? Shouldn't they emphasize more on loan recovery than taking advance or grant, whatever, from other institutions? Or as someone has said, is it yet another exercise by the Government to make some privileged few a millionaire overnight again at the pretext of bringing relief to poor customer’s? Though the government has assured transparency, it is yet to be seen how transparent would the Government be, in dealing with this initiative.