The demonetisation had nerve shattering effect on the bank depositors. The long term gain and short term pain promised is a myth confirmed. The endless sufferings of waiting, dying and rationing the use of their own money is the worst experience post Independence. The frauds with ATM cards and debiting twice, etc, are waiting solutions, which are detrimental to the interests of holders.
The security and safety of deposits is limited to Rs one lakh per person of all deposits in various branches and banks taken as a whole. It smacks of authoritarian streak, to say that 97% of depositors in India have less than Rs one lakh only and hence no need to increase the security beyond this limit. The frauds and NPAs to the tune of lakhs of crores rupees and there is no sign of ever recovering this loot and plunder as they have fled the country and proceedings for repatriation/deportation are locked in legal formalities and are long drawn out affair.
The present situation all over the country of ATMs drying up is another warning bell. Whose money is disbursed as advances and loans, without adequate collateral and recovery by secularisation? This is not the normal practice when ordinary citizen apply for loans and are considered? It is an open secret that loans are advanced due to political influence, pressures and greasing the palms of those concerned. The requirements are manipulated as it suits the authorities. Forget about the charges or loans, services the capital is also at risk of recovery.
The depositors are taken for a joy ride. The charges levied by the Banks for various, recently services rendered are excessive and exorbitant by all counts, when earlier they were free. It is a great favour as a local bank officer states that pass books are issued free. Are the Banks trying to recover the losses by charging the captive depositors to ransom?
The dipping interest rates making loans from Banks dirt cheap for Industrialist, businessmen etc, whose products cost, priced does not in any way reflect the cheap finances availed off. The depositors unions do not seem to be too enamoured to step in to protect the depositors’ interests. The employees avail of one per cent less for loans and also for deposits, besides conferred with free services that normal depositors are denied.
The only alternative left with depositors is to line up at banks all over the country and withdraw the hard earned finances to send the message to the Government about the power of depositors’ to strike hard. It is advisable to diversify into post offices savings.
