NaMo Crosses Fault Line

Congratulations to NaMo @PMOIndia :

Very encouraging, ambitious, launching of really people’s service oriented scheme by center-rightist and crony capitalist Prime minister Narendra Modi . He crossed successfully the doubt-fault line expressed by me in previous Facebook, Google+ and Twitter posts.

Government of India will reimburse the initial operating costs. That is fine. Few select banks started a sort of insurance linked savings bank accounts. Many account holders stopped paying premium on their previously held policies. Banks withdrew from the scheme without notifying the account holders rendering them without any cover. The real problem will start when all ‘Pradhanmantri Jan Dhan Yojana’ bank account holders start availing overdraft facility.

As such as a middle class savings bank account holder since 1962 I could never get this facility. Why? Prime Minister and Finance Minister should scratch their head.

Thousands of genuine savings and current account holders are stressed by strict KYC norms demanded by bankers to be fulfilled. i am at loggerhead with RBI on this particular issue. What will Mr.Raghuram Rajan and i do with a number of replies I received from RBI?

Will a self attested copy of Aadhaar Card do as that has been done at the launching of the scheme? Will RBI stop hammering the co-operative banks and their current account holders for non compliance of more than one KYC norms? In these cases account holders submitted voter card, PAN, residence proof, electricity bill and VAT/ST number where it was applicable to have those numbers. Small/medium traders having annual turn over of rupees five lakhs or less are not required to have VAT/ST number. In those cases also co-operative banking division of RBI asked respective co-operative banks to fulfill KYC norm for VAT.ST number. None of the account holder was a defaulter in maintaining the account.

Now I urge Govt. of India and RBI to issue fresh instruction to all banks including co-operative banks to waive all pending perusal of KYC norms .Banks can not treat their valued ,regular customers on altogether different footings.

I am not against the benefits being devolved to the needy.At the same time banks should treat all customers at par and henceforth give overdraft facility to all savings bank account holders. Thereby the banks should treat all cases of breach of minimum balance closed and honour the cheques with deficient balance within the limit of five thousand rupees as the overdraft facility availed. Banks should revive all savings and fixed deposit bank accounts closed during last twenty five years for not fulfilling KYC norms.

NaMo has crossed the fault line in real sense. Indian Economy is all time debtor economy. i am yet to see India as a real creditor nation. When countries like USA and UK have become debtors due to their populist and center-left measures what will happen to all time debtor/beggar India?

With NaMo’s fad for China I fear China will be the Communist Creditor (Bank) of a new valued debtor,Democratic India . India will soon join the USA, the Capitalist Debtor of the Communist China.

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