We still do not know what happened at the banking conclave…or the ‘Gyaan Sangam. Hopefully some manthan must have happened and some amrut may have flown…
What he spoke at the Icici function was
1. use cashless transactions – that will reduce black money.
Fantastic. Since Na Mo cannot bring back that small amount lying there…he says if we buy petrol and groceries using our debit card, black money will go down.
2. Instead of gold, people should keep money in banks.
Banks will lend it to Adag, JPA, Bhushan steel, Mallaya or invest it through Harshad Mehta or Ketan Parikh.
Obviously to the consumer it does not matter, because he is being given a guarantee by the President of India….but the money is lost. The NPA level is not encouraging…nor is the ULIP sale (through banking channels) a good investment for the investor….so what does he do?
Is NaMo serious about banking reforms?
Create 5 banks which will lend only to the top 200 companies. If they have to invest in equities it has to be in the top 200 companies -or make it the top 100.
Reduce the number of banks. Get good auditors by creating an auditor appointing panel – too much of incest is happening there.
Be careful…it is not easy Na Mo. These sharks have been around far longer than you have been….these guys are dangerous.
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