In recent times, Indian banking sector is hit by a number of frauds. Two employees of Punjab National Bank colluded with a top diamond merchant and made away with $1.77 billion dollar or about INR 11,300 crores worth of money. It is now expected that the bank is likely to make good on these losses but where will this fresh money come in from?
RBI-the central bank of India on the other hand is choking the country on its high interest rates. The total sum of bad loans in the country are over $140 billion. It doesn’t seem to be affecting anyone but what if this causes another major market collapse. Are you not reminded of the 2008 crash yet?
India is on an economic slow down and all these numbers from the government remain are just a load of crap.
Maybe we’ll see a movie on this scam as the fraudsters sip on their margaritas in the bahamas perhaps. More the reason for the bank sector to power their systems on a blockchain and instead of having strict policies such as know-your-clients (KYC) they need to have KYE (know-your-employees) in place.
Income Tax Department infact has warned in a note seen by Reuters that Indian banks face a risk exposure of $3 billion from bad loans from guarantees given to Nirav Modi and his uncle-top diamond retailers in India. Nirav Modi and his family is untraceable and have run away with this huge sum.
People like Vijay Mallya are scot free even after years of scamming. India has failed to deport him back to face judicial enquiry from UK. He’s literally given the finger to his country of birth as he scammed away from here and continues to live a lavish lifestyle.
Failing Trust in Banks.
News like this has taken away my trust in our favored custodians of our money. If we don’t keep money in the bank, where else do we store our savings carefully? For more people banks are the default place to head to for saving their income.
The same banks however, prevent us to transact our money and invest in areas such as cryptocurrencies. They tend to force our hand into doing things as they want to. This world needs a revolution in terms of banking. These banking fraudsters have made away with billions of dollars of income earned by the poor across the world with no repercussions.
Even today, common people in far flung areas have no access to banking or credit but these businessmen in India run away with billions of dollars worth of Rupees. I’m no good at predictions but looking at the current situation the day isn’t far when we see another collapse in banking and stock markets come crashing down like it happened 10 years ago.
It’s a shame that the so called government refuses to acknowledge revolutionary changes in monetary systems propelled by cryptocurrencies and blockchain and continues to lead us into the abyss with their haphazard policies and arrogance.
You can read here about the biggest scam in Indian banking history. So much for Aadhar, KYC and a whole lot of other bullshit that we have to undergo to access basic banking needs while corporates continue taking us for a ride!
Perfect ad by Nirav Modi. 😂🤣 #PNBScam pic.twitter.com/SeB2Q4syYJ
Akshay Jain (@AkshayKatariyaa) February 15, 2018
Keep money in the bank - Nirav Modi will take it.
Put money in cricket - Lalit Modi will take it.
Keep money at home Narendra Modi will take it.
What to do?
What do you feel about the latest scam? Is something similar happening in your country dear readers?
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