FRDI Bill and India’s DeveloDment
The Union Fince Ministry has introduced a Bill titled “Fincial Resolution and Deposit Insurance” in the Parliament to the utter detriment of customers. Currently the Central Cabinet has already accorded necessary approval to the new Fince Bill. If the Bill is somehow passed in both Houses of Parliament, it will not only pave the way for privatisation of the banking sector in India but also the customers are likely to loose their hard-earned money deposited with different commercial banks and in the insurance sector.
The people are therefore frightened to a very great extent. The people of Telenga and Andhra Pradesh have started withdrawing their deposited amount from their respective banks resulting in paucity of cash in these States. The whole process has been going on since last three months on a continuous basis. What is more, the Government employees are also withdrawing their salary amount from the ATMs in entirety and all ATMs remain cashless. The situation has come to such a pass that there has been acute scarcity of cash in the banks. The banks have to bring cash from the neighbouring States like Maharastra and Kerela to cope with the situation.
J Swamithan, the Chief General Mager of SBI himself has admitted the scarcity of cash in the States. According to him, State Bank of Andhra Pradesh and Telenga have to borrow cash from Orissa and Tamildu to deal with the situation. This unusual situation of the South Indian states is likely to take place in other states of the country sooner or later.
I am of the view that India is basically a rich country of poor people. But the Government, instead of endeavouring for the better living of the common people, is working with a tendency only to help the big businessmen and other elite section of people.
Millions of countrymen are at present remaining in sub-human conditions of existence. The Government does not appear to have taken the people into confidence on any vital issue concerning the life of the toiling population. To my mind, the Government only shows its scant regard for the wishes of the people and democratic opinion in the country.
In the real battle of life ordained on us by history, nobody can remain a silent spectator. Each one of us has a part to play.
When a particular development collides with the objective laws of development, the crisis developes. Anything done to change this crisis into boom further intensifies the crisis. Tomorrow which we all firmly claim to be ours must be protected at all costs.
The spring this year will not be a season of festivity for the people. The times are turbulent. But at the end of this dark tunnel, there is inevitably a light and each one of us must work for a better future.
History forgets nothing nor forgives any one.
West Jorhat , Jorhat-785006, Assam.