#2 Know Your Bank
The RBI issues Licenses to Banks to provide the Public with Statutory Money Transaction Services as Financial Intermediation Agencies. The Banks hold Public's Funds on Trust........ Chasing the Service Provider's Balance Sheet to recover your Money will leave you nowhere. You Parked your Money and you are entitled to get it on Demand.
# 5 Know Your Bank
#6 Know Your Bank
The "Bankdemic Virus" (Banks' running out of Money), is not limited to Co-Op Banks, as it is been presumed to be; but, this Virus can intrude in to any variants (Public / Private / Co-Op) Banks.
If you are convinced…… sign the Change org petition in the foot note
Have you ever had a thought of ……
What is a Bank? What is Banking?
What is the primary purpose for which the Reserve Bank of India has been issuing Banking License?
The Primary function of the Bank is to provide Legal Platforms (Current & Savings Accounts) to the People for Receiving, Parking & Paying their Money.
These Platforms will record the Monetary (Money) Transactions exercised among the people either as Individuals / in various other capacities (Proprietor, Partner, Director of a Company ….).
The Bank & the Parking-Slot Analogy:
We are used to park our vehicle in the Parking Slots (Malls, Theatres, Railway Station, Bus Stand……) and we take our vehicle back, when we are bound to move out; till then, the Guardians extend services of safe-keeping of the vehicle for a Charge.
If under an innovative scheme,
The Parking-Slot keepers offer us a scheme through which they shall earn by renting our Parked vehicle, which are idle; until a period of time at which we want our vehicle back; and therein, we are offered with a part of the Rental Income, so earned.
More so, if we are compelled to do so by the Rule of Law to Park the vehicle with the licensed Parking Slot provider & compelled to rent the vehicle.
What will be our Primary Concern?
Our primary concern will be about the secured handling of our vehicle, Responsibility of the Guardians and the Insurance cover offered.
How much will be the value of Insurance in Money Value terms and the Responsibility of the Parking-Slot Keeper over the Vehicle in safe keeping / Renting, for any incidental loss due to an accident / theft / otherwise?
The Reasonable expectation of Value of Insurance would be on the basis of the value of the vehicle – either be it a Two Wheeler or Rolls Royce Car; the insured value has to be in consonance with the value of the vehicle.
Will you compromise yourself for an Insurance Value, which would be fixed with an upper limit derived by the Licensor & Licensee themselves?
Will you accept it if the Insured Value is limited and found to be disproportionately very low?
Will you not expect the Insurance Value be in equal terms with the Value of the entrusted Vehicle?
Now, let us shift our focus when we park our money in the Banks ……
The Banks are providing us with Banking Accounts (Savings, Current, Term) as Parking-Slots for parking of our Money of which the value is Promised by the Reserve Bank of India.
The Recurring Deposits and Term Deposits are nothing but the Term variants of the Parking-Slots.
The Banks are giving incentives (Interest) to the Bank Depositors based on value of Deposits and Terms for their utility value; because, the Banks are utilizing the Money parked with them; more so, the Customers are Legally compelled to do so.
The RBI unambiguously asserts that the Banks are licensed Financial Intermediation Agencies and rightly so.
In fact, this is the basic difference between Banks and Finance Companies.
Are our Bank Deposits Insured?
Yes, at the maximum value of Rs.5 Lakhs irrespective value of our deposits.
What is the name of the Insurance Company?
Deposit Insurance and Credit Guarantee Corporation, a subsidiary of the RBI.
How much money the Insurer collected as Premium, since inception in 1961?
This company had incurred as Insurance Premium to the tune of Rs.88,523 cr. from the Banks, mean the Public of India.
How much Money has been dispersed by the Insurance Company as Pay Out Claims, since its inception 1961?
So far, the Insurer had settled the claims of the Depositors of the failed banks just to the tune of Rs.296cr.
Are we not entitled to demand the Insurance at the face value of our Deposits?
If you feel so,
Selfie Banking: Smart Banking
What is a Selfie?
We are taking "Selfies" in our urge to record Evidences of reality.
The Banks are having the habit of resorting to "sorties" as cats do in the dark.
The Banks are interested to keep us in the dark as far as possible to escape their Responsibilities
and also to effect Systemic transfers of their Administrative Cost of Banking operations.
Their Administrative Cost of Banking operations includes the Losses due to non-diligent lending,
inefficacies and lavish spending.
"Cats conspire to keep us at arm's length" - Frank Perkins
"If a dog jumps into your lap it is because it is fond of you; but if a cat does the same thing it is because your lap is warm" - A.H. Whitehead.
Be smart to take a selfie like this:
The tendency of the Banks will be to stay closer to our money and keep themselves faraway from us to escape any responsibility.
et your bank closer to you through legal and tactical selfies and also keep them faraway from our money being lifted without accountability.
Your tactical selfies will ensure Firewalls of :
Prevention - Protection - Pro-action.
Zoom-in Wide Angle Trigger Customise
RTI Scan Report
RTI Scan Report of the Banking System in India:
Since, Liberalisation & Reform policies were adopted in the Banking Sector,
The subsequent Governments in India failed to put in place systemic Checks & Balances to mitigate the Siphoning-off of the public funds within the Banking System, as loans.
The subsequent Governments in India failed to check the banks from transferring their losses, inefficacies and fraudulent loan dispersals through high lending interest rates over the other Borrowers within their system.
The Government in India, Supervisory institutions of the Banking System - The Reserve Bank of India (Regulator), The Central Vigilance Commission (Vigilance), The ICAI (Audit), all of them will ensure the survival of the Banks at the cost of public interest. The public will be left in the lurch.
Know Your Bank : RTI Aadhaar
The Banking system in India is invoking KYC (Know Your Customer) details from every one of its customers. But, how much we know about our Banks?
Since 2007, we have been invoking information through RTI (Right To Information) Act from various PSU Banks, Reserve Bank of India, Central Vigilance Commission (CVC) and Ministry of Finance. The information are related to Banking operations (Savings/Current Account Maintenance), Lending (Sanctioning & Pricing) and Ethics (non-discriminatory Recovery principles) which are in place.
The pictorial /cartoon depictions published in this website are based on facts revealed under RTI.
Wide Angle: Public Cause
Public Cause: In modern days banking, any incidence in breach of Sanctity or Security within the banking ambience assumes importance as hard evidences are not created instantaneously. Because the Banks have shifted most of the Banking Transactions in the branches of their Banks to the virtual medium of electronics.
Every Branch of the Banks have the security features like - half opened entrance, security guards, CC TV and incidental presence of human beings - all will stand witnesses for any untoward happenings within the banking premises.
But, Debit Cards and Net Banking transactions have changed the way we bank. The transactions are executed in a virtual medium which does not have boundaries or witnesses.
A Fraudster can trespass into your Savings/Current banking account through Electronic medium and get away with the defrauded money easily. Because, the banks will conclude that the fraud was perpetrated due to the carelessness of the Customer.
The Banks will always shirk away from their responsibilities to investigate for any insiders involvement in the fraud. The Banks are refusing to recognise the fact that, if these Fraudsters are not identified and eliminated these fraudsters will remain as "live threats" to the sanctity of the Banking environment.
Sanitising the system:
The Banking Privacy Laws are presumed by Banks as Banking Piracy Laws, the Banks will not pursue our cases/help someone who pursue in public interest.
As such to restore the sanctity in the Banking ambience needs lot of efforts from the victims themselves so that, no one being victimised in future.
If as a victim, you want to pursue your case on a wider perspective we will guide you to our level best. Your efforts will contribute valuable information to this repository "Banking Awareness Campaign for Public Cause"
Cats & Banks
Cats and Banks never break any rules because .....
Although, all cat games have their rules & rituals, these vary with the individual player. The cat, of course, never break a rule. If it does not follow precedent, that simply means it has created a new rule and it is up to you to learn it quickly, if you want the game to continue............ Sidney Denham
Cats and Banks will not deter to break regulations ....
"It is the nature of cat to do certain amount of unescorted roaming" - Adlai Stevenson
The Banks, as Cats do have "breaks" with KYC norms of the RBI to accommodate "suspicious money transactions"
Banks frequently change the rules for their convenience as such attained fluid structure:
Cats often devise their own sets of rules they think; we should live by they may be quick to chastise us, if we fail to adhere to these rules - Margaret Reister
The Banks commit crimes and misdeeds but can escape punishments by assuming various states of matter - solid, liquid or air.
View this superfluous liquid flow movement of the Cat:
Like Cats, Banks can perform Cloud Walks....
....... leaving no trace of footprints
Banks like Cats know the ways to exploit borrowers and customers through stealthy means.
Cats know how to obtain food without labour, shelter without confinement and love without penalties - W.L. George
Banks like Cats get shelter without confinement....
..... yawning gaps in profit and losses were adjusted through exploitation.
Food without labour.... "takeaway" in need
Cats and Banks can assume the psyche of slumber for convenience .....
"Cat closes its eyes and believes the world is dark" - Bhagavad Gita
Any number of punches do not matter either for Banks and Cats ......
A "kick start failure" .....
Determined to ignore the kicks
- a prelude to a comical relief......
A Cat is an example of sophistication minus civilisation - anonymous
Banks like Cats are indifferent to the cries of small Secured Borrowers, Students, Farmers .....
Cats' hearing apparatus is built to allow the human voice easily go in one ear and out through the other - Stepher Baker
A Cat is intelligent than the people believe and can be taught any crime- Mark Twain
Of course the strength of the Banks is based on our compulsions, reluctance and financial reliance over them.
We will not be in a position to seek clarifications or pursue any acts of the Banks which might be doubtful/deceitful to our mind.
You can "Customize" your pursuance with the Banks by limiting your identity but initiate a "Trigger" at an appropriate avenue and level.
You will be contributing valuable information to the repository of "Banking Awareness Campaign for Public Cause"
Ethics: B(L)ANK Magic of India
Discriminatory Loan Default Recovery Procedures :
Magician : Banks
Magic Wand - SARFAESI Act. 2002
Banks (Cats) will become Tigers and plunder the Secured Small Borrowers.
With Corporate Borrowers the Banks (Cats) prefer to be feel sleepy ......
Handshake - Hand full - Hand in Glove relationship.
Finance Minister: Businessline : 25.10.2012
Reserve Bank of India :
Lending: Deficit in diligent Sanctioning & Pricing of loans
Sanctioning of Loans
"If a Dog jumps into your lap, it is because it is fond of you; but if a Cat does the samething, it is because your lap is warm" - A.H. Whilehead.
Small Borrowers must have to be "wealthy" enough for exploitations.
Deficit in diligent Pricing of loans
"You own a Dog but you feed a Cat" - Jenny de Vires
"Dog eats; Cats dine" - Ann Taylor
Of late, the Governments are claiming that the Economy is based on Market Prices which were determined through demand and supply. The commodity of the Banks is money. If so, why there is no differential pricing in the lending rates of various banks. The Banks in India function as a cartel.
Small Borrowers are meant to be "Buffers".
Lending Interest rates are not based on "Cost Analysis", but based on "Necessities of the Bank to show profits.
Competition Commission of India :
The Competition Commission of India is investigating the Banks cartelization issue suo motto because no one dared to file a complaint against the Banking Cartel. We have filed a petition against the Banks and the Reserve Bank of India for imposing restrictions in ATM usage in the CCI.
We the public are supporting the Banks......
Finance Minister: Businessline : 25.10.2012
Reserve Bank of India :