Our Focus (2)
Depositors Cause
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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:
Parking-Slot:
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?
No.
Will you accept it if the Insured Value is limited and found to be disproportionately very low?
No.
Will you not expect the Insurance Value be in equal terms with the Value of the entrusted Vehicle?
Yes.
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,
Banks in India are the "Live threats" of the failed objectives of public interest.
We the public of India have not realized that the Banks are confronting us through every windows of opportunity......
Cat culture of the Banks have destroyed the Social fabric.....
Market Economy and Money:
"They (International Banks) have often been found to deal in financial flows of suspect legality in one country, though not always in both countries involved. International Banks have the opportunity and incentive to conduct operations involving tax avoidance. Because of these operations, International banks enjoy significant influence over the political economy in several countries," - Dr. Reddy said, while delivering the Per Jacobsson Foundation Lecture 2012 on Sunday in Basel, Switzerland.
In market economy,
Empowerment, Entitlement, Education, Election, Employment..... Everything is based on money
Banks are enriched with enormous flow of legitimate and illicit money .....
Enormous Money brought Anarchy and Arrogance to the Banking system...
If you provide a Dog with food, water, shelter and affection, they will think that you are a God, whereas if cats are provided the same they will drew the conclusion that they are Gods.- Christopher Hitchens
Banks have drew the same conclusions like Cats.
In India- the Governments, the Executive and the Media, all will prefer to play a subservient role to the Banks for ulterior reasons.
Banks are the real rulers of India
Noble cause:
Only we, the Public of India have to tactically "Bell the Cats (Banks)" to ensure our future...
We are on a Mission.....
Join Us to achieve this Noble Cause