License to Industrial Houses to Float Banks Disastrous Raghuram Rajan and Viral Acharya; former RBI Governor and former RBI Deputy Governor respectively have rightly termed the recommendation of the RBI’s Internal Working Group (IWG) to allow industrial houses to float banks as ‘penny wise pound foolish.’ Since assumption of power at centre in 2014, the RSS-driven BJP-led NDA government has been in the process of destroying the country in all domains, through their foolish and myopic acts. As a result, the financial sector of the country is in doldrums and the economy has nosedived to negative side. Still the rulers have not realised the repercussions of their foolish acts; they don’t actually want to bother about it rather. When the corporate giants are brought into the banking business, it would end up in concentrating economic powers to these giants. When these corporates need finance, they could easily avail it from their own banks without undergoing any scrutiny on the security of repayment of loans. Barring a very few cases, banks in India seldom fail and so they are able to accumulate huge deposits. But, when the industrial houses are given licence to run banks, it will lead to bad lending; and the borrower and the owner would be the same. This state is highly calamitous to the depositors. The Modi government is selling out all state-owned undertakings and enterprises to its corporate cronies. Many airports have already been sold to Adani. Oil companies and Indian Railways are put for sale, and now it is the turn of banking sector. Modi’s slogan of ‘Sabka vikas’ was a camouflage of ‘Adani ka vikas.’ Unless the people are woke and ensure the country is liberated from the ruinous hands of the Sangh Parivar, our beloved country will, for certain, be sold out to the corporates by them. As Acharya said “giving licenses to industrial houses is an idea “best left on the shelf.””MK FAIZYNATIONAL PRESIDENTSDPI