‘TelePhone Banking’, cause of 34lac cr spurt in bank credit in 2008-14 (18 lac cr in previous 60 yrs) -PM
No, Mr PM , that’s economising on truth . Absolute data may score political brownie points ,but more often than not, absolutely obscure understanding. Credit growth is correlated to economic growth. Hence, abnormal growth is best indicated by comparing growth rates of GDP and Credit simultaneously.
The historical time series of the two growth rates confirms both moving in conjunction throughout and downward , yes DOWNWARD, since 2008 to 2014, ipsy facto invalidating presumptions of graft. The absolute figures appear huge because the GDP growth was huge. Incidentally, the biggest divergences appear in Vajpayee years, ‘India Shining’. So inferences drawn on stand alone basis are flawed.
However, if loans were indeed given to unviable entitities ,or bcoz of phone calls, the culprits deserve the dungeons, no less. Credit process is thoroughly documented, call records too are easily available, Mr PM go ahead and let heads roll. If they have already, let it be known, who and how many.. Defaulting agri borrowers are shamed by remorselessly publishing list of defaulters, why then draw a shield over ravenous malfeasant moguls on untenable grounds of confidentiality or imagined risks of unsettling financial stability ?
And let’s not forget, bankers don’t cook up unviable, crooked projects, entrepreneurs do .Hang them too , not just the bankers, ‘telecallers’ .
Unfortunately, Mr PM , your regime’s record ,to be charitable, is unenviable. The much touted 2G spectrum ‘scam’ has withered away. The names of bankers, entrepreneurs, ‘telephone callers’ still remains in the clouds. Mr PM ,did your people investigate the ₹11000 cr that Nirav Modi swindled from PNB in 2017 from the angle of ‘telephone banking’ ? We don’t know.
Rhetoric is no proof of facts.
No comments:
Post a Comment