Foreign Banks To Take Over Indian Banks --Should We Not Protest And Stop It

Indian government and RBI are now trying to make rules liberal so that Foreign Banks may takeover public sector banks and private banks running in India. Already stock market is fully dependent on FIIs and now even banks will be managed by foreigners if UPA government and RBI governor Mr. R Rajan are given freehand. 

It appears ruling Congress Party is fully mindless ,confused and ill-motivated and this is why sometimes they talk of merger and consolidation and some other times they talk of branch expansion and giving more and more licenses to more and more  business houses .

When due to mismanagement and bad Human resource policy and wrong execution of best HR policies ,assets  of public sector banks goes bad and when Non-performing Assets rises unabated every quarter in all banks ,the same corrupt politicians talk of global recession and economic slowdown. 

When foreign banks fails and when best banks of USA failed in the year 2008 due to sub-prime crisis , our government led by economist PM Mr. Manmohan Singh was  crying loudly that Indian banks are safe and well managed and now the same  politicians are trying to handover Indian banks to foreign banks. 

Does it not look ridiculous and smell of bad intentions of present rulers?


Ruling UPA government is running from door to door to mobilise foreign funds. They are allowing FOREIGNERS to enter any business they choose and take over any business they like. There are hundreds and thousands of restrictions for domestic businessmen and they try to hunt businessmen specially those who speak against Congress Party. UPA think it safe to remain silent on price rise, inflation, corruption but think it inevitable to speak against BJP and Mr. Modi. 

Common men are crying due to price rise in all essential commodities. There is no proper arrangement for cheap and quality education and medical care in India. There is no guarantee for even clean water and 24 hours power supply. Road are not maintained . Infrastructure is horribly poor and administrative machinery is full of corrupt and dishonest workers and officers. Still politicians are proud of Indian growth story  as if they are fully blind , deaf and dumb towards ground reality.

They always talk of GDP growth rate and FII or FDI. They only  talk of disinvestment that is selling Public sector undertakings and selling of banks and insurance companies to foreigners by liberalizing takeover norms.they never feel sympathy and have empathy for pain common men are suffering .

Are current rulers totally inefficient and incapable to manage our banks? 

By opening channels for Foreigner's entry in all businesses and by permitting them to take over any business they like ,do they want to prove that   Indian leaders ruling this country not capable to manage financial and administrative affairs at their own? 

Do they think that India has no alternative than to be fully dependent on Foreigners, Foreign Institutional Investments and Foreign Direct Investments?

Do they want to prove that British rule was better and the decision to fight for freedom taken by forefathers was wrong and hence they are making all efforts to handover all business and management to foreigners?

Do they not feel any shame for making India down in all respect in International forums?

They have made India famous for inefficiency, corruption, scam , financial mismanagement , social disharmony, political turmoil ,instability and so on ........our banks are not safe, border is not safe,health is not safe , social harmony is not safe ............What is then good ?

God knows when common men will lose their patience and remove all current rules form power and throw them out to deep ocean.

Are Indian citizen awaiting return of days of slavery ? 
How long India will survive on the help of Foreign fund?

We have forgot SWARAJ and the promise of Freedom fighters for making India Self Dependent in all respect. Freedom means not only to acquire power from Britishers but also to make India economically self dependent. Freedom fighters who won Freedom from Britishers will be crying to listen that financial stability of India has now become dependent on Foreign Fund and FDI. 

Freedom fighters  could not have even imagined of a situation when Indian talent would prefer working for Multinational companies and that too in foreign countries  and Indian business houses will prefer doing business in other countries.to get rid of corrupt politicians, corrupt officers,inefficient and mal-administration and lack of good governance in India..

Lastly , if Indian politicians ruling this country now feel that Indian bankers are not at all competent and efficient enough to serve Indians and to keep their banks safe, Indian government is justified in allowing foreign banks to take over Indian banks. But Indian rulers should also keep this in mind that it is mostly Indians who are managing most of foreign banks in India and abroad . Indian talents are appreciated and recognized all over the world but unfortunately not by Indian rulers only .  Why? 

Is it not due to deep rooted flattery and bribery culture in Indian politics as well as Indian administrative system?

Present brand of politicians who are ruling this country for decades have made BSNL, Indian airlines,PSUs , banks and all government departments  critically ill and paralyzed due to their own incompetence and corrupt mind .It is only when things go beyond their control , they think it better to handover the sector to private sector or foreigners.

When a bank become almost bankrupt or a PSU goes beyond control due to mismanagement and due to political exploitation ,they are merged with stronger bank or handed over to private business houses.It is therefore nothing but a conspiracy and well understood move to conceal their evil deeds and their negligence to monitor government run businesses.

I am unable to understand why Chinese or USA government successfully run many businesses and departments , but Indian government always fail and talk of only privatisation and globalization ? Foreign business giants invite Indian talent giving high salary packages but Indian governemnt is not ready to respect their talent.

PRESS STATEMENT BY

M.V. MURALI, CONVENER, 

UNITED FORUM OF BANK UNIONS

• UFBU opposes attempts to hand over Banks to Foreign Banks

Our attention has been drawn to the statement made by Shri Raghuram Rajan, Governor, Reserve Bank of India in Washington two days ago that RBI will soon announce certain reform measures in the banking sector that willallow foreign banks to enter India in a big way and would even enable them to take over our Banks. He has further stated that he we will allow them near ‘national treatment’.

On behalf of one million bank employees under the banner of United Forum of Bank unions and representing the 9 banking sector trade unions of employees and officers, we strongly oppose any such move on the part of the Reserve Bank of India. 

In India, our Banks are dealing with the huge, hard-earned savings of the common people and it is most undesirable to allow Foreign Banks to take over our domestic Banks. The obvious objective of the foreign banks coming to India is to earn profit and hence the precious savings of our people would be diverted to risk-prone business and speculative business. While the profit earned by them would be expatriated, any possible loss would be dumped on our shoulders to bear it. Moreover, there are frequent reports of foreign banks deviating from the laid down regulations of our country. In the past, some of these foreign banks were also involved in scams and strictures were passed by the JPC report, etc. Further, these foreign banks have never been guided by priority sector lending and social lending nor do they have a single branch in any rural area in our country.

Our public sector banks are the mainstay and backbone of our economy and every effort should be taken to strengthen our Banks rather than hand them over to these foreign Banks. 

We strongly denounce the proposals of the RBI Governor and if any steps are taken in this regard, bank employees would be constrained to express their protest through campaigns and agitational actions including strikes.

AIBEA opposes banking reforms-Business Line

K. RAM KUMAR      MUMBAI, OCT 14   2013:  

The All India Bank Employees Association on Monday said that it will launch an agitation if the Reserve Bank of India proceeds with any proposal allowing takeover of Indian banks by foreign banks.

“We strongly oppose the RBI Governor’s proposals aimed at takeover of our banks by foreign banks. These are against our country’s interest,” C.H. Venkatachalam, General Secretary of the association, said.

Banking reforms

http://importantbankingnews.blogspot.in/2013/10/aibea-will-oppose-banking-reforms.html