In 2017, I had written a post about the genesis of current crisis in Indian economy especially in Banking and Financial sector after the demonetization madness that claimed the lives of more than hundred people. I referred many reports, interview and opinions of eminent economists of the world to substantiate my argument that current economic crisis is not the outcome of external factors (flood, drought, international recession etc.) but purely a manmade disaster. When incompetent, inefficient, thoughtless person run the country’s economy obviously such results are inevitable. The latest case of Yes Bank is another illustration of how politicians have wiped out public money-our own money-the tax payers money.
In the said post, I presumed that Indian banking structure is going to be collapse due to countless directionless policies and perilous decisions. In addition to that, there is utter mayhem in every sector of economy be it trade, export-import, investment, employment, labor market and financial sector. Whatever happened in the past in some banks i.e. PNB, IDBI, Dena Bank and Bank of Baroda is the not the problem rather symptoms of a big disease that has gripped India. The disease is that we have given the country in the hands of infuriated monkeys. Now let’s come to Yes Bank story. Hon’ble Finance Minister blaming the Congress for Yes Bank crisis but she has no answer on my these lines. My argument is simple: Why exorbitant amount of loan credited to Yes Bank despite poor performance? Why RBI guidelines completely sidelined by the Ministry of Finance? Who sanction the loan to Yes Bank in following years?
FY 2014-55000 Cr
FY 2015-75000 Cr
FY 2016- 98000 Cr
FY 2017- 1,32,000 Cr
FY 2018- 2,03,000 Cr
FY 2019- 2,41,000 Cr
This post has been taken from FB wall of Narendra Nagarwal. Views are personal.
