Bank depositors ignored The demonetization had nerve shattering effect on the bank depositors. The long term gain and short term pain promised is a myth confirmed. The endless sufferings of waiting, dying and rationing the use of their own money is the worst experience post Independence. The frauds with ATM cards and debiting twice etc are waiting solutions, which are detrimental to the interests of holders
The security and safety of deposits is limited to Rs one lakh per person of all deposits in various branches and banks taken as a whole. It smacks of authoritarian streak, to say that 97% OF DEPOSITORS in India have less than one lakh only and hence no need to increase the security beyond this limit, The frauds and NPA`s to the tune of lakhs of crores and there is no sign of ever recovering this loot and plunder as they have fled the country. and proceedings for repatriation/ deportation are locked in legal formalities and are long drawn out affair. The present situation all over the country of ATM`s drying up is another warning bell .Whose money is disbursed as advances and loans, without adequate collateral and recovery by secularization? This is not the normal practice when ordinary citizen apply for loans and are considered ? It is an open secret that loans are advanced due to political influence, pressures and greasing the palms of those concerned. The requirements are manipulated as it suits the authorities. Forget about the charges or loans, services the capital is also at risk of recovery. The depositors are taken for a joy ride. The charges levied by the Banks for various ,recently services rendered are excessive and exorbitant by all counts, when earlier they were free. It is a great favour as BOI officer at local bank states that pass books are issued free, Are the Banks trying to recover the losses by charging the captive depositors to ransom ? The dipping interest rates making loans from Banks dirt cheap for Industrialist, businessmen etc , whose products cost, priced does not in any way reflect the cheap finances availed off. The depositors unions do not seem to be too enamored to step in to protect the depositors interests. The employees avail of one percent less for loans and also for deposits, besides conferred with free services that normal depositors are denied. The only alternative left with depositors is to line up at banks all over the country and withdraw the hard earned finances to send the message to the Govt about the power of depositors’ to strike hard .It is advisable to diversify into post offices savings. The constant advertisements of luring investors to the market to try mutual funds for long term disappointment should be considered as serious bait, much worst. TO GET REDRESS In SUCH SITUATION IS WORSE THAN BANK DEPOSITS ,The unity of Bank depositors in moving away from Banks as safe and secure investment outlets needs serious thoughts under present conditions of uncertainty Nelson Lopes Chinchinim