People have lost faith in RBI, banking system: Anand Sharma

The Reserve Bank of India had a formidable reputation. Today, people's trust in the Indian banks is shattered and the reputation of the RBI is dented," Sharma told.

By: PTI | Kochi | Published: December 18, 2016 4:37 pm
Anand Sharma, congress MP Anand Sharma, economy, indian economy, demonetisation, currency ban, old notes, demonetisation move, pm Modi, Narendra Modi, PM Modi demonetisation, Ficci, RBI, black money, business news, indian express news Congress MP Anand Sharma (PTI Photo)

Congress on Sunday targeted RBI and banks in the country, saying people have “lost faith” in the “banking system” after Prime Minister Narendra Modi’s “disastrous movement” to demonetise the high-value currency notes.

Senior Congress leader and party’s chief spokesperson Anand Sharma alleged that “crores and crores and crores of newly-printed currency (notes) are going out” from the “back doors” of the banks while common people were denied their right to withdraw their hard earned money they have deposited in these banks.

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“People had faith in Indian banking system. After the financial crisis and after the economic crisis of 2008-09, Indian banks showed their resilience and their trustworthiness. The Reserve Bank of India had a formidable reputation. Today, people’s trust in the Indian banks is shattered and the reputation of the RBI is dented,” Sharma told reporters here.

The ex-Union Minister for Commerce said, “I am telling you why. People who toil hard have small small savings. You put your money in the bank and you have the assurance that the money is safe. When I need it, I can go to the bank and withdraw it.”

“But the bank is not giving that money. Because cash is not available and the cash which is available is not coming from board or the counter”, he said.

“ATMs are running dry. And from the back doors crores and crores and crores of newly-printed currency is going out. So how can people have trust…” he asked. He said it will take a long time for the Indian banks to rebuild their trust.

“What ethics are there and correctness is there when your own money is snatched. You will say that your money is there, don’t worry. It is safe. But it is safe with me as a government. I will use it the way I want and I won’t give it to you. That is where the trust is gone. It will take a longtime to rebuild the trust in the banking system,” he said.

Sharma, who is also the Deputy Leader of Opposition in the Rajya Sabha, attacked Prime Minister for the “sufferings” of the people through the “disastrous movement”.

“Prime Minister must be held to account and the BJP government for creating the huge upheaval in the lives of the citizens for afflicting the sufferings, for destroying the economy and for over 111 deaths. He has misled the nation and its people,” he said.

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  1. Bipin Bhardwaj
    Dec 18, 2016 at 2:17 pm
    When the RBI becomes a puppet in the hands of the political masters, Banks have already been devised a tool for the per and Loot of the people's savings for along time,the names of the biggest defaulters are not disclosed, and kept secret. Is the Govt a slave of the Richest, there loans over 8 crores to l be written off there is no doubt left. Recent installment of 8000 crores, already 1.14 lakh crores in last 2 years.
    1. B
      Dec 18, 2016 at 6:16 pm
      More like lost confidence after 60 years of corrupted congress rule
      1. C
        Chandu Shah
        Dec 19, 2016 at 8:56 am
        People have lost faith in Italian Mafias Vadras and Sharma. Happy days will be when Khangress will be 000
        1. Kalidas
          Dec 18, 2016 at 4:38 pm
          When RBI defaults on its own Promissory Note to pay by invalidating, when all banks refuse to pay the customers in full on demand as required under Negotiable Instrument Act, no one can have faith in the currency. lt;br/gt;lt;br/gt;RBI has debased the currency system which will force people to go back to traditional system of savings viz. Gold which can never be demonetized by any government of the world.
          1. M
            Dec 18, 2016 at 6:49 pm
            If thieves are saying so there must be some work being been carried out! lt;br/gt;lt;br/gt;The thieves have been in power for so long that they think it is their birth right to steal, because they have known nothing in their entire public life! It's like germs in st-ool that finds the st-ool to be the best environment that it can dream of!
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