Banks in India wrote off bad loans worth INR 7,000,000,000,000 during the last decade

in LeoFinance2 months ago (edited)

Greetings friends!

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Banks are the part of monetary and financial system where people deposit money and that money is supposed to be distributed to the needy and in return depositors get interest on their savings. People also keep money in the banks as they think it is safer to keep money there. There has been a mutual trust between the banks and customers of the banks which is now a thing of the past.

Money does not grow on trees but, big businessmen and industrialits can get it by simply availing bank loans and becoming willful defaulters of loans. Industrialists in India have taken loans worth trillions of rupees and digesting it without repaying even a single rupee as interest. They get loan easily and never repay. So, ultimately banks wrote off it and those industrialits became eligible for further loan. Ordinary persons' savings are thus goes to those corrupt capitalists due to connivance of the bankers, politicians and bureaurocrats who work as the pimp of those greedy scoundrels which people called as industrialists.

According to Reserve Bank of India's data, Bad Loans worth INR 7 Lakh Crore was Written Off during this Decade, out of which 80% was written off in the last five years. This is the organized loot of public money and every big player is involved in it.

When it is translated in terms of USD, it is roughly equivalent to $ 10,000,000,000! This is a very big amount. This is being done in every country and under developed countries are the big sufferers. Democracy is not even close to justify its name.

What do you think about it? Please let me know through your comments.

Thank you.

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