Chapter 12D: Given the status of cybersecurity, global geopolitics and national needs – there is an immediate need to nationalise either part or the entire private banking groups.
Especially the Citi HDFC Axis Cibil cartel.
The object of a bank is to collect public savings and to channelise them for public good and socio economic progress.
It is not to steal population scale data (as is being done by HDFC promoted and now Trans Union owned Cibil). It is a challenge to Indian intelligence that India needs a two bit American player to manage a database. Trans Union had a 10% stake in Cibil. How did it get to 92%. Is there an act of sedition ? How is the credit data of the entire Indian population owned and controlled by a foreign entity. Imagine the war time implications of this. Like NPCI – SBI brand name was prostituted for the creation of Cibil.
Or to deploy the savings to create a real estate bubble which has made property unaffordable for the masses. And so profitable for the builders that everyone from Tatas to L&T to Godrej to Birlas to HDFC to Adani to Trident to DLF think they can rake it in. Not to be left out, even Jio is building malls and Max is building estates. It is a bubble like no other. In India, AI doesn’t even come close. Houses in Gurgaon with a fair value of Rs 15,000 per carpet sqft are being traded at Rs 200,000. Very much akin to HDFC shares whose price mirrors this.
These highly overpriced flats are then funded by banks creating an even bigger bubble. As the forces of ai and technology, kill jobs and livelihoods -these banks will go under. Taking the entire economy down with them.
Grossly exploitative loans given to the poor through microfinance companies, rural banks acting as loan sharks, credit card interest rates of 60% pa to fund iPhone purchases, personal loans at 30% …. Luxury car financing at 6%. Direct violation of priority sector lending obligations. Aggregating money and using it to create purchasing power for cross selling. These are not going to a country make.
MSME after msme is failing. Bank profit is not the indicator of economic success.
It is like a toll road. The toll revenue is just one of the benefits of the toll road. The larger benefit is the improvement in connectivity, logistics, education, healthcare, reduction in spoilage, better law and order … Eventually toll revenue is a rounding off error to the benefits accrued. Therefore it made great sense to involve as many players as were willing to get concessionaires to build roads.
But guess what. Not one toll concessionaire was funded by the Citi cartel. What they were instead doing is to help the toll road builders to siphon out loans taken from indian banks and havala them overseas. Srei accessed 54,000 cr from Indian banks. Reliance capital was similar. Dewan housing was not to be left behind.
Finally it is Indis which stays poor.
Modiji had severely underestimated the money exported from India in the 75 years.
