And for a Friday when 94 year old Lakshmi Vilas Bank will operate as DBS bank and the Netflix screenings of fraudster tycoons, some thoughts….. some musings…..
Day, Jet Airways, DHFL, Essal group….. all loans went bad ….
Hats off to Netflix for the fantastic docuseries exploring the greed, fraud and Corruption of at least four of the many fraudster Tycoons who have systematically looted the Public Sector Banks in India, indulged in most disgusting form of collaborative corruption. Vijay Mallya the fugitive liquor baron and Nirav Modi the celebrity fraudster Jeweler are hiding and fighting out extradition from London. The most laughable part is Subroto Roy and Ramalinga Raju, who obtained ” stays” from various courts forbidding Netflix from airing the Episodes – their claim that their honour, reputation and privacy would be lost. There can’t be a more laughable joke. We the honest tax paying citizens of the Country are the most hurt. It’s we who have to squeeze out our savings and pay taxes, enabling these fraudsters live their “High” lives and fantasies and use the country’s labyrinth network of courts to their advantage!!!
Very encouraging and morale boosting episode is the swift response of Reserve Bank of India (RBI). In spite of the battering and encroachment by corrupt politicians, some of our Constitutional Institutions are still holding out. RBI moved quickly to protect the interests of Depositors, Small time traders and the Financial systems. The speed and alacrity with which YES Bank and Laxmi Vilas Bank issues were handled and crisis resolved – in YES Bank, Rana Kapoor who ran the Bank aground is arrested, RBI got SBI to take the lead, recapitalised with SBI-6050 cr; HDFC – 1000 cr; Axis Bank – 600 cr; Kotak Bank – 500 cr in addition ICICI, Federal, Bandhan, IDFC, all Banks have invested and YES bank is back in operations. For Lakshmi Vilas Bank, the medicine by RBI was different. DBS India – a wholly owned subsidiary of the famous DBS Bank of Singapore was nudged to merge the beleaguered LVB. Singapore bank brings in 2500 crores of fresh equity and all the Depositors and Customers of LVB are fully safe and secure.
India is changing. Banking Regulator RBI has shown the resilience and resolve to be vigilant and strict, yet support growth of economy. But we the citizens must be alert to the Evils of collaborative corruption by these unscrupulous businessmen and unprincipled so called “Industrialists”. Let us all help build a resilient India, the Ethical way, the legal way, the SEEGOS way.