Universal banking will drastically reduce interest rates on poor, reduce poverty, increase domination of foreign banks in India and will later enable foreigners to spread their religion as well. Solution is to implement Universal Banking WITHOUT foreigners. How? . Activists across India have been demanding universal banking since 1990s. And it was possible to have universal banking even in early 1990s. But leaders, be Sonia or ABV, always opposed universal banking. And leaders supporters supported leaders and not activists. And so universal banking didnt come till date. Now, universal banking may happen in next 6 months. . The organized lenders and foreign lenders werent willing to lend to poor as they had no bank account, and recovery was too expensive and time consuming. Unorganized lenders charged as much as 10% to 20% interest rate per month, sometimes even more. Now every poor will soon have bank account, and soon loan recollection will become easier. So foreign lenders will now be willing to lend more to the poorest of the poorest. . The foreign lenders will hire 1-2 intermediary. But they will soon dominate lending sector because their profits are tax free due to FDI rules. The poor will also benefit, as for several years to come, the foreigners will charge only thrice the deposit rate i.e. 30% a per year , which is an excellent deal for most poor. So poverty will reduce in next few months due to lesser interest burden on poor. The domonition of foreign banks in lending will enable them to spread their religions in times to come, say after 10-20 years. The foreign banks will spend most of their CSR to missionaries, which will be additional help to Missionaries. . Indian large and organized lenders have dried out. They have no money to lend now. Corporates are in deep debt, and PSU banks have made too much NPAs. PSU banks will not give unsecured loans to poor, and if they do, then money will go down the drain, as in PSU-bank-managers arent capable of managing the judges in-charge of recovery. So big chunck of private loans will now be given foreign banks. . The solution is to implement universal banking, and not allow foreign banks. This is where SoMoKe will fail completely. SoMoKe heavily depend on foreign elitemen for paidmedia coverage, and so SoMoKe can at best stop foreign banks in some sectors, but not stop them in general. . The solution is confine banking to WOIC (for WOIC, please search on word WOIC in rahulmehta . com/301.htm ). This can be accomplished printing WOIC-law-draft in Gazette and then printing one more notification that banking area will be confined to WOIC. And these two can accomplished by convincing over 42 crore voters to send orders to MPs via SMS to print WOIC law-draft and confine banking to WOIC. - Rahul Chimanbhai Mehta(RTR)
Posted on: Sun, 31 Aug 2014 11:01:47 +0000
Trending Topics
Recently Viewed Topics
© 2015