Banks collapsing, when authorities woke up!
My question is, for the fault of bank why depositors are to suffer?
This is not first instance public are suffering for banks' faults. Charminar Bank, PMC bank, fraud in PNB etc., are glaring examples of failure of regulatory /Audit system/Vigilance etc., ultimately making depositors to cry.
Could not understand why Govt. of India the supreme authority is not taking appropriate steps through its bodies to prevent reckless lending, secured repayments etc.
This is a horrible situation, allowing only depositors to suffer and allowing defaulters and fraudsters live happily. There is no dearth for examples like Malyas, Lalit Modi, Choksis etc, who duped banks and enjoying life.
At least it is the time now for Govt. of India to take responsibility for all such defaults, wake up and tighten the rope to protect many citizens who deposit hard earnings for safety and future needs. more
As far as YES bank is concerned, the leading banks of the country have already come forward to rescue it and therefore, the depositors need not to worry of security of their money. more