Depositors at the receiving end of banking services

Kashmir Times. Dated: 2/11/2020 12:40:30 AM

Dear Editor,
Banking services are mint for keeping the money deposited by the people safe and secure. The nationalization of banks was perhaps was done with same purpose many decades back. The demonetization of the currency was done in a very shocking way which forced the people of all ages to stand in que for boors rather days together as such out of fatigue and exhaustion more than 200 old and again men and women reportedly lost their lives.
Those who have kept money with them for hard limes were made to eck out of get the same exchanged for new currency notes as older ones were demonetized. The banks put restrictions for drawing the money they needed for defraying expenses on health problems, marriages and other domestic functions and needs, thus rendering the depositors as beggars. The people (men and women) are still facing the ill effects of demonetisation. Some old ladies and men reportedly knocked at the doors of highest judiciary seeking relief for extension of date for replacement of old currency notes with new ones as they could not do so because they came to know much latter than the dead line fixed for doing the needful.
Moreover, for insolvency of banks, the depositors were assured of paying rupees one lakh only even when they had money much more than. During the presentation of Union Budget for the year 2020-21 the Union Finance Minister Nirmala Sithraman has raised the assured money by the banks upon rupees five lakh which too is mockery of ditching the depositors as the banks are becoming Bank erupt because of rich people have been able to obtain huge loans in violation of norms and then lied out of country is per reports appeared in the news media.
—Krishan Singh,
Talab Tillo,
Jammu.

 

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