Letters: Private profiteering | Business Standard Letters

Letters: Private profiteering | Business Standard Letters

Submitted version:

October 20, 2014
The Editor                                                                                                      
Business Standard
Sectoral issues

This refers to the article “A chowkidar for state banks”(IRRATIONAL
CHOICE, October 20). I am afraid, even Debashis Basu has been guided to believe
that governance is all about government and public sector. I would go by the
promise of Modi and would wait for some more time whether the chowkidar initiates some steps to protect the nation’s resources and redeploy them for the benefit of ‘WE THE PEOPLE’(Refer PREAMBLE of the Indian Constitution).

The Indian public sector as it was envisaged by the policy makers of the Nehruvian era has faced continuous assault from the so called private sector interests which found
helping allies in the bureaucracy and certain rich individuals who could make
it to powerful positions in political leadership. Policy making and legislation
have been manipulated by these allies to serve the interests of their ‘masters’.
On the limited issue of the criticism of banks in public sector, the question remains what prevents the private sector catering to the needs of the huge clientele now served by public sector banks. The private sector business interests do not allow them to
service the millions of accounts maintained by public sector banks, as their
primary interest is ‘more profits with less work’ and they look at the creamy
layer of the depositors and borrowers. The position will change only when the chowkidar feels the responsibility of viewing nation’s resources(whether in public or private sector or with individuals or other organisations) as belonging to India as a country and guide their exploitation and management in public interest. Let us not throw all the blame on public sector banks.

M G Warrier, Mumbai


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