Private Bankers Are Public Servants, decrees the SC - Moneylife

Private Bankers Are Public Servants, decrees the SC - Moneylife



My VIEW:

This is yet another occasion when one feels proud of being part of the efforts moneylife make to spread awareness about implications of legal decisions affecting financial sector. The judicial process and the law books passed on to us by the British have not, even after several decades of legislative action, undergone the kind of Indianisation needed to serve a growing economy like ours. If common man has to benefit from the several provisions of law intended to protect his interests, there has to be more transparency and speed in judicial procedures. 
In most of the court cases affecting financial interests of citizens, the legal battle is between the citizen on the one side and government or corporate body on the other side. Governments and corporates can fight endlessly using public funds(yes, for me the funds with corporates also come under the broad classification ‘public funds’). This results in prolonged litigations and sometimes even small issues reach the Supreme Court.
As regards the subject covered in this article, the differentiation between public sector and private sector banks for enforcement of laws like Prevention of Corruption Act by
itself does not stand to reason. Both categories of banks in India mobilise resource from the same source (public deposits) and do business in similar areas/sectors.

 M G Warrier

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