INDIANISATION OF JUDICIAL SYSTEM NEEDED? - Moneylife

Will the Banking System Collapse? - Moneylife



INDIANISATION OF JUDICIAL PROCESS NEEDED? 
This is with regard to “Private Bankers Are Public Servants, Decrees the SC” by Sucheta Dalal. This is yet another occasion when one feels proud of being part of the efforts that Moneylife makes to spread awareness about the implications of legal decisions affecting the 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 the 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/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’). These result in prolonged litigation and, sometimes, even small issues reach the Supreme Court. 
The differentiation between the public sector and private sector banks for enforcement of laws like the 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.
MG Warrier, online comment

 

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