Banks (like river bank) are the corners which ensure the flow of economy (river) and provide people the platform
to take advantage of the (river) by taking bath in it or to take water from it, to swim in it, or to water/pray in
it (current banking system provides all such facilities like saving account, loan, deposits, current account and locker).
It is said that “God helps those who have it, otherwise takes away whatsoever small, one have," and also
it is said that, “blessed are the poor, kingdom of god is for them”. ‘It is observed that, currently the banks
are following the above norms/guideline one by enhancing the richness of riches and second by un-touching the
poor, so as to maintain their blessedness. For harmony in society, guidelines have to be modified by 'God helps
everybody and also maintains checks and balances'. Small money, without any guarantee and on trust alone has to
be given by individual bankers, ombudsman, for enhancing venture capital’.
Banks have to provide secret, safe and secure counters for so called excess and unaccounted money in line with
Nationalized banks need to open counters of gold, silver, platinum, simple jewelry, diamonds and other metals
for strong national metal currency stock and people to have purity and guarantee of government for trade and use
of such metal and other precious items. There is need to open different bank or separate counter in existing banks
which will directly deal in food grain, other farm and forest products (without any trading) buying, stocking and
bulk/retail selling. This will dilute monopoly of 'Food Corporation (corruption) of country', reduce wastage, reduce
processing cost, and will provide larger availability etc.
In the age of ATMs and Internet banking, one account is sufficient, promotion of multiple bank accounts need to be stopped.
Interest rate on savings as well as on safe, secure and secret accounts are to be brought to zero. For small to medium fixed term
deposits small interest has to be continued. For senior citizens without heir, 08% interest rate will have to be paid.
For other purpose borrowing and lending interest rate need not to be more than five percent and ten percent respectively.
Credit cards have become maniac. In America it is said, “One born on credit card debt and get cremated on credit card debt”, a
very hopeless situation. Promotion of credit card has to be curbed radically (however debit card to be continued).
Interest rate, late fine and various hidden charges, altogether amounts to approx. thirty to forty percent , for middle
class and poor family, for higher-ups it amount to only two to three percent interest. Rationalization is the need of
the hour. Credit card interest (total) should not exceed fifteen percent-all-inclusive. We should not bother if credit
card shops are closed, as being on debt is always bad and debt trap and attitude of debt is disastrous, for individual
and country as a whole. Tendency of debt does not need any promotion neither for government nor for individuals. Loan
fare (Mela) and cansequential NPA (non performing assests) need to be rationalised.
In banks loan (earlier and somewhat now also), it is observed that individuals are promoting the firms and taking
loans on firm name, on being defaulter or bankruptcy, firm gets defaulted and such promoter again apply for loan for
another firm. Credit rating of firm, firm’s directors and promoter has to be maintained to avoid cheating and malpractices.
For private bankers and small moneylenders and depositors, maximum limits of interest charges have to be fixed and in any case it
should not exceed eighteen to twenty percent Defaulter, for charging higher interest rate has to be penalized. Suicide
by a maximum number of farmers and other small business person has taken place on this account. Proactive action through
decoy customer by the enforcement agency has to be ensured.
Each district will have to have creativity and venture supporting section, which will provide support, and may
act as a guide for commercial aspect and act as a bridge between the individual creative idea and industry, and if
suitable, then provide loan for its application. “Everybody is honest and dishonest will be punished” need to be a
buzzword, rather than present everybody is dishonest and honest will be rewarded. For enhancing and respecting honesty,
rules will have to be very simple.
Cash to reserve rationale has to be modified, so that value of the rupee remains high which causes less flow of
currency. Higher gold reserve has to be maintained by the central bank, for enhancing its financial credibility and
feeling of high security by national citizen.
Larger profitability of bankers, enhancement of banking business is inversely proportional to richness of common
people. Promotion of opening bank and allowing more and more banks like ABC co-operative or ABC international is dangerous
for citizens and economy. Balance and harmony need to be the buzzword.
Bankers do have a social and environmental responsibility. Besides rising fuel bill of countries, banks have to
evolve/review policy of loan to automobiles and luxury items.
To enhance the happiness ratio of society one couple-one bank account norm may have to be initiated (separate account
on emergency). On the death of account holder (earning partner), part of the sum must go to parents of the deceased (some
norms like twenty four percent to parents, fourty eight percent to children twenty four percent to widow/widower and
two percent to city’s religious institution and two percent to countries Relief Fund have to be formed).
Transparency, quality in operation has to be ensured for the account holder (national and international) Bankars
must ensure that every senior citizen and every married person are being informed about submission of nomination to
avoid unnecessary complicacy after the death of customer and also to avoid accumlation of unaccounted corpus of the bank.
Banks need to be respected like riverbank for providing bank to needy in summer, in winter in rain and in luxury.