Professional Documents
Culture Documents
2% of total branches were in rural areas 40% of branches are in rural/semi-urban areas
Bank deposits siphoned off to industrial houses as A greater portion of deposits are channelised to rural
cheap credit credit
One hundred bank directors were also sitting directors This figure came down drastically
in about 1000 companies
Public money siphoned off through benami landing Public money siphoned off through loan write-offs
Names of defaulters and those whose loans were The same is the situation even now. The banks are no
written off not for public scrutiny under banking secrecy answerable to the Parliament. Comptroller and Auditor
General has no jurisdiction over government bank
accounts shrouded in secrecy.
Politicians-owners nexus was absent. But there was Interference and manipulation by the politician-industri
patronage through donations. nexus in full swing. In some cases, (like Janardhan
Poojari) bank loans were used to garner votes.
Public money was safeguarded through Deposit The Deposit Insurance Corporation was abolished.
Insurance Corporation