While the merger of Banks is creating chaos and confusion among the people, the RBI Governor confirmed that the idea of privatising the banks was on.
The Reserve Bank of India (RBI) is in discussion with the government over the privatisation of public sector banks, governor Shaktikanta Das said on Thursday.
The process “will go forward”, the governor added. Right now in the name of mergers, new software, migration so on and so forth the business is moving at a snail’s pace in most of the banks.
Some private banks are doing exceedingly well. Banks like SBI are milking the customers for every translation. In the name of e-banking, and other Apps some customers are losing money.
In simple terms, all is now well with the banking industry in India. Some people are closing the accounts as there is no proper rate of interest being disbursed by the banks.
Slowly they are hiding the money at Home. But some people are of the opinion that the privatisation will impart discipline in the staff and it will benefit the customers in the long run.
But one thing that attracts people to save money is the rate of interest. If you charge for storing the money, then no one opens the account. For senior citizens the scenario is very difficult and they are made to run from pillar to post in the name of the new account number, new passbooks and also new cheque books. Some ATM cards are also now working.
Most of the ATMs are getting closed. The withdrawal of money is being restricted. The Banks are dictating terms on the people money which is condemnable.
