Bank Demons Of India!

Even 2 months after the Reserve Bank of India (RBI) reduced the Cash Reserve Ratio (CRR), the banks are maintaining the high interest rates they have been charging for around 2 years now! It is pathetic to know that the authorities and the government have turned a blind eye towards this, one should say, criminal act! All these banks -including the nationalised banks- had hugely increased the interest rates on the Already Loan Taken Customers, citing a million reasons, a couple of years back! All those poor guys, who took the loans at around 7% woke up one fine morning learning that they are paying around 11% or more on the loans taken at the FIXED INTEREST RATE of around 7%!

As they -most of them- had taken loans for the time durations of 15-20+ years and they had no options at their disposal to clear off the debt just at the same moment - as they were not Bill Gates, Ambanis, Soroses & Buffetts - they knew the LARGE SCALE CHEATING with the support of the POWERS THAT BE, they have been forced to pay whatever percent of interest the banks have been FORCEFULLY SQUEEZING OUT OF THEIR EXISTANCE! They were shown some charts and writings in HYROGLIPHICS & CUNIFORM to prove that there is a situation that forces the banks to SQUEEZE THEIR EXISTANCE HARD! A lot of persons defaulted and banks collected their BOOTY and swelled their bottom lines! The prices of the bank shares sky rocketed and there were wars waged on Dalal Street to corner a chunk of the Heavenly Priced Bank Shares, as they plundered the poor, hapless customers!

Then, there was a lending spree...! Great offers were showered on unsuspecting persons that they jump from the top of a precipice, believing in the false promises & offers of the Banks Turned Demons and found themselves scattered in at the least 25 cents of land area! Great Offers were promised most of the time in the upper brackets of 18% and more! They MARKETED BULLSHIT in beautifully decorated covers, for princely sums! There were more than enough FINANCIAL INSTRUMENTS in the market to CATER TO THE BRILLIANT CUSTOMERS - That was what the poor, unsuspecting, easily gullible customers were called in those days! Everybody, even those without having any need of BORROWED MONEY, took hundreds of thousands paying 18, 19, 20 and more percent of interest! Borrowing money for insensibly stupendous rate of interest became a fashion statement; it would be better, if we say, such foolish things were promoted as FADS by the banks & the media! And, the SUPREME BEING GOVERNMENT never uttered a word about the LOOTTING/FLEECING of the customers!

Then, there were GREAT PROMOTIONS RUN to develop the sense of spending using CREDIT CARDS! This CONVENIENT INSTRUMENT was promoted as the BE ALL & END ALL OF ALL THE GREAT THINGS in the financial industry! People were offered credit for JUST AS LITTLE AS 2.5 to 3 percent of interest, on credit cards! People, who didn’t have money to buy anything paying cash, resorted to THIS QUALITY BORROWING METHOD with ONLY 2.5 to 3 percent of interest! Very soon after the borrowing they understood, it would have been better to be an ABHIMANYU IN THE CHAKRAVYUHA than a borrower using credit card, as, even if there were chances of ESCAPE FROM THE CHAKRAVYUHA no one ever escaped from the credit card induced borrowing, which made millions heavily incapacitated & mortally damaged! What the POOR BRILLIANT CUSTOMERS seldom knew when they borrowed on the credit card, PAYING ONLY 2.5 or 3 PERCENT INTEREST was they pay THIS PALTRY PERCENT of INTEREST for a month and not a year, as the usual practice of interest calculation is! Hence, most of them paid 36% to 46% of interest annually for the amount they borrowed using credit card! And, here too, the SUPREME BEING GOVERNMENT never uttered a word about the LOOTTING/FLEECING of the unsuspecting & defenceless customers!

Then came THE CRUNCH! As people say, "All these things started in the U.S!" People were told THE CRUNCH won’t come to India, as it is not at all interested in coming to India as it is FULLY AMERICAN! But, as usual, against the GREAT PREDICTIONS of the FINANCIAL VISIONARIES of INDIA it found its way to India! People started feeling the pinch; they lost jobs; they reduced spending; they reduced borrowing etc. Money almost disappeared from the market as RBI tightened its grip on the money circulation to curtail a rising inflation rate; it increased the CRR of the banks. Citing THIS REASON banks increased the interest rates again! People almost stopped borrowing at exorbitant rates, thrust upon the poor, defenceless customer! With the inflation under control and spending on the downward spiral, RBI reduced the CRR substantially! The very next moment BANK DEMONS reduced the interest rates of all the deposits they have taken, saying they have huge surpluses due to the CRR REDUCTION! But those, who borrowed from the banks, were forced to PAY INTEREST THROUGH THEIR NOSES, continuously! They never got any reduction in the rates in which they pay their interest! They could not understand why the BANK DEMONS are not willing to reduce the rate of interest for their old customers, as they have been paying hugely excessive rates of interest for the money taken on a totally different & substantially lower rate of interest, years back! They even failed to understand the logic which states 'when there is a rise in CRR there is a huge rise in the interest rates and when there is a downward spiral in CRR there is NO REDUCTION IN THE INTEREST RATES!' Whoever said "Sarvam Maya..Jagath Mithya!" must be right here too, as these POOR BORROWERS understand at their own peril! It is time to re write John Keats as we see the Modern Day Knight Being Told "La Demon Bank Sans Merci...Hath Thee In Thrall!"