Four Monsters Who Are Holding Our Progress
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Four Monsters who are holding our progress

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See interview of Ashok  Kothare

2nd part

Judiciary is third monster. This monster is worst of all. They think they are gods! This makes it impossible to question them. Two measure tactics they very often use are, delay tactic; in this they prolong court cases so much that the plaintiff is either demoralized or dead and so the culprit gets free. Our judiciary system is primarily designed to pretend to be helping justice but in actuality it is working to protect culprit. If we study our laws this becomes obvious but at present nobody dare voice against that. The way loose ends and ambiguity maintained in designing laws makes it very clear. They have various excuses to justify this motive, I have already written about it in my previous posts and so I do not want to write on that here. Second tactic is more sinister. Transfer of judges is the tactic which prolongs cases and helps the accused immensely. Judiciary must be made to explain why the delay? A judge must compulsorily give acceptable reason to plaintiff and also the accused for the delays taking place in handling cases. It should be compulsory to produce such reports on cases a judge is working on. Before all that, government must make them judges, understand that they are servants of people and not any gods! This will bring these judges to some sense and may help improve their behavior with people. About second tactic any transfer of a judge from any case will require prior permission of concerned parties, both plaintiff and defendant. A judge cannot request for transfer from a case under any reason or excuse. Without that such transfers will not be possible. If this restriction is imposed, one experienced advocate told me, many cases will get resolved in record time and will help reduce the list of pending cases considerably. Last but not in the list is reducing holidays our judges enjoy. If these corrections are introduced it will improve our judiciary system so that foreign investors will feel assured of justice in case they have to face litigations in this country. Which they will have to undertake if they have to do business in this country. Cases pending for several years must be put under special inquiry. If these measures introduced things may improve. Our judiciary very proudly claims that in Indian judiciary they are so particular to protect innocent person that they will allow 100 criminals to set free to save one innocent person. This claim shows that it has license to set free 100 criminals in the excuse of saving one innocent! This claim actually exposes the callousness (and pro-crime attitude) of our Judiciary system. This has made it a monsters. As I have already pointed out in my earlier post that a judge must show his details bio-data (KYJ) just the way an account holder has to furnish KYC to banks. This will show how competent as a judge the man is.

Reserve Bank of India is fourth monster. For all commercial activities this monster becomes the most dangerous fellow to manage. Interesting part is that RBI is not answerable to people. People cannot ask them questions about their wrong decisions. Here I am referring to the position of depositors in banks.

The manner in which RBI is trying to avoid its own moral and financial responsibility towards depositors in an ailing bank whatever it is, whether commercial or co-operative, in a very convenient manner is very objectionable. But there is no provision at present that a depositor can ask RBI a question and make it give an acceptable reply. Nobody in RBI is answerable for the failure of a bank. This situation is very dangerous for all depositors whether he is an India or a foreigner.

The very purpose of RBI, as the central bank of India is to safeguard interests of all depositors with all banks. RBI very proudly mentions it also. When RBI sanctions a license to function as a bank it is expected to keep watch on that bank's functions; that includes lending and recovery activities of these banks as well as other related functions. For that purpose RBI takes regular periodical inspection of the working of these banks and that is to ensure that all licensed banks function normally and do not do anything wrong so that it may go red. If RBI notices that the working of a bank is not in accordance with the norms recommended by RBI; the RBI is supposed to take disciplinary action against that bank. Concerned defaulting bank management is compulsorily supposed to go by that guideline and improve its working so that no further damage is done to the funds depositors have kept with the bank. As we all know that the very functioning of any bank is in proportion to its deposits. Therefore, protecting these deposits is the prime responsibility of that bank as well as that of the RBI. Now the question comes as why in spite of all these arrangements a bank goes red? Obviously that happens because the failing bank does not observe guidelines given by the RBI. Second question comes is that why RBI did not take serious note of that bank as it does not observe its guidelines? If RBI had been appropriately vigilant that would not happen at all. That means when a bank fails it is responsibility of both banks, concerned failing bank as well as RBI.

Depositors depend on the truthfulness of RBI and all his deposits are safe so long as RBI is properly vigilant about all these deposits. When anybody puts its money with any bank he presumes that it is safe because RBI is looking after its safety. That is the meaning of license. People do not trust any bank unless it is properly licensed by RBI. This suggests that when a bank goes red it is the equal responsibility of that bank as well as RBI. If RBI had been properly vigilant no bank can ever go red.

Now that the banks have gone sick RBI behaves as if it is not concerned. This behavior of our Reserve Bank of India is reprehensively wrong. RBI must accept equal responsibility for the failure of that bank. However, we see that our RBI wants to shed that responsibility in a very convenient manner. No bank goes red in one day. It takes many years for a well running bank to go red so much so that need for takeover arises. There is enough time for RBI to take essential disciplinary action and if it had taken that action that bank would not have failed. That clearly means that all failures of all banks are due to irresponsible manner in which this RBI works. This is the true nature of this fourth monster. We have seen so far many banks are duped by its managers and directors but RBI has not bothered to give any explanation about how such a thing could happen in spite of vigilance of RBI? The only way to control this monster is to make it compensate all depositors of their deposits unconditionally. If this condition is imposed on this monster RBI will behave more responsibly. In addition to that proper punitive action taken on the officers concerned. There is a miserable provision to give only one lakh by way of some insurance, what type of cheating is that? Are the depositors beggars? Why only one lakh why not complete money? What is the meaning of license of RBI? Many such questions come up and RBI must reply acceptable answer. However, there is no such provision and this standard bank of India goes without answering. We have seen American Standard Bank helped their banks in trouble and all money of depositors was returned to them. American Standard Bank did not tell depositors that they go to hell like our RBI. Today no such condition exists and so RBI is working in the most irresponsible manner. We should call this bank Robber Bank of India, rather than Reserve Bank of India! There is no punishment to these four monsters for not working their duties properly and that has made them careless about their duties. Complete revamping of present laws those guide working of this Robber Bank of India should be done by Modi administration to bring justice to helpless depositors. All foreign investors must demand that all these and more controls are imposed on these four monsters so that they are tamed and so work properly. I noticed during economic crisis in U.S.A., that central bank provided enough funds to concerned banks and all depositors were paid their money. This is the example that shows what is sense of responsibility. Unless and until this sense of responsibility is inculcated in these four monsters our country will never make real progress. We talk a lot of corruption but what is corruption? That is effect of these monsters. So long as they are not tamed corruption shall not go from this country. We should remember what father of modern economics, James Adams said, he pointed out in his treatise that if wrong laws exist corruption and smuggling will save the economics of that country! That means, corrupt laws are managed by corruption. When we talk of removing corruption from our system we should first remove corrupt laws. Can Modi achieve this?

Finally I shall warn all foreign investors who may be wanting to come to India and open their businesses should take precautions as mentioned above. If they fail to do it and invest their funds and efforts in India and get stuck up in the tentacles of these four monsters they should not blame poor people of India because, they are those unfortunate Indians who are already stuck up in the grip of these four monsters and are suffering. We are not having any power to protect our prospects from these monsters; we have to keep suffering; but outsiders have an option of not coming to this country at all. The way big business from this country is gradually leaving this country one can imagine how impossible it is for people of this country to control them.


However, there is a silver line to these monsters. Not all politicians, bureaucracy, Judges are bad. Occasionally we do come across some individuals who are exception to this rule. We should give them a chance to talk their side. In my one of the future posts I shall discuss their side so, if you are interested in this topic please be with me on his blog. Recently our new PM of this government told in one speech that money of bank belongs to poor people of the country. This is a very wrong statement. That money does not belong to all poor people of this country but it is a very private investment of individuals poor or rich. By calling this money belongs to all poor people he seems to have given license to banks to dupe private depositors! This is a very dangerous statement and every body must be careful what is next from this politician. Of course Mr. Modi comes from the first monster.

Land acquisition bill that has come is one more wrong move of these politicians to rob people of their livelihood. This is brother of SEZ (Special Economic Zone) act.


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