Colossal loot and plunder of public money
Indian Banking Industry works without transparency. Orissia is a dark State, just as Africa is a dark Continent. Nobody knows and cares to know what happens in Orissa.
Here is a link to the Statesman, Electronic Edition dated Nov. 5, 2007.
http://thestatesman.org/page.arcview.php?clid=9&id=202024&usrsess=1.
The CPI (Communist Party of India) is urging our Prime Minister, Shri Manmohan Singh, to investigate into what is happening in the Debt Restructuring Scheme for ICCL (Indian Charge Chrome Ltd.). According to CPI, banks are goging to suffer a loss of Rs. 2,300 crore (Rs. 23 billion or nearly half a billion dollars).
The amount is quite sizeable. The Central Government cannot aquiesce to what the Consortium of Banks led by IDBI is doing?
Whether Public Sector Banks in India function autonomously or not, when huge amounts are written off, the Union Cabinet ought to have discussed and thereafter placed the papers befoe the Parliament. Why it is not happening? The Union Finance Minister, washed off his hands indicating that he was not a party to the merger.
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