I am not an economist. I am a simple middle class man and I feel my money isn’t being used for mine or society’s benefit.
In the last decade or so, we have heard of unbelievable numbers running into thousands of Cr of Rs of corruption. Some important and comparative large numbers go unnoticed or get accepted as a fate accompli.
As per a report (in 2005) prepared by Division of Theoretical Statistics and Mathematics and Department of Statistics, The University of Akron,USA............
There are 320 million (32cr) savings bank account holders in India which have deposits of Rs 472,147 Cr.
As per RBI rules; each savings bank account holder must maintain a minimum balance of Rs 1000 each. It sounds so simple, doesn’t it? It is 32x1000 =equals a staggering sum of Rs32000 cr. At any given point of time, Govt is sitting on this huge sum of money which is essentially that of middle class. The balance in savings bank accounts earn an interest of 3.5% which is effectively app. 2.8% as interest is paid on the minimum balance between 10th and the month end. Considering a rate of inflation at 13%, who are they fooling with 2.8% interest? It is the same middle class who asks and deserves a subsidy in essentials, but, is taught basics of economy. Banks are borrowing at 2.8% and lending the same money at over 10% to those who are converting this money into NPAs
Incidentally, a Current Account holder has to maintain a minimum quarterly average balance of Rs 5000.Normally,every business, small or big, holds a current account .Hypothetically, if current account holders are even half(it may actually twice as much) of saving bank account holders....It is a wooping sum of Rs 80,000 cr.
As per commodityonline.net, Non performing assets or bad loans of 40 listed banks jumped by 38% or around Rs 35,424 Cr in the first six months of current financial year ending Sept2013.According to a study by NPAsources.com, as on 31st March, net NPAs of 40 listed banks were Rs 93109 Cr which rose to Rs 128533 Cr as on Sept 2013
Why is middle class always a victim of Govt policies?
Let us CHANGE INDIA for INDIA OF TOMORROW