Indian Middle class, Savings and problems

A very well written and thought provoking article.For name sake we have banks, post offices, mutual funds, insurance companies, Corporate Deposit schemes, equity market, but once you venture into any of these then one will come to know there are catches and problems every where. The concept of KYC implemented by banks and other institutions unmindful of investors' personal dignity, has virtually killed the savings instinct among the people and if at all some people save they have the wherewithal, stamina and minimum contacts and influence to overcome the hurdles and swallow the insults in the process to save some money. This is perhaps the core minimum deposits banks and Post offices enjoy. Some agents are extremely smart and persuasive and because of this some deposits do go into corporates. Some agents are greedy and shameless and they manage to mobilise deposits for the cheat funds and that too maximum from gullible public who have no literacy leave alone financial literacy. The existence of equity market is not even known to 95% of the population and the procedures and problems to get into equity market and become victims of whole sale ride keep prospective investors away from market. To cap it all the Governance , Regulatory and supervisory system have been given a go bye by our smart politicians and bureaucrats and the losses suffered by the people have to be forgotten over a period and  they resort to bribe, corruption theft robbery, loot etc to make up for the losses. If any of these things are not possible, commit suicide and that is not viewed something shameful or a black spot by those who rule in the name of welfare of the people. This is perhaps the presence of Kaliyuga when, rapes, loots, and all undesirable and antisocial activities flourish and people have no choice but to bear and put up bravely.
Dr.T.V.Gopalakrishnan

( This is in response to An article Middle class savings Quick sand ahead appeared in Times of India dated 25/4/13).