Dear Sri Arnab Goswami,
Re Great Loot, Great Escape and equally Great Exposure
It is a pleasure to watch you in Times Now fighting with the high and mighty who indulge in all sorts of corrupt and malpractices damaging the equilibrium of the society consisting mostly of poor people aspiring for a better tomorrow which is ever elusive due to wrong doings by the powers that be. The flamboyant Mr Vijaya Mallya’s art of looting, art of living in Luxury and art of leaving the country stripping many banks which have financed him liberally are well exposed by Times Now drawing the attention of the powers, the people and all shameless looters of banks, the society and the economy.
The banks which are supposed to be the supporting system of the economy and which are in the business of banking using the hard earned savings of the society fritter away the money with all impunities on the rich and without caring for those who really need it are in very bad shape expecting support from tax payers for their survival. The recurring loss suffered by the economy because of the non performance of banks and generation of non performing loans as if permitting organized loots is the divine duty of banks and the divine right of the borrowers who have free access to banks through back door, has never been figuring in the political, bureaucratic and any professional circles is really unfortunate and with the airing of the views through Times Now, the avoidable NPA issue of banks has attracted national and international attention.
The NPA problem though inevitable in business like banking ,it is definitely not insurmountable as it is made out to be and it can be prevented provided banks are allowed to function professionally without any intervention from the Government and political bosses and without any fear or favour. From this angle, a solution to arrest the cancerous growth of NPAs was suggested way back in 2004 based on a detailed Research on the Non performing loans with reference to public Sector banks and a book was published with a foreword from none other than Dr C Rangarajan, the then Chairman twelfth Finance Commission, Former Governor of the Reserve Bank and former Chairman of the PMEAC to the former Prime Minister. The Ph D thesis won appreciation for its lucid style of presentation and the suggestion consisting of a statistical model to prevent the formation of NPA rather than to cure it was recommended for a trial by the examiners who evaluated the thesis. Being a small fry in the whole scheme of things, the suggestion never came to light and never crossed the ridiculing stage so to say. The Indian Institute of Banking and Finance published the book in the year 2004.
Since then I have been writing articles and letters on various papers but the system does not accept or permit any worthwhile suggestion to be considered for even a debate leave alone implementation. In this regard, I enclose for your information a copy of my letter recently addressed to our Honourable Prime Minister which is understood to have been forwarded to the Financial Services department (Banking Division). It gets perhaps buried there.
My idea of writing this letter is to appreciate you for your guts, courage, spirit and interests to fight the wrong doings in the society. This inspires many in the society and hope the change will happen over a period. Many silently fight, suffer, get depressed but seeing you and your channel the spirit of fighting is kept alive. May God bless you with all strengths and spirits Always and in All ways
with regards,
yours sincerely,
Dr T V Gopalakrishnan
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