Happy to observe that the author has been tirelessly and vigorously pursuing and fighting as a watchdog to secure the financial system in general and the banking system in particular in public interest to safeguard the stakeholders heavy stake in them as depositors and otherwise . Failures in banks and frauds in banks unfortunately continue to be a regular feature and the stake holders of the economy bear the brunt and depositors of the banks bear the maximum . The coverage of loss of deposits of Rs 5 lakhs by DICGC is a pittance by any reckoning and this cannot be even treated as a relief and safety standard for banks to maintain themselves financially stable and sound . The need for strong regulation and very effective and meaningful supervision independent of political interference in banks particularly cooperative banks is urgent and paramount and the TRUST in Banks and RBI’s supremacy in Regulation and Supervision needs to be reiterated and well established to make the Financial system very strong and supportive to develop the economy fast as envisaged
Loka Samastha Sukhino Bhavanthu.
(This comment is Published in Money Life in response to the Article on New India Coop Bank Ltd Fraud Feb 28.2025)
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