An inevitable result of long neglect of scientific warnings, of gross financialization of nature and total lack of Environmental and Social Safeguard Policies! Joshimath woke up to large cracks on roads and houses with muddy water seeping from them, not in one or two but in over 600 houses! News media and…
Tag: Banks
We need Environment and Social Safeguard Policy for Indian Financial Institutions
On April 26th 2022, women of Janardanpur, Chhattisgarh hugged trees of the Hasdeo Aranya forest to prevent them from being felled by the forest department and did so successfully. But the forest department came back in the early hours next day and felled over 300 trees. This is following the clearance…
Banks Fraudulently Converted Jan Dhan Accounts into Regular Saving Accounts to Extract Bank Charges
Pradhan Mantri Jan Dhan Yojna (PMJDY) was launched in August 2014 by the Prime Minister Narendra Modi with the aim of providing banking facilities to the poor and to increase financial inclusion in the country. It aimed to open at least one basic banking account for every household and provide…
Bank Charges Exhausting Covid-19 Relief Fund
On 24th March, 2020, the Prime Minister of India has declared the nationwide lockdown due to global widespread of Covid 19. As a result, the entire businesses, works, and economy have shut down leading to enormous losses of jobs and livelihood. Consequently thousands of daily wage labours from different states (mainly…
Depositors facing double whammy of keeping savings and paying for bank losses
The savings of people deposited in banks form the capital of banks which banks lend to borrowers. Banks earn interest on the loans issued to borrowers. The cost of operating expenses including salaries comes from this interest on the loans issued by banks. The saving account depositors receive interest on…
Depositors Paying the Price of Corporate Bad Loans
The primary objective of nationalization of banks was to reach out to each and every last person of our society. The purpose was to provide credit facilities to poor and marginalized sections and free them from the clutches of moneylenders. Banks were to provide credit to small and medium businesses.…