This refers to news item that Madhu Koda men deposited Rs.640 crores in cash in a PSU bank violating the norms and guidelines set by RBI with respect to acceptance of deposit n cash and opening of new accounts. As per Anti Money Laundering Act every bank branch has to report RBI if cash transaction taking place in any day is more than Rs.10.00 lacs. It means the deposit of Rs.640 crores taken place in a bank must come to the notice of CMD of that bank and also top bosses of RBI and Ministry of Finance. But none of the responsible officer took pain to look into such a big transaction taking place in a bank’s branch. None thought it fit to look into reason behind abnormal spurt in deposit of a bank branch. All reports received in a controlling office are either filed to ignored willfully to gain false image.Even team of vetern Chartered Accountants could not notice such a big irregular transaction. After all it is financial power which empowers terrorists to conduct terror attack on India and it is banking channel which helps them to transact their inward or outward remittance to feed terror camps. Money in hundreds of crores is not remitted in jute bags but through banks only.
Bank Manager can do anything to get deposit because Bank management gives value to those officers who are expert in mobilizing deposit even through ill means. There are hundreds of Managers who indulge in reckless financing in the name of achievement of target with hidden agenda of earning money for self and paying bribe to fetch deposit from government departments or various cash rich person or corporates.
One CMD spoilt Indian Bank to such a large extent that it took ten years for the bank to restore its old good image. As long as the corrupt CMD was in power none had the courage to protest his ill-motive work culture and ill motivated promotions and transfers ordered by him. As long as Madhu Koda was a Minister in the government headed by Arjun Munda CM of Jharkhand and as long as Madhu Koda himself was CM of Jharkhand from 2006 to 2008 none of IAS or IPS officer or even ministers in central government had the courage to protest and stop the corrupt practices of Mr. Koda. Even Naxalites were given the assistance of fund of Rs.1000 crore by Head of the government and none in banking industry could notice the illegal transaction, not to speak of nipping in the bud. None in Income Tax department or any Law enforcing agency could notice the illegal financial transaction taking place at the instance of Madhu Koda. Hundreds of bikes and cars were distributed by Madhu Koda men and none could doubt the motive behind such charity. This is possible under the umbrella of central government headed by the honest and clean Prime Minister Mr. Manmohan Singh. It is not out of place to mention here that it was UPA whose support could make it possible to make Madhu Koda, chief Minister of Jharkhand. It was Lalu Yadav, the scam master who wholeheartedly supported Madhu Koda, an independent MLA to take charge of the state just with the ill motive of keeping BJP out of power.
Everyone worship the person who is in power and the one who dares to utter a single word against the head of the government or head of the department he is to face the toughest posting and such anti boss person can never visualize any promotion or good posting in his career. Every bank in fact in indulged in malpractices in garnering deposits and extending credits to traders .And it is a bitter truth that every banker sitting at the top of affairs knows very well the ground reality of transactions taking place in a bank and understands the pitiable real health of a bank .But who will bell the cat when Ministers and government also promotes and irrigates such bad culture. Harshad Mehta in eighties could cheat CMDs of various banks, RBI and Ministry of Finance not because he was a very talented, educated or a financial expert but because he could understand the weakness of person sitting at the top, he knew the weakness of bankers, he know how to befool government officers through bribes either in cash or in kinds or by extending unwarranted charity to officers, serving him by a car or air ticket.
This is why banking is sitting on explosive of Non Performing assets and gaining name by mobilizing deposit, it may be from anti nationals or even from terrorists. All circulars or guidelines from RBI are nothing but sermons to be preached and kept in files. Even RBI top brasses are happy when a CMD flatter and say yes to every idea mooted by RBI officers. Ministers are happy only when a CMD implements all his policies, ideas and make finances to oral instructions given by FM or his colleagues.
This is why one after other exposure takes place, media makes clamour, committees are formed and finally matter is forgotten. Nothing happens to a person who commits mistakes willingly and nothing happens to those who indirectly support the ill-motivated actions of the corrupt person. As long as we change the culture of flattery and yesmanism, our country cannot dream of execution of any good policy. As long as criminals are getting respect and love from the society honest and talent person cannot come forward to save the country from the hands of corrupt persons.
“Barbad Gulista karne ko ek hi ullu kaphi tha
Anjame Gulista kya hoga jab har sakh par ullu baithe hai.”
CAclubindia
