We are republishing the clip of the FinMin “scolding” the chairman of the SBI for not opening bank accounts for tea workers in Assam.
The clip was uploaded by the Pgurus Youtube Channel, we are duplicating it on Bitchute to ensure it doesn’t get taken down.
Bitchute (will take some time to load):
A few observations :
1. If the bank accounts were held up on account of KYC requirements, well good luck you just shot yourself in the foot.
KYC is a scam – it does not stop criminals and it makes life harder for regular people. See “Nothing good will come out of war on “black money”“
2. This is another example of government interference in the functioning of what is technically an independent institution – the FM is heard trying to decide where the bank should place its ATMs – that is a decision a bank should make after looking at its own balance sheet.
If you behave like this with SBI, no shareholder is going to have any confidence in its stock – and no depositor is going to feel confident keeping money in this bank.
3. This goes to show the difficulties of doing business in sectors heavily regulated by the government. Remember – the KYC requirements came from the RBI, and any bank would have been happy to open accounts for anybody who they thought could make them some money.