‘Disgusting are those who invest money in banks and live with the interest accrued’, is the latest revelation of the nutty Kerala Cooperation Minister G Sudhakaran. He is the top executive of the state run Kerala Co-operative banks. It is, therefore, the time for all the investors in co-operative banks to withdraw their FDs and reinvest in other banks. I fear Sudhakaran may soon issue orders to not pay interest on savings in co-operative banks.
Though most of the outbursts of this minister are senseless I would like to bring his attention the following aspect. Deposits by non-resident Indians (NRIs) in Kerala banks is Rs.34,649 crore as on Dec 31, 2008, according to the State Level Bankers Committee and a major chunk is with co-operative banks. If the NRIs withdraw their investment naturally the functioning of the bank would paralyze. Does the minister want to see that?
A retired person often puts his hard earned money in banks to get the interest to meet his needs. He is not in the position to start a business of his own and earn profit. Moreover, it unwise to start a business at the fag end of one’s life as it is likely to collapse. And that is why he wisely deposits his money in a bank. The bank would then issue this money to needy entrepreneurs and thus money invested in the bank by a person is not dead money as the minister thinks. It is cruel to call those investors in banks as ‘disgusting’
K James Wiiliams.
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