.......Suppose a poor opens an account and deposits all his/her hard earned savings in it. What will he or she get - 4 per cent interest? Does not this mean that the poor depositors will end up subsidising the lendings to the rich and big corporates, who hardly keep any money in the savings account. What is the rationale behind doing this when several big corporates are defaulting on loan repayments? Today Indian banks have stressed loans that include the bad loans and the restructured loans, to the tune of Rs 10 lakh core, which is more than the total net worth of the banks.............
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