If the amount of money looted after independence from various banks was to be used for welfare purposes, then every farmer could have got free manure, electricity and water and every citizen could have availed free education and healthcare. Ved Mathur, the author of the Bank of Polampur noted that political interference, ineffective board of directors and poor judicial system are responsible for the loot of trillions of rupees of banks.
Lawsuits of bank loans in Western countries are decided within a few days, whereas in India no effective action is taken for 5 to 15 years. This gives advantage to the financial defaulters like Vijay Malaya, who are able to abscond the country and use public money for their high life.
The author feels that if the government makes effective forensic audit for the sinking debt above 20 crore rupees and tries the defaulters in fast track courts, only then there can be a positive change in our economy.
Unfortunately, wilful defaulters with their political connections at multiple levels enjoy seven star luxurious life using hard earned public money. Ved Mathur with his experience of 40 years in banking has exposed in his controversial book, ‘Bank of Polampur’, the internal working of banking through the humour and satire.]]>