Fix the RBI for Public's Money in Banks; its Revenue Surplus Account - Collateral Security

Fix the RBI for Public's Money in Banks; its Revenue Surplus Account - Collateral Security

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Dheenadhayalan Selvarajan started this petition to Prime Minister of India and

Fix the RBI for the  Public's Money in Banks; the RBI's Revenue Surplus Account - is bound to be the Collateral Security for Public's Money Deposits in the Banks.

Many Depositors died under Duress -- 8 Lakh Depositors have been compelled to beg for their Own Money - Punjab& Maharashtra Co-op Bank goes Defunct – through the actions of the RBI

Is the Banking System in India is so Freak, Fragile & Faltering?

On 21st October 2019, the Government of Odisha had issued a Notification to all of its Departments in effect that hitherto, the Officials of the Government of Odisha must utilize the Government Funds directly from the Treasury through the Integrated Financial Management System (IFMS) instead of resorting to any practice of Parking the Money in the Government Accounts maintained in the empanelled Banks for future dispersals. The Notification explicitly warns that, any Failure of Compliance of this Notification will be construed as Financial Irregularity.

Basic Instinct:

If House-hold accessories like Fridge, TV, Washing Machine ….falters in its functioning, our first effort is to search the Guarantee Card and go through it in detail; so as, to reassure ourselves, to safe-guard our assets and to reassert our rights.

With the Digitized Banking System in place, Bank Deposit Accounts had enlarged themselves from “Left over of the Families” into “Financial Life Lines of Families”.

Have we shown the Basic Instinct of Circumspection towards the “Financial Life Lines of Families” – the Bank Deposits?

No. because, our understanding of the Banks starts and ends with “TRUST”.

This petition is an effort to enlighten the Public of India, their Rights over their Bank Deposits through a Reality Check and impress upon the Government of India-that, the Reserve Bank of India, is the Permanently Mobilized Counter-Guarantor (PMC) for Bank Deposits and the Revenue Surplus Account of the RBI, is the Liquid Collateral Security towards the Bank Deposits

It has to be noted that in the FY 2018-19, the RBI transferred to the Government of India a Revenue Surplus in its possession to the tune of Rs1.75 Lakh Crore..

Why the Reserve Bank of India is liable?

1.      The Banks are primarily in possession of the Public Money by the virtue of the license issued by the RBI to extend Statutory Money Transactions Services to the Public at Large.

2.      The Individual Banks are reposed with Active & Accumulative Responsibilities of ensuring the Safety & Security over the Public Money Deposits within their system; more so, because of the Liquid Nature of the Money.

3.      The RBI not only issues Licenses to the Banks in India to function as Ultimate Statutory Financial Intermediation Agencies; but also perennially monitor the Individual Banks through appropriate Audits; therein, the Banks are the Ultimate Active & Accumulative Trustees of the Public's Money and the RBI is collaterally liable for the Public's Money.

4.      The Primary Responsibility of the RBI is to ensure the Vibrant Performance of Banks and facilitate the Discharge of the Active & Accumulative Public Money in the Possession of the Individual Banks.

5.       The RBI can not strangulate the liquid flow of Public's Money from Banks to Customers; of course, the flow had nowadays become virtual (Net Banking); moreover, the RBI does not wish to be transparent enough to caution the Larger Public about the “Fragility” of Individual Banks based on its own Audit Reports; so that, the Public can withdraw their Money.

6.     The RBI can not abuse powers vested with by the Public of India to declare a Bank under its own supervision as NPB (“Non Performing Bank”) - the cause being due to the inefficacy & failures of the supervisory mechanism of the RBI.

7.      Limited Liability Insurance Cover for a Maximum Limit of Rupees 5 lakh for Bank Deposits – which is been presently extended to the Public is illogical, illegal & inexplicable; because, the Banks are in entirety the Statutory Domains for the Public Money Transactions.     

                                                                             

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