Discover and read the best of Twitter Threads about #BankMerger
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How safe are your bank deposits?
Last year, Modi govt. dropped the controversial FRDI Bill which had proposed a “bail in” clause - meaning that your bank deposits would be used to bail out any bank that is at risk of going under.
Wanna know how sneaky they are?
Thread 👇
Last year, Modi govt. dropped the controversial FRDI Bill which had proposed a “bail in” clause - meaning that your bank deposits would be used to bail out any bank that is at risk of going under.
Wanna know how sneaky they are?
Thread 👇
In India, bank deposits are protected by the Deposit Insurance & Credit Guarantee Corp. (DICGC).
This means that your bank deposits/FDs up to an amount of 1 lakh are protected & insured (1/10)
This means that your bank deposits/FDs up to an amount of 1 lakh are protected & insured (1/10)
When the Modi govt. introduced the FRDI Bill, it sought to do away with this deposit guarantee.
With massive uproar from the Congress & the Opposition, the Bill was temporarily withdrawn in 2018. (2/10)
With massive uproar from the Congress & the Opposition, the Bill was temporarily withdrawn in 2018. (2/10)
As I'd said a few days ago, we're looking at a real possibility of a "too-big-to-fail" bank going bust.
Today's #BankMerger by the Modi govt. proves that.
Public money is being used to fill the hole made by Anil Ambani, Nirav Modi & Mehun Choksi. (1/9)
Today's #BankMerger by the Modi govt. proves that.
Public money is being used to fill the hole made by Anil Ambani, Nirav Modi & Mehun Choksi. (1/9)
Merged banks include Syndicate Bank, PNB, Union Bank & Canara Bank.
Syndicate Bank is owed 1225 crores by Anil Ambani.
PNB has a hole of 11,200 crores due to the Nirav Modi fraud.
Union Bank & Canara Bank are part of a group that's owed 42,000 crores by Anil Ambani. (2/9)
Syndicate Bank is owed 1225 crores by Anil Ambani.
PNB has a hole of 11,200 crores due to the Nirav Modi fraud.
Union Bank & Canara Bank are part of a group that's owed 42,000 crores by Anil Ambani. (2/9)
By these #BankMergers, the Modi govt. is spreading out these toxic assets across the balance sheet of public banks.
India's 2nd largest public-sector bank created today is a carrier for some of the largest & most toxic NPAs on its balance sheet. (3/9)
India's 2nd largest public-sector bank created today is a carrier for some of the largest & most toxic NPAs on its balance sheet. (3/9)
