 Thank you after listening to Chandru and I'm sure after having what Jayati and Paranjay would have spoken There's very little for me to add So therefore, I'll only give a political input to this that I'm here as a party which strongly opposes this move big on two grounds one it destabilizes the central Bank of India and as somebody put it it's no longer the Reserve Bank of India It's only the Bank of India the reserve is gone so so so that is and and that is in a situation of global Vulnerability that India faces and the continuing recession in the global economy The entire analysis and talks of once again another round of financial instability that is bound to occur in the world financial markets The insulation against it the insurance against it is our central bank and its resilience I think having brought it down to the lowest possible Ratio of what even the Bemal Jalaan committee recommended of five to six point five percent now. You're at the five percent ratio now this is I think When playing around with our economy exposing us to further vulnerabilities and which is likely to hit sooner than later From the international economic trends so that is one One reason the second is that Chandru had explained I mean what for has this been done and why it's all going to fail and unlikely to succeed even from their Perspective of how they want to infuse larger credit and this has been a complaint that has been made by the Indian big Corporates time and again that we need we have to go to a consortium of banks and negotiate with various banks Therefore merger will be a good idea and that is also the basil two norms So you bring in at the at the larger banks so that we don't have to go through this hassle The problem is not the hassle for the investors or the Corporates the problem is the volume of credit that they will take the Capacity to repay back That capacity as what has been falling in the last five years of this Government we've seen and peers grow by four-fold I think more than that if if I and and This is over and above five point five lakh crores of loans that have been written off So the question is not of making Available the credit for them to take it but the question of that that credit that they take shot to be profitable for them and That cannot happen as we explained in the infrastructure structure, which is exactly what India requires an Indian economy requires today This is One aspect of it The other thing is that today look at the Indian economy. It's not a slowdown in my opinion But we are on the brink of a recession It is already it's was already I think set in the economy should be able to Tell it by a better way But it that recession has set in the large-scale job losses India is a country that lives on chai biscuit If Britannia is saying the fire people I get biscuit is not being sold I mean you imagine the depth of the Crisis that is there and with textiles the largest employer after a culture It's about I mean their estimates are now about 10,000 people who have already lost their jobs Autosector all of us know if this is the state of the economy today what is required is a large-scale Investments public investments that will put back some I mean create jobs and put back some purchasing power in the hands of people Domestic demand is our basic problem and I remember in parliament always when this discussion would come up success of finance ministers Would say that I make initial fundamentalist And I would turn back and tell them it's better than being a fiscal fundamentalist And what you're doing is is just this fiscal fundamentalism and what is required is to boost domestic demand Now this makes sense even in the international economic atmosphere where world trade is shrinking our exports in the last five years have fallen by my minus 36 percent or so and If that is the situation unless we focus on our domestic economy and boosting domestic demand There's no way forget if I truly in economy But there's no way in which we can even recover from the present slowdown and the recession that we've entered into Now how can this be done? Then one way in which and that is being said already the only way in which it can be done is through a big big Public investments putting into building our infrastructure Now this how you do it with the banks giving the money to your developmental banks or through the mother agencies Whatever be the route The fact of the matter remains that you require big public investments to generate jobs build a much-needed Infrastructure and to bolster domestic demand and that is the only way out By what they have done with the bank managers and this reserve banks reserve No surplus funds. I don't think this objective can be will be fulfilled On the contrary it will make it easier for credit to be given to corporates who will again default again mounting and PS and As said we were saying the final option would be whether the government should step in to put in a large in Infusion of capital to save these banks to save was from a Domestic financial disaster So the net result is a it is counterproductive be greater in securities for our entire financial system See that it doesn't serve the purpose of what is required for our economy to be click-started again and D what is worse it can only lead to higher levels of crony capitalism and That is what is what we can see in the prescription here so in this in this situation The Reserve Bank of India has been asking the commercial banks to maintain a ratio of 9% Well, the Basel norm is only 8% They say you do not cross the vessel now, but they have themselves now brought it down to 5% for themselves Now this is a very very serious matter And I think these going to make us more vulnerable and at the time when you can least effort to be more vulnerable Both to international shocks and to our own domestic Situation I think this was a move out of desperation With the hope that it will generate Greater access to credit and therefore greater investments and they for growth etc. But the reverse is happening and I'm afraid that the reverse will continue to happen and with accompanied by a more Compounded crisis in our financial system That's why I think this is something We have opposed it very firmly and we continue to do so whenever the parliament meets again But unfortunately in the parliament, they know the discussions nowadays It is what I have termed as the tyranny of the majority So is the tyranny of the majority that takes place so there's no meaningful discussion But anyway the attempt will be there, but I think this is a disastrous move both these put together and the mergers And what is versus the prime minister talks in terms of financial inclusion of our people Saying that everybody will be included unless you have your bank accounts I mean nothing flows now including your subsidies Whatever the good unless you have your bank account Now already in the earlier mergers, I think more than 2000 banks in rural India have been closed down These mergers will lead to larger closure of banks and most I mean definitely it'll be in rural India It'll lead to financial exclusion rather than financial inclusion And that would mean a much greater disaster that we are in for So these are the reasons a greater uncertainties and exposure to international headwinds or crisis or instabilities Secondly, it doesn't serve the purpose for which they are Said that they're going they are doing this And thirdly, I think it only increases our Vulnerabilities and does not solve any of the current problems that we are facing And in no way will this help in any case to kickstart the economy again, which the government Is tom-toming about So I think for all these reasons we think it was a disastrous move and continue to oppose. Thank you