 Well, first let us look at some positives. During Mr. Narendra Modi's tenure, one big achievement is the Jandan accounts. The banks were asked to open accounts for the common man under the financial inclusion. And so far, 31 crore accounts have been opened. There is little skepticism about it also. Because when the number of accounts reached just 11 crores, the Prime Minister had gone on TV and said that with this we have covered already 98% of the households. Then from where did these additional 20 crore accounts come? So, to some extent there has been duplication of accounts, multiplication of accounts. But however I consider that that was a very serious effort. It is not that financial inclusion was not tried earlier also. Earlier itself, many years ago the process had started and we were identified every block where which bank has to concentrate and open accounts. That was happening. But this was a remarkable step that within a short period we could open 31 crore accounts. Many of those accounts are even now zero balance accounts. That is another matter. Let us look at it at this point of view. What was the promise made and what has been achieved? The manifesto of Bharati Janata Party in 2014 had specifically stated that they will bring down the non-performing assets. They had also stated that they will create 2 crore employment per year. For creation of employment banking sector has a major role. So now if we look at the non-performing assets, it has only multiplied, multiplied, multiplied and nothing has come down. Whether they took any serious steps? Absolutely no. Why I am saying this is, February 2016, the Fallenman Standing Committee which also had considerable members from the NDA, the BJP MPs also, they submitted a very well-analyzed report. The Fallenman Standing Committee on Finance had that by Mr. Veeraf Omini. That had analyzed what is the root cause of the problem. It had very clearly stated that it is because the development financial institutions like ICICI, IDBI were converted into commercial banks and public sector banks were asked to lend to the corporates, especially certain sectors like power, steel, infrastructure, telecom. These were being asked to be lent by the public sector bank. It had a motive. The Government of India followed the same path of liberalization and the conditions put forward by the IMF and World Bank which the earlier government was also implementing. They decided that they will have to reduce the fiscal deficit to 3.5% of the GDP, which is not at all needed. You spend more for infrastructure, you bring in growth but they were very particular that they will implement that. For that, they stopped spending money for the infrastructure like steel, power, telecom, ports and the other infrastructure like roads. The banks had to lend to the sector. Ultimately, what happened? These are the sectors which have huge NPA. You see, push and steel, push and power, SR, SR steel, SR power. Like that, there has been a tremendous growth in advances and that is where the NPA is. So, the Fahalimundi Standing Committee had recommended that let these loans be taken over by the Industrial Finance Corporation which is still a development financial institution. They did not do that. There are 14 recommendations. Not even a single has been implemented. They have questioned about the role of the board of directors, role of the MDs in giving these large loans, the role of the RBI director in the board, the role of the finance ministry representative who is in the boards of the public sector banks. Nothing has been done. Instead, what they were trying to do is something different. They came up with this insolvency and bankruptcy code, national company law tribunal. Now, it is an irony that you are writing off so much of loans and recovering a small amount and you are claiming that this is a great achievement. For example, the accounts which are referred to the NCLT, some of these accounts, the recovery is very small and they have come up with this beautiful concept of haircut. You write off the loan and you call it haircut. You are thinking 100 times to write off a loan for a farmer, write off a loan for a trader, a small industries, a youth who has tried something through this startup. There we are so very particular that no, no, no, recovery is very important. Whereas here in the IBC recommended cases, the NCLT cases, you are giving a huge haircut. In my analysis, what is really happening is, you are helping two people in one insolvency proceeding. The person who had taken the loan, now he is left free. He can go and borrow from some other bank, start another industry and he will continue to make money. On the other hand, another industrialist, another corporate is given an opportunity to take over these assets at a throwaway price. So actually you are helping the industrialist, the faultless and not the bank. And the banks have to write off so many accounts and a huge amount. Only in the case of ocean steel, around two-thirds of the loan outstanding is likely to come back because startups have joined the bid later. But in all the other bids, if we look at, bids are for 10%, 15%, 20%. And who are these insolvency agencies? One retired officer from a bank, one chartered accountant. And few more people joined together. Suddenly they have become resolvency agents. What is their expertise? An industrialist who is not able to revive an industry. And these people go and revive, it is not possible. So the whole scheme is designed to help the industrialists, the corporates and allow banks to keep writing off. And by that the banks are shown in a bad picture. Let's see, they are not able to recover the loans. We gave so much of opportunity, they are not in a position to do anything. And that is a step towards privatization. So to sum up, in the case of non-performing assets, the government has miserably failed. Now coming to the other reforms which they have been doing in the banking sector, they came up with this new idea of Gyan Sangam. That is supposed to be the roadmap ahead for the banking sector for future. The first Gyan Sangam was in 2015, January at Phune, where the Prime Minister and the Finance Minister both attended. Addressed all the MDs and senior executives of the banks. What they did? They only announced feeding up of what the earlier government was doing. There was a committee called the P. J. Naik committee which had recommended on the lines of the same previous committees like the Narasimham committee and even Raghuram Rajan committee which were recommending towards privatization of the public sector banks, reduce the government shareholding. The same P. J. Naik committee which was constituted by Mr. Chidambaram. That recommendation has been implemented by Mr. Modi and Arun Jaitly now. And from Gyan Sangam 1 to 2 to 3, whatever they tried, it has not helped to restore the banking sector. Banking sector, they said that it will become a robust sector, but you see it practically, it is going down. And in the last three years alone, they have written off 241,000 crores which is shared in the parliament itself. This 241,000 crores. Why the government and RBI is not willing to disclose even the names of these defaults? One is written off. Banks have lost huge amount. What is wrong in publishing the name of these defaults? They will go and borrow again from another company, another bank because the bank will not know that this fellow has been a default. So this is a very, that Gyan Sangam concept has helped to further deteriorate the banking situation. Then they came up with this demonetization. The trust the people had in the bank was lost because of money which I am putting in the bank, I am confident that the moment I want, I should get it back. But people had to stand in queue, they were rationed money, they were not given money at the time. Officers and employees of the banks, they died during this period of demonetization. Even common man standing in the queue, they have died. It has come out in the paper. Not even a single rupee as compensation was paid for them. And what was their promise and what has been the reality? They said that with this black money is going to be brought in. Corruption will come down. The counterfeit currencies will cease to exist. Then later on they included that digital banking will progress. Now why the government is not ready to come out with a white paper on what was the result of demonetization? We have done some studies. The entire economy was affected, especially the small traders, small industrialists, farmers. Farmers, when they were ready with the harvest, that was the time demonetization was announced. So they could not sell their produce and get their dues. So it was a very, very bad impact on the economy and even now some of those industries which were affected are struggling. Many of them have died, closed down also. People who were employers doing small enterprises have become now employees or workers under some other people. And the Reserve Bank Governor, after one year of demonetization, was telling the Finance Standing Committee that we are still counting the notes, which was an utter lie. And the Reserve Bank has not even now come out with a very full detail of what exactly has been the net result. Here I would like to point out one particular thing which has not been highlighted much in the media. Mr. Chidambaram, the former Home Minister, former Finance Minister, during demonetization made a public statement that I have strong doubts that some money has gone from the currency note printing press directly to some individuals. Because there was huge catch of money. I have a list of 158 cases which were reported in the national media. When people were finding it difficult to get 5000 rupees, people were caught with 5 crores, 10 crores, fresh currency. How did it go? Who gave? What has been the enquiry so far? And what happened to these 158 cases? Has any case been settled? Have they found out from where this money went to these individuals, including the famous Reddy Brothers of Karnataka who conducted a marriage during this time when there was shortage of currency, their money was flooded. So these things they have to answer. Whom did you benefit? And why the RBI and the government has never come out with a reply to the then Finance Minister and Home Minister? That is a serious question and demonetisation in my assessment is a grand failure affected the common man of the country very badly. Then for the banks again they came up with certain prescriptions like the prompt corrective action which is a directive given by the Reserve Bank of India. Reserve Bank of India is working in close relation with the Finance Minister. The prompt corrective action implemented for 11 banks starting from IDBI in 2017 June. No bank has made any progress. Then what is this prompt corrective action? Just the policy itself is a flawed one. You are saying that you have to go for more retail loan but you are saying that you cannot open new branches. You cannot increase your employees and offices. How is it possible? So the FCA is a grand failure of the government as well as the Reserve Bank of India. Then the asset classification norms. The Reserve Bank of India on February 12th of 2018 issued a circular changing the asset classification norms. Normally asset classification norms are changed by the RBI once in a year in July so that the banks can prefer accordingly. Now suddenly on February 12th you are changing the norms which has led to a situation that the banking sector NPA got tremendously increased because of the change in law. They closed down all their restructuring schemes. They have made an announcement that even a one-day default is a default. So the banks have to create a provision because of which the banks are making huge loss. This financial year, so far 18 banks have announced their results out of which 16 have huge loss. This biggest bank in the country, State Bank of India has shown a loss of around 7000 crores, first time in history. Only Indian Bank and Vijaya Bank have shown some profit. The other three banks which are going to announce the results also is likely that it will be further large. So then what did you do in these four years for this banking industry? You said that you will make it robust but you are following the same policies. You are rather feeding up those same policies because of which the banking sector is getting destroyed. Now look at what they did for this of Bank of India. I am not a fan of Raghuram Raja. He also belongs to the same Chicago School of Thoughts which says that government role should be minimum. More privatization will become more competition and market should be the determining factor for everything. But during his time he did attempt to do some corrective measures and he could manage the economy well because he made some statements which the government did not like. They did not extend his governorship and they brought in this man Dr. Ujit Fatil who was an employee of Reliance, who had been an employee of IMF. The decisions he takes has not helped the economy. He is openly talking about privatization of public sector bank. He does not reply to major queries raised by even parliament committees. We from I-Book used to meet the governors earlier and to make representations. We had been asking for an appointment. He does not have time for us. And the government again brought one more deputy governor. He is again a very well-known protagonist of privatization. Now the entire RBI's policies are being moved towards privatizing of the public sector banks. This is a major flaw of the government. They should understand that without the public sector banks they could not have opened the jandan accounts. They would not have handled the demonetization. They would not have succeeded in their pension eugenics. Now they are claiming that 9 crore Mudra loans have been given, a considerable number of them or even by the public sector banks. In spite of that you just want to hand over these banks to the public sector banks to the private sector. This is a total flaw. And the policies which they are implementing, which are dictated by the IMF and World Bank, they are not willing to correct. Even their own Sudeshi Jagranmaans, they are opposing these policies. The bank unions and associations which are affiliated to BMS, they are also critical of these same policies. But they are not willing to have a relook. Unfortunately, one thing I see is that there is no feedback mechanism. They are not willing to listen to the others. See they announced a turnaround plan for 11 banks. We came up with concrete suggestions. We prepared book, we prepared an excel sheet where you can change the parameters and see what will be the net result of it. We were asked to sign our unions and association to an MOU with the Finance Ministry itself and the management. We did it. But they have not taken any concrete steps on our suggestion. So now we are seeing that there has been earlier occasion, three banks, Indian Bank, Ukobank and United Bank of India were under stress. At that time, the M.S.Sorma Committee came up with the recommendation that these banks should be closed down. But these banks became robust once again because there was a conscious effort of the government, employees and the management who worked together. Now we do not see that. The effort is more towards declaring the banks bad. Call the dog mad and shoot it. So say that you are not doing well. You are in fear has increased. You are not able to bring, turn around the economy. So the only way is to hand it over to the private sector. And that too in a situation where the value of the shares will be so low, you compare to the assets each bank holds, this will be nothing. And people like probably Ambani's or Adani's will take over. And another big mistake this government has done along with RBI's collaboration is allowing liens to start a payment bank and making State Bank of India to become a junior partner with 30% share in it. What has been their experience in banking? Nothing. And what has been their fast history? There are enough of books how they manipulate the policies of the government, how they corrupt the system and the officials and the politicians so that they can get things done. And there are so many cases against liens with the government itself. In spite of that you allow them to start a payment bank along with State Bank of India. What are you trying to do? I am sure that if this is allowed to continue, liens will try to take over State Bank of India one day. They have done it in the other fields. When media was very critical of them, consciously Dhruva Ambani decided that we will have our own media and today they won't quit a lot of news and print media. So why keep on borrowing from the banks? Take over the bank itself. That is what they will let them to. So today the corporate lending has increased so much and it is this corporate, say, 88.4% of the total non-performing asset belongs to the corporates. Not a single step is taken to take over their assets. We had been demanding that they should be declared as criminal offenders. Their personal properties should be attached. Nothing happens. Vijay Malaya has run away, Nirvamudi has run away. Fine. All their assets are in this country. Have we done anything to take over? So there is no seriousness to change the or make the banking sector robust. Rather the efforts are only aimed at privatisation. So on the whole the government has failed in their promises. Now you are seeing the employment growth. Last year it was hardly. New employment was 173,000. Against the promise of two crores per year. If the banking industry is made robust, if they are encouraged to lend more to the common man, today there is a skewed growth. Small credit has gone down dramatically. Large credit has increased. Just 11,643 borrowers, they have got the credit, 38% of the total credit. Small man is not getting credit. That's a taking place. Farmers do not have access to credit. Small traders do not have access to credit. And whatever digital banking which you are trying to push, that has led to huge service charges. People are unhappy. You go to an ATM that is charged. You go to a post machine, you are freeing. And you go to the bank and keep some money. Bank says that you have not kept adequate money, so service charge, minimum balance charge. So much of charges are being collected from the ordinary people. You collect more from the rich for the transactions which are like the NIFT transaction where you are transferring huge amount of money. There the charges are low. We have seen in the past that whenever the banks are lending more to the farmers, small traders, small industries, village artisans, that time the employment generation has been much more. Because the economy itself grows. When the economy grows, the more employment is created. It has a multiplier effect. But this has not been addressed by this government. Now they also brought in now a new will called the financial resolution and deposit insurance will. If that will is fast, the depositor's money will not be safe. There is a bail-in class if it is implemented out of 100 rupees you have put as deposit. The resolution corporation will decide how much you will get back. And we have classic example of Cyprus where two banks collapsed when this kind of a bill was passed there. And one bank paid back only 60% of the deposit and another bank paid back only 40% of the deposit. And in this country the deposits are of ordinary people. 90% of the deposit belongs to small household deposits. They have deposited with a great faith that I will get it back anytime I want. That faith is going to be lost. And they have brought in a class as liquidation class. So far in this country no bank gets liquidated. RBI has powers to direct another bank to take over so that the bank's entire assets are taken over, employees are also taken over and the depositors as well as the borrowers' interests are safeguarded. That's why the people still have faith in the system. In spite of Niramodip scam it was not a run on the Punjab National Bank. During the 2008 there was a run on ICICI bank. So people have faith in that public sector banks. Now you are bringing in a class called the liquidation class. This will lead to loss of faith in the banking system itself. So the entire system will collapse. And this FRDA bill they are particular to pass it and with a lot of efforts from the public as well as all India bank offices confederation it has been delayed. We have made our presentation also to the joint parliamentary committee. We will have to be on guard to see that this bill is not passed. Then again coming to the employees, offices and staff. This government though there is so much of banking expansion, financial enclosing, more of accounts, the staff strength is going down dramatically. Governments should look at it. Even Reserve Bank of India their staff strength has come down to almost 50% in the last six years. So their supervision has become weak. The public sector banks similar thing is happening. And you are making regular jobs into contracts. More of outsourcing is happening. So assured employment is getting reduced. And the wage revision for of the entire banking industry was due from 11 to 2017. Till now no settlement has taken place. So we are being forced to go on strike again and again. It is a failure of the government because which says that we are fast, we will do things in a minimum government, maximum governance and all where the slogans. Government which is going to act but nothing is acting. And lastly another big issue is appointment of board of directors in the banks. Public sector there is a mandatory legal provision that you should have a representative of offices, association and employees. Every bank will have two directors in the board who will represent the offices and employees. After this government came to power. They have not appointed new. Wherever they were there who were retiring or their tenure got over it is just for three years. And after that this government has not appointed people. Though recommendations have gone from the association, recommendations have gone from the individual banks. And finance ministry has also put up the recommendation to the PMO. This is the information the finance ministry has shared with us. The files have been sent to the PMO but it is not clear. Then what is the question? Where is the question of transparency? See these directors, the representing offices, employees, they have a watchdog role. They may not be able to influence the policies of the board but they have a critical role, watchdog role. So they will look at the large advances, they will look at the large write-offs. They do not represent only the HR issues. This is another big flaw of this government. In the law of the country you are not respecting. You are not implementing. So on the whole the government has been against the public sector banks and they have not been doing adequate to take care of the banking sector as a whole because of which more and more banks are making losses and there are efforts to privatize or even bring in more of foreign investors into the private sector banks. They changed the law. Now the foreign investors can have up to 76% share in our Indian banks which are private sector banks. Even ICICI bank and their show-holding is more of foreign investors. They cannot say that it is really an Indian bank now. It's like a foreign bank. So slowly even the private sector banks are likely to be taken over by the foreign investors and the public sector banks they are trying to hand it over to the corporate who are the people who are responsible for the NPA, who are the people who are responsible for the deterioration in the economic growth of the country. This is going to be very bad. So people should understand and let's see what happens in future.