Why Punish Middle-Class Depositors?
The notification of the Reserve Bank of India on June 8, proposing a compromise formula with wilful defaulters and frauds, has been slammed by bank workers' and officers' unions. Speaking to NewsClick, D Thomas Franco, the former general secretary of AIBOC, accused the RBI of aiding swindlers at the cost of middle-class depositors. Such a move would dash hope in the banking system itself, Franco says. The unions, economists, and people's representatives have demanded the RBI withdraw the circular and protect the banking sector from further crisis.
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