People Have Lost Faith In RBI, Banking System, Says Anand Sharma

Kochi:  Congress on Sunday targeted RBI and banks in the country, saying people have "lost faith" in the "banking system" after Prime Minister Narendra Modi's "disastrous movement" to demonetise the high-value currency notes.

Senior Congress leader and party's chief spokesperson Anand Sharma alleged that "crores and crores and crores of newly-printed currency (notes) are going out" from the "back doors" of the banks while common people were denied their right to withdraw their hard earned money they have deposited in these banks.

"People had faith in Indian banking system. After the financial crisis and after the economic crisis of 2008-09, Indian banks showed their resilience and their trustworthiness.

"The Reserve Bank of India had a formidable reputation. Today, people's trust in the Indian banks is shattered and the reputation of the RBI is dented," Mr Sharma told reporters in Kochi.

The ex-Union Minister for Commerce said, "I am telling you why. People who toil hard have small small savings. You put your money in the bank and you have the assurance that the money is safe. When I need it, I can go to the bank and withdraw it."

"But the



bank is not giving that money. Because cash is not available and the cash which is available is not coming from board or the counter", he said.

"ATMs are running dry. And from the back doors crores and crores and crores of newly-printed currency is going out. So how can people have trust..." he asked.

He said it will take a long time for the Indian banks to rebuild their trust.

"What ethics are there and correctness is there when your own money is snatched. You will say that your money is there, don't worry. It is safe. But it is safe with me as a government. I will use it the way I want and I won't give it to you. That is where the trust is gone. It will take a longtime to rebuild the trust in the banking system," he said.

Sharma, who is also the Deputy Leader of Opposition in the Rajya Sabha, attacked Prime Minister for the "sufferings" of the people through the "disastrous movement".

"Prime Minister must be held to account and the BJP government for creating the huge upheaval in the lives of the citizens for afflicting the sufferings, for destroying the economy and for over 111 deaths. He has misled the nation and its people," he said.