‘PM Modi will make RBI as Reliance Bank of India’

‘PM Modi will make RBI as Reliance Bank of India’

April 4, 2021

Accuses former MLA Somashekar  

Mysore/Mysuru: Accusing Prime Minister Narendra Modi of neglecting the people and protecting the interests of a few industrialists, former Congress MLA M.K. Somashekar has said days are not far for converting Reserve Bank of India (RBI) into ‘Reliance Bank of India.’

Addressing a news conference at Pathrakarthara Bhavan here on Friday, he said COVID-19 pandemic may have hit the global economy but it was a boon for Indian businessman, Mukesh Ambani who has climbed to 4th spot  in the list of world’s richest persons, thanks to Modi’s blessings. 

The contribution of Modi has been big behind Ambani’s achievement. “I had believed that the country will benefit after Modi becomes PM. But I am disappointed as the country’s economy is in doldrums. It is RSS which is ruling India and Modi is just a namesake PM,” he claimed.

Somashekar said the Union Government and Modi were helping in handing over the country’s wealth to  few individuals. Privatisation of banks, Life Insurance Corporation, BSNL, BEML, BPCL, Indian Airlines, airports and other Public Sector Undertakings, has begun. The wrong policies of Modi have made people’s life miserable. The prices of essential commodities and fuel have hit the roof much to the worry of citizens. While former PM Indira Gandhi nationalised banks to save them from the clutches of rich and render help to poor, Modi was privatising banks for the benefit of some people. 

Several nationalised banks were facing the closure threat due to cheating by some industrialists to the tune of crores of rupees. This has made Non-Performing Assets of banks to reach a whopping Rs.14 lakh crore, he said adding, if banks were privatised, poor, middle class, traders, senior citizens and retired officers would be worried about the safety of their money. There would be no guarantee for fixed deposit of the general public. Banks may close anytime without prior information. Need of the hour was to maintain status quo on this issue, he added.

He said BJP Rajya Sabha Member, Dr. Subramanian Swamy has openly said that PM Modi has no knowledge of economics due to his decisions like privatisation of PSUs. The BJP leaders, who were hitherto defending Modi, were now criticising his policies. It was high time people raise their voice against anti-people and anti-farmer, and pro-industrialist policies of the Union Government, or otherwise they have to pay heavy price in the coming days, the ex-MLA observed.

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Former Mayor Narayan, leaders Shivanna, Sridharmurthy and Vijaykumar were present at the press meet.


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