You are here: Home » Opinion » Columns
Business Standard

T N Ninan: Robbing Peter to pay banks

To revive mismanaged banks, govt may pick the easiest option: take more of the taxpayer's money and give it to them

T N Ninan  |  New Delhi 

T N Ninan When the first lot of 14 banks was nationalised in 1969, one of the things said in those heady times filled with socialist fervour was that, with the banks’ resources at the government’s disposal, it might even be able to abolish the income tax. No one thought then that money would flow the other way: your tax money would be used by the government to finance mismanaged banks…because they finance businessmen who then don’t repay the loans. So who exactly is laughing all the way to (or from) the bank? Perhaps there is a need for some anger here. But who do we get ...

TO READ THE FULL STORY, SUBSCRIBE NOW AT JUST Rs 149 A MONTH

Key stories on business-standard.com are available to premium subscribers only.

LOGIN

EMAIL / USER NAME
PASSWORD
REMEMBER ME Forgot password?

Not a member yet ? Resister Now

Connect using any below

  • Don't lose the opportunity of saving $26.77 per month
  • Don't lose the opportunity of saving $26.77 per month
Total Amount
Rs. 0.00
To proceed, kindly select a subscription package

WHAT YOU GET

On Business Standard Digital

  • Access your subscription from anywhere. Be it your computer, tablet or smartphone using a browser or the App, Your Choice.
  • Access to exclusive content, features, opinions and comment, hand-picked by our editors, just for you.
  • Pick your 5 favourite companies. Get all the news upates at the end of each day through E-Mail.
  • Pick the industry that you want to track. And get a daily news letter specific to that industry. Cut out the clutter.
  • And stay on top of your investments. Track stock prices in your portfolio
  • Access 18 years of archival data

On Digital

  • Seamless access to WSJ.com with your Business Standard digital account.
  • Experience the best of the Journal's reporting, video and interactive features.
  • Read about the people and events shaping business, finance, technology, politics, technology and culture.
  • Stay informed with newsletters - an easy way to get WSJ content straight to your inbox - making life easier on your busiest days.
  • More business executives read the Journal globally than any other publication.
*Note :
Our Partners are proud to be associated with this initiative and will contribute Rs 100 x 6 months thereafter, standard rate of Rs 149 will be charged.
Offer valid for Indian residents only
Requires you to share personal information like PAN, Date of Birth, and Income.
*Annual saving on WSJ subscription price of US$ 347.88 (12 months @ US$ 28.99 per month)
* 1US$ = 67.50 INR.
*Please note that this offer is not valid if you are/were a registered/existing user on WSJ Digital
First Published: Fri, February 12 2016. 21:25 IST
RECOMMENDED FOR YOU