Congress leader Manish Tewari on Wednesday said it is extremely unfortunate that the entire Indian banking system only works for the oligarchs, adding that India's economic system must start working for its poor.
"Unfortunately the entire Indian banking system only works for the oligarchs where they extort money from the savings of the poor and it is siphoned off into the bank accounts of these rich capitalists. So, therefore, this must change," Tewari told ANI here.
"The entire economic paradigm must change, India's economic system must start working for its poor and all this. rate cuts must come to an end. Till the time the interest of the small depositors is paramount, the RBI must ensure that those interests are protected," he added.
Tewari said the Indian oligarchs have been demanding a cut in the lending rate so that they can siphon off the money of poor depositors for a pittance.
"First of all every bank must declare on its website quarterly who are the defaulters, which are the assets which are non- performing and who are their promoters so that the depositors can know as to who is siphoning off their hard earned money," Tewari said.
"The RBI must protect the small depositor, under no circumstances should there be any action taken which is to the detriment of the small depositors," he added.
Several industry leaders, who met Prime Minister Narendra Modi yesterday, pitched for interest rate cut saying it would help them take risks and scale up investments.
