Indian financial system is broken and favours fraudsters like Mallya & HDIL

We live in a very unfair world where those with political connections and resources have a very unfair advantage over the common citizens, and this is especially so in India.

People like you and me have a million questions asked, our CIBIL rating is checked, sometimes the bank personnel personally come to verify our declared assets when we apply for a loan. This is what happened to a relative of mine who applied for a land loan at Karnataka Bank recently and even after he did all formalities, to get that loan he had to purchase an insurance policy as a favor to that bank manager, a policy for which he has to pay a premium of ₹25000 annually!

This is the pitiable state of affairs in our country. This can never happen in a European country or the USA because there are systems in place there which treat all citizens equally.

Mallya's story is well known, he got away with getting crores in loan without any security (the security was the goodwill of Kingfisher itself which can be valued to millions on paper but in reality isn't even worth a piece of paper). Unlike my relative, a big name like Mallya was able to bypass the rules of banking system and the sufferers were the common people.

And then the PMC scandal happened few months ago and the same story was repeated. HDIL defaulted to PMC and that left PMC depositors with broken hearts and financial situation. Nobody bothered to ask that how come a public institution like HDIL was allowed such large credit without checks and balances whereas even commoners like my relative have to pass through them.

What Indian employees need is a lesson in morality and ethics, they need to understand that honesty towards their job and customer is the only thing that would bring them glory and pay their bills, and that can't happen until full transparency comes in the system and the entire system is overhauled and dishonest and corrupt ones are either dismissed or forced into voluntary retirement.

I know its easier said than done but then that's why we elect good leaders. Optics like demonetization cannot rid the system of corruption, its drastic and direct measures like these. And the public who vote also shouldn't fall for the optics, they shouldn't trust a government or politician unless they deliver the real goods!

And if the leaders don't deliver then the public should adamantly insist and put pressure on them until they do it. The people's priority should be real goodies like bringing honesty to the banking system and not victories in communal or religious turf wars (though the politician will try his best to push you to latter because its so easy to fulfill!).