Demonetization: Now banks will give massive loans to business sharks, says Congress

RAIPUR: Chhattisgarh state Congress president Bhupesh Baghel on Wednesday said he felt that with deposits swelling in banks after demonetization of high-value currency, major business groups will be the beneficiary are banks, in turn, will now make huge advances to them.
“This will be one of the fallout. Banks will give massive loans to businessmen while the majority common masses are suffering, running from pillar to post to withdraw their hard-earned money,” he said while participating in a debate in the assembly on a resolution moved by chief minister Raman Singh supporting the centre’s decision for demonetization.
Claiming that Modi government’s all decisions are being executed like “event management”, Baghel said it’s now unfolding that government was unprepared for implementing demonetization and move has caused great inconvenience to the common masses, particularly in the rural areas.
“It is a good thing that we are fighting against corruption and black money. But the government was unprepared to implement this decision,” Baghel said adding that the hasty decision had adversely hit the market, particularly small business, besides putting the rural masses into great trouble. He said a farmer in rural Raigarh district had committed suicide as he could not withdraw money from the bank for the last three days as he was desperate to send money to his son, who was stuck in Chennai with no money after demonetization.
With the government withdrawing 86 per cent of the total currency in one stroke, Baghel said, small money circulation has declined drastically. He said the frequent changes effected after demonetization is a clear indication no prior thought was given to the fallouts of withdrawing currency notes.