Submitted by Dstreet Dreamer (not verified) on June 28, 2008 - 6:10am.
The author seems to have failed to understand the following points in the RBI related developments:
1. Initially RBI barred Sahara from taking fresh deposits.
2. Sahara moved High Court and obtained a stay.
3. RBI moved Supreme Court challenging High Court stay.
4. Supreme Court asked RBI to give Sahara a hearing.
5. RBI gave Sahara the hearing and finally permitted Sahara to continue to collect deposits that mature by 2011. RBI has also given time frame up to 2015 to wind up its para-banking business.
6. In nutshell, the RBI ban virtually goes and Sahara is allowed to do its business.
7. Sahara has mobilized a massive depositor base of 42 million.
8. It has brought in door-step banking culture to remoter villages.
9. It has also brought in thousands of jobs to villages – thus preventing rural influx to that extent to urban areas.
10. Elsewhere, those who pioneered village banking and small savings movements are awarded. Its only here in India such pioneers are hounded.
Big Trouble with Small Savings at Sahara!
The author seems to have failed to understand the following points in the RBI related developments:
1. Initially RBI barred Sahara from taking fresh deposits.
2. Sahara moved High Court and obtained a stay.
3. RBI moved Supreme Court challenging High Court stay.
4. Supreme Court asked RBI to give Sahara a hearing.
5. RBI gave Sahara the hearing and finally permitted Sahara to continue to collect deposits that mature by 2011. RBI has also given time frame up to 2015 to wind up its para-banking business.
6. In nutshell, the RBI ban virtually goes and Sahara is allowed to do its business.
7. Sahara has mobilized a massive depositor base of 42 million.
8. It has brought in door-step banking culture to remoter villages.
9. It has also brought in thousands of jobs to villages – thus preventing rural influx to that extent to urban areas.
10. Elsewhere, those who pioneered village banking and small savings movements are awarded. Its only here in India such pioneers are hounded.