Why former RBI Governor Raghuram Rajan was forced to RESIGN..?

To protect CRONY Capitalists, who had taken Multi Trillion Loans from PSU BANKS and Raghuram Rajan as RBI Governor was putting pressure on PSU Banks to recover the money loaned to CRONY Capitalists.

When UPA Government under Sonia Gandhi demitted office, Indian PSU Banks had BAD LOANS up to Rs 31,00,000 Crores and this money is now lying in foreign Banks. Now the PSU Banks have a collective debt of Rs 3100,000 Crores. This happened with full knowledge and collusion of BJP, which was in the opposition.

I see it as a BIG CONSPIRACY against Indian people, which was hatched at Bilderberg Conference.

On 30 March , 2016 — Wednesday, RBI gave a list of big defaulters to Supreme Court, who have failed to repay loans of over Rs 5,00,000 Crores, but fervently pleaded that their names should not be made public. The banks are refusing to identify individual accounts of Bad Loans claiming client confidentiality.

Also Read

“Adani-Ambani got Rs 1,85,000cr loan under UPA

“During the UPA regime, Adani was granted loan of Rs 72,000 crore and Ambani group was given loans worth Rs 1,13,000 crore. The process of recovering loans from several corporates, including these two, was initiated only after PM Narendra Modi took over in 2014,” said BJP spokesperson Shrikant Sharma.

Supreme Court then made this observation

“…PSU Banks and Public financial institutions resorted to acts which were disreputable , un-clean and non transparent. It also accused RBI of trying to cover their acts from public scrutiny…”

Gross NPA of Banks run into Rs 31,00,000 Crores

What Liquor Baron Vijay Mallya said in his defence –

“…PSU Banks have NPAs of Rs 11,00,000 Crores and have borrowers, who owe much more than the amount allegedly owed by Kingfisher Airlines to the banks — a fact never alluded to or widely reported by the media as in my case..”

This was the amount that former RBI Governor Raghuram Rajan was trying to recover but was unable to do so after Narendra Modi Government came to power. This is the story of why Raghuram Rajan was forced to Resign as RBI Governor..?

How did Big Corporate Houses get Multi Trillion Dollar Loans from PSU Banks..?

When Sonia Gandhi led UPA government came to power, her government came up with a new policy to build infrastructure known as PPP ( Public Private Partnership ) . The excuse given for formulating this new policy was Private sector would bring the necessary funds, since her government was cash strapped.

Within PPP Model was another model to generate funds , BOT ( Build — Operate — Transfer), which meant the ownership of infrastructure will be with the government but private infrastructure companies would recover their investments through BOT ( by operating toll booths incase of highways ).

Ofcourse this was all BULL SHIT, because in practice , exactly the opposite happend , it soon became Build — Operate — OWN. The private “…Infrastructure…” Company actually took ownership of the infrastructure Projects ( let’s say Dams , oil Wells , Gas Reserves , Coal Mines) after a few years of operation. More importantly, Multi Trillion Dollar Loan taken from PSU bank to build build infrastructure Projects ( example Dams ) were never repaid.

Today, Anil Ambani’s owned Reliance Power — India’s No 1 Hydel Power Company. All Hydel power projects are owned by Private companies.

Narendra Modi Government has built more than 100 dams on river Ganga through PPP Project, all dams are unviable but profitable to private “…Infrastructure…” Company, as they can siphon off Multi Trillion Dollar Loans.

Now Narendra Modi Government has decided to sell all government owned companies to fund infrastructure Projects through PPP model, which could raise prospects of Senior RSS Leaders getting huge KICKBACKS.

This is Narendra Modi Government development agenda.

How PSU Banks got defrauded by “..newly..” formed Infrastructure Companies..?

Many “..newly..” formed Infrastructure Companies, inflated Total Project Costs ( TPC ) for Infrastructure projects by about 323% in several cases , in most cases upto 200% and took huge Loans from PSU Banks. In most cases, they NEVER started the infrastructure project, giving various excuses for delays such as environmental clearance, as a result of which , PSU Bank Loans turned into Non — Performing Assets ( Politically correct word for Bad Loans ). Even as many Big Business Houses defaulted on their debt obligations, they managed to retain all their assets as their loans got restructured.

Many newly formed infrastructure companies that came up to build infrastructure projects, resorted to ever greening of loans, especially by taking loans from one bank to pay only the interest portion of loans taken from another bank. Eventually these promoters defaulted on loans to all banks and went scot-free.

Many PSU Banks have given Rs 10,000 Crore loans against Fake cheques , Fake Insurance Papers and Fake Letters of credit. The frauds were carried over five years by borrowing and repaying the loans through funds borrowed against fresh fake documents.

How Vijay Mallya — owner of Kingfisher Airlines defended himself..?

Liquor Baron Vijay Mallya got loan up to Rs 11,000 Crores from PSU Banks, even though he hardly owned any assets in India. This says something about the nexus between Politicians and Big Business Houses

What Liquor Baron Vijay Mallya said –

“…PSU Banks have NPAs of Rs 11,00,000 Crores and have borrowers, who owe much more than the amount allegedly owed by Kingfisher Airlines to the banks — a fact never alluded to or widely reported by the media as in my case..”

Now Realty Check

To all Indian guys ,

NPAs are only — Rs 11,00,000 Crores

Restructured Loans are — Rs 18,00,000 Crores

Write offs are — Rs 3,00,000 Crores

Indian media only speaks about NPAs ( Deliberately ) but not about Restructured Loans and Write offs.

Even when talking about NPAs, it will only write about Quaterly losses to PSU banks but not about total amount accumulated over the last 10 years.

Actually, Discoms alone owe Rs 10,00,000 Crore to the PSU Banks, but Narendra Modi government has restructured the Debt of Discoms, which can now be repaid in installments in over next 25 years. Discoms have an outstanding Debt of Rs 4,30,000 Crores and had accumulated losses of approximately Rs 3,80,000 Crores.

Narendra Modi Government in order to help Big Business Houses not repay their Trillion Dollar Loans taken from PSU Banks has converted Debt Recovery Tribunals and Appellate Tribunals into “…I-T Courts..” . The idea is to portray “…Bad Debts..” as Tax Evasion, which can be appealed against in Appellate Tribunals.

Narendra Modi Government has also decided to come up with “..New..” Bankruptcy Laws to help insolvent BIG Borrowers. This is why Raghuram Rajan had called Narendra Modi government as Big Business Friendly.

Why RBI Governor Raghuram Rajan was removed by Narendra Modi Government..?

Once Raghuram Rajan assumed office on 4th, September 2013 as RBI Governor, he declared war on bad loans, forcing PSU banks to declare massive losses and turning the screws on business groups that had flourished for years by not repaying debts. Under him, RBI forced PSU banks to classify several loans as Non-Performing Assets (NPA), which in normal course would have been treated as “standard”.

Raghuram Rajan as RBI Governor, had begun to turn the heat on some of these powerful business houses, many of these entities had already got their loans restructured — a euphemism for postponement of interest and principal repayment. Under him, PSU Banks were given a deadline of March, 2017 to clean up their bank balance sheets (disclose the NPAs).

If given a 2nd term, he would have carried out the “..deep surgery..” that was needed to cleanse Bank Balance Sheets of bad loans, ending the usual practice of endlessly bailing out the banks at hapless taxpayer’s expense.

Big Business Houses Hit Back

Big Business Houses complained to Senior RSS Leaders , who later accused him of not cutting down interest rates and kick start growth, and instead focus almost single-mindedly on inflation. Senior RSS Leaders also accused Raghuram Rajan of not being patriotic enough as he wasn’t an Indian citizen.

Senior RSS Leaders stated that NPA tag to Big Business Houses choked their funding, impacting economic revival as these Big Business Houses would be unable to add more capacity to their factories at Tax Payers expense.

Raghuram Rajan announced his resignation as RBI Governor, on 19 June 2016 — Sunday, which was gladly accepted by Prime Minister Narendra Modi and Union Finance Minister Arun Jaitley.

Who brought Raghuram Rajan to India ..?

Raghuram Rajan was brought to India in the year 2007 by Former Prime Minister Dr Manmohan Singh, not by UPA Chairperson Sonia Gandhi or Former Union Finance Minister P Chidambaram.

Other reasons, for removal of Raghuram Rajan as RBI Governor

  1. Under Raghuram Rajan as RBI Governor, RBI rejected plan for 100% FDI in Banks
  2. Refused to allow Narendra Modi government use RBI Reserves in recapitalizing PSU Banks. To all Indians , RBI has reserves upto Rs 23,00,000 Crores, which Narendra Modi government wanted to use for recapitalizing PSU Banks, which had collapsed under Bad Loans. This move was opposed by RBI Governor Raghuram Rajan, who said reserves available with RBI was meant to cushion Indian economy along with the rupee, from shocks given by volatile world economy and currency markets.
  3. RBI Governor Raghuram Rajan opposed giving Banking Licenses to Big Business Houses.
  4. RBI Governor Raghuram Rajan refused to bring down interest rates, which would help Big Business Houses reeling under the burden of high debt, stating that it would lead to high inflation. He claimed that bring down interest rates, would wipe out savings of middle class / working classes , due to resultant inflation.
  5. Raghuram Rajan as RBI Governor Narendra Modi Government’s Economic policies as being tailored to benefit Big Business Houses in the name of “development and employment creation.”
  6. Raghuram Rajan as RBI Governor claimed that Modi Government has a Big Business-Oriented Policy Framework rather than much more broad based, pro-market one..
  7. Raghuram Rajan as RBI Governor attacked Modi Government “…Make in India ..” campaign as being Big Business-Oriented Policy
  8. Raghuram Rajan as RBI Governor stated that many Big Business Houses in India enjoyed “..Riskless Capitalism..”; in good times they enjoy profits and in bad times they are bailed out by PSU Banks.
  9. Big Business Houses turned against him because of the NPA tag, he gave to Big Business Houses for defaulting on Multi Trillion Dollar loans they had taken from PSU Banks, which were later choked them of government funds.

After the Exit of Raghuram Rajan

  1. On 18 June 2016 — Saturday, RBI on instruction from Modi Government simplified the process of registration of new NBFCS, to enable Big Business Houses get Banking Licenses, which was opposed by Raghuram Rajan as RBI Governor. This was meant to help FIIs ( or fronts for Swiss Banks) enter the Banking sector.
  2. On 6th September, 2016 — Finance Ministry under Arun Jaitley announced that Public Debt Management Cell (PDMC) to take away Debt Management functions from RBI.
  3. Union Finance Ministry under Arun Jaitley also announced the formation of Six member MPC ( Monetary Policy committee ), which will decide the interest rates to be set by PSU Banks instead of RBI Governor. Three members will be appointed by Union Finance Ministry and three members will be appointed by RBI Governor.
  4. After Rajan’s exit, a research report by State Bank of India said that RBI raised Long term Inflation target from 4% to 8%, which meant RBI has reduced interest rates. With ouster of Raghuram Rajan as RBI Governor, PSU Banks decided to cut rates and easing credit cost pressure on Loan Defaulters.
  5. RBI gave PSU Banks Rs 70,000 Crores as relief.
  6. RBI allowed PSU banks to assign higher value to hidden assets in balance Sheets. The primary aim is to NOT to force PSU banks to recover “…Bad..” Loans given to Big Corporate Houses and to show smaller amount as “..Bad..” Loans. The other idea is to portray a “…fake..” balance sheet with “…fake…” assets as part of a “…COSMETIC..” clean up.
  7. Allows PSU Banks to show their Real Estate ( Buildings ) as Assets and Tier II Capital
  8. Allows PSU Banks to show their own Valuation as Assets ( Tier I capital )
  9. Allows PSU Banks increase their own Valuation upto 45% and show them as Assets ( Tier I capital )
  10. Allows PSU Banks to show hidden assets as a part of Valuation
  11. Hidden Assets include furniture owned , Taxes paid and foreign currency reserves
  12. PSU Banks like SBI will be the biggest beneficiary as its owns huge amounts of real estate ( offices and Buildings ), if it chooses to revalue its assets as part of new RBI Guidelines. Many PSU banks own huge amounts of Real Estate which would now be shown as Tier II Capital as a part of cleaning up the balance sheets.
  13. RBI has asked some PSU Banks to write off bad loans taken by Big Corporate Houses as they were not repaying.

Union Finance Ministry under Arun Jaitley has taken all these steps to dilute the power of RBI & RBI Governor. This was because Raghuram Rajan was pain in the ass for Narendra Modi Government.

Conclusion

Senior RSS Leaders wanted to protect Big Business Houses close to the ruling dispensation, as Raghuram Rajan as RBI Governor has made a strong pitch for cleaning up balance sheets of PSU banks.

Senior RSS Leaders wanted to protect interests of Big Business Houses.

Senior RSS Leaders wanted to prevent Ambanis , Adanis, Ruias, Jindals, Hindujas & others from being forced to repay their Multi Trillion Dollar loans to PSU Banks and forced Narendra Modi Government to pitch for his exit.

Senior RSS Leaders are “…NAQLI Hindutva Leaders..”, who don’t care for poor, middle class or office goers, they have been propped by Anti India Elements like the Jewish Banking Cartel ( who own Swiss Banks including those Banks in Tax Havens ).

Names of Senior RSS Leaders figure amongst India’s Biggest Arms Dealers, and they were active even when Sonia Gandhi led UPA government was in power.

FDI is nothing but Black money coming back to India from Tax Havens.

Narendra Modi Government is remote controlled by Senior RSS Leaders, all top Cabinet Ministers including the Principal Secretary to the PMO — Nripendra Mishra and NSA — Ajit Doval have been appointed by RSS.

Both Principal Secretary to the PMO — Nripendra Mishra and NSA — Ajit Doval are close friends of Ex Air Chief Marshall — S.P Tyagi, a prime accused in Augusta Westland Scam.

Both UPA under Congress President Sonia Gandhi & Narendra Modi Government work for Big Businesses.

Recently , RBI gave PSU Banks as Rs 75,000 Crores as relief. This would have been opposed by Raghuram Rajan as RBI Governor. All PSU Banks in India would have collapsed, had they not been propped by Tax Payers Money.

Due to Crony Capitalism, PSU Banks in India, only give loans to Big Business Houses, not small retailers or Poor Farmers. Outlook Magazine once came up with a article called — The Great Indian Bank Robbery dated 7th March 2016.

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