AAP supremo Arvind Kejriwal who doubles up as the Chief Minister of Delhi, suffered a bad Thursday on Twitter after he was slammed for indulging in fear-mongering with respect to bank deposits.
While piggybacking on rebel BJP leader Shatrughan Sinha’s tweet, Kejriwal claimed that he is regularly approached by people worried about the safety of their bank deposits in light of various bank frauds. He thus appealed to PM Modi that he inform people as to which bank was the safest to deposit money:
A no of people approach me daily worried abt the safety of their money in banks considering large no of bank frauds coming to light daily. PM may kindly inform the public which bank is safe for people to keep their money. https://t.co/eIkAvYjxYS
— Arvind Kejriwal (@ArvindKejriwal) April 5, 2018
Kejriwal is currently one of the most well-known politicians in India today and has a Twitter following of more than 13 million people. When he comes out with an intuition that people’s money isn’t safe in Indian banks, there’s a strong possibility of gullible people taking his allegations seriously and panicking about the health of India’s banking system.
In short, the narrative of Indian banks failing to owe to financial frauds by the likes of Nirav Modi, barely make any sense considering, PNB is speculated to have lost about Rs 12,000 crores in the Nirav Modi fraud and in comparison its total business turnover is pegged at a whopping Rs 11 lakh crores, thereby putting the size of a banking institution into context.
This possible attempt to spread panic among people with regards to one of the most important commodities around called “money”, didn’t sit well with people who heavily slammed people:
Indian politicians making loaded statements which can trigger a run on the country’s banking system because it suits their political ends. New low. https://t.co/ir192CsZiX
— Aashish Chandorkar (@c_aashish) April 5, 2018
I haven’t seen bigger a scum than you. And you’re Ex-IRS officer. In the past including 2008 meltdown, dozens of banks worldwide went bankrupt but we stood tall because of robust systems & checks of RBI. No Indian bank has ever devolved its commitment. Neither will it ever happen https://t.co/oZzetMhrUP
— Ra_Bies (@Ra_Bies) April 5, 2018
— हम भारत के लोग (@India_Policy) April 5, 2018
Even Mohandas Pai the former CFO of Infosys, dismissed Kejriwal’s narrative as a joke:
What a joke, total frauds is less than 0.20% of deposits a year; pl stop this exaggeration to show your pathological hatred for the govt: you need to grow up, act like a CM not an anarchist https://t.co/oXyDxShGpr
— Mohandas Pai (@TVMohandasPai) April 5, 2018
A couple had a lighter take on this matter:
Only AAP is safe, people should all donate to AAP
— Masakadzas (@Nesenag) April 5, 2018
Must be a very curious category of people that don’t trust the banking system but have faith in you. https://t.co/afGm5wEnWc
— mayurwrites (@freentglty) April 5, 2018
Incidentally “your money isn’t safe in the banks” narrative has been peddled for some time now, earlier via the proposed FRDI bill and now via bank frauds. We had earlier debunked such fear mongering in a YouTube video: