Modi’s address sound and fury signifying nothing: Bank union leader

Chennai, Dec 31 (IANS) Prime Minister Narendra Modi’s address to the nation on Saturday was just sound and fury signifying nothing and skirted the main question on when the cash crunch would ease following the demonetisation of Rs 500/1,000 notes, said a top leader of a large bank union

Modi’s address is also silent on the wilful defaulters of bank loans, said All India Bank Employees’ Association (AIBEA) General Secretary C.H. Venkatachalam told IANS.

“The address is just sound and fury signifying nothing. The nation was expecting him to announce withdrawal of restrictions on cash withdrawals from banks. But he did not say anything about that,” he said.

“We welcome the government to take action against corrupt bank officials whether they were involved in diverting cash to others instead of giving to the common man or in other corrupt practices in sanctioning loans,” Venkatachalam added.

On the eight per cent interest rate on fixed deposits up to Rs 750,000 by senior citizens announced by Modi, he said it is very insignificant considering the deposit period being ten years.