It was really a shocking news that reliance money acquired 95% of operations of sbi.according to the deal ,from may 2014 onwards relaince will take care of all major operations of sbi like no frill savings bank account through kiosk banking model,home loans or loans against property, auto loans, gold loans, SME loans,general purpose credit card,current account, savings bank account (other than no frill acoount),term deposits , mutual funds ..etc. additional products may be added by mutual consent. in addition to all , 13000 branches of sbi will shutdown and instead of that reliance will set up 5000 reliance seva centers . still one thing is strange here why such a deal?
how they can be sure that the efficiency will increase after signing a business correspondent deal with reliance? how much experience or tradition reliance have in banking field? still there is ambiguity , if the deal is to increase efficiency of sbi , then why they signed it with reliance ?if their aim is to make indian banking induastry more efficient by this business correspondent model, then they should bid for the same. there are many reputed financial institutions in india which can undertake this in a better way than reliance. sbi was the most reliable banker of a common man in india.people have a trust in it. they are sure that their money will be safe there. but let’s see now that how long they can sustain their credibilty . the situation of employees is also not different. it was clearly evident that with closing up of sbi branches more than two lakh employees lose their job. how they will compensate them? what about lakhs of youngsters who is aspiring to be a govt. bank employee?
who will pay for their dreams? The sbi is going to charge for all services from their customers. is it affordable for everyone? we should think on all this.
the next amazing thing is that after all these , majority of our top most media , both visual and printing kept silent on this. none of the political parties talk about this. all of them want to sing a funeral song for sbi.