India “Post Payments” Bank: A Way To Lure Vijay Mallya And Nirav Modi?

On Saturday, Prime Minister Modi launched India Post Payments Bank (IPPB) with the aim of maximizing financial inclusiveness. Three lakh postmen and ‘Grameen Dak Sewaks’ with digital aids will take banking to the doorstep of every Indian. However, the scheme is conveniently named as “Post Payments” which raises concerns and suggests that the government has a bigger hidden agenda other than just financial inclusion.

Finance experts believe that the name has been deliberately kept like this so as to lure loan defaulters like Vijay Mallya and Nirav Modi, who are currently absconding and showing no signs of coming back. Since such fugitives are always on the look for seeking more loans, the ‘Post Payments’ Bank will certainly excite them and they may consider returning to India.

While on the domestic front, Congress leader Ahmed Patel has already expressed interest in opening an account with IPPB, which further confirms that economic offenders may easily take the bait. 2019’s General Election is nearing and PM Modi is doing all that it takes to bring all economic fugitives under one roof, i.e. Tihar.

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