1. Demonetisation: Bankers to feel heat of Narendra Modi-Mamata Banerjee clash; Here’s why

Demonetisation: Bankers to feel heat of Narendra Modi-Mamata Banerjee clash; Here’s why

Demonetisation: Since Prime Minister Narendra Modi announced the much-debated move to scrap Rs 500 and Rs 1000 currency notes, a political slugfest started over the issue.

By: | New Delhi | Published: November 29, 2016 8:32 PM
Demonetisation: Since Prime Minister Narendra Modi announced the much-debated move to scrap Rs 500 and Rs 1000 currency notes, a political slugfest started over the issue. (Reuters) Demonetisation: Since Prime Minister Narendra Modi announced the much-debated move to scrap Rs 500 and Rs 1000 currency notes, a political slugfest started over the issue. (Reuters)

Demonetisation: Since Prime Minister Narendra Modi announced the much-debated move to scrap Rs 500 and Rs 1000 currency notes, a political slugfest started over the issue. West Bengal Chief Minister Mamata Banerjee has been vociferous against the move from the very onset. She was not only pitching for a united opposition to tackle the central government but also launched scathing attacks on PM Modi. While people continue to face the cash crunch, it is the bank employees who are bearing brunt of the decision the most. It’s set to get tougher for them as the political showdown between these two strong figures gets worse, courtesy the PM’s statement today. PM Narendra Modi in the morning directed BJP MPs, Ministers and MLAs to submit their bank account statements between November 8, the day he announced the demonetisation, and December 31 to party chief Amit Shah amid allegation that he had tipped off people close to him about the impending exercise beforehand. Soon after this announcement, CM Mamata Banerjee dared him to declare his bank account details before seeking information from other BJP leaders. “Modi has asked BJP MPs and MLAs to give details of their bank accounts, but he needs to start with himself and BJP president Amit Shah. Just before demonetisation, large number of properties have been bought in the name of BJP and its president,” she alleged referring to media reports claiming that BJP bought several pieces of land, worth crores of rupees, in Bihar weeks ahead of the demonetisation declaration on November 8. It will be interesting to see what other politicos do regarding the issue of revealing bank account details. Clearly, banks will have to issue these statements to BJP MPs and MLAs and getting anything wrong will create a whopper of a controversy in this already volatile political scene. The scanner is firmly on them till this issue blows over.

Narendra Modi had disclosed total assets worth Rs 1.65 crore during the 2014 Lok Sabha elections whereas CM Mamata Banerjee’s assets worth a little over Rs 30 lakh as per declaration made by her during 2016 West Bengal assembly polls. Her movable assets comprise cash in hand of Rs.18,436, Rs.27.61 lakh in bank investments, nine grams of jewelry worth Rs 6,380, and a multi-gym machine worth Rs 2.15 lakh, besides Rs 5,188 as personal advances. While PM Modi has been seeking everybody’s support in his effort to usher in digital and mobile economy, and push the society towards cashless transactions, Mamata Banerjee has vowed to fight till demonetisation is rolled back – although she has not said she is against the move to digital economy.

So, the intriguing fight will continue to hit the headline and this time bankers have to remain careful as they have their task cut out!

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