'6% Islamic banking' advisory lends BJP a theme song
By TNN |
Highlights
NEW DELHI: The government���s fiat to bankers for earmarking 6% of the loan disbursements for members of the minority community on Wednesday gave yet another opportunity for the BJP to bring out its old appeasement slogan against the government.
With parties seeking to sharpen, and benefit from, communal polarisation in poll-bound states like Uttar Pradesh, the BJP has initiated an attempt to use issues like ���priority sector status��� for minorities to consolidate the majority community votes in its favour.
The BJP, which hit out at the government for its proposal, said the new proposal will play havoc with the banking system. ���It seems that the prime minister���s refrain of first claim of Muslims on India���s development resources is being systematically implemented in phases by communalising sector after sector,��� the BJP said in a statement.
The BJP projected the new proposal as part of the ���larger minority politics��� practised by the government and said that it will destabilise the disciplined banking sector.
���Loans are granted by banks on merit irrespective of caste or class or religious considerations. When a bank gives a loan, factors such as viability and the payback periods of the proposed venture, collateral security offered and credit worthiness of the borrower are taken into consideration. This approach is justified as the money is that of the depositors,��� a statement issued by the BJP said.
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The party also pointed out that there is already a mechanism of disbursal to minority community members. The banks extend loans to borrowers referred to them by the respective state development commissioners for minorities. These loans also carry a government subsidy component. The BJP said priority sector status for a community was in contravention of banking norms. ���The priority sector concept was evolved after nationalisation of banks to accommodate small borrowers like farmers, rural artisans and self-employed people,��� the party contended.
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