The Money Lenders Are Back? Rajan Are You Listening

The 'exploiters' money lenders or the notorious 'sahukaars"- the creation of  feudal system- are back in the same fashion. And the old-days "sahukaars-money lenders- have been replaced by none other than the private as well govt. owned banks. They squeeze the customers no less than what pre-independence "sahukaars" used to do. They charge exorbitant fee for running your account under the garb of minimum balance, delivering cheque books,  fine you at will by deducting amount from your account, charge heavy penalty for cheque bouncing, and worst of all twist RBI directions to their advantages. The country central bank is just a spectator can't stop the modern "sahukaars". The housing loan customers are taken for a ride every time RBI cuts the key rates. Take this year rate cuts. RBI has cut key rates thrice but banks except a few,  haven't cut the interest. On the contrary, when key rates were being hiked, banks took no time in enhancing the EMIs. At least, not by IDBI, from where I have taken a housing loan and for the last four years paying annually Rs. 7000 higher what I used to pay initially. Interestingly, in early days of house loan, key rates used to be often reduced as India was having a low-interest regime. Nonetheless, IDBI never reduced my EMIs. It took no time in hiking the EMIs in later year as when key rates key  rates went Northward.   Isn't it an act of "Sahukaar". Under banking rules, such manipulations are strictly prohibited but even a govt-owned bank like IDBI aren't afraid of regulators. I am afraid, if there are regulators for modern "sahukaars".  That's why even govt banks are earning huge profits. The opening of banking sector should have led to cut-throat competition among private as well govt-owned banks, but it is otherwise in India, All private banks have formed a sort of cartel to earn  as much profit. The perils of open economy or liberalisation are there to see. Like Colonial rule, Banks these days aren't meant for common men. They easily don't lend money to lower strata. The rich are  their favourite destinations, no matter the incidence of default is higher among them and swelling NPA. Its a message to Raghuram Rajan. Hey, Rajan, are you listening?