The Shallow showoff
If you want to ban, then put on the second largest bank of China, ‘Bank of China’! ……. What will be gained by banning some useless apps? ……. Bank of China license Nehru Or Manmohan Singh has not given it to Modi in 2018, that too when Prime Minister Narendra Modi promised it to Chinese President Xi Jinping during the SCO Summit in 2018.
Bank of China applied for security clearance in July 2016. This bank was accused of funding terrorist organizations but despite that, it was given a license to do business in India.
Not only this, in August 2019, it was included in the Second Schedule to the Reserve Bank of India Act, 1934 and permission was given to provide regular bank services in the country ……. Earlier in Modi Raj only from January 2018 to Industrial & Commercial Bank of China was also allowed to do business in India,
Many economists of our country were against giving license to these banks, former RBI Deputy Governor P.K. Chakraborty had also said at the time that China was known for its aggressive trading policy. Whatever resources China has, it uses it in a very aggressive way. Our government banks are still lagging behind in terms of resources, technology and aggressive strategy. If their market share falls, it will not be good for the country’s economy.
Market expert and former banker S.K. K. Lodha gave the example of America and explained how wrong decision to license this bank is in Navbharat Times.
The US first allowed Chinese companies and banks to operate openly in the US. As a result, Chinese businesses and products were in the US. This upset America’s economy. One special thing with Chinese businessmen is that they do business abroad, earn money and invest more in their country.
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Well let me tell you that Bank of China is not an ordinary bank. The Bank of China, or SBP, operates under the China Central Huijin, an investment company run by the China government. The bank is spread over 50 countries, 19 of which come under China’s ‘One Belt, One Road’ plan. OBOR i.e. One Belt One Road Project is the most ambitious plan by China to take over the world trade. is. This plan is a replica of China’s expansionary policy, therefore canceling the license of this bank will be the only act that will affect China in real terms as its trade will be directly affected.
– Girish malveey