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SBI giving all bad, wrong loans of late

Mon, Jun 20, 2016, 12:27 PM
State Bank of India, plundering people's monies and giving unsecured loans to playboys and helping them park their funds abroad, has acquired another dubious distinction. SBI has given loans to foreign ammunition makers, including cluster bomb makers. As a result, it is one of the 150 financial institutions in the world that have entered The Hall of Shame.

The Hall of Shame is pretty long and includes the likes of JP Morgan, Barclays, Bank of America and Credit Suisse. All these shame holders have invested $28 billion in cluster-bomb makers that bring death to innocents between June 2012 and April 2016.

Thanks to Arundhati Bhattachrya, SBI Chairperson, the bank has entered The Hall of Bank Shame. SBI defends its shameless act, saying, `While it always works in accordance with local laws and regulations, there is no prohibition whatsoever either in the US or in India to finance such commercial products.'

According to a Dutch campaign group Pax, the Convention on Cluster Munitions bans the use, production and stockpiling and transfer of cluster munitions. It was signed by 94 countries in 2008, and it came into force from August 1, 2010. This means SBI ought to have known whom it was giving loans to apart from liquor baron Vijay Mallya.

The redeeming feature for the SBI is it has been included in the list because of its exposure to Orbital ATK. It is one of the largest manufacturers of ammunition and leading supplier of precision systems and electronic warfare. SBI can do a good deed, even at this late stage, to get the knowhow transfered to concerned Indian agencies. When it had given loans, it can demand the knowhow.
Agency: Ap7am Desk

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