Please, please don’t bring in Indian banks to S’pore

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An honorable member of the Coffee Shop Has Just Posted the Following:

Please, please don’t bring in Indian banks to S’pore

September 10th, 2014 | Author: Contributions

ESM Goh Chok Tong who started the "Indian Fever".


I read the TRE news (http://www.tremeritus.com/2014/09/09...professionals/) with great concerns. It said that India is currently pressuring Singapore to let in more Indian banks and their professionals under some stupid agreement we signed with them.

Please, please ESM Goh, DO NOT let more Indian banks operate in Singapore.

First and foremost, corruption is rife inside the Indian banks (actually, it’s rife everywhere in India – much worse than in China). You let Indian banks operate in Singapore, you will surely bring in more corruptions into Singapore.


As recent as last month, one case came into the media attention (I’m sure a lot more are not reported): http://www.reuters.com/article/2014/...0QA3FC20140804.
The chairman of Indian state-run Syndicate Bank Ltd, Sudhir Kumar Jain was arrested for seeking bribes from debtors. Please note that it’s a case of this guy actively going out to seek bribes, and not the other way round.
Usually, businessmen who want favours from state-own enterprises will be the first to make the move. They will actively court the officials and bribe them. But in the Syndicate Bank case, it’s the other way round. This guy Jain went around asking those who owe the bank money for bribes so that he will get the bank to give further extensions to their loans. How despicable is that?


The scary part is that we are not talking about some low level bank executives or middle-level management of the bank. This guy is the CHAIRMAN of the bank, for heaven’s sake!


The news hit the Indian financial industry like a storm. Now, the investigators are widening their investigations to also look at possible links between executives of other companies and state-run lenders.
So, if Singapore allows more of such banks here, bringing with them this sort of “culture”, it will surely taint our society as well as our SMEs.


Secondly, you can be sure that these Indian banks will hire 100% Indian nationals. Singaporeans won’t stand a chance.


Why allow foreign companies to operate when they have no intention of hiring Singaporeans but only their own kind?


Didn’t I read somewhere that Tharman has to go talk to some foreign banking big-shots here, telling them not to keep hiring their own kind?


There are at least couple of hundred banks in India. If you let just 10% of them into Singapore, I guarantee you the whole Raffles Place will turn into Bombay in no time!

Concerned SG Citizen

* Submitted by TRE reader.


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