Either improve or wind up SFC!

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State Financial Corporation (SFC) has become a white elephant with virtually nothing to offer to those entrepreneurs who dream of making it big in their life after having passed out from various prestigious management institute of the country. The
corporation has failed to serve
the state the way in which it was supposed to serve.
Loans have been offered to those who are well connected and have political connections at the top. They have been made over-night rich by those who have headed SFC in various capabilities
during the last 57 years. Even
the present management has failed to do anything remarkable or worth remembering.
The only thing that this management has done wisely is filling the gaps on the website of SFC. They have cleverly kept the losses under the wrap and tried to show as if the corporation has been making heavy gains.
The recovery drive has been a
complete failure. Not much has been recovered from the defaulters owing to their connections with the top political elite of
the state. They have been allowed to go scot free.
More disturbing has been the response of the functionaries of state government who have failed to come up with a concrete policy on addressing the issues of loanees preferring not to return money taken from State Financial Corporation (SFC) for establishing trade units. State has no policy to address this major issue of people turning defaulters by will.
SFC has long list of such defaulters. To add to this bleak scenario, SFC recently engaged some blue-eyed boys in the corporation. They were offered corporate salaries and engaged with the sole purpose of reviving this defunct cash starved corporation. These blue-eyed boys are getting paid regularly but the corporation is not making any substantial gain while losses are increasing with each passing day.
The creation of new jobs in a defunct corporation raises serious questions on the competence of those who headed it since the day of
its creation. State government should immediately take steps to either revive the corporation or close it for all times to come so that the public money does not go down the drain.

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