The Battle Between Buddhism and Brahminism Reaches Banking—How Dalit Buddhists Plan to Establish Their Own Financial System in 5 Years

The first branch of ‘Dr. Bhimrao Ramji Ambedkar Multi State Cooperative Credit Society Ltd’ has already commenced operations in Kalyan, Thane district in Maharashtra. Over the next two years, the goal is to transform it into a cooperative bank, and eventually, it aims to evolve into a fully nationalized bank.

Thane/Maharashtra- Dr. Bhimrao Ambedkar, the architect of the Indian Constitution and a visionary economist, played a crucial role in laying the foundation of India’s financial institutions.

His seminal work The Problem of Rupee (1923) provided the blueprint for the establishment of the Reserve Bank of India (1 April 1935), shaping the country’s monetary policies.

Inspired by his vision, his great-grandnephew, Rajratna Ambedkar, who is also the President of the Buddhist Society of India and the Secretary of the World Fellowship of Buddhists in Bangkok, has established ‘Dr. Bhimrao Ramji Ambedkar Multi State Cooperative Credit Society Ltd’- the first SC and Buddhist cooperative credit platform.

The first branch has already commenced operations in Kalyan, Thane district, Maharashtra. Over the next two years, the goal is to transform it into a cooperative bank, and within five years, it aims to evolve into a fully nationalized bank.

Economic Empowerment Against Discrimination in National Banks

In an exclusive conversation with The Mooknayak, Rajratna Ambedkar explained that the core objective behind this initiative is to foster financial self-reliance within the Dalit and Buddhist communities.

He stated, ” Baba Saheb had stated that the history of India is nothing but a battle between Buddhism and Brahminism. Nationalized banks operate on Brahminical, Manu-centric principles. They are eager to accept deposits from our people, but when it comes to granting loans, they invent countless excuses to deny us financial assistance.”

Rajratna highlighted that many individuals from dalit communities have shared experiences of having their applications for education or housing loans rejected by mainstream banks. “This is a real and pressing problem that needed a solution,” he remarked. In 2023, the centenary year of Baba Saheb’s book The Problem of Rupee, the concept of a Dalit Buddhist banking system was conceived. True economic independence leads to genuine empowerment, which laid the foundation for this visionary banking initiative.

Rajratna Ambedkar disclosed that in the first phase, permission has been received to establish cooperative credit society branches in Maharashtra and Karnataka. Subsequent phases will witness expansion into other states.

He further stated that while other credit cooperative societies dedicated to Baba Sahab’s ideology exist, what sets theirs apart is its multistate presence and its foundation on Buddhist principles.

The plan is to set up at least one branch in every state headquarters, while in Maharashtra, efforts are underway to open a branch in each district. For the financial year 2024-2025, operations will be confined to Maharashtra and Karnataka, but expansion into other states will follow in the next phase i.e. 2025-2026.

In just two years, this concept has garnered tremendous support, with over 50,000 individuals already becoming shareholders in past few months.

“We are receiving an overwhelming response. At our Thane branch, we have successfully recruited a dedicated team of nine staff members. Currently, we are issuing account details, shareholding certificates, and passbooks. In fact, I received my own passbook just two days ago,” Rajratna chuckled.

Addressing the question of whether the bank will cater exclusively to Dalits and Buddhists, Rajratna Ambedkar clarified that while policies prevent exclusion based on caste or religion, targeted awareness campaigns are being conducted to encourage the Bahujan fraternity including ST/SC/OBC communities to invest their money in a banking institution that operates on Buddhist principles, rather than the Brahminical policies that dominate other national banks like SBI, Axis Bank, and HDFC etc.

Who is Rajratna Ambedkar?

Rajratna Ambedkar is a highly educated professional who transitioned from a corporate career to dedicating his life to Buddhism and social reform. He was the great-grandson of Dr. Babasaheb Ambedkar’s brother Anandrao, grandson of Mukundrao Ambedkar (Babasaheb’s nephew), and son of Ashok Ambedkar.

Rajratna holds a B.Com. from Mumbai University (2003), a Diploma in Business Management (DBM) from the Institute of Chartered and Financial Accountants of India – Dehradun University (2008), an Advanced Diploma in Management (ADM) from ICFAI University (2008), and an MBA (2010).

He previously held a high-ranking corporate position as a company secretary but found little fulfillment in the role. Ultimately, he chose to dedicate himself to Dhamma and uplift the Bahujan community through economic and social empowerment.

The Royal Commission on Indian Currency and Finance, also known as the Hilton Young Commission, strongly recommended Dr. Ambedkar’s book, “The Problem of the Rupee – Its Origin and Its Solution,” during their visit to India. This book laid the foundation for the establishment of the RBI, which came into existence on 1 April 1935 under the Reserve Bank of India Act 1934.

The Royal Commission on Indian Currency and Finance, also known as the Hilton Young Commission, strongly recommended Dr. Ambedkar’s book, “The Problem of the Rupee – Its Origin and Its Solution,” during their visit to India. This book laid the foundation for the establishment of the RBI, which came into existence on 1 April 1935 under the Reserve Bank of India Act 1934.

India’s First Nationalized SC Buddhist Bank with International Aspirations

Rajratna Ambedkar envisions this as the first nationalized Scheduled Caste (SC) Buddhist bank, with ambitions to expand internationally in the future.

He emphasized that Maharashtra has the largest concentration of Buddhists in India. However, he pointed out that many Dalits hesitate to openly identify as Buddhists due to fears of losing reservation benefits.

“Despite a significant number of Dalits practicing Buddhism, they often do not declare their religious preference. As a result, the official number of Buddhists in India remains low. Currently, we estimate that only about 0.6% of the Indian population openly identifies as Buddhist,” he explained.

To become a shareholder/account holder in ‘Dr. Bhimrao Ramji Ambedkar Multi State Cooperative Credit Society Ltd’, an individual must deposit ?2,610, which includes the share value, registration charges, and application fees. Once registered as a shareholder, individuals can invest in Recurring Deposit (RD) and Fixed Deposit (FD) schemes and avail themselves of all loan facilities offered by the cooperative society.

This initiative is not merely a financial institution but a revolutionary step towards economic inclusion and self-sufficiency, ensuring that the Bahujan community gains control over its economic future.

Additionally, there are plans for a World Buddhist University, a separate project valued at ?700 crores, aimed at promoting Buddhist education and global networking.

Courtesy: The Mooknayak

Note: This news is originally published on en.themooknayak.com and is used purely for non-profit/non-commercial purposes, especially human rights.