Subra, my money is safe, I bank with a mnc bank.

They have fantastic internal systems, audit, well paid and well trained people to look after my money.

They have a fantastic …….

Really?

And I have dealt with banks, insurance companies, mutual funds, IFAs, ….and I know this is a wishful statement, not true.

There can be no law against greed. When a guy cheats small time :

a) client may not be able to find out about it

b) the bank may confuse the client so bad that he may not go back for an explanation – shrug and go along types

c) the bank may quietly accept and pay up the losses – the bad publicity hurts

…..surely the bank has many things up it sleeve..

However sometimes the shit hits the roof. Then the bank has to act. Sack some ‘bakra’ – rarely does the HEAD’s head roll!

Read on…it is scary!

http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/police-file-chargesheet-against-two-hsbc-ex-staffers-in-rs-1-5-crored-fraud/articleshow/13652525.cms

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  1. peanuts ! look at their LIBOR rigging fraud and the lawsuits therein; Anybody who wants to rig LIBOR is fundamentally a crook, and these are the top 18 banks whose inter bank rate forms LIBOR…

  2. As i read this i think, maybe i should change my bank cause alot of the small banks has been closing lately and you just lose all your cash in an instant. Thank you for this article, was a good wake up call

  3. I read the article and I have only to blame the customer for blindly signing on blank cheques and delivery slips.

  4. Subra,
    All this craps will not make any money in real world. As you know 2 Rs interest rate i.e. 24 % pa no bank will give. People making it just like that. Rural India is not that much simple as seen in articles or Tv. I am farmer’s son, graduated in agriculture, working in a corp co for seeds research in rural areas. Educated people (i mean who can read and write simply)cannot even imagine the potential of that. Knowledge on tax, savings, EMI, interest, ULIP, endowment, mf, riders, blah blah are not at all required to make money.

    Time is money…

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