After saying nice things about a public sector bank manager just YESTERDAY….here is some non flattering stuff.

First of all let me start by saying, IT IS ALL MY MISTAKE. I love procrastination and almost paid a 6 digit price for that. Well, God helped me I guess.

ON Friday My great PSU bank assured me that all their branches could do an ASBA application upload and I should chill, their Ghatkopar branch would do it in a jiffy. It is all right if you are not there on Saturday, Monday is a banking holiday, but on Tuesday morning we will do it in a jiffy.


So what are we talking about? An application in the Tata Power Rights issue. A small SEBI twist. It had to be done ONLY by using ASBA.

So I go to my PSU bank at 9.45 am with the application form. One nice lady says ‘do not worry sir, it will be done’. I relax go off about 30 km away into my own world, without a worry.

At 3.20 the phone rings. ‘Sir we could not do it’ – simple. I panic and say NOW WHAT?

Manager Psu bank coolly says ‘sorry sir but we will not be able to do it’

HE COULD SAY THAT. I was staring a potential loss of about Rs. 80,000 just because of my PROCRASTINATION, AND LOVE for the LAST MINUTE.

So I called my great Private sector RM. He said ‘I am in a meeting I will call u back’. Then called another RM of mine. He smsed me saying ‘bank closes at 3.30pm’ – completely useless info at 4.30pm….

I go from Nerul to Ghatkopar, pick up the form from my psu bank and take a fast train to CST.

Reach Fort branch. Watchman gives me a lecture on being punctual (gulp).

Humbled. Can do nothing. Helpless, no options.

Then I punch a few numbers on the dial pad. Notice that battery is dying. What a day!

One young kid (back office) of the bank comes in and asks “do you also bank with us” – luckily I do. He says come in, I will try, but no guarantees.

The watchman is feeling defeated. He stares as I whiz past. Form re filled (changing bank from psu bank to pvt sector bank).

I speak to the MD of the Registrar. Link Intime. He says ‘CHILL’ time has been extended to 7pm by Tata Power.

Private sector bank back office says ‘Your account has 4 zeroes why have u put 5 zeroes’ …

any way to cut the long story short, it got done at 5.30pm.

Decided that both banks are sad, but the private sector OPERATIONS guys worked harder to meet client expectation….and left me wondering why does this bank not allot me an “operations” relationship manager instead of a ‘sales’ RM ? I seem to be liking the ops guys much more than the sales guys. Too much hot air, and no substance. Sorry guys.

No anger, malice, …………….etc. just a narrating of facts……..

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  1. ASBA is a big mistake. many people in the bank were not aware of it. They did not know the process as well. They told me not to worry and apply normally for 242K. I had to overrule them and apply for only 199980 and forget about 42k more (relatively smaller amount, but a real loss of Rs 16K or so). Looks like only the bankers in Metros were aware of the process.

    Application form and the instruction booklet had such small fonts that many applications, I am sure, will get rejected for technical reasons. Good for tata sons. They get to subscribe to all the unclaimed rights. I wish sebi allows applying for these online in future.

  2. I did Rights by calling my broker and submitted to him on Friday. But he submitted only last day only. it is really mess to apply rights issue via hard copies…etc. it should be like apply IPO method. Online. it will be very easy.

  3. SEBI should allow us to apply for rights through online too. When we can vote online, why not subscribe to rights issue too?

  4. For every good official one can find in a PSU bank there will be several customers suffering due to PSU bank’s bad service.

  5. I have accounts with SBI and HDFC bank. Even after 8 years of having account with SBI, it is not fully operational. I am unable to get ATM card, Third Party Transfer and so on. It does not provide any RM even if you are the largest deposit holder with the branch. Being a NRI, I visit the branch once in 2 years and it is nightmare stepping into the SBI. Massive Qs and Contract employees would ensure that your things would not be done.

    On the contrary, I have RM with HDFC bank and the experience is 5 star.

  6. Really have an extremely bad experience with The famous I bank and their amc.
    Had put request two sips for dynamic and discovery direct funds.
    Checks were for direct funds. They took more than 45 days to start sip.
    No communication on the status etc.
    When I finally request for a e statement I see that one of the fund has been processed with I bank IRN code, even when the application and checks for direct…
    Have been complaining for resolution for last ten days… All i get is sorrys without closure..

    All they want to do is sell ULIPs.

    At the same time I have brilliant experience with SBI, guess they are fighting their bad name of being lethargic…and insensitive

  7. Some people in any organization(PSU/Private) go beyond their call of duty to help customer. It is a choice to be made by the individual employee. Organizations can aspire to be customer centric. But at the end of the day, employees(individuals) make a choice.

  8. Nice to hear your travails during the Tata Power Rights Issue (only way to vicariously understand that I narrowly got lucky myself).
    …So I have 2 demat accounts, one in my wife’s name with I Bank, and another in my name with H Bank. So for my wife’s rights, I simply filled up the ASBA portion and went to her local suburban branch, and the guy accepted rightaway…done, finished, I’m out in 5 minutes.

    For myself at H Bank, begins a separate adventure…my usual branch says, “No Sir, we don’t accept rights issues here”…”But this is ASBA, its available at every Tom, Dick, & Harry branch of other banks”, I complain…”Ours is only at *Fort* Branch, Sir”…wobbles his head as if that branch is a Mecca!

    So off I went to this ‘Mecca’ at Fort, on Saturday morning, paying 240 bucks for 1st class train ticket, as I thought if I’m going to get massaged, better be thru clean perfumed shirts! And right I was…long forgotten memories of travelling in the local train resurfaced afresh!
    Now Fort was a favourite haunt as a teenager (KC College), but a place I haven’t been in almost a decade now(imagine that…living in mumbai…and yet!!!).

    Mecca turned out to be exactly like MECCA with long lines (multiple lines coming out of the bank’s doors like Octopus legs) and stern looking security. Half the security knew ASBA, and attempted to direct me to the window for ASBA which has no queue, attempted because the other half kept trying to drag me out and putting me back to the end of the line!!! I mean, it was hilarious, and I was much too amused at the situation than feeling what shitty service this so called great private bank is giving me. “inhone bola idhar…arre ASBA hai bhai…cheque nahin hai…dekho!” Like WTF!! Am I the only one among the hundreds submitting thru ASBA??

    The guy accepting the form was a meek looking guy who wasn’t that harried (hey…nobody appeared to know ASBA!), who diligently checked all details, Demat, Holders, SB A/c, signatories and finally accepted my form.
    In terms of processing itself, again, no more than 5 minutes and I was out of there. But the experience was too unique! Hat’s off to H Bank for having ONLY ONE BRANCH in all of Mumbai accepting ASBA applications! I got a nice break from my routine!
    Again, I got away lucky, only about 3 hours and Rs. 300 invested into this!

  9. i asked and was told that they had 2 branches – one at Nariman Point too. But i get your point H Bank and I Bank are now slightly glorified psu banks (hey both say they have no promoters, so they are public, right?).

  10. Dear Subra,
    I have applied by cheque and not ASBA and my cheque has been cleared on 7th April. Why do u say that this rights issue had to be subscibed to by ASBA.
    Please clarify at the earliest.

  11. Hello Advait,
    If your total application money is over rupees 2 lakh, then you need to go with ASBA. less than that cheque is OK.

    Note that even if you have multiple demat accounts each less than 2 lakh, then also, if the total amount is more than 2 lakh, you have to go with ASBA.


  12. ASBA is easy to do – you have to go to your bank branch and get it done. Except of course if you are with H bank where only 2 people know how to do it, and they sit in Fort branch. Other branches are untrained. You are much better off with Icici bank where it can be done in any demat acc handling branch (i guess)….

  13. Is it convenient for amounts less than 1 lakh?
    For larger amounts it maybe worthwhile
    For ipo many banks have online asba facility eg Sbi, kotak etc

  14. Subra,
    Eons ago I learnt a lesson ….. Rights issues of bluechip cos should be subscribed to on receipt ofthe form….missed the bus in Burroughs Welcome rights issue

  15. Reply to Krish,

    Most of the PSU banks have specialised NRI branches, atleast in metro cities. I do banking with these specialised branches in Chennai with 3 PSU banks. You have to visit and experience to believe the level of service – The service is impeccable, especially at IOB.

  16. Subrabhai, this may be off topic but worth a look.

    Yday I visited a number of banks (5) and one PO in a tier 3 city in Guj.for that dreaded interest certificate and 15 H form.

    Why the RBI can’t mandate ONE 15 H/ 15 G form with the name of the bank to be filled in caps beats me… but no, every bank must have its own form…

    Worst service and 3 return trips and served finally after telling them I’d complain: Syn. Bank

    Most professional service: Can Bank AND surprisingly–the PO!

    The PO was apologetic about not having NEFT/RTGS as yet, but gave me a large cheque AND updated my passbook in 7 min flat.

  17. @Hari Bhaskar,

    Yes, last time when I visited the general branch of SBI 3 years ago where I have an account, noticed a special branch meant for NRIs of the same bank nearby. As the time was too short, could not find time to enquire how I can switch to the NRI branch. While NRI branch may welcome me with red carpet looking at the FDs that I have with the other branch, it would be met with resistance. However I would persue the switch when I visit India next time. Pls let me know if you have any suggestions about the switch.

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