I am not at all surprised at the poor penetration of financial products in this country. Or why people prefer suboptimal financial solutions. Let me list them:
1. The sheer pain of dealing with institutions: have you thought how painful it is to deal with the post office, banks, insurance companies, mutual funds, and the income tax authorities?
2. You pay for their mistakes: You have given a standing instruction that 22324 of your quarterly interest in a post office should be electronically credited to your bank account. It happens for 4 times and then on 2324 gets credited. You find out (luckily!!) and you go to them, they TELL YOU: “arre core banking mein mistake ho gaya”. No apologies. Solution? use a withdrawal slip stand in the queue and withdraw cash. That will take about 45 minutes and tremendous patience and grit to stand in that filth. So post office is out.
3. You fill the form for a mutual fund and go to the mutual fund office. THERE IS NOBODY WHO IS KEEN to help you to fill the form if you come ‘direct’. However, as this is NOT a top management instruction, some clerk will get in touch with you:
Clerk: Madam…you do not have kyc
Client: Of course I did kyc – my bank just took all the documents from me…and mutual fund also I did about 4 years ago itself.
Clerk: Madam that is bank kyc. Your mutual fund kyc is in cvl so you have to do it again.
Client: Like my daughter’s kyc I have mine also filled out…and here is a copy of my Pan and address proof.
Clerk: arre Madam you cannot use this form. This is for a fresh kyc. You have to fill in “change in kyc” form.
Client: what is the difference, both forms look alike
Clerk: Look maam I am busy….I do not wish to argue…but you have to fill up the new form, attach pan photocopy….
Client: Just because your fund managers are good, it does not mean you jokers sitting in the front desk should be so arrogant.
So mutual funds are out.
4. You go to a bank to give a form 15H / 15g:
Officer: to give a declaration, you need a photocopy of your father’s pan card and a copy of the aadhar card.
client: but he does not have an aadhar card
Officer: then he has to give a declaration that he does not have an aadhar card,
Client: but I have not brought his signature….
Officer: then you have to come again
Client: You did not ask for Pan card last year
Officer: Madam here things change every day….
Client: please take the form today..I will give the declaration tomorow….
Officer: No, please bring all documentss with you tomorrow….
5. Life insurance: the less said the better.
6. Have you tried surrendering a Reliance Mobile connection? I suggested to one widow…just stop using it…they will cut it off one day..for non payment of bill…till then let them do whatever they want….
What I thought of as a small post seems to be good enough to write a book….
Post Footer automatically generated by Add Post Footer Plugin for wordpress.