Bfsi cheating is normal?
I was in a psu bank getting my passbook updated when a woman came to withdraw Rs. 6000 from her account and close it. The bank teller tells her “your balance is nil”. She was what you would call the lowest end of the pyramid – she was a maid servant. What had happened to her money?
She had taken a loan from a Nbfc and she was paying Rs. 1000 per month as EMI. The loan was over. HOWEVER, the nbfc did debit her account and take away an extra Rs. 1000 OVER AND ABOVE what was due. Then they tried doing something for which she was charged Rs. 250 as charges. No clue what. She had not yet got her deposit back.
Then her balance dropped ..below 5k and this bank started charging her Rs. 300 a quarter …for 2 years..that meant another 2400 was lost.
The banker asked her why she did not come..she said “my husband was in the hospital..and I did not get time to attend to all this” (read: she did not have the energy, support, or stamina to attend to all her work).
ALL THIS IN A PSU BANK….which was supposed to cater to people at the lower end of the pyramid. It is easy for the government to push a bank account to people, but how will you change the mindset of bankers?
The government should pick one of the many sick psu banks and force them to cater to the bottom of the pyramid. This bank should be banned from taking fixed deposit of more than Rs. 50,000 per pan number. They should be allowed to give personal loans but there should be a cap on the charges that they can levy. They should have older people willing to sit in the bank and help the customers. Their own employees run out of patience and I do not blame them. It is really difficult to deal with people who can’t communicate.
This led me to another lady who had a “Lic Policy”. They had paid premia for a few years…and then the ‘agent’ did not bother to come to collect the premia. They had paid about Rs. 1500 a quarter for the past 8 years…and then stopped.
She one day went to get the payment on whatever she could have got.
However when she went..she found that the policy was surrendered and the money was gone. Disappeared.
How does a small, not very illiterate person deal with arrogant monoliths like Lic and Sbi ?
Forget that big…how does one deal with Cholamandalam or Bajaj auto finance?
Well, I do not know…. Really I do not know.
Vikram
Their own employees run out of patience and I do not blame them. ….Sir these people in the pay banks have absolutely nothing else to do and are arrogant to everyone
SS
In the garb of secularism, earlier few politicians were taking advantage of poor. people saw through that.
In the garb of equality, policy makers made a few rules on reservations which are nonsensical. It does not go to deserving..
When Indians stop the craving for ‘freebies’ and decide to come forward through hard work and education, they will become more literate and stop getting cheated. It is not good to cry victim card all the time. If after 70 years, the reservation policy, failed to work, it is not going to work in future. The earlier the people understand that there is no substitute for hard work, the better it is. If you still hang on to freebies, the products that come out of this policy will also be sub-standard.
SS
Strange that lower pyramid did not realize to self educate and move forward for 70 years. Even educated people get cheated once and then. you can imagine the importance of self-educating and be aware of world around you. you don’t have to go to school, but self drive is must.
Strange recruitment eligibility. 50% of officers are caste based and not merit based. (See below for eligibility)..
https://www.sbi.co.in/careers/sbi-roles-details.html .. What do you expect?
Pradeep
Another story,
My maid’s husband drives an auto-rickshaw which he bought for 3 Lac Rs with 80k down payment and the rest EMI for next 3 years 6.5k. He spent a few bucks for assembling the unit too. The auto and loan both were from pawn broker. The same auto costs only about 1.75-1.95L but this price was not to be found in any manufacturer (TVS, Bajaj, etc) or several dealer websites.
My maid does not even know the actual price of the auto if bought from company dealer. And even if they want to buy from the dealer, there is no bank which will lend to these poor people.
There seems to be a cartel between the manufacturers who dont display the prices on autos (they do for bikes, cars) and the dealers.
The interest paid by my maid works out to be above 30%
So which PSU bank caters to these sections of people? They end up borrowing from the NBFCs or Pawn Brokers at very high rates. My maid is paying 30% or more on the loan.
And then when you want to hire an auto, they charge you a fortune.
Now we know why.
Ramkumar
In this case, I will fault the Bank for opening a non Basic account for the poor lady. Every Bank employee must be held responsible for doing such things. #BDSA account is meant for these people. Govt must penalise Bankers for not opening BDSA accounts.
Tushar Chaudhari
Another story… I was @ abroad and 22000 INR debited by ATM transaction… I didn’t withdrawn money… I requested to block card by email they didn’t blocked card…. Difficult to recover money… No solution….
Krish
Recently one of the FD on my wife’s name was close to the maturity and she got message using bit scary language as if some fraud happened. When we called up, he was doing a sales pitch not to renew the FD and pressing for ULIP. I was bit surprised how he got the clue about our FD maturity (netbanking) and why he chose to use scary message. Luckily I know few big shots in the bank and that employee was warned and not to touch our accounts.
Krish
Our PSU banks are good for nothing and only to harass customers that too who couldn’t afford to study. In the last 10 years, they lost 7 Lakh crores of money and as a result, Indians could not get the benefit of low oil prices. Because much of the earnings were diverted to rescue these PSUs. My blood boils when I read about fraud cases of IL&FS, Jet, Mallya and Nirav. These PSU guys must have polished shoes of big guns to lend. Attitude of PSU will change ever?. I am not sure.
Pradeep
The bosses or PSBs cannot be only responsible for such reckless lending. Its the politicians who direct a lot of these loans. Clearly thats the reason why every govt that comes to power doesnt bother about improving the management or even privatising much of these banks. The RBI has little or no say in how these are run, they have more say in private banks. The govt has no plans to make good of these banks. This emboldens the bank executives to do their own thing (frauds in colluding with companies) and not serve its customers honestly. The worst that can happen to such bank executives is transfer to another bank branch. Anyone will take that if I can make good with a few crores.
In the name of economic growth (and hide its failures) the govt gives these banks taxpayer money in truckloads. Every leading economist in this country welcomes such a move.
This is how it will be even after 100 years from now.
John mcfolley
This is bad and sadly touching. Some of these banks need to undergo regular quality control to make sure they’re actually serving the public as they should.