Private sector Banks promises sky. When a problem comes, they are
unable handle the issue smoothly.
A Chennai based journalist friend of mine Mr Judy (see his mail below)
gets the salary through Kotak Mahendra Bank. Kotak Mahendra Bank
permits their ATM card users to use other ATM Machines. He wanted to
withdraw money from his account on 9th Jan 2009 and went to HDFC ATM
machine. After inserting his ATM card, he wanted to withdraw
14,000/-. He got the slip debiting his account. But the cash did not
come out.
Immediatley, he lodged a complaint with Kotak Mahendra Bank, his
banker. They had told him that it would take 45 days.
When Judy telephoned to me this morning that even after 15 days, there
is no response from Kotak Mahendra Bank, I accompanied him to the Bank
to find out the problem. . The desk Manager is helpless. He could
not give any convincing answer. They lack experience.
Normally, as a matter of rules, all the Banks are required to display
a notice board prominently furnishing the names of senior officers
with whom, you can appeal for redressal of grievances. Since, I could
not see any notice board there prominenty, I asked the Officer to show
me the board.
The board at their T.Nagar Chennai branch was displayed 10 feet from
the ground, so that none could see the board. Also, the fonts were
very small, one cannot read that. Mr Judy climed up and got the phone
number of one Nodal Officer by name Milind Wagle (Mumbai) with his
mobile number 9819466365. We spoke to him over mobile to know why
there was a huge delay in settling the issue. He could not give
proper answer. He was only telling that Judy was using HDFC ATM
Machine, as if it was crime. We told him that only Kotak Mahendra
Bank had been promotimng that customers could use other ATMs also. He
was going on telling us "please understand our position". I was
surprised, why a customer with a genuine grievance should understand
their position, instea of the Bank understanding the problem of the
customers.
Normally, in any public sector banks, you can get the contact details
of even the highest official like Chairman. When we asked them, who
were the next higher authorities, they were unwilling to give any
contact details.
Though these banks like Kotak, HDFC and others promise sky and moon,
when the customer gets into difficulties, they are unable to handle
them well.
On enquiry with other Public Sector Banks, we learnt that they were
able to settle such claims within four or five days. Even if there is
some problem, a customer can go up to the Chairman level by getting
the details from the branch or from website.
Now, after the introduction of NEFT (National Electronic Funds
transfer) system by all the Indian Banks, one need not restrict to one
bank for salary purposes. Your account can be credited to any Bank
within India within few minutes.
I am endorsing a copy of this mail to Kotak Nodal Officer. If they
give any response, we will share in the group. I am endorsing copy
of this mail to Ms Usha Thorat, Deputy Governor of Reserve Bank of
India who is handling customer grievances for the entire country.
(Members may recall that we had even published her speech in our
podcast)
Please read the mail sent by Judy to me. (given below)
srinivasan
Prime Point
94440 50273
---------- Forwarded message ----------
From: judy franko <
judyfranko@gmail. com>
Date: Fri, Jan 23, 2009 at 6:24 PM
Subject: Customer un-friendly Kotak mahendra Bank and HDFC Bank
To: Prime Point Srinivasan <
prpoint@gmail. com>
The private sector banks often promises world class service and claims
to offer the fastest banking solutions.
I too believed in this theory until this incident happened to me
couple of weeks ago.
on january 9, 2008, I tried to withdraw Rs 1,40,00 from HDFC ATM on
the Anna Salai by
using my my Kotak Bank ATM card. Since Kotak has had given its
customers the luxury
of using the Kotak ATM card across the HDFC ATM centres with any
additional charge,
I approached the ATM to withdraw money but to my disapointment,
the ATM machine did not vent out cash. Though the transaction got processed,
and the money I wanted withdraw got debited from my balance, the ATM did not
vent out the money instead the money got credited in the bank. When I
apprached the bank saying that and narrated what happend, I was asked
to give them formal complaint in writing which I did and the service
manager at the T. Nagar branch of the bank said that that my case was
not the first one and they had at lease two similar cases in the
recent past and the HDFC bank usually take maximum of 45 days to
solve issues like that. I was wondering like why should 45 days?
Again I called the service manager after couple of days and he said
that the HDFC
would take would take 13 days to put the cash back to my account.
However, when me and
one of my friends approached the bank esquiring about the money and
when it would be credited, the response from both the service manager
and nodal officer, with whom I spoke over phone, was not positive.
It's sad that that private sector banks which promises a lot fail to
deliver in times of crises.
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