Wednesday, March 31, 2010

Wake up RBI

Look, how a small step by apex bank makes millions bank customers happy. Just changing system of interest calculation on saving account, RBI forced banks to be fair with customers, their small savings. Till today, as of March 31, 2010, banks givings just paltry interest to big amount lying idle in saving accounts by calculating only minimum balance and not considering daily transaction. It is just day light robbery with consent of govts. RBI also party of that crime, which happens from the days of banking evolution.

When RBI gets wake up, bank and their apex association IBA tried every trick to delay. Fortunately RBI stick to milestone decision. Rough estimate show, bank must doled out 18-25 pc more interest. For some customer, interest amount may be tripled or even ten times more.

Such many reforms needed to ensure customers rightful dues. Now a days banking is bread and butter of every economic activities. Every person, rich or poor, has have to depend on banks for many reason. I can say, it is firstly becoming basic necessity of life. Still there are many grey area, on which apex bank must act. One of them is preclosure charges on loan. If customer wants to foreclose his loan account to escape high interest burden, bank charge them hefty preclosure charges e.g. 2 to 6 pc of remaining amount. How can this penalty justified when borrower pays interest on each and every day, he uses bank money. Particularly, many pvt and semi pvt banks causing customer bleeding financially. RBI remains mute spectater, doing nothing.

Take another case. When borrower commits default, banks - particularly pvt - becomes nonhuman, seizes mortgaged properties - vehicle, home - without following proper procedures. Hire goondaz (can u see film EMI of Sanjay Datta) is their fundaz! Crediting as many as possible penalties, charges, taxes. Misuse of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, which gives immense power to banks to fortified properties is becomes routine feature. In high growth trajectory of Indian banking industry, there is a no place for interest of Aam Aadami.

Purpose is not find hole in banking industry, but to show scope for many more customer oriented reforms. Will RBI play proactive role to ensure common man's interest? I hope and pray, terse order on saving account is first step...

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