Banks and Customers

It is now Customers' service to banks by providing deposits and running after them to get some attention and that too after agreeing to pay a fees for any service.Only a handful banks and that too in Private sector has enhanced SB rate of SBinterest, where as PSU banks have not even thought about it.To get TDS one has to repeatedly call on banks and even if they have all the details of Customers including e mail address  they never care to send the TDS as soon as the certificates are ready. Personally I had to close my FD accounts with a private sector bank just for the reason that the bank failed to send me the TDS despite my personal visit and request by mail  to send the TDS to my mailing address  as I was away on an assignment in a different locality. I addressed a letter to the RM of the bank in the matter and he apologised for that incident.Unlike in the past the bank staff have no sensitiveness to lose the deposit and business. On the contrary they are happy to get rid of the customers. Since there are no alternatives to save money with safety and liquidity people particularly senior Citizens go to banks ignoring the negative rate of return and other irritants. KYC ie either kill your Customer or Know your Contacts in the bank or  keep away the prospective customers is  what is practiced  is the the ground reality. It is for the banks to know the customers and the insistence on that by the regulator is something unacceptable for a major chunk of customers. All are not having illegal money and money laundering activities.Not even a percentage of customers come under suspicion and for that all  have to be treated under suspicious manner  is not fair and irritating the customers. The banks should monitor the transactions and assess the customer for his suspicious conducts.Understanding the customers is more relevant than knowing the customers. The charm of having a bank  account has literally disappeared  and dealing with the banks has become an irritation without any escape route.Now  bank account  has become a necessity to survive and for that the customers have to necessarily put up with all sorts of harassment and inconveniences.

Dr.T.V.Gopalakrishnan

This comment is in response to an article Personalization of banking Woes of Customers that appeared in Money Life.